# EDGAR Filing Document

**Accession Number:** 0001898722
**File Stem:** 0001213900-23-002215
**Filing Date:** 2023-1
**Character Count:** 1767100
**Document Hash:** 259a287ca8eeabc4e8de6254dd22405a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-002215.hdr.sgml**: 20230614

**ACCESSION NUMBER**: 0001213900-23-002215

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 57

**FILED AS OF DATE**: 20230111

**DATE AS OF CHANGE**: 20230111

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Modern Mining Technology Corp.
- **CENTRAL INDEX KEY:** 0001898722
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFUSE SYSTEMS [4953]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-06452
- **FILM NUMBER:** 23523341

**BUSINESS ADDRESS:**
- **STREET 1:** 1500 - 1055 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4N7
- **BUSINESS PHONE:** 604-418-3856

**MAIL ADDRESS:**
- **STREET 1:** 1500 - 1055 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4N7

**CONFIDENTIAL TREATMENT REQUESTED<br>As confidentially submitted to the U.S. Securities and Exchange Commission on January 11, 2023.<br>This Draft Registration Statement has not been filed publicly with the U.S. Securities and Exchange Commission and all information contained herein remains strictly confidential.**

**Registration No. 333-** 

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549

#### ________________________

#### AMENDMENT NO. 1<br>TO <br>FORM F-1<br>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

#### ________________________

#### Modern Mining Technology Corp.<br> (Exact name of Registrant as specified in its charter)

#### ________________________

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| | | |
|:---|:---|:---|
|  **British Columbia, Canada** | **5093** | **Not Applicable** |
|  **(State or other jurisdiction of<br>incorporation or organization)** | **(Primary Standard Industrial<br>Classification Code Number)** | **(I.R.S. Employer<br>Identification No.)** |

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**Modern Mining Technology Corp.<br>1055 West Georgia Street, 1500 Royal Centre<br>Vancouver, British Columbia, V6E 4N7, Canada<br>Tel: +1 (604) 418**-3856**<br>(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)**

**Cogency Global Inc.<br>122 East 42**<sup>nd</sup> **Street, 18**<sup>th</sup> **Floor<br>New York, NY 10168<br>Tel: +1 (212) 947**-7200**<br>(Name, address, including zip code, and telephone number, including area code, of agent for service)**

***With copies to:***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Mark C. Lee<br>Juan J. Grana<br>Rimon, P.C.<br>423 Washington Street, Suite 600<br>San Francisco, California 94111<br>Tel: +1 (916) 603 3444** | **Thomas A. Fenton<br>Aird & Berlis LLP<br>Brookfield Place, 181 Bay Street, Suite 1800<br>Toronto, Canada M5J 2T9<br>Tel: +1 (416) 865**-4631 | **Virgil Hlus<br>Clark Wilson, LLP<br>900**-885 **West Georgia Street<br>Vancouver, British Columbia V6C 3H1<br>Tel: +1 (604) 687**-5700 |

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**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

____________

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

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| | | |
|:---|:---|:---|
|  **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION** | **DATED [ ]** |

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#### Common Shares
 **Modern Mining Technology Corp.**<br>

This is firm commitment initial public offering of our Common Shares. Prior to this offering, there has been no public market for our Common Shares. We anticipate that the initial public offering price of our shares will be between $ and $.

We intend to apply to list our Common Shares for listing on under the symbol " ".

We are organized under the laws of the Province of British Columbia and are an "emerging growth company", as defined in the Jumpstart Our Business Start-ups Act of 2012, under applicable U.S. federal securities laws, and are eligible for reduced public company reporting requirements. See "Prospectus Summary — Emerging Growth Company Status."

**Investing in our securities is highly speculative and involves a high degree of risk. See "Risk Factors" beginning on page 12. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Offering Price | $| $|
|  Underwriting discounts and commissions<sup>(1)</sup> | $| $|
|  Proceeds to us, before expenses | $| $|

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(1) See "Underwriting" for additional information regarding compensation payable to the underwriters.

We have granted a 45-day option to the representative of the underwriters to purchase up to additional Common Shares solely to cover over-allotments, if any.

The underwriters expect to deliver the shares to purchasers on or about .

#### ThinkEquity
The date of this Prospectus is .

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T19) | iii |
|  [PROSPECTUS SUMMARY](#T18) | 1 |
|  [THE OFFERING](#T17) | 10 |
|  [RISK FACTORS](#T16) | 12 |
|  [USE OF PROCEEDS](#T15) | 29 |
|  [DIVIDEND POLICY](#T14) | 31 |
|  [DILUTION](#T13) | 33 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T9950) | 35 |
|  [BUSINESS](#T21122) | 43 |
|  [MANAGEMENT](#T12) | 52 |
|  [EXECUTIVE COMPENSATION](#T11) | 57 |
|  [PRINCIPAL SHAREHOLDERS](#T10) | 63 |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#T9) | 66 |
|  [SECURITIES ELIGIBLE FOR FUTURE SALE](#T8) | 76 |
|  [MATERIAL TAX CONSIDERATIONS](#T7) | 78 |
|  [UNDERWRITING](#T6) | 87 |
|  [EXPENSES RELATED TO THE OFFERING](#T5) | 96 |
|  [LEGAL MATTERS](#T4) | 97 |
|  [EXPERTS](#T3) | 97 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T2) | 97 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T1) | 98 |
|  [INDEX TO FINANCIAL STATEMENTS](#T70) | F-1 |

---

**You should rely only on the information contained in this Prospectus. Neither we nor the Underwriters have authorized anyone to provide you with information that is different, and neither we nor the Underwriters take any responsibility for, or provide any assurance as to the reliability of, any information, other than the information in this Prospectus. We are offering to sell our securities, and seeking offers to buy our securities, only in jurisdictions where such offers and sales are permitted. This Prospectus is not an offer to sell, or a solicitation of an offer to buy, our securities in any jurisdictions where, or under any circumstances under which, the offer, sale, or solicitation is not permitted. In particular, our securities have not been qualified for distribution by prospectus in Canada and may not be offered or sold in Canada during the course of their distribution hereunder except pursuant to a Canadian prospectus or prospectus exemption. The information in this Prospectus is accurate only as of the date on its respective cover, regardless of the time of delivery of this Prospectus or the time of any sale of our securities. Our business, results of operations, financial condition, or prospects may have changed since those dates.**

**Before you invest in our securities, you should read the registration statement (including the exhibits thereto and the documents incorporated by reference therein) of which this Prospectus forms a part.**

**For investors outside of the United States:** Neither we nor the Underwriters have done anything that would permit this Offering, or the possession or distribution of this Prospectus, in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about, and observe any restrictions relating to, this Offering and the distribution of this Prospectus.

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#### ABOUT THIS PROSPECTUS
As used in this prospectus (the "**Prospectus**"), unless the context otherwise requires or otherwise states, references to "Modern Mining," the "Company," "we," "us," "our," and similar references refer to Modern Mining Technology Corp., a corporation formed under the laws of the Province of British Columbia, Canada, and its subsidiaries.

Our functional currency and reporting currency is the U.S. dollar, the legal currency of the United States ("**US$**"). Unless noted otherwise, all references to dollars herein are to US$.

#### INTERNATIONAL FINANCIAL REPORTING STANDARDS
Our financial statements are prepared in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board. Our fiscal year ends on December 31 of each year as does our reporting year. Our most recent fiscal year ended on December 31, 2021. See Notes 2 and 3 to our audited consolidated financial statements for the years ended December 31, 2021 and 2020, and Notes 2 and 3 to our unaudited condensed consolidated interim financial statements for the six months ended June 30, 2022 and 2021, included elsewhere in this Prospectus, for a discussion of the basis of presentation, functional currency and summary of significant accounting policies.

We have made rounding adjustments to some of the figures included in this Prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.

ii

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Various statements contained in this Prospectus, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning our possible or assumed future results of operations, financial condition, business strategies and plans, market opportunity, competitive position, industry environment, and potential growth opportunities. In some cases, you can identify forward-looking statements by terms such as "may", "will", "should", "believe", "expect", "could", "intend", "plan", "anticipate", "estimate", "continue", "predict", "project", "potential", "target," "goal" or other words that convey the uncertainty of future events or outcomes. You can also identify forward-looking statements by discussions of strategy, plans or intentions. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, because forward-looking statements relate to matters that have not yet occurred, they are inherently subject to significant business, competitive, economic, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These and other important factors, including, among others, those discussed in this Prospectus under the headings "*Risk Factors*", "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and "*Business*", may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements in this Prospectus. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements in this Prospectus include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are an early-stage company with limited operating history and may never become profitable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our revenue depends on maintaining and increasing feedstock of E-Waste (as defined herein) supply commitments as well as securing new customers and off-take agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in addition to commodity prices, our revenues will be primarily driven by the volume and composition of E-Waste feedstock materials to be processed at our future facilities and changes in the volume or composition of E-Waste feedstock processed could significantly impact our revenues and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our success will depend on our ability to economically source, extract and recover E-Waste, and to meet the market demand for sustainable and environmentally driven solutions for E-Waste processing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not be able to successfully implement our growth strategy, on a timely basis or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development of our Greenville, North Carolina facility, and future projects, if any, are subject to risks, including with respect to engineering, permitting, procurement, construction, commissioning and ramp-up, and we cannot guarantee that these projects will be completed in a timely manner, that our costs will not be significantly higher than estimated, or that the completed projects will meet expectations with respect to their productivity or the specifications of their and products, among others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be unable to manage future growth effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to materially increase recycling capacity and efficiency could have a material adverse effect on our business, results of operations or financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future acquisitions and strategic investments could be difficult to integrate, diver the attention of key management personnel, disrupt our business, dilute shareholder value, and harm our results of operations and financial conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding internationally involves risks that could delay our expansion plans and/or prohibit us from entering markets in certain jurisdictions, which could have a material adverse effect on our results of operations.

Given the foregoing risks and uncertainties, you are cautioned not to place undue reliance on the forward-looking statements in this Prospectus. The forward-looking statements contained in this Prospectus are not guarantees of future performance, and our actual results of operations and financial condition may differ materially from such forward-looking statements. In addition, even if our results of operations and financial condition are consistent with the forward-looking statements in this Prospectus, they may not be predictive of results or developments in future periods.

Any forward-looking statement that we make in this Prospectus speaks only as of the date of this Prospectus. Except as required by applicable law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements in this Prospectus, whether as a result of new information, future events or otherwise, after the date of this Prospectus.

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#### PROSPECTUS SUMMARY
***This summary highlights selected information presented in greater detail elsewhere in this Prospectus. This summary does not include all the information you should consider before investing in our securities. You should read this summary together with the more detailed information appearing elsewhere in this Prospectus, including our audited and unaudited financial statements and related notes and the sections entitled "Risk Factors" on page 12 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" elsewhere in this Prospectus. Some of the statements in this summary and elsewhere in this Prospectus constitute forward***-looking ***statements. See "Cautionary Note Regarding Forward***-Looking ***Statements."***

#### Our Company
Modern Mining Technology Corp. (formerly known as Urban Mining International Inc.) is a "landfill-to-commodity" focused business venture, offering a cleaner, safer, and lower-cost alternative compared to traditional mining operations. Our core business is aimed at processing and extracting strategic commodities from the vast, growing, and largely ignored global resource of electronic waste ("**E**-Waste"), and transforming these end-of-life landfill-bound materials into high-value resources. Value is captured by using our aqueous based processes to recover, process and refine commodity metals such as: gold, palladium, silver, copper and potentially 30 other metals.

#### Our Market
Our market consists of two parts — E-Waste feed supply and produced commodity sales.

E-Waste Feed Supply

The report, entitled *Global E*-Waste *Monitor 2020* (the "**Report**"), provides that the world dumped a staggering 53.6 million tonnes of E-Waste in 2019 alone — equivalent to the weight of 250,000 jumbo jets. The Report also predicts global E-Waste will reach 74 million tonnes annually by 2030. The Report further indicates that approximately $57 billion worth of gold, silver, copper, platinum and other high-value, recoverable materials were wasted through landfill dumping or incineration burning, rather than being collected for treatment and reuse. It is Modern Mining's business objective to address this situation and recover lost commodity materials from this E-Waste.

Commodity Sales

*The Journal of Management Science and Engineering*<sup>1</sup> (the "**Journal**") also produced findings that the cost to recycle E-Waste is significantly less than the cost of traditional mining. Lower production costs is a strategic advantage compared to traditional commodity producers. In addition to an increasing world demand for commodities, a number of large companies have announced their planned roadmaps to a more socially responsible supply chain. For example, in 2017, Apple announced its intention to use only renewable or recyclable materials in its products while, in 2021, Dell announced its goal of making more than 50% of their products content with recycled or renewable material. These are two examples of a growing trend of companies being more aware of their supply chains.

#### Our Business, Our Products and Services

____________

1 See *Comparing the Costs and Benefits of Virgin and Urban Mining*; Zeng, Xia et al.

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To achieve our objectives, we have developed a two-step propriety process while our envisioned value-chain can be broken down into 3 main steps:

1) We secure quality E-Waste feedstock from primary recyclers.

2) We separate the plastics from the metals using our proprietary pre-concentration methods. The plastics are then sold to downstream third-party recyclers and suppliers.

3) The concentrated metals streams are treated though our proprietary aqueous purification process, and the metal products are then sold into industrial supply chains.

The following depicts the Company's three main processing steps:

We plan to sell final products produced by the APP on the metal commodities markets into both domestic and international supply chains.

We have engaged a third-party engineering firm to assist in layout optimization, three dimensional ("**3D**") modelling, and dynamic simulation studies on our first commercial scale PCP and APP. These plants will be co-located in our future commercial facility in North Carolina. Our current Greenville facility presently serves only as a pilot and demonstration plant that we intend to use to continue to optimize our recovery processes that we ultimately plan to move to commercial scale production at a future location. In the long-term, we intend to secure a larger facility in the Raleigh or Greenville area of North Carolina to serve as our commercial-scale production facility although such future facility has yet to be identified as our current pilot plant facility still has significant capacity that we foresee being adequate in the short-term. The commercial PCP will be designed to treat approximately 8,000 tonnes of E-Waste per year and the commercial APP will be designed to be able to process concentrate from up to four PCPs.

After build-out of our initial PCP and APP plants (expected to take approximately 18 months inclusive of a 6 month commissioning period), we believe that we can be a commercial producer of commodity materials, supplying both domestic and international supply chains with strategic metals within 12 months of completion of the initial 18 month build-out phase. The processes we have developed for recycling E-Waste are environmentally beneficial compared to material going to landfill. Furthermore, we believe that the design of our proprietary processes (PCP and APP) will allow for the ability to scale and grow our business, and take advantage of a worldwide resource, E-Waste.

#### Our Competitive Strengths
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Combining Four Core Market Trends***

Modern Mining anticipates benefiting from the overlap of four core market trends: (a) the growing global demand for commodity metals; (b) the importance of strengthening local and domestic supply chains; (c) the importance of developing sustainable and environmentally friendly driven solutions to support a 'circular' economy; and (d) the increasing importance of hedging against inflationary pressures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Benefit from Proprietary Technology***

We have developed proprietary technologies that we believe set us apart from other E-Waste processors and from other commodity producers. We believe that our two-step approach of regional pre-concentration and centralized purification, combined with our modular and scalable design, will reduce capital and operating costs and will allow for a rapid expansion into other future potential major E-Waste generating locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Designed to Comply with Government Mandates***

Due to our anticipated high recovery rates and sustainable, environmentally friendly processes, and non-toxic effluent, we believe we are well-positioned to comply with environmental guidelines around the world.

Our e-waste recycling processes are environmentally friendly and do not generate any significant gaseous, liquid, or solids emissions only noise, air borne dust, and sewer discharges at this time. Our pre-concentration processes are purely water based with no chemical addition, and our purification methods utilize controlled aqueous based reagent blends in connection with our refined metal production. To that end, we have noise control and dust control systems in place and we currently use a closed-loop water recirculation system to manage effluent discharge. We envision that we will be well positioned to meet any environmental guidelines around the world when and if we expand our operations from our current facility in Greenville, North Carolina.

Global environmental guidelines that may be applicable to our operations include (a) the Basel Convention, which monitors the transboundary movements of hazardous and other wastes; (b) the UN Sustainable Development Goals encompassing e-waste, such as SDG 6, which covers clean waste and sanitation and; (c) E-Waste legislation implemented around the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Superior to Current Standard E***-Waste ***Recycling Processes***

We believe that our business plan sets us apart from others in the industry, in particular given our ability to be one of the non-carbon generating processors in the space with our proprietary aqueous based pre-concentration and purification technologies, versus the incineration-based methods of others in the industry. Incineration methods are extremely energy intensive methods<sup>2</sup>. The plastics are burned off resulting in major carbon dioxide and other hazardous emissions. Attempts to separate metals using pyrometallurgical methods result in significant metal losses as not all metals can be economically recovered. Modern Mining's process, being aqueous-based, is largely carbon neutral, safer for both workers and for the environment, and allows for the recovery of a broader range of metals as separation and recovery is driven by physical methods and simple reagent addition, not complex pyrometallurgy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Decreased Risk Profile***

Traditional exploration and mining projects are inherently layered with significant risk as a consequence of having to deal with the earth's crust and all of its natural variability. Major risks include: (a) exploration risk (the success rate of making a new discovery is low); (b) geological risk (the made grades of newly discovered deposits are generally decreasing); (c) engineering risk (the nature of newly discovered deposits is complex) and (d) geopolitical risk (various commodity resources are hosted in politically unstable and hostile jurisdictions).

In contrast, E-Waste is a man-made engineered product. It contains a very prescriptive blend and known quantity of strategic metals. As a result, the processing of E-Waste carries negligible exploration, geological, and geopolitical risk. Furthermore, as industry standard payment terms for our feedstock E-Waste are linked to the proportions of metals recovered, the impact and risk of fluctuating commodity prices are reduced as well. Feedstock E-Waste also delivers 100 times better<sup>3</sup> grades than traditional mined ores and the processing of E-Waste carries less than 1/80<sup>th</sup> the capital expenditures<sup>4</sup> of a traditional gold mine.

____________

2 See *Value*-Added *Products From Thermochemical Treatments of Contained E*-Waste *Plastics*, Das, Gabriel, Tay and Lee.

3 See *S&P Capital IQ data* publicly available which reports grade and tonnage values for the reserves and resources of every active primary gold mine currently in production across the world up to the date May 25, 2022. The average gold grade of global reserves and resources is approximately 1.29 g/t Au. We anticipate the average grade of our feedstock to be approximately136 g/t Au, which represents a grade 100 times better than traditional mined ores like gold.

4 See *S&P Capital IQ data* publicly available. The average capital expenditure for every primary gold project in North America between January 2021 and May 2022 is approximately $425 million. Our estimated capital expenditure costs are anticipated to be between $5 million and $5.5 million, yielding a figure of 1/80<sup>th</sup> the capital expenditure of traditional ore mines.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Availability of Supply***

The amount of E-Waste produced by the world in 2016 was approximately 50 million tonnes<sup>5</sup>. With 5% of that E-Waste being printed circuit boards ("**PCBs**'), that amounts to 2.5 million tonnes of potential feedstock, of which only 17.4% is currently being recycled. At our current plant design capacity of approximately 8,000 tonnes per PCP, capturing "wasted" E-Waste would require over 250 concentrator plants.

We currently have non-binding letters of intent to secure one and one-half times the quantity of feedstock needed to operate our initial PCP at 100% capacity, however, there are no guaranteed obligations for such suppliers to provide any amount of such feedstock to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Positioned to Benefit from Raising Commodity Prices***

We further believe we are positioned to benefit from any rise in commodity metal prices for our recovered metals: Gold, Silver, Copper, Platinum and Palladium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Continuous Process Research and Development Plans***

We plan to have a continuing research and development program. This program will have two main goals. The first goal will be to optimize our proprietary processes to increase recoveries and reduce costs. The second goal will be to expand our core technology to be able to recover additional metals and to be able to process additional types of E-Waste feedstock.

#### Our Growth Strategy
The Company intends to expand its footprint to other locations around the United States and internationally so that multiple concentrator plants are strategically located geographically near major third-party, primary recycling facilities, significantly reducing raw material transportation costs. Our plan is that the first additional PCPs will feed into the initial APP in North Carolina. Expansion of our aqueous purification capacity will be undertaken as material supply and economics dictate.

#### Our North Carolina Plant
We recently surrendered our existing research and development facility lease containing roughly 3,500 square feet of effective working space in Raleigh, North Carolina, as we look to expand our growth and operations. In September 2022, we secured a new facility lease containing approximately 10,000 square feet of effective working space in nearby Greenville, North Carolina to serve as our pilot plant facility.

It is anticipated that this facility will allow us to operate at approximately 10% of the processing capacity envisioned for our future planned commercial-scale plant. We intend to use this facility to house both our pilot PCP and APP equipment. We intend to operate our pilot plant as needed for the following business purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To demonstrate the operability and scalability of our full end-to-end process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To generate additional operating data for detailed engineering and scale-up studies for our commercial plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To conduct process expansion studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To optimize the performance objectives of our technology; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To serve as an operations training platform to help streamline the commissioning and start-up activities of our commercial plant.

We elected to make North Carolina our U.S. processing home as a logical extension of our past local research efforts, favorable incentives, proximity to major logistics networks, and direct access to some of the world's largest supplies of E-Waste through proximity to the densely populated eastern U.S. seaboard.

In the long-term, we intend to secure a larger facility in the Raleigh or Greenville area of North Carolina to serve as our commercial-scale production facility although such future facility has yet to be identified as our current pilot plant facility still has significant capacity that we foresee being adequate in the short-term.

____________

5 See *Waste Printed Circuit Board Recycling: Conventional and Emerging Technology Approach*, Muammer Kaya.

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#### Company Information
The Company was incorporated under the laws of the Province of British Columbia, Canada, as 1285896 B.C. Ltd, on January 26, 2021. In connection with the completion of the Merger (as defined below), the Company changed its name to its current name, "Modern Mining Technology Corp.", on September 1, 2021.

Urban Mining International Inc. ("**UMI**"), our US wholly-owned subsidiary, was formed under the laws of the State of Delaware. UMI was first incorporated on August 8, 2017, under the name "Evotus Inc.". UMI changed its name from "Evotus Inc." to "Urban Mining International Inc." on October 14, 2020. On December 13, 2021, UMI changed its name from "Urban Mining International Inc." to "Modern Mining Technology Corp.".

Our principal executive office and mailing address is located at 1055 West Georgia Street, 1500 Royal Centre, Vancouver, British Columbia, Canada V6E 4N7, and our telephone number is 604-418-3856. Our website is *www.modernmining.com*. The information contained on our website or accessible through our website is not incorporated into this Prospectus.

#### Background
In March 2021, UMI and Fortuna Advisors Ltd. ("**Fortuna**"), a private company with offices in Vancouver, British Columbia, Canada engaged in due diligence and preliminary discussions regarding a possible business combination transaction. In connection with such discussions, on or around May 5, 2021, UMI and Fortuna entered into a non-binding letter of intent. Negotiation regarding the Merger Agreement (as defined below) and related matters commenced thereafter and continued until the merger agreement between UMI, the Company and Urban Mining Merger Sub, Inc. ("**Merger Sub**"), a Delaware corporation and wholly-owned subsidiary of the Company, was executed on August 18, 2021, as amended on August 27, 2021 (the "**Merger Agreement**").

In connection with the Merger (as defined below), on August 19, 2021, the board of directors of UMI unanimously: (a) approved the consummation of the Merger and the transactions contemplated therein; and (b) determined that the Merger was in the best interests of UMI and its stakeholders. On August 23, 2021, the shareholders of UMI approved the Merger.

Pursuant to the Merger Agreement, on September 1, 2021, Merger Sub merged with and into UMI, with UMI continuing as a wholly-owned U.S. subsidiary of the Company (the "**Merger**"). UMI then changed its name to Modern Mining Technology Corp. on December 8, 2021.

Prior to the completion of the Merger, UMI consolidated its outstanding common shares on a 3 for 1 basis effective August 25, 2021 (the "**Consolidation**") and accordingly, 21,868,905 common shares were consolidated into 7,289,635 common shares. Upon completion of the Merger, all such shares of UMI were exchanged into 7,289,635 Common Shares.

The current corporate structure of the Company is as follows:

#### Recent Developments
Prior to, and following, the Merger, the Company has raised capital to fund its operations.

With effect as of March 1, 2022, Kuljit (Jeet) Basi was appointed the President and Chief Executive Officer of the Company and Basil Botha, the Company's former President, Chief Executive Officer and a director of the Company, transitioned into a new role with the Company as its Principal Technical Advisor. In addition, on this same day, Olga Balanovskaya was appointed as the Company's Chief Financial Officer.

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On April 7, 2022, the Company issued (herein, the "**Debenture Offering**") $3,331,390 principal amount of 5% unsecured convertible debentures ("**Debentures**") in a private placement. The Debentures were issued pursuant to an indenture made as of April 7, 2022 (the "**Debenture Indenture**") between the Company and Computershare Trust Company of Canada ("**Computershare**") as trustee. The Debenture Indenture contains customary provisions typically found in an instrument of this type including, among other things, mechanisms for the holding of Debenture holder meetings. The Debentures rank *pari*-passu with each other series of Debentures issued pursuant to the Debenture Indenture. The Debentures bear interest at five percent (5%) per annum and are unsecured obligations of the Company. The Debentures are due thirty-six (36) months following their issuance on April 7, 2025. The Debenture Indenture also provides that in the event the Company completes a U.S. listing, such as this Offering, the principal amount of the Debentures plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00, and shall be subject to a six (6) month hold period from the closing of the Offering.

On July 13, 2022, the Company entered into an Investor Rights Agreement (the "**Investor Rights Agreement**") with Kuljit (Jeet) Basi, our Chief Executive Officer, serving as representative (the "**Warrantholder Representative**") of the holders of the Investor Rights Warrants (as defined herein). The Investor Rights Warrants were issued at $0.0083 for total proceeds of $137,365 (CAD$173,250). Each Investor Rights Warrant allows the owner to purchase one share at $0.20 (CAD$0.25) for three (3) years from the closing of this Offering. The Investor Rights Warrants (including any Common Shares issuable thereunder) are subject to further restrictions such that they will be released from lock-up six (6) months following the closing of the Offering.

Pursuant to the Investor Rights Agreement, the Company agreed that each Investor (as defined in the Investor Rights Agreement) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company. Each Investor Rights Warrant entitles the holder thereof to one vote per Investor Rights Warrant. Further, the Warrantholder Representative shall be entitled to nominate three (3) directors to the Board, provided that each director nominee shall be a Canadian resident and shall meet the requirements of applicable corporate, securities and other laws. The Investor Rights Agreement will terminate upon completion of the Offering, and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor Rights Warrants will also terminate at such time.

On August 31, 2022, the Company entered into an Investor Rights Agreement (the "**Convertible Debentures IRA**") with Kuljit (Jeet) Basi, our Chief Executive Officer, serving as representative (the "**Convertible Debenture Holder Representative**") of the holders of the Convertible Debentures. Pursuant to the Convertible Debentures IRA, the Company agreed that each Investor (as defined in the Convertible Debentures IRA) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company. Assuming an Offering Price of $, which would be the midpoint of the offering price range on the front of this Prospectus, each $ of Convertible Debentures will equal to one Common Share, entitling the holder thereof to one vote.

On September 21, 2022, the Company entered into a lease agreement with Grand Ventures, LLC, a North Carolina limited liability company, for the lease of the Company's North Carolina facility for E-Waste feedstock processing. The lease term is for three years, with a right to extend for three additional one year terms. Annual rent during the first three lease years is $120,000, payable in monthly installments of $10,000. This is subject to adjustment upon extension of the lease term. A security deposit in the amount of $30,000 was paid upon execution of the lease and will be returned without interest at the end of the term, or upon the earlier termination within the conditions of this lease.

In connection with the Company's operations, as it builds out its commercial production facility and ramps up operations of that facility, the Company currently anticipates needing up to 8,000 tonnes of feedstock per annum. Although the Company currently has non-binding letters of intent for 12,000 tonnes of feedstock and it believes the availability of such feedstock will be assured, it cannot be assured of the cost or pricing of such feedstock as, like other commodities, pricing is subject to the fluctuations of the supply and demand of such feedstock.

#### Recent Developments Since November 2022
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of the key demonstration-scale PCP equipment has been installed, energized, and commissioned at our pilot plant Greenville facility. Updates on each of the 6 units operations in our pre-concentration process are provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Feedstock Storage: we've procured and received roughly 5,000lbs of printed circuit board (PCB) feedstock for commissioning.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Transfer conveyor: this unit is operational and will be used to safely feed the PCB feedstock into our pre-shredding machine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pre-shredding: we've processed roughly 500lbs of PCB feedstock through our pre-shredding unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Milling: we've processed approximately 100lbs of shredded feedstock through our mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Primary Pre-concentration: we've processed roughly 50lbs of milled feedstock through our separation unit, and generated approximately 20lbs of MSC. Assay results with respect to MSC quality and overall metal recovery are in-progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Water recirculation: almost all of the water used in the pre-concentration process is recovered, recycled, and re-used, and we have not discharged any water to-date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of our pilot APP equipment (previously in storage) has also been relocated to our Greenville facility, and is currently in the process of being installed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We plan to continue conducting trial runs at our pilot plant Greenville facility throughout the upcoming weeks and months.

<u>**<u>Summary of Risks Related to Our Business and Industry</u>**</u>

There are a number of risks that you should carefully consider before making an investment decision regarding this Offering. These risks are discussed more fully in the section entitled "***Risk Factors***" beginning on page 12 of this Prospectus. You should read and carefully consider these risks and all of the other information in this Prospectus, including the financial statements and the related notes thereto included in this Prospectus, before deciding whether to invest in our securities. If any of these risks actually occur, our business, financial condition, operating results and cash flows could be materially and adversely affected. In such case, the trading price of our securities would likely decline, and you may lose all or part of your investment. These risk factors include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are an early-stage company with limited operating history and may never become profitable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our revenue depends on maintaining and increasing feedstock of E-Waste supply commitments as well as securing new customers and off-take agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in addition to commodity prices, our revenues will be primarily driven by the volume and composition of E-Waste feedstock materials to be processed at our future facilities and changes in the volume or composition of E-Waste feedstock processed could significantly impact our revenues and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our success will depend on our ability to economically source, extract and recover E-Waste, and to meet the market demand for sustainable and environmentally driven solutions for E-Waste processing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not be able to successfully implement our growth strategy, on a timely basis or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development of our Greenville, North Carolina facility, and any future projects are subject to risks, including with respect to engineering, permitting, procurement, construction, commissioning and ramp-up, and we cannot guarantee that these projects will be completed in a timely manner, that our costs will not be significantly higher than estimated, or that the completed projects will meet expectations with respect to their productivity or the specifications of their and products, among others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be unable to manage future growth effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to materially increase recycling capacity and efficiency could have a material adverse effect on our business, results of operations or financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future acquisitions and strategic investments could be difficult to integrate, diver the attention of key management personnel, disrupt our business, dilute shareholder value, and harm our results of operations and financial conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanding internationally involves risks that could delay our expansion plans and/or prohibit us from entering markets in certain jurisdictions, which could have a material adverse effect on our results of operations.

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<u>**<u>Implications of Being an Emerging Growth Company and a Foreign Private Issuer</u>**</u>

We are an "emerging growth company", as defined in Section 2(a) of the Securities Act of 1933, as amended (the "**Securities Act**"), as modified by the Jumpstart Our Business Start-ups Act of 2012 (the "**JOBS Act**"). As such, we are eligible to take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to reporting companies that make filings with the U.S. Securities and Exchange Commission (the "**SEC**"). For so long as we remain an emerging growth company, we will not be required to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• present more than two years of audited financial statements and two years of related management's discussion and analysis of financial condition and results of operations disclosure in our registration statement of which this Prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have an auditor report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes**-Oxley **Act**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose certain executive compensation related items; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek shareholder non-binding advisory votes on certain executive compensation matters and golden parachute arrangements, to the extent applicable to our Company as a foreign private issuer.

We will remain an emerging growth company until the earlier of (i) the last day of the fiscal year following the fifth anniversary of the completion of this Offering, (ii) the last day of the fiscal year during which we have total annual gross revenue of at least $1.07 billion, (iii) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), which means the market value of our Common Shares that are held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter, and (iv) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.

In addition, upon the consummation of this Offering, we will report in accordance with the rules and regulations applicable to a "**foreign private issuer**." As a foreign private issuer, we will take advantage of certain provisions under the rules that allow us to follow the applicable laws of the Province of British Columbia for certain corporate governance matters. Even when we no longer qualify as an emerging growth company, as long as we continue to qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations with respect to a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, and current reports on Form 8-K upon the occurrence of specified significant events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulation Fair Disclosure ("**Regulation FD**"), which regulates selective disclosures of material information by issuers.

As a foreign private issuer, we will have four months after the end of each fiscal year to file our annual report on Form 20-F with the SEC. In addition, our executive officers, directors, and principal shareholders will be exempt from the requirements to report transactions in our equity securities and from the short-swing profit liability provisions contained in Section 16 of the Exchange Act.

Foreign private issuers, like emerging growth companies, are exempt from certain more stringent executive compensation disclosure rules. As such, even when we no longer qualify as an emerging growth company, as long as we continue to qualify as a foreign private issuer under the Exchange Act, we will continue to be exempt from the more stringent compensation disclosures required of public companies that are not foreign private issuers.

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We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the majority of our executive officers or directors are U.S. citizens or residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) more than 50% of our assets are located in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) our business is administered principally in the United States.

In this Prospectus, we have taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company and a foreign private issuer. Accordingly, the information that we provide in this Prospectus may be different than the information you may receive from other public companies in which you hold equity interests. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.

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#### THE OFFERING

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| | |
|:---|:---|
|  **Common Shares Offered** | • common shares of the Company (each, a "**Common Share**") |
|  **Offering Price** | The assumed public offering price is $ per Common Share, which is the midpoint of the price range set forth on the cover page of this Prospectus. |
|  **Common Shares to be Outstanding Immediately After this Offering** | • Common Shares<sup>(1)</sup>. |
|  **Underwriters Option to Purchase Additional Shares** |  |
|  **Underwriters Option to Purchase Additional Shares** | • Common Shares (which may be purchased from us for 45-days from the date of this Prospectus to cover over-allotments, if any). |
|  **Use of Proceeds** | We estimate that the net proceeds to us from this Offering will be approximately $, assuming an Offering Price of $ per Common Share, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. We will use these net proceeds for research and development expenses, marketing expenditures, capital expenditures, working capital and general corporate purposes, and such other purposes described in the "***Use of Proceeds***" section of this Prospectus. |
|  **Lock-ups** | Our Company, our directors, executive officers and our existing securityholders have agreed with the Underwriters not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, any of our securities for, in the case of our directors and executive officers, a period of twelve (12) months, and in the case of our Company and our existing securityholders, for a period of six (6) months, following the closing of this offering, subject to certain exceptions. See "***Underwriting***" for more information. |
|  **Listing** | We intend to apply for listing of our Common Shares on under the symbol " ". The closing of this offering is contingent upon the successful listing of our Common Shares on . |
|  **Transfer Agent**  | The transfer and co-transfer agent and registrar for our Common Shares is Computershare Investor Services Inc. |
|  **Risk Factors** | **Investing in our securities is highly speculative and involves a high degree of risk**. You should carefully read and consider the information set forth under the heading "***Risk Factors***" beginning on page 12, and all other information contained in this Prospectus, before deciding to invest in our securities. |

---

____________

(1) The number of Common Shares to be outstanding immediately after this Offering is based on our Common Shares outstanding as of , 2022. Unless otherwise indicated, all information in this Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assumes no exercise by the Underwriters of the Over-Allotment Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assumes no exercise of the representative's warrants to be issued upon consummation of this offering at an exercise price equal to 125% of the initial offering price of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assumes an initial public offering price of $ per share, which is the midpoint of the estimate of the price range set forth on the cover page of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excludes: (i) 25,208,116 Common Shares issuable upon exercise of common share purchase warrants outstanding which are exercisable at exercise prices ranging from $0.05 to $0.90 per share, with a weighted average exercise price of $0.21.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gives effect to the full conversion of outstanding Debentures into Common Shares, which will convert automatically, as described elsewhere in this Prospectus, upon a U.S. listing, such as this Offering.

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#### Summary Financial Information
*The following tables summarize our audited consolidated financial data for our business for each of the financial years ended December 31, 2021 and 2020 and our unaudited consolidated financial data for our business for the period ended June 30, 2022. Our financial statements are prepared and presented in accordance with International Financial Reporting Standards ("****IFRS****") as issued by the International Accounting Standards Board ("****IASB****"). Our historical results are not necessarily indicative of our future results. You should read this data together with our consolidated financial statements and related notes appearing elsewhere in this prospectus and the information contained under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."*

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Balance Sheet Data:** | **As of <br>December 31, <br>2021** | **As of June 30, 2022** | **As of June 30, 2022** | **As of June 30, 2022** |
|  | **Actual** | **Actual** | **Pro Forma<sup>(1)</sup>** | **Pro Forma, <br>as Adjusted<sup>(2)</sup>** |
|  Cash and cash equivalents | $414047 | $2278685 | $| $|
|  Total assets | $1314172 | $2326366 | $| $|
|  Total liabilities | $1890466 | $4167493 | $| $|
|  Total equity (deficit) | $(576294) | $(1841127) | $| $|
|  Total liabilities & equity (deficit) | $1314172 | $2326366 | $| $|

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____________

<sup>(1)</sup> Pro Forma includes conversion of our Debentures into Common Shares in connection with the offering.

<sup>(2)</sup> Pro Forma as Adjusted includes the Pro Forma adjustments set forth above and approximately $___ million net proceeds from the offering after underwriting discounts and fees and offering expenses.

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Statement of Operations Data:** | **For the years <br>ended <br>December 31,** | **For the years <br>ended <br>December 31,** | **For the six months <br>ended <br>June 30,** | **For the six months <br>ended <br>June 30,** |
|  | **2021** | **2020** | **2022** | **2021** |
|  Revenue | $— | $23586 | $— | $— |
|  Cost of sales |  | (51222) |  |  |
|  Gross loss |  | (27636) |  |  |
|  **Expenses** |  |  |  |  |
|  Professional fees | 535162 | 64298 | 386889 | 45938 |
|  Employee cost | 358996 | 168674 | 151341 | 186292 |
|  Share-based compensation | 310950 | 210050 |  | 310950 |
|  Management and director fees | 149661 |  | 223537 |  |
|  Amortization of right-of-use asset | 124665 | 148559 |  | 83389 |
|  General and administration | 75227 | 85645 | 29066 | 15469 |
|  Depreciation expense | 66871 | 76187 |  | 44981 |
|  Rental (lease recovery) | 47618 |  | (10000) |  |
|  Consulting fees | 26724 | 39481 | 289538 | 21062 |
|  Insurance | 26701 | 24523 | 52391 | 9422 |
|  Travel and entertainment | 26577 | 5751 | 29991 | 1472 |
|  Research and development | 13548 | 62023 |  | 13548 |
|  Transfer agent |  |  | 12568 |  |
|  Chemical disposal |  |  | 44962 |  |
|  Foreign exchange |  |  | (29583) | 13 |
|  Total Operating Expenses | 1762700 | 885191 | 1180700 | 732536 |
|  Loss from Continuing Operations | (1762700) | (912827) | (1180700) | (732536) |
|  Other Income (Expenses) | (313202) | 222788 | (56592) | (23223) |
|  NET LOSS | (2075902) | (690039) | (1237292) | (755759) |

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#### RISK FACTORS
***An investment in our securities is highly speculative and carries a high degree of risk. We operate in a highly competitive, dynamic and rapidly changing industry that involves numerous risks and uncertainties. You should carefully consider the factors described below, together with all of the other information contained in this Prospectus, including our financial statements and the related notes included in this Prospectus, before deciding whether to invest in our securities. These risk factors are not presented in the order of importance or probability of occurrence. If any of the following risks actually occurs, our business, financial condition and results of operations could be materially and negatively affected. In that event, the market price of our securities could decline, and you could lose part or all of your investment. Additional risks and uncertainties not currently known to us or which we currently deem immaterial may also have a material adverse effect on our business, financial condition and results of operations. Some statements in this Prospectus, including statements in the following risk factors, constitute forward***-looking ***statements. Please refer to the section entitled "Cautionary Note Regarding Forward***-Looking ***Statements."***

<u>***<u>Risks Related to our Business and Industry</u>***</u>

#### We are an early-stage company with limited operating history and may never become profitable.
We are a development stage company with no meaningful commercial revenues and only net losses. For the year ended December 31, 2021, our revenue was $Nil and we recorded a net loss of $2,075,092. For the six months ended June 30, 2022, our revenue was $Nil and we recorded a net loss of $1,237,292. Our primary sources of liquidity are currently the funds raised from the issuance of the offering of the UMI Warrants, the Debenture Offering, and the funds borrowed from Fortuna Investment Corp. and former directors and officers. We expect both our capital and operating expenditures will increase significantly in connection with our ongoing activities.

We expect to require adequate proceeds generated from this Offering and additional funding to expand our operations and develop our sales and distribution channels. However, there can be no assurance that additional funding will be available to us for the development of our business, which will require the commitment of substantial resources. Accordingly, you should consider our prospects in light of the costs, uncertainties, delays and difficulties frequently encountered by companies in the early stages of development. Potential investors should carefully consider the risks and uncertainties that an early-stage company with a very limited operating history will face. In particular, potential investors should consider that we may be unable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successfully implement or execute our business plan if our business plan is not sound or for other reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain sufficient and affordable quantities of high quality feedstock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively process the E-Waste we obtain to produce sufficient quantities of commercially saleable commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop our proposed facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively pursue business opportunities, including potential acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adjust to changing conditions or keep pace with increased demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attract and retain an experienced management team; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• raise sufficient funds in the capital markets to effectuate our business plan, including building production capacity.

We believe that our performance and future success is dependent on multiple factors that present significant opportunities for us to increase revenues, but also pose risks and challenges. If we cannot successfully develop, manufacture and distribute our products, or if we experience difficulties in the development process, such as capacity constraints, quality control problems or other disruptions, we may not be able to develop or offer market-ready commercial products at acceptable costs, which would adversely affect our ability to effectively enter the market or expand our market share. A failure by us to achieve a low-cost structure through economies of scale or improvements in cultivation, manufacturing or distribution processes would have a material adverse effect on our commercialization plans and our business, prospects, results of operations and financial condition.

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#### Our revenue depends on obtaining, maintaining and increasing feedstock of E-Waste supply commitments as well as securing new customers and off-take agreements.
We must obtain, maintain and grow our E-Waste feedstock supply commitments as well as new customers (including through entry into off-take agreements for our concentrates) in order to generate revenue. As of the date of this Prospectus, we have no firm commitments for the supply of E-Waste feedstock to our operating facility, and only have non-binding letters of intent from numerous suppliers. Such suppliers have no contractual obligation to provide us any E-waste feedstock for our current operations. Going forward, we may be unable to secure contracts with such E-Waste feedstock vendors and even if we do secure such contracts, E-Waste feedstock suppliers may change or delay supply contracts for any number of reasons, such as force majeure or government approval factors that are unrelated to Modern Mining. Likewise, we do not currently have any off-take agreements for the sale of our products. Even if we do secure such off-take contracts, suppliers may fail to perform under their contracts for similar reasons outline above.

As a result, in order to operate our business, we must develop and obtain feedstock supply and product off-take agreements. However, it is difficult to predict whether and when we will secure such commitments and/or contracts due to competition for suppliers and the lengthy process of negotiating supplier agreements as well as buyer contracts, all of which may be affected by factors that we do not control, such as market and economic conditions, financing arrangements, commodity prices, environmental issues and government approvals.

***In addition to commodity prices, our revenues will be primarily driven by the volume and composition of E-Waste feedstock materials to be processed at our future facilities and changes in the volume or composition of E-Waste feedstock processed could significantly impact our revenues and results of operations.***

Our future revenues depend on processing high volumes of E-Waste feedstock, and our revenues will be directly impacted by the chemistry of the feedstock processed, particularly as market chemistries shift. Certain feedstock chemistries produce raw materials for which we receive higher prices than others. A decline in overall volume of E-Waste feedstock processed, or a decline in volume of chemistries with higher priced content relative to other chemistries, could result in a significant decline in our revenues, which in turn would have a material impact on our results of operations.

***Our success will depend on our ability to economically source, extract, and recover E-Waste, and to meet the market demand for sustainable and environmentally driven solutions for E-Waste processing.***

Our future business depends in large part on our ability to economically and effectively process and recover strategic metals and materials from E-Waste, and to meet the market demand for sustainable and environmentally driven solutions for E-Waste processing. Although we have conducted research and development ("**R&D**") and testing of our proprietary two-step PCP and APP process, we will need to scale our processing capacity in order to successfully implement our growth strategy and plan to do so in the future by, among other things, successfully building and developing our first commercial facility in Greenville, North Carolina. Although we have experience in processing E-Waste materials in our previous facilities, such operations were conducted on a limited scale, and we have not yet developed or operated a facility on a commercial scale to produce and sell end products. We do not know whether we will be able to develop efficient and low-cost processing capabilities, or whether we will be able to secure reliable sources of supply, in each case that will enable us to meet the production standards, costs and volumes required to successfully process E-Waste and meet our business objectives and customer needs. Even if we are successful in high-volume recycling and processing in our future facilities, we do not know whether we will be able to do so in a manner that avoids significant delays and cost overruns, including as a result of factors beyond our control, such as problems with suppliers, or in time to meet the commercialization schedules of future recycling needs or to satisfy the requirements of our customers. Our ability to effectively reduce our cost structure over time is limited by the fixed nature of many of our planned expenses in the near-term, and our ability to reduce long-term expenses is constrained by our need to continue investment in our growth strategy. Any failure to develop and scale such manufacturing processes and capabilities within our projected costs and timelines could have a material adverse effect on our business, results of operations or financial condition.

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#### We may not be able to successfully implement our growth strategy, on a timely basis or at all.
Our future growth, results of operations and financial condition depend upon our ability to successfully implement our growth strategy, which, in turn, is dependent upon a number of factors, some of which are beyond our control, including our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economically process E-Waste and recover strategic metals and materials and meet customers' business needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively introduce methods for higher extraction and higher recovery rates of strategic metals, including metals recovery from R&D initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete the construction of our future facilities, including the Greenville, North Carolina facility, at a reasonable cost and on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively ramp-up our facilities to expected performance targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• invest and keep pace in technology, research and development efforts, and the expansion into additional commodities recovery beyond gold, silver, copper, and palladium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• secure and maintain required strategic supply arrangements, and obtain appropriate operating environmental and industrial quality certifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively compete in the markets in which we operate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attract and retain management or other employees who possess specialized knowledge and technical skills.

There can be no assurance that we can successfully achieve any or all of the above initiatives in the manner or time period that we expect. Further, achieving these objectives will require investments that may result in both short-term and long-term costs without generating any current revenue and therefore may be dilutive to earnings. We cannot provide any assurance that we will realize, in full or in part, the anticipated benefits we expect to generate from our growth strategy. Failure to realize those benefits could have a material adverse effect on our business, results of operations or financial condition.

***The development of our Greenville, North Carolina facility, and future projects, if any, are subject to risks, including with respect to engineering, permitting, procurement, construction, commissioning and ramp-up, and we cannot guarantee that these projects will be completed in a timely manner, that our costs will not be significantly higher than estimated, or that the completed projects will meet expectations with respect to their productivity or the specifications of their end products, among others.***

Our Greenville, North Carolina facility (herein, the "**Facility**"), and future projects, if any, are subject to development risks, including with respect to engineering, permitting, procurement, construction, commissioning and ramp-up. Because of the uncertainties inherent in estimating construction and labor costs and the potential for the scope of a project to change, it is relatively difficult to evaluate accurately the total funds that will be required to complete the Facility, or future projects. Further, our estimate of the amount of time it will take to complete the Facility, or future projects, are based on assumptions about the timing of engineering studies, permitting, procurement, construction, commissioning and ramp-up, all of which can vary significantly from the time an estimate is made to the time of completion. We cannot guarantee that the costs of the Facility, or future projects, will not be higher than estimated, or that we will have sufficient capital to cover any increased costs, or that we will be able to complete the Facility, or future projects, within expected timeframes. Any such cost increases or delays could negatively affect our results of operations and ability to continue to grow, particularly if the Facility, or any future project, cannot be completed. Further, there can be no assurance that the Facility will perform at the expected production rates or unit costs, or that the end products will meet the intended specifications.

#### We may be unable to manage future growth effectively.
Even if we can successfully implement our growth strategy, any failure to manage our growth effectively could materially and adversely affect our business, results of operations and financial condition. We intend to expand our operations around the United States, and internationally in the long-term, which will require us to hire and train new employees; accurately forecast supply and demand, production and revenue; control expenses and investments

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in anticipation of expanded operations; establish new or expand current design, production, and sales and service facilities; and implement and enhance administrative infrastructure, systems and processes. Future growth may also be tied to acquisitions, and we cannot guarantee that we will be able to effectively acquire other businesses or integrate businesses that we acquire. Failure to efficiently manage any of the above could have a material adverse effect on our business, results of operations or financial condition.

#### Failure to materially increase recycling capacity and efficiency could have a material adverse effect on our business, results of operations or financial condition.
Although our facility in Greenville, North Carolina is expected to have an annual total processing capacity of 8,000 tonnes of E-Waste, the future success of our business depends in part on our ability to significantly increase our recycling capacity and efficiency. We may be unable to expand our business, satisfy demand from customers, maintain our competitive position and achieve profitability if we are unable to build and operate any future facilities. The construction of future facilities will require significant cash investments and management resources and may not meet our expectations with respect to increasing capacity and efficiency. For example, if there are delays in any future planned facilities, or if our facilities do not meet expected performance standards or are not able to produce materials that meet the quality standards we expect, we may not meet our target for adding capacity, which would limit our ability to increase sales and result in lower-than-expected sales and higher than expected costs and expenses. Failure to drastically increase recycling and processing capacity or otherwise satisfy customers' demands may result in a loss of market share to competitors, damage our relationships with our key customers, a loss of business opportunities or otherwise materially adversely affect our business, results of operations or financial condition.

***Future acquisitions and strategic investments could be difficult to integrate, divert the attention of key management personnel, disrupt our business, dilute shareholder value, and harm our results of operations and financial condition.***

We may in the future seek to acquire or invest in, businesses, products, or technologies that we believe could complement our operations or expand our breadth, enhance our capabilities, or otherwise offer growth opportunities. While our growth strategy includes broadening our product offerings, implementing an aggressive marketing plan and employing product diversification, there can be no assurance that our systems, procedures and controls will be adequate to support our operations as they expand. We cannot assure you that our personnel, systems, procedures or controls will be adequate to support our operations in the future or that we will be able to successfully implement appropriate measures consistent with our growth strategy. As part of our planned growth and diversified product offerings, we may have to implement new operational and financial systems, procedures and controls to expand, train and manage our employee base, and maintain close coordination among our staff. We cannot guarantee that we will be able to do so, or that if we are able to do so, we will be able to effectively integrate them into our existing staff and systems.

Additionally, the integration of our acquisitions and pursuit of potential future acquisitions may divert the attention of management and cause us to incur various expenses in identifying, investigating, and pursuing suitable acquisitions, whether or not they are consummated. Any acquisition, investment or business relationship may result in unforeseen operating difficulties and expenditures. In addition, we have limited experience in acquiring other businesses. Specifically, we may not successfully evaluate or utilize the acquired products, assets or personnel, or accurately forecast the financial impact of an acquisition transaction, including accounting charges. Moreover, the anticipated benefits of any acquisition, investment, or business relationship may not be realized, or we may be exposed to unknown risks or liabilities associated with our acquisitions.

We may not be able to find and identify desirable acquisition targets or we may not be successful in entering into an agreement with any one target. Acquisitions could also result in dilutive issuances of equity securities or the incurrence of debt, which could harm our results of operations. In addition, if an acquired business fails to meet our expectations, our business, results of operations, and financial condition may suffer. In some cases, minority shareholders may exist in certain of our non-wholly-owned acquisitions and may retain minority shareholder rights which could make a future change of control or necessary corporate approvals for actions more difficult to achieve and/or more costly.

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We may also make strategic investments in early-stage companies developing products or technologies that we believe could complement our business or expand our breadth, enhance our technical capabilities, or otherwise offer growth opportunities. These investments may be in early-stage private companies for restricted shares. Such investments are generally illiquid and may never generate value. Further, the companies in which we invest may not succeed, and our investments could lose their value.

***Expanding internationally involves risks that could delay our expansion plans and/or prohibit us from entering markets in certain jurisdictions, which could have a material adverse effect on our results of operations.***

At present, we have no current intention to expand our operations outside of North America. If we were to expand more broadly and pursue international operations, those operations would be subject to certain risks inherent in doing business abroad, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political, civil and economic instability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corruption risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trade, customs and tax risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency exchange rates and currency controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on the repatriation of funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insufficient infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on exports, imports and foreign investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in working capital requirements related to long supply chains;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in labor laws and regimes and disagreements with the labor force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulty in protecting intellectual property rights and complying with data privacy and protection laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• different and less established legal systems.

***We will be dependent on our facilities. If one or more of our facilities become inoperative, capacity constrained or if operations are disrupted, our business, results of operations or financial condition could be materially adversely affected.***

Our revenue will be dependent on the continued operations of our facilities, including our Greenville, North Carolina head office/processing facility and any other facilities we may develop in the future. To the extent that we experience any operational risk including, among other things, fire and explosions, severe weather and natural disasters (such as floods and hurricanes), failures in water supply, major power failures, equipment failures (including any failure of our information technology, air conditioning, and cooling and compressor systems), a cyber-attack or other incident, failures to comply with applicable regulations and standards, labor force and work stoppages, including those resulting from local or global pandemics or otherwise, or if our current or future facilities become capacity constrained, we may be required to make capital expenditures even though we may not have sufficient available resources at such time.

Additionally, there is no guarantee that the proceeds available from our insurance policies will be sufficient to cover such capital expenditures. Our insurance coverage and available resources may prove to be inadequate for events that may cause significant disruption to our operations. Any disruption in our recycling processes could result in production delays, scheduling problems, increased costs or production interruption, which, in turn, may result in our customers deciding to send their E-Waste feedstock to our competitors. We will be dependent on our future facilities, which will require a high degree of capital expenditures. If one or more of our future facilities become inoperative, capacity constrained or if operations are disrupted, our business, results of operations or financial condition could be materially adversely affected.

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***We may need to raise additional funds in the future to meet our capital requirements and such funds may not be available to us on commercially reasonable terms or at all, which could materially adversely affect our business, results of operations or financial condition.***

Our operations are highly capital-intensive. Although we believe that we will have sufficient funds to meet our capital requirements for the next 24 months, we may in the future need to raise additional funds, including through the issuance of equity, equity linked or debt securities or through obtaining credit from government or financial institutions, and the availability of additional funds to us will depend on a variety of factors, some of which are outside of our control. Additional funds may not be available to us on commercially reasonable terms or at all, which could materially adversely affect our business, results of operations or financial condition. If additional funds are raised by issuing equity or equity-linked securities, our shareholders may incur dilution.

#### Our financial situation creates doubt as to whether we will continue as a going concern.
We are a development stage company with no meaningful commercial revenues and incurred a net loss of approximately $2,075,092 for the year ended December 31, 2021, a net loss of $690,039 for the year ended December 31, 2020, a net loss of $1,237,292 for the six months ended June 30, 2022 and a net loss of $755,759 for the six months ended June 30, 2021 and expect to incur a net loss for the fiscal year ending December 31, 2022, and thereafter, primarily as a result of the costs of listing, building concentrator plants as well as increased operating expenses to execute our business plan and growth strategy. There can be no assurances that we will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or obtain funding from this offering or additional financing through private placements, public offerings and/or bank financing necessary to support our working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, we will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on acceptable terms. These conditions raise substantial doubt about our ability to continue as a going concern. If adequate working capital is not available, we may be forced to discontinue operations, which would cause investors to lose their entire investment.

#### Our business is subject to operational risks that could disrupt our business, some of which may not be insured or fully covered by insurance.
Our operations are subject to risks inherent in the E-Waste industry, including potential liability which could result from, among other circumstances, personal injury, environmental claims or property damage some of which may not be insured or fully covered by insurance. The availability of, and the ability to collect on, insurance coverage is subject to factors beyond our control and is not guaranteed to cover any or all of our losses in every circumstance. Our insurance coverage may also be inadequate to cover liabilities related to such operational risks. We have no control over changing conditions and pricing in the insurance marketplace and the cost or availability of various types of insurance may change dramatically in the future. Moreover, we may not be able to maintain adequate insurance in the future at rates we consider reasonable and commercial justifiable, and insurance may not continue to be available on terms as favorable as our current arrangements. The occurrence of a significant uninsured claim, or a claim in excess of the insurance coverage limits maintained by us could adversely affect our business, results of operations and financial condition.

#### We are subject to the inherent risk of exposure to environmental pollution claims.
As a concentrator and refiner of E-Waste containing metals and user of chemical products, we face an inherent risk of exposure to pollution and environmental liability claims, regulatory action and litigation if our processes are alleged to have caused bodily harm or injury. Adverse reactions resulting from contamination of soil and water sources could occur. We may be subject to various liability claims, including, among others, that our concentrator and refinery facilities caused injury or illness, include inadequate disposal of chemicals, discharge of chemicals into the air, possible side effects or interactions with such chemical substances. Liability claims or regulatory actions against us could result in increased costs, could adversely affect our reputation with our clients and consumers generally, and could have a material adverse effect on our results of operations and financial condition. There can be no assurances that we will be able to obtain or maintain environmental liability insurance on acceptable terms or with adequate coverage against potential liabilities. Such insurance is expensive and may not be available in the future on acceptable terms, or at all. The inability to obtain sufficient insurance coverage on reasonable terms or to otherwise protect against potential liability claims could prevent or inhibit the concentration and processing of E-Waste and separation of minerals.

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#### The mining and metal recycling industries face strong opposition.
Many political and social organizations oppose mining and mineral recycling for their environmental risks. Our business will need support from local governments, industry participants, consumers and residents to be successful. Additionally, there are large, well-funded businesses and industry groups that may have a strong opposition to the mining and mineral recycling industries. For example, the pharmaceutical and alcohol industries have traditionally opposed mining and mineral recycling. Any efforts by these or other industries opposed to mining and mineral recycling to halt or impede mining and mineral recycling could have detrimental effects on our business.

#### Decreases and fluctuations in benchmark prices for the metals contained in our offtake could significantly impact our revenues and results of operations.
The prices that we obtain for our offtake are generally tied to commodity prices for their principal contained metals, such as gold, silver, copper and palladium. Fluctuations in the prices of these commodities will affect our revenues and declines in the prices of these commodities could have a material adverse impact on our revenues. Any significant decline in our revenues will have a material impact on our results of operations.

Fluctuations in commodities prices, such as the minerals we are extracting from E-Waste, are caused by varied and complex factors beyond our control or the control of our suppliers, including global supply and demand balances and inventory levels; global economic and political conditions; international regulatory, trade and tax policies, including national tariffs; commodities investment activity and speculation; interest rates; the strength of the U.S. dollar compared to foreign currencies; the price and availability of substitute products; and changes in technology. Volatility in global economic growth, particularly in developing economies, has the potential to adversely affect future demand and prices for commodities. Geopolitical uncertainty and protectionism, including the United Kingdom's decision to exit from the European Union (commonly referred to as "Brexit") and the Russian invasion of Ukraine have the potential to inhibit international trade and negatively impact business confidence, which creates the risk of constraints on our ability to trade in certain markets and has the potential to increase price volatility.

Mineral prices may be affected by supply from China, which has become the largest producer of minerals in the world, and by changes in demand for products that require certain minerals. Rising trade tensions between the U.S. and China and efforts by the Chinese government to reduce debt levels contributed to a recent slowdown in China's growth. A continued slowing in China's economic growth and demand and continued trade tensions between the U.S. and China could result in lower production of minerals and higher mineral prices which could have a material adverse impact on our operations, including cash flow and the ability to purchase raw materials from our suppliers if they raise prices as well. The adoption and expansion of trade restrictions, changes in the state of China-U.S. relations, including the current trade war, or other governmental action related to tariffs or trade agreements, or policies are difficult to predict and could adversely affect demand for our minerals, our costs, our customers, our suppliers, and the U.S. economy, which in turn could have a material adverse effect on our business, results of operations, or financial condition. Additionally, our suppliers could be raising prices of materials which could in turn have a material adverse effect on our operations.

#### Disruptions in our supply chain could adversely affect our business.
Global trade conditions, inflation and consumer trends that originated during the COVID-19 pandemic continue to persist and have created significant disruptions to the global supply chain, which may impact our ability to obtain equipment and other supplies necessary for our business on a timely basis and at anticipated costs. Any continued supply chain disruptions, inflation or shortages in the availability of equipment from our suppliers, could adversely affect our business and operating results.

#### Our markets are exposed to recessionary risk
A global recession may result in lost or delayed sales orders, as many of our targeted customers may cut back their proposed capital spending in the face of economic uncertainty and limited access to financing. This would impact the ability of us to grow our business and, as a result, sales orders may be lower than expected. Any decrease in sales would negatively impact our cash flows and other financial results. Different markets and different geographies in which we operate may be impacted to different extents, making it difficult to forecast the likely impact.

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#### Our reliance on the experience and expertise of our management may cause adverse impacts to us if a management member departs.
Our success is dependent upon the ability, expertise, judgment, discretion and good faith of our senior management and key employees, including, without limitation: (i) Kuljit (Jeet) Basi, Director, Chief Executive Officer and President; (ii) Olga Balanovskaya, Chief Financial Officer; (iii) Peter Dielwart, General Manager; (iv) Darrell Campanella, Production Manager; and (v) Mark Zorko, Chairman of the Board of Directors. Our business may be severely disrupted if we lose the services of our key executives and employees or fail to add new senior and middle managers to our management. Our future success is heavily dependent upon the continued service of our key executives. We also rely on a number of key technology staff for our continued operation. Our future success is also dependent upon our ability to attract and retain qualified senior and middle managers to our management team. If one or more of our current or future key executives or employees are unable or unwilling to continue in their present positions, we may not be able to easily replace them, and our business may be severely disrupted. In addition, if any of these key executives or employees joins a competitor or forms a competing company, we could lose customers and suppliers and incur additional expenses to recruit and train personnel.

#### Our Chief Financial Officer also serves as the Chief Financial Officer of other companies which may divert her time and attention from our operations.
Our Chief Financial Officer, Ms. Olga Balanovskaya, has previously served as the Chief Financial Officer for various public and private companies in North America, and is currently serving as the Chief Financial Officer of Starfighters Space, Inc., where she has served since October 2022. Ms. Balanovskaya is also currently the president of Koral Financial Inc., where she also serves as a principal. These additional roles, and particularly should any complications arise in connection with these roles, may divert Ms. Balanovskaya's time and efforts away from our day-to-day operational and other business matters, which may in turn impact our business, prospects, financial conditions, and operating results.

#### We are subject to the risk of litigation or regulatory proceedings which could impact our financial results.
All industries, including the E-Waste recycling industry, are subject to legal claims, with or without merit. We are not currently, nor have we ever been, party to any legal proceedings, but we could be involved in various litigation and regulatory proceedings arising in the normal course of business in the future. Due to the inherent uncertainty of the litigation process, we may not be able to predict with any reasonable degree of certainty the outcome of any litigation or the potential for future litigation. Regardless of the outcome, any legal or regulatory proceeding could have an adverse impact on our business, prospects, financial conditions, and operating results due to defense costs, the diversion of management resources and other factors.

#### We operate in an emerging, competitive industry and if we are unable to compete successfully our revenue and profitability will be adversely affected.
The E-Waste recycling market is competitive. As the industry evolves and the demand increases, we anticipate that competition will increase. We also compete against companies that have a substantial competitive advantage because of longer operating histories and larger budgets, as well as greater financial and other resources. National or global competitors could enter the market with more substantial financial and workforce resources, stronger existing customer relationships, and greater name recognition, or could choose to target medium to small companies in our traditional markets. Competitors could focus their substantial resources on developing a more efficient recovery solution than our solutions. Competition also places downward pressure on our contract prices and profit margins, which presents us with significant challenges in our ability to maintain strong growth rates and acceptable profit margins. If we are unable to meet these competitive challenges, we could lose market share to our competitors and experience an adverse impact to our business, financial condition and results of operations.

***Increases in income tax rates, changes in income tax laws or disagreements with tax authorities could adversely affect our business, financial condition or results of operations.***

We are subject to income taxes in the United States and Canada. Increases in income tax rates or other changes in income tax laws that apply to our business could reduce our after-tax income from such jurisdiction and could adversely affect our business, financial condition or results of operations.

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#### Our operating and financial results may vary significantly from period to period due to fluctuations in our operating costs and other factors.
We expect our period-to-period operating and financial results to vary based on a multitude of factors, some of which are outside of our control. We expect our period-to-period financial results to vary based on operating costs, which we anticipate will fluctuate with the pace at which it increases its operating capacity. As a result of these factors and others, we believe that quarter-to-quarter comparisons of our operating or financial results, especially in the short term, are not necessarily meaningful and that these comparisons cannot be relied upon as indicators of future performance. Moreover, our financial results may not meet expectations of equity research analysts, ratings agencies or investors, who may be focused only on quarterly financial results. If any of this occurs, the trading price of our Common Shares could fall substantially, either suddenly or over time.

#### Failure to develop our internal controls over financial reporting as we grow could have an adverse effect on our operations.
As we mature, we will need to continue to develop and improve our current internal control systems and procedures to manage our growth. We are required to establish and maintain appropriate internal controls over financial reporting. Failure to establish appropriate controls, or any failure of those controls once established, could adversely affect our public disclosures regarding our business, financial condition or results of operations. In addition, management's assessment of internal controls over financial reporting may identify weaknesses and conditions that need to be addressed in our internal controls over financial reporting or other matters that may raise concerns for investors.

***Unfavorable economic conditions, including the consequences of the global COVID-19 pandemic, may have a material adverse effect on our business, results of operations and financial condition.***

We have been impacted by the COVID-19 pandemic, and we cannot predict the future impacts the COVID-19 pandemic, including the emergence of new strains such as the Omicron variant, may have on our business, results of operations and financial condition. Beginning in March 2020, numerous government regulations and public advisories, as well as shifting social behaviors, temporarily and from time to time limited or closed non-essential transportation, government functions, business activities and person-to-person interactions, and the duration of such trends is difficult to predict. The continued impact of COVID-19 on manufacturing production may impact the contribution of scrap material to the recycling market over the short-to-medium term.

Our operations and timelines may also be affected by global economic markets and levels of consumer comfort and spend, including recessions, slow economic growth, economic and pricing instability, increase of interest rates and credit market volatility, all of which could impact demand in the worldwide transportation industries or otherwise have a material adverse effect on our business, operating results and financial condition. Because the impact of current conditions on an ongoing basis is yet largely unknown, is rapidly evolving and has been varied across geographic regions, this ongoing assessment will be particularly critical to allow us to accurately project supply and demand and infrastructure requirements and allocate resources accordingly. If current global market conditions continue or worsen, our business, results of operations and financial condition could be materially adversely affected.

***Natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geo-political events could materially adversely affect our business, results of operations or financial condition.***

The occurrence of one or more natural disasters, such as fires, hurricanes and earthquakes, unusually adverse weather, epidemic or pandemic outbreaks, such as the ongoing COVID-19 pandemic, cyber incidents such as ransomware attacks, boycotts and geo-political events, such as civil unrest and acts of terrorism (including cyber terrorism or other cyber incidents), or similar disruptions could materially adversely affect our business, power supply, results of operations or financial condition. These events could result in physical damage to property, an increase in energy prices, temporary or permanent closure of the Facility, temporary lack of an adequate workforce in a market, temporary or long-term disruption in the supply of raw materials, temporary disruption in transport from overseas, or disruption to our information systems. We may incur expenses or delays relating to such events outside of our control, which could have a material adverse impact on our business, operating results and financial condition.

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***We may be subject to intellectual property rights claims by third parties, which could be costly to defend, could require payment of significant damages and could limit our ability to use certain technologies.***

We are subject to the risk of third parties asserting claims of infringement of intellectual property rights or violation of other statutory, license or contractual rights in technology or data. Any such claim by a third party, even if without merit, could cause us to incur substantial costs defending against such claim and could distract our management and development teams from our business.

Although third parties may offer a license to their technology or data, the terms of any offered license may not be acceptable or commercially reasonable and the failure to obtain a license or the costs associated with any license could cause our business, prospects, financial condition, and operating results to be adversely affected. In addition, some licenses may be non-exclusive, and therefore our competitors may have access to the same technology or data licensed to us. Alternatively, we may be required to develop non-infringing technology or data which could require significant effort and expense and ultimately may not be successful. Furthermore, a successful claimant could secure a judgment, or we may agree to a settlement that prevents us from selling certain products or performing certain services in a given country or countries or that requires us to pay royalties, substantial damages, including treble damages if we are found to have willfully infringed the claimant's patents, copyrights, trade secrets or other statutory rights, or other fees. Any of these events could have an adverse effect on our business, prospects, financial condition, and operating results.

The laws of some foreign countries do not protect proprietary rights to the same extent as the laws of the United States, and we may encounter significant problems and costs in protecting our proprietary rights in these foreign countries.

#### Directors, executive officers and consultants may be subject to conflicts of interest.
We may be subject to various potential conflicts of interest because of the fact that some of our officers, directors and consultants may be engaged in a range of business activities, including certain officers, directors and consultants that provide services to other companies involved material development. Our executive officers, directors and consultants may devote time to their outside business interests, so long as such activities do not materially or adversely interfere with their duties to us. In some cases, our executive officers, directors and consultants may have fiduciary obligations associated with these business interests that may interfere with their ability to devote time to our business and affairs and that could adversely affect our operations. In addition, we may also become involved in other transactions which conflict with the interests of our directors, officers and consultants who may from time to time deal with persons, firms, institutions or corporations with which we may be dealing, or which may be seeking investments similar to those desired by us. The interests of these persons could conflict with ours. Conflicts of interest, if any, will be subject to the procedures and remedies provided under applicable laws. In particular, in the event that such a conflict of interest arises at a meeting of our directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. In accordance with applicable laws, our directors are required to act honestly, in good faith and in our best interests.

#### We could be subject to a security breach that could result in significant damage or theft of products and equipment.
Breaches of security at our facilities may occur and could result in damage to or theft of products and equipment. A security breach at our facilities could result in a significant loss of inventory or work in process, expose us to liability under applicable regulations and increase expenses relating to the investigation of the breach and implementation of additional preventative security measures, any of which could have an adverse effect on our business, financial condition and results of operations.

***If we sustain cyber-attacks or other privacy or data security incidents that result in security breaches that disrupt our operations or result in the unintended dissemination of protected personal information or proprietary or confidential information, or if we are found by regulators to be non-compliant with statutory requirements for the protection and storage of personal data, we could suffer a loss of revenue, increased costs, exposure to significant liability, reputational harm and other serious negative consequences.***

As our operations expand, we may process, store and transmit large amounts of data in our operations, including protected personal information as well as proprietary or confidential information relating to our business and third parties. Experienced computer programmers and hackers may be able to penetrate our layered security controls and misappropriate or compromise our protected personal information or proprietary or confidential information or that of third parties, create system disruptions or cause system shutdowns. They also may be able to develop and deploy viruses,

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worms and other malicious software programs that attack our systems or otherwise exploit any security vulnerabilities. Hardware, software, or applications we develop or procure from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Our facilities may also be vulnerable to security incidents or security attacks, acts of vandalism or theft, coordinated attacks by activist entities, misplaced or lost data, human errors, or other similar events that could negatively affect our systems and our customer's data.

<u>***<u>Risks Related to our Regulatory Framework</u>***</u>

#### Our business is subject to environmental and employee health and safety regulations and risks.
Our operations are subject to environmental and safety laws and regulations concerning, among other things, emissions and discharges to water, air and land, the handling and disposal of hazardous and non-hazardous materials and wastes, and employee health and safety. We will incur ongoing costs and obligations related to compliance with environmental and employee health and safety matters. Failure to comply with environmental and safety laws and regulations may result in additional costs for corrective measures, penalties or in restrictions on our operations. Government approvals and permits are currently and may in the future be required in connection with our operations. To the extent such approvals are required and not obtained, we may be curtailed from proceeding with the development of our operations as currently proposed.

#### There are risks associated with the regulatory regime and permitting requirements of our operations.
Achievement of our business objectives is contingent, in part, upon compliance with regulatory requirements enacted by governmental authorities and obtaining all regulatory approvals, where necessary, for the concentration and metal separation and sale of our products. As our only facility in operation is our pilot plant in Greenville, North Carolina, we must comply with local and State ambient air quality standards in respect to emissions from any stack, vent, or outlet, of sulphur oxides, suspended particulates, carbon monoxide, nitrogen oxide, etc. Furthermore, we must comply with National Ambient Air Quality Standards ("NAAQS"), water quality standards under the Clean Water Act and local noise regulations. We may not be able to obtain or maintain the necessary licenses, permits, quotas, authorizations, certifications or accreditations to operate our business going forward, or may only be able to do so at great cost. We cannot predict the time required to secure all appropriate regulatory approvals for our concentrator and purification plants, or the extent of testing and documentation that may be required by local governmental authorities in other states and other countries.

Our officers and directors must rely, to a great extent, on our local legal counsel and local consultants retained in such jurisdictions in order to keep abreast of material legal, regulatory and governmental developments as they pertain to and affect our business operations, and to assist us with governmental relations. We must rely, to some extent, on those members of management and the Board of Directors who have previous experience working and conducting business in the United States or abroad in order to enhance our understanding of and appreciation for the local business culture and practices in such jurisdictions.

We also rely on the advice of local experts and professionals in connection with any current and new regulations that develop in respect of banking, financing and tax matters in the jurisdictions in which we operate. Any developments or changes in such legal, regulatory or governmental requirements or in local business practices in such jurisdictions are beyond our control and may adversely affect our business.

We will incur ongoing costs and obligations related to regulatory compliance. Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. We may be required to compensate those suffering loss or damage by reason of our operations and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations. In addition, changes in regulations, more vigorous enforcement thereof or other unanticipated events could require extensive changes to our operations, increased compliance costs or give rise to material liabilities, which could have a material adverse effect on our business, results of operations and financial condition.

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***Any failure on our part to comply with applicable regulations or to obtain and maintain the necessary licenses and certifications could prevent us from being able to carry on our business, and there may be additional costs associated with any such failure.***

Our business activities are heavily regulated in all jurisdictions where we will do business. Our operations are subject to various laws, regulations and guidelines by governmental authorities relating to the handling, processing, management, distribution, transportation, storage, sale, and disposal of chemicals and minerals. In addition, we are subject to laws and regulations relating to employee health and safety, insurance coverage and the environment. Laws and regulations, applied generally, grant government agencies and self-regulatory bodies broad administrative discretion over our activities, including the power to limit or restrict business activities as well as impose additional disclosure requirements on our materials and products.

Any failure by us to comply with applicable regulatory requirements could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require extensive changes to our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in regulatory or agency proceedings or investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in the revocation of our licenses and permits, the imposition of additional conditions on licenses to operate our business, and increased compliance costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in damage awards, civil or criminal fines or penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in the suspension or expulsion from a particular market or jurisdiction of our key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in restrictions on our operations or the imposition of additional or more stringent inspection, testing and reporting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• harm our reputation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• give rise to material liabilities.

There can be no assurance that any future regulatory or agency proceedings, investigations or audits will not result in substantial costs, a diversion of management's attention and resources or other adverse consequences to our business.

In addition, changes in regulations, government or judicial interpretation of regulations, or more vigorous enforcement thereof or other unanticipated events could require extensive changes to our operations, increase compliance costs or give rise to material liabilities or a revocation of our licenses and other permits. Furthermore, governmental authorities may change their administration, application or enforcement procedures at any time, which may adversely affect our ongoing regulatory compliance costs. There is no assurance that we will be able to comply or continue to comply with applicable regulations.

***We cannot predict the impact of any new environmental laws or regulations or of changes in current environmental laws or regulations on our business and operations in the future.***

We believe we possess all material environmental permits and licenses necessary for the operation of our business and that our operations will be in substantial compliance with the terms of all applicable environmental laws and regulations. We cannot predict the impact of any new environmental laws or regulations or of changes in current environmental laws or regulations on our operations. The government may in future take steps towards the adoption of more stringent environmental regulations in respect of our business. Due to the possibility of unanticipated regulatory or other developments, the amount and timing of future environmental expenditures may vary substantially from those currently anticipated. If there is any unanticipated change in the environmental regulations, we may need to incur substantial capital expenditures to install, replace, upgrade or supplement our equipment or make operational changes to limit any adverse impact or potential adverse impact on the environment in order to comply with any new environmental protection laws and regulations. If such costs become prohibitively expensive, this may adversely affect our business operations.

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<u>***<u>Risks Related to our Common Shares and this Offering</u>***</u>

#### The trading price of our Common Shares could be subject to wide fluctuations due to a variety of factors, including:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the COVID-19 pandemic and its impact on the markets and economies in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our actual or anticipated operating performance and the operating performance of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company, or our failure to meet the estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any major change in our Board of Directors, management, or key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions such as recessions, interest rates, fuel prices, international currency fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rumors and market speculation involving us or other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant innovations, new products, services or capabilities, acquisitions, strategic investments, partnerships, joint venture or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the legal and regulatory landscape and changes in the application of existing laws or adoption of new laws that impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal and regulatory claims, litigation, or pre-litigation disputes and other proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, including those resulting from war, incidents of terrorism, or responses to these events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales or expected sales of our Common Shares by us, our officers, directors, significant shareholders, and employees.

In addition, stock markets have experienced significant price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. The stock market in general and have experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. These fluctuations may be even more pronounced in the trading market for our Common Shares as a result of the supply and demand forces for newly public companies. In the past, shareholders have instituted securities class action litigation following periods of share volatility.

***Holders of our Investor Rights Warrants may exert significant control over us, which may limit your ability to influence corporate matters and may give rise to conflicts of interest.***

As of the date of this Prospectus, holders of our Investor Rights Warrants (as defined herein) held 16,500,000 Investor Rights Warrants representing 65.8% of our combined Common Shares and warrants. One holder, F1 Advisory Group Ltd. ("F1 Advisory Group") held 31.3% of our Investor Rights Warrants. The Investor Rights Warrants are exercisable for three (3) years from the closing of the Offering. Pursuant to the Investor Rights Agreement, holders of our Investor Rights Warrants shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company. The Investor Rights Agreement will terminate upon completion of the Offering, and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor Rights Warrants will also terminate at such time. Each Investor Rights Warrant entitles the holder thereof to one vote per Investor Rights Warrant. Further, the holders of our Investor Rights Warrants, through their Warrantholder Representative, shall be entitled to nominate three (3) directors to the Board subject to the provisions of the Investor Rights Agreement. See a discussion of the Investor Rights Agreement under "***Business — Recent Developments***." Accordingly, holders of our Investor Rights Warrants will exert significant influence over us and any action requiring the approval of our shareholders and/or our Board prior to completion of the Offering. Furthermore, the interests of the holders of our Investor Rights Warrants may not always coincide with your interests or the interests of other shareholders and they may act in a manner that advances their best interests and not necessarily those of other shareholders.

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***Holders of our Convertible Debentures may exert significant control over us, which may limit your ability to influence corporate matters and may give rise to conflicts of interest.***

On April 7, 2022, we issued Debentures pursuant to the Debenture Indenture. The Debenture Indenture provides that in the event that we complete a U.S. listing, such as this Offering, the principal amount of the Debentures plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00, and shall be subject to a six (6) month hold period from the closing of the Offering.

On August 31, 2022, we entered into the Convertible Debentures IRA, pursuant to which holders of our Convertible Debentures shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company. Assuming an Offering Price of $, which would be the midpoint of the offering price range on the front of this Prospectus, each $ of Convertible Debentures will equal to one Common Share, entitling the holder thereof to one vote. See a discussion of the Convertible Debentures IRA under "***Business — Recent Developments***." Accordingly, holders of our Convertible Debentures will exert significant influence over us and any action requiring the approval of our shareholders and/or our Board prior to the completion of this Offering and conversion of the Debentures into Common Shares. Furthermore, the interests of the holders of our Debentures may not always coincide with your interests or the interests of other shareholders and they may, prior to the completion of this Offering, act in a manner that advances their best interests and not necessarily those of other shareholders.

***We are a foreign private issuer and intend to take advantage of the less frequent and less detailed reporting obligations applicable to foreign private issuers.***

We are a "foreign private issuer", as such term is defined in Rule 405 under the Securities Act, and are not subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. Under the Exchange Act, we will be subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, we will not file the same reports that a U.S. domestic issuer would file with the SEC, although we will be required to file with or furnish to the SEC the continuous disclosure documents that we are required to file in Canada under Canadian securities laws. In addition, our officers, directors, and principal shareholders are exempt from the reporting and "short swing" profit recovery provisions of Section 16 of the Exchange Act. Therefore, our shareholders may not know on as timely a basis when our officers, directors and principal shareholders purchase or sell shares, as the reporting deadlines under the corresponding Canadian insider reporting requirements are longer.

As a foreign private issuer, we will be exempt from the rules and regulations under the Exchange Act related to the furnishing and content of proxy statements. We will also be exempt from Regulation FD, which prohibits issuers from making selective disclosures of material non-public information. While we will comply with the corresponding requirements relating to proxy statements and disclosure of material non-public information under Canadian securities laws, these requirements differ from those under the Exchange Act and Regulation FD and shareholders should not expect to receive the same information at the same time as such information is provided by U.S. domestic companies. In addition, we will have more time than U.S. domestic companies after the end of each fiscal year to file our annual report with the SEC and will not be required under the Exchange Act to file quarterly reports with the SEC.

In addition, as a foreign private issuer, we have the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to U.S. securities laws, and provided that we disclose the requirements we are not following and describe the Canadian practices we follow instead. We may in the future elect to follow home country practices in Canada with regard to certain corporate governance matters.

As a result, our shareholders may not have the same protections afforded to shareholders of U.S. domestic companies that are subject to all corporate governance requirements.

***We may lose our status as a foreign private issuer in the United States, which would result in increased costs related to regulatory compliance under United States securities laws.***

We will cease to qualify as a "foreign private issuer," as defined in Rule 405 under the Securities Act and Rule 3b-4 under the Exchange Act, if, as of the last business day of our second fiscal quarter, more than 50% of our outstanding Common Shares are directly or indirectly owned by residents of the United States and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered

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principally in the United States. If we determine that we fail to qualify as a foreign private issuer, we will cease to be eligible to avail ourselves of the forms and rules designated for foreign private issuers beginning on the first day of the fiscal year following such determination. Among other things, this will result in loss of the exemption from registration under the Exchange Act provided by Rule 12g3-2(b) thereunder, and, if we are required to register our Common Shares under section 12(g) of the Exchange Act, we will have to do so as a domestic issuer. Further, any securities that we issue in unregistered or unqualified offerings both within and outside the United States will be "restricted securities" (as defined in Rule 144(a)(3) under the Securities Act) and will continue to be subject to United States resale restrictions notwithstanding their resale in "offshore transactions" pursuant to Regulation S under the Securities Act. As a practical matter, this will likely require us to register more offerings of our securities under the Securities Act on either a primary offering or resale basis, even if they take place entirely outside the United States. The resulting legal and administrative costs of complying with the resulting regulatory requirements are anticipated to be substantial, and to subject us to additional exposure to liability for which we may not be able to obtain insurance coverage on favorable terms, or at all.

#### After the completion of this Offering, we may be at an increased risk of securities class action litigation.
Historically, securities class action litigation has often been brought against a company following a decline in the market price of its securities. If the price of our Common Shares decreases and we were sued, it could result in substantial costs and a diversion of management's attention and resources, which could harm our business.

#### Listing our Common Shares on a securities exchange will increase our regulatory burden.
We have applied for the listing of our Common Shares under the symbol " " on . Our application has not yet been approved by and there is no guarantee that our application will be approved in connection with this Offering. Although to date we have not been subject to the continuous and timely disclosure requirements of exchange rules, regulations and policies of , we are working with our legal, accounting and financial advisors to identify those areas in which changes should be made to our financial management control systems to manage our obligations as a public company listed on . These areas include corporate governance, corporate controls, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue to make, changes in these and other areas, including our internal controls over financial reporting. However, we cannot assure holders of our Common Shares that these and other measures that we might take will be sufficient to allow us to satisfy our obligations as a public company listed on on a timely basis and that we will be able to achieve and maintain compliance with applicable listing requirements. In addition, compliance with reporting and other requirements applicable to public companies listed on will create additional costs for us and will require the time and attention of management. We cannot predict the amount of the additional costs that we might incur, the timing of such costs or the effects that management's attention to these matters will have on our business.

 ****may delist our Common Shares, which could limit investors' ability to engage in transactions in our Common Shares and subject us to additional trading restrictions.***

If were to delist our Common Shares as a result of a failure to meet its listing requirements, we could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability of market quotations for our Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited amount of news and analyst coverage for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decreased ability to obtain capital or pursue acquisitions by issuing additional equity or convertible securities.

***We will incur increased costs as a result of operating as a public company and our management will be required to devote substantial time to new compliance initiatives.***

As a public company, particularly after we are no longer an emerging growth company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, and rules implemented by the SEC and , impose various requirements on public companies, including requirements to file periodic and event-driven reports with respect to our business and

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financial condition and operations and establish and maintain effective disclosure and financial controls and corporate governance practices. Our management and other personnel have limited experience operating a public company, which may result in operational inefficiencies or errors, or a failure to improve or maintain effective internal controls over financial reporting and disclosure controls and procedures necessary to ensure timely and accurate reporting of operational and financial results. Our existing management team will need to devote a substantial amount of time to these compliance initiatives, and we may need to hire additional personnel to assist us with compliance. Moreover, these rules and regulations will increase our legal and financial compliance costs and will make some activities more time consuming and costly.

Pursuant to Section 404 of the Sarbanes-Oxley Act, we will be required to furnish a report by our management on our ICFR, which, after we are no longer an emerging growth company, may be accompanied by an attestation report on ICFR issued by our independent registered public accounting firm if we are an "accelerated filer" or a "large accelerated filer" under the Exchange Act. To achieve compliance with Section 404 within the prescribed period, we will document and evaluate our ICFR, which is both costly and challenging. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants, and adopt a detailed work plan to assess and document the adequacy of our ICFR, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented, and implement a continuous reporting and improvement process for ICFR. If our management and/or auditors determine that there are one or more material weaknesses in our ICFR, such a determination could cause an adverse reaction in the financial markets due to a loss of confidence in the reliability of our consolidated financial statements.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some public company required activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and divert management's time and attention from revenue generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies, regulatory authorities may initiate legal proceedings against us and our business may be harmed.

We also expect that being a public company and complying with applicable rules and regulations will make it more expensive for us to obtain director and officer liability insurance. These factors could also make it more difficult for us to attract and retain qualified executive officers and members of our Board.

***We may issue additional Common Shares or other equity securities without shareholder approval, which would dilute the ownership interests of existing shareholders in the Company and may depress the market price of our Common Shares.***

We may issue additional Common Shares or other equity securities in the future in connection with, among other things, capital raises, future acquisitions, repayment of outstanding indebtedness or grants under our 2022 Plan without shareholder approval in a number of circumstances. The issuance of additional Common Shares or other equity securities could have one or more of the following effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our existing shareholders' proportionate ownership will decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of cash available per share, including for payment of dividends in the future, may decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relative voting strength of each previously issued and outstanding Common Share may be diminished; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price of our Common Shares may decline.

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***Our ability to meet expectations and projections in any research or reports published by securities or industry analysts, or a lack of coverage by securities or industry analysts, could result in a depressed market price and limited liquidity for our Common Shares.***

The trading market for our Common Shares will be influenced by the research and reports that industry or securities analysts may publish about us, our business, our market, or our competitors. If no securities or industry analysts commence coverage of us, our share price would likely be less than that which would be obtained if we had such coverage and the liquidity, or trading volume of our Common Shares may be limited, making it more difficult for a shareholder to sell shares at an acceptable price or amount. If any analysts do cover us, their projections may vary widely and may not accurately predict the results we actually achieve. Our share price may decline if our actual results do not match the projections of research analysts covering us. Similarly, if one or more of the analysts who write reports on us downgrades our shares or publishes inaccurate or unfavorable research about our business, our share price could decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, our share price or trading volume could decline.

***We may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and share price, which could cause you to lose some or all of your investment.***

We may be forced to later write down or write off assets, restructure our operations, or incur impairment or other charges that could result in losses. Unexpected risks may arise and previously known risks may materialize. Even though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we may report charges of this nature could contribute to negative market perceptions about our or its securities. In addition, charges of this nature may cause us to be unable to obtain future financing on favorable terms or at all.

#### We should be treated as a U.S. corporation for all U.S. federal income tax purposes.
***We should be treated as an inverted corporation for U.S. federal income tax purposes. This means that, notwithstanding that we are a company incorporated in Canada, we should be treated for all U.S. federal income tax purposes as if we are a U.S. corporation and you will be treated for all U.S. federal income tax purposes as holding the shares of a U.S. corporation. For a more detailed discussion on tax considerations, see "MATERIAL TAX CONSIDERATIONS — Material U.S. Federal Income Tax Considerations" below.***

#### We do not intend to pay dividends for the foreseeable future.
We have never declared or paid any cash dividend on our Common Shares and do not currently intend to do so in the foreseeable future. We currently anticipate that we will retain future earnings for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends in the foreseeable future. Therefore, the success of an investment in our Common Shares will depend upon any future appreciation in their value. There is no guarantee that our Common Shares will appreciate in value or even maintain the price at which you purchased them.

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#### USE OF PROCEEDS
We estimate that we will receive approximately $ million in net proceeds from the sale of Common Shares offered by us in this Offering (or approximately $ million if the Underwriters exercise in full the Over-Allotment Option), based on an assumed Offering Price of $ per Common Share, after deducting the underwriting discounts and commissions and estimated offering expenses of approximately $ million payable by us.

The underwriters have an option to purchase up to additional Common Shares at the public offering price less the underwriting discounts and commissions within 45 days after the date of this prospectus to cover-allotments, if any. Exercise by the underwriters of this option in full would result in additional net proceeds to us of approximately $ million.

We intend to use the net proceeds from this Offering for the following purposes: (i) capital expenditures (39%), (ii) working capital and general corporate purposes (43%), (iii) marketing expenditures (14%) and (iv) research and development expenses (4%).

In particular, we intend to use the net proceeds from this Offering for the following target milestones, provided that, any shortfall in the offering proceeds will be prorated accordingly and any excess will be allocated in accordance with the percentages in the preceding paragraph.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Target Milestone** | **Target <br>Start Date** | **Target <br>Completion <br>Date** | **Cost <br>Estimate** |
| 1 | Complete the build-out of our commercial scale PCP and APP facilities to be used in our future commercial plant in North Carolina (inclusive of all estimated direct and indirect capital expenditures) | IPO | IPO +12 months | $5.5M |
| 2 | Secure high-quality E-Waste feedstock through written supply arrangements to support process development, commissioning, and start-up activities | IPO | IPO +6 months | NA |
| 3 | Grow and train our front-line PCP and APP operating teams | IPO +6 months | IPO +12 months | $1M |
| 4 | Complete the commissioning of our facilities, and demonstrate ramp-up to full-scale PCP processing capacity of approximately 20-25 tonnes of E-Waste per day, including re-engineering and debottlenecking as needed | IPO +12 months | IPO +18 months | $1M |
| 5 | Initiate and seek R2 Standard (as defined herein) certification | IPO +12 months | IPO +24 months | $250k |
| 6 | Add supplementary E-Waste supply contracts to ensure our PCP facility can be operated at design capacity of approximately 8,000 tonnes per year | IPO +12 months | IPO +24 months | NA |
| 7 | Achieve steady-state commercial production and revenue status | IPO +18 months | IPO +24 months | $1M |
| 8 | Initiate our R&D program to expand our competitive and environmental advantages | IPO +24 months |  |  |
| 9 | Develop facilities expansion and business growth roadmap (additional PCP and APP facilities, domestically/internationally) | IPO +24 months |  |  |

---

The amounts and timing of our actual expenditures will depend upon numerous factors, including the progress of our expansion and development efforts, whether or not we enter into strategic transactions, our general operating costs and expenditures, and the changing needs of our business.

Our management will have discretion in allocating the net proceeds in accordance with the above priorities and purposes. The amounts and timing of our actual expenditures will depend upon numerous factors, including the progress of our expansion and development efforts, whether or not we enter into strategic transactions, our general operating costs and expenditures, and the changing needs of our businesses.

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Each $1.00 increase (decrease) in the assumed Offering Price of $ per Common Share would increase (decrease) the net proceeds to us from this Offering by approximately $ million, assuming the number of Common Shares offered by us, as set forth on the cover page of this Prospectus, remains the same, and after deducting the underwriting discounts and commissions payable by us. We may also increase or decrease the number of Common Shares we are selling in this Offering. An increase (decrease) of 1,000,000 in the number of Common Shares offered by us in this Offering, as set forth on the cover page of this Prospectus, would increase (decrease) the net proceeds to us from this Offering by approximately $ million, assuming the Offering Price of $ per Common Share remains the same, and after deducting the underwriting discounts and commissions payable by us.

We believe that our funds and the net proceeds from this Offering will be sufficient to continue our business and operations as currently conducted through 2023; however, changing circumstances may cause us to consume capital significantly faster than we currently anticipate.

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#### DIVIDEND POLICY
We have never paid dividends on our Common Shares. We currently intend to retain all available funds and any future earnings to support operations and to finance the growth and development of our business. As such, we do not intend to declare or pay cash dividends on our Common Shares in the foreseeable future. Any future determination to pay dividends will be made at the discretion of our Board of Directors subject to applicable laws and will depend upon, among other factors, our earnings, operating results, financial condition and current and anticipated cash needs. Our future ability to pay cash dividends on our Common Shares may be limited by the terms of any then-outstanding debt or preferred securities.

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#### CAPITALIZATION
The following table sets forth our cash and cash equivalents, debt and capitalization as of December 31, 2021, and June 30, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma, as adjusted, basis to give effect to the above and the issuance of Common Shares in this Offering at the Offering Price of $ per Common Share, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, as set forth in this Prospectus.

You should read the following table in conjunction with the sections entitled "***Use of Proceeds***" and "***Management's Discussion and Analysis of Financial Condition and Results of Operations***", and our financial statements and the related notes thereto included elsewhere in this Prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of <br>December 31, 2021** | **As of <br>June 30, 2022** | **As of <br>June 30, 2022** | **As of <br>June 30, 2022** |
|  **(*in thousands, except share amounts*)** | **Actual** | **Actual** | **Pro Forma** | **Pro Forma, <br>as Adjusted** |
|  Cash and cash equivalents | $414047 | $2278685 | $| $|
|  Debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Promissory Notes | 337331 | 124509 |  |  |
| &nbsp;&nbsp;&nbsp; Debentures and interest payable<sup>(1)</sup> | nil | 3223685 | nil | nil |
|  Total debt: | $337331 | 3348194  | $| $|
|  Shareholders' equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common shares issued | 8559784 | 8559784 |  |  |
| &nbsp;&nbsp;&nbsp; Options issued | nil | nil |  |  |
| &nbsp;&nbsp;&nbsp; Warrants issued | 25208116 | 25208116 |  |  |
| &nbsp;&nbsp;&nbsp; Retained earnings (accumulated deficit) | $(3663270) | $(4810071) |  |  |
| &nbsp;&nbsp;&nbsp; Treasury shares, at cost | $2822311 | $2822311 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity (deficiency) | $(576294) | $(1841127) |  |  |
|  Total capitalization | $576294 | $1841127 | $| $|

---

____________

(1) The Company issued $3,331,390 principal amount of Debentures on April 7, 2022. See "Liquidity and Capital Resources".

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#### DILUTION
Purchasers of the Common Shares in this Offering will experience immediate and substantial dilution to the extent of the difference between the Offering Price per Common Share paid by the purchasers of the Common Shares in this Offering and the pro forma, as adjusted net tangible book value per Common Share immediately after, and giving effect to, this Offering. Dilution results from the fact that the Offering Price per Common Share in this Offering is substantially in excess of the net tangible book value per Common Share attributable to our existing shareholders for our presently outstanding Common Shares.

Our historical net tangible book value per Common Share is determined by dividing our net tangible book value, which is the book value of our total tangible assets less the book value of our total liabilities, by the number of outstanding Common Shares. As of June 30, 2022, the historical net tangible book value of our Common Shares was $(1,841,127), or $(0.22) per Common Share. On a pro forma basis, after giving effect to issuances of Common Shares after June 30, 2022 in connection with the exercise of outstanding share options, our historical net tangible book value as of June 30, 2022 would have been $, or $ per Common Share.

After giving effect to the sale by us of Common Shares in this Offering at an assumed Offering Price of $ per Common Share, and (iii) receipt by us of the net proceeds of this Offering, after deduction of the underwriting discounts and commissions and the estimated offering expenses payable by us, our pro forma, as adjusted net tangible book value as of June 30, 2022 would have been $, or $ per Common Share. The pro forma, as adjusted net tangible book value per Common Share immediately after the Offering is calculated by dividing the pro forma, as adjusted net tangible book value of $ by Common Shares (which is the pro forma, as adjusted Common Shares outstanding as of June 30, 2022). The difference between the Offering Price per Common Share and the pro forma, as adjusted net tangible book value per Common Share represents an immediate increase in net tangible book value of $ per Common Share to our existing shareholders, and an immediate dilution in net tangible book value of $ per Common Share to purchasers of Common Shares in this Offering.

The following table illustrates this dilution to purchasers in this Offering on a per Common Share basis (*in [thousands/millions]*):

---

| | |
|:---|:---|
|  Assumed Offering Price per Common Share | $|
| &nbsp;&nbsp;&nbsp; Net tangible book value per Common Share before this Offering (as of June 30, 2022) | $|
| &nbsp;&nbsp;&nbsp; Pro forma net tangible book value per Common Share before this Offering (as of June 30, 2022) |  |
| &nbsp;&nbsp;&nbsp; Increase in net tangible book value per Common Share attributable to purchasers in this Offering | $|
| &nbsp;&nbsp;&nbsp; Pro forma, as adjusted net tangible book value per Common Share immediately after this Offering | $|
|  Dilution in pro forma, as adjusted net tangible book value per Common Share to purchasers in this Offering | $|

---

Each $1.00 increase (decrease) in the assumed Offering Price of $ per Common Share would increase (decrease) the pro forma, as adjusted net tangible book value per Common Share immediately after this Offering by $, and the dilution in pro forma, as adjusted net tangible book value per Common Share to purchasers in this Offering by $, assuming the number of Common Shares offered by us, as set forth on the cover page of this Prospectus, remains the same, and after deducting the underwriting discounts and commissions payable by us.

We may also increase or decrease the number of Common Shares we are selling in this Offering. An increase (decrease) of 1,000,000 in the number of Common Shares offered by us in this Offering, as set forth on the cover page of this Prospectus, would increase (decrease) the pro forma, as adjusted net tangible book value per Common Share immediately after this Offering by $, and the dilution in pro forma, as adjusted net tangible book value per Common Share to purchasers in this Offering by $, assuming the assumed Offering Price of $ per Common Share remains the same, and after deducting the underwriting discounts and commissions payable by us.

The table and information above assume no exercise by the Underwriters of their option to purchase additional Common Shares in this Offering. If the Underwriters exercise in full their option to purchase up to additional Common Shares from us, the pro forma, as adjusted net tangible book value per Common Share immediately after this

[**Table of Contents**](#TOC001)

Offering would be $ per Common Share, and the dilution in pro forma, as adjusted net tangible book value per Common Share to purchasers in this Offering would be $ per Common Share, in each case assuming an assumed Offering Price of $ per Common Share, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.

The following table summarizes, as of the date hereof, on an adjusted pro forma basis as described above, the number of Common Shares acquired or to be acquired, and the total consideration and the average price per Common Share (i) paid to us by existing shareholders and (ii) to be paid by new investors purchasing Common Shares in this Offering at an assumed Offering Price of $ per Common Share, before deducting underwriting discounts and commissions and estimated offering expenses payable by us.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | **Total Consideration** | **Total Consideration** |
|  | **Number** | **Percent** | **Percent** | **Weighted Average<br>Price Per Share** |
|  Existing shareholders<sup>(1)</sup> | 8559784 | % | $% | $|
|  Purchasers in this Offering |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total<sup>(1)(2)</sup> |  | 100% | $100% | $|

---

____________

(1) (2) Each $1.00 increase (decrease) in the assumed Offering Price of $ per Common Share would increase (decrease) the total consideration paid by purchasers in this Offering and the weighted average price per share paid by all shareholders by $ and $ per share, respectively, and in the case of an increase, would increase the percentage of total consideration paid by purchasers in this Offering by %, and in the case of a decrease, would decrease the percentage of total consideration paid by purchasers in this Offering by %, assuming the number of Common Shares offered by us, as set forth on the cover page of this Prospectus, remains the same, and after deducting the underwriting discounts and commissions payable by us.

Similarly, an increase (decrease) of 1,000,000 in the number of Common Shares offered by us in this Offering, as set forth on the cover page of this Prospectus, would increase (decrease) the total consideration paid by purchasers in this Offering and the weighted average price per share paid by all shareholders by $ and $ per share, respectively, and in the case of an increase, would increase the percentage of total consideration paid by purchasers in this Offering by %, and in the case of a decrease, would decrease the percentage of total consideration paid by purchasers in this Offering by %, assuming the assumed Offering Price of $ per Common Share remains the same, and after deducting the underwriting discounts and commissions payable by us.

The table and information above assume no exercise by the Underwriters of their option to purchase additional Common Shares in this Offering. If the Underwriters exercise in full their option to purchase up to additional Common Shares from us, the number of Common Shares underlying the Common Shares held by purchasers in this Offering would be increased to Common Shares, or % of the total number of Common Shares outstanding immediately after this Offering, and the percentage of Common Shares held by our existing shareholders would be reduced to % of the total number of Common Shares outstanding immediately after this Offering.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF<br>FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the section of this Prospectus entitled "Business", and our consolidated financial statements and related notes thereto, included elsewhere in this Prospectus. In addition to historical financial information, the following discussion contains forward*-looking *statements that reflect our current plans, expectations, estimates and beliefs. Our actual results could differ materially from those discussed in the forward*-looking *statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Prospectus, particularly in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward*-Looking *Statements."*

This Management Discussion and Analysis ("**MD&A**") supplements, but does not form part of, the Consolidated Financial Statements for the year ended December 31, 2021 and the Condensed Consolidated Interim Financial Statements for the six months ended June 30, 2022. Consequently, the following discussion and analysis of the financial condition and results of operations for the Company should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2021, and the related notes therein, and the unaudited Condensed Consolidated Interim Financial Statements for the six months ended June 30, 2022, and the related notes therein, which have been prepared in accordance with International Financial Reporting Standards, consistently applied.

#### Corporate Overview
The Company was incorporated under *Business Corporations Act* (British Columbia) on January 26, 2021.

On August 19, 2021, the Company and UMI entered into the Merger Agreement, providing for the acquisition of all the issued and outstanding common shares of UMI. Pursuant to the Merger Agreement, UMI and Urban Mining Merger Sub, Inc., a wholly-owned subsidiary of the Company, amalgamated/merged and continued under the name of UMI. As a result of the Merger, UMI became a wholly-owned subsidiary of the Company on September 1, 2021. Subsequently, UMI changed its name to Modern Mining Technology Corp. as of December 8, 2021. UMI was incorporated in the State of Delaware on August 8, 2017 for the purpose of refining precious metals from E-Waste.

Modern Mining is a "landfill-to-commodity" business aiding the transition away from traditional mining to a cleaner, safer and profitable process to mine valuable metals from a vast, growing and largely ignored global resource, electronic waste or *E*-Waste *(or sometimes also referred in the waste industry as "EEE" for Electrical and Electronic Equipment or "WEEE" for Waste Electrical and Electronic Equipment).* E-Waste includes all items of electrical and electronic equipment that have been discarded as waste (including a wide range of products; almost any household or business item with circuitry or electrical components). Once concentrated, the resulting material serves as feedstock for the Company's purification process.

Our U.S. wholly-owned operating subsidiary (formerly, "Urban Mining International Inc.", and subsequent to the completion of the Merger, "Modern Mining Technology Corp.") was originally incorporated in August, 2017. Since 2017, management has been focused on research and development activities relating to the feasibility of its business of the treatment of electronic waste and the processes associated therewith. To that end, the Company purchased and installed certain equipment that allowed for the testing of the Company's E-Waste recovery processes. Such research and development activities resulted in the sale of recovered gold in 2020 in the amount of $23,586.

The Company formerly operated out of a 14,400 square foot facility located at 5905 Triangle Dr., Raleigh, North Carolina, 27617 pursuant to a lease dated July 29, 2020 (the "**Former Facility Lease**"). On October 22, 2021, the Company, with the consent of the landlord thereunder, surrendered the Former Facility Lease due to the fact that the Company determined it needed a larger facility to accommodate its anticipated growth and scale-up plans. On September 21, 2022, the Company entered into a lease agreement with Grand Ventures, LLC, a North Carolina limited liability company, for the lease of the Company's North Carolina facility for E-Waste feedstock processing. The lease term is for three years, with a right to extend it for three additional one year terms. Annual rent during the first three lease years is $120,000, payable in monthly installments of $10,000. This is subject to adjustment upon extension of the lease term.

[**Table of Contents**](#TOC001)

#### Operating Segments
The Company operates in one operating segment, namely the refinement of precious metals from E-Waste.

To date, the Company has generated nominal revenues from its operations. For the year ended December 31, 2021, the Company had no revenues and for the year ended December 31, 2020, the Company generated approximately $23,600 in revenues, consisting primarily of the sale of gold. The decrease in revenue, year-over year, was due to the Company focusing on revamping its business operations, facility, and financing opportunities.

The Company has and expects to continue to report negative earnings until the Company's E-Waste processing program ramps up to full-scale production. The Company will continue to utilize proceeds from financing and equity issuances to fund its business operations and general and administrative operating costs.

#### Six Months Ended June 30, 2022 and 2021

#### Results of Operations
The comprehensive loss reported during the six months ended June 30, 2022 was $1,264,833 compared to loss of $755,759 in the prior six month period. The main fluctuations in costs were as follows:

---

| | | |
|:---|:---|:---|
|  **Professional fees (rounded to the nearest '000)** | **Six Months <br>Ended <br>June 30, <br>2022** | **Six Months <br>Ended <br>June 30, <br>2021** |
|  | $387000 | $46000 |
|  Variance | $341000 |  |

---

Increased professional fees were due to additional legal and accounting fees related to the Company preparing for this Offering.

---

| | | |
|:---|:---|:---|
|  **Consulting fees (rounded to the nearest '000)** | **Six Months <br>Ended <br>June 30, <br>2022** | **Six Months <br>Ended <br>June 30, <br>2021** |
|  | $290000 | $21000 |
|  Variance | $269000 |  |

---

The increase in consulting fees were due to additional consulting fees related to the Company preparing for this Offering.

---

| | | |
|:---|:---|:---|
|  **Management and director fees (rounded to the nearest '000)** | **Six Months <br>Ended <br>June 30, <br>2022** | **Six Months <br>Ended <br>June 30, <br>2021** |
|  | $224000 | $— |
|  Variance | $224000 |  |

---

The increase in management and director fees was due to director and consulting fees paid to the Company's directors and executive officers during the six months ended June 30, 2022. See Note 17 to the unaudited Condensed Consolidated Interim Financial Statements for the six months ended June 30, 2022.

---

| | | |
|:---|:---|:---|
|  **Share based compensation (rounded to the nearest '000)** | **Six Months <br>Ended <br>June 30, <br>2022** | **Six Months <br>Ended <br>June 30, <br>2021** |
|  | $— | $311000 |
|  Variance | $(311000) |  |

---

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Share based compensation was nil during the six months ended June 30, 2022 as no additional shares were authorized during the period and there were no share issuances.

---

| | | |
|:---|:---|:---|
|  **Amortization of right-of-use asset (rounded to the nearest '000)** | **Six Months Ended <br>June 30, <br>2022** | **Six Months <br>Ended <br>June 30, <br>2021** |
|  | $— | $83000 |
|  Variance | $(83000) |  |

---

Amortization of right-of-use assets was nil as of the six months ended June 30, 2022 because the termination fee of $70,000 in connection with the facility lease agreement originally set to expire in August 2025 was fully paid and there were no amounts outstanding and recorded in accounts payable and accrued liabilities.

#### Years Ended December 31, 2021 and 2020

#### Results of Operations
The comprehensive loss reported during the year ended December 31, 2021 was $2,075,902 compared to loss of $690,039 in the prior year. The main fluctuations in costs were as follows:

---

| | | |
|:---|:---|:---|
|  **Professional fees (rounded to the nearest '000)** | **Year Ended December 31, 2021** | **Year Ended December 31, 2020** |
|  | $535000 | $64000 |
|  Variance | $471000 |  |

---

Increased professional fees were due to additional legal and accounting fees related to the Company preparing for this Offering.

---

| | | |
|:---|:---|:---|
|  **Employee cost (rounded to the nearest '000)** | **Year Ended December 31, 2021** | **Year Ended December 31, 2020** |
|  | $359000 | $169000 |
|  Variance | $190000 |  |

---

The increase in employee costs related to fiscal 2021 was for the full year of employee costs compared to the prior year's operations commencing part way through the year.

---

| | | |
|:---|:---|:---|
|  **Share based compensation (rounded to the nearest '000)** | **Year Ended December 31, 2021** | **Year Ended December 31, 2020** |
|  | $311000 | $210000 |
|  Variance | $101000 |  |

---

The increase in share based compensation related to management's efforts in preserving cash of the Company and therefore awarding shares to management in lieu of cash.

---

| | | |
|:---|:---|:---|
|  **Impairment of equipment (rounded to the nearest '000)** | **Year Ended December 31, 2021** | **Year Ended December 31, 2020** |
|  | $295000 | $— |
|  Variance | $295000 |  |

---

Due to uncertainty surrounding the realization of future economic benefits and the lease termination on October 22, 2021, the Company carried out a review of the recoverable amounts of its manufacturing equipment. The review led to the recognition of a non-cash impairment loss of $294,748 in the consolidated statements of loss and comprehensive loss (2020 — $Nil).

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<u>**<u>Liquidity and Capital Resources</u>**</u>

#### Subsequent to June 30, 2022
On September 21, 2022, the Company entered into a lease agreement with Grand Ventures, LLC, a North Carolina limited liability company, for the lease of the Company's North Carolina facility for E-Waste feedstock processing. The lease term is for three years, with a right to extend for three additional one year terms. Annual rent during the first three lease years is $120,000, payable in monthly installments of $10,000. This is subject to adjustment upon extension of the lease term. A security deposit in the amount of $30,000 was paid upon execution of the lease and will be returned without interest at the end of the term, or upon the earlier termination within the conditions of this lease.

#### Subsequent to December 31, 2021
On April 7, 2022, pursuant to the Debenture Offering, the Company issued $3,331,390 principal amount of 5% unsecured Debentures in a private placement. The Debentures were issued pursuant to a Debenture Indenture made as of April 7, 2022 between the Company and Computershare, as trustee.

Pursuant to the Debenture Offering, CDS & Co is the registered holder of a global debenture certificate in the amount of $2,159,850 and holds same for multiple beneficial holders of the Debentures while the balance of Debentures (namely $1,171,540 principal amount), are held in certificated form or are represented by DRS advices in the name of various investors. In connection with the Debenture Offering, a total of 535 investors participated and the Company paid $156,994 in commissions to various investment dealers/brokers.

The Debenture Indenture contains customary provisions typically found in an instrument of this type including, among other things, mechanisms for the holding of Debenture holder meetings. The Debentures rank *pari*-passu with each other series of Debentures issued pursuant to the Debenture Indenture. The Debentures bear interest at five percent (5%) per annum and are unsecured obligations of the Company. The Debentures are due thirty-six (36) months following their issuance (i.e. April 7, 2025). The Debenture Indenture also provides that in the event the Company completes a U.S. listing (i.e., the Offering), the principal amount plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00, and shall be subject to a six (6) month hold period from the closing of the Offering.

In February 2022, the Company entered into the transition agreement with Basil Botha, to provide technical advisory services at $14,000 per month payable until eighteen months following the date of completion of the Offering. Mr. Botha will also be entitled to a one-time bonus of $50,000 upon Mr. Botha assisting the Company in (i) securing the lease of the new Facility, (ii) assisting in the commissioning of key pilot plant equipment and (iii) managing the engineering study presently being conducted by a third party engineering company. The Company further agreed to repay the short-term loan of $78,050 plus interest within ten days of closing of the Offering.

#### Years Ended December 31, 2021 and 2020
The Company has financed its operations from equity and debt advances from its shareholders. The Company has no external credit facilities or bank loans.

The Company has an authorized capital consisting of an unlimited number of Common Shares of which, as of the date hereof, 8,559,784 Common Shares are issued and outstanding.

As stated previously, ahead of the completion of the Merger, Fortuna Investment Corp., an affiliate of Fortuna, loaned funds to UMI in the aggregate principal amount of $111,000. The principal amount was advanced in two installments (on June 4, 2021 for $60,000 and on July 14, 2021 for $51,000). In addition, on June 17, 2021, and arm's-length investor advanced $45,000 to UMI. All such advances bore interest at five percent (5%) per annum. Such advances, together with interest thereon, were paid in full between April 21-26, 2022.

Basil Botha, the Company's former President, Chief Executive Officer and Director, advanced $78,050 in three installments (on March 15, 2021 for $16,050; on March 29, 2021 for $34,000 and on July 15, 2021 for $28,000). These advances, which bear interest at one percent (1%) per month on a compounded basis, are to be repaid in full within ten (10) days of the closing of the Offering.

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Howard Glicksman, the Company's former Chief Technology Officer and Director, advanced $31,000 in two installments (April 15, 2021 for $16,000**)**; and September 30, 2021 for $15,000). The advances carried interest at one percent (1%) per month and were to be repaid when the Company was able to make repayment. The Company fully repaid these installments in July 2022.

On July 28, 2021, UMI issued 49,500,000 warrants (the "**UMI Warrants**") to investors in a private placement. Each UMI Warrant was issued for consideration of C$0.0035 for aggregate gross proceeds of C$173,250 ($137,365). Upon completion of UMI's Consolidation, the UMI Warrants were consolidated into 16,500,000 warrants with a revised exercise price of C$0.25 (the "**Investor Rights Warrants**"). Subsequently, upon completion of the Merger, the Investor Rights Warrants were exchanged for an equivalent number of warrants of the Company. The Investor Rights Warrants are exercisable for three (3) years from the closing of the Offering. The Investor Rights Warrants (including any Common Shares issuable thereunder) are subject to further restrictions such that they will be released from lock-up six (6) months following the closing of the Offering.

On November 9, 2021, the Company issued 1,270,149 Common Shares in a private placement for $0.50 per Common Share (C$0.6224), to raise aggregate gross proceeds of $635,075.

<u>**<u>Plan of Operations</u>**</u>

The continuation of our current plan of operations requires us to raise significant additional capital. If we are successful in raising capital through the sale of Common Shares pursuant to this Offering, we believe that the Company will have sufficient cash resources to fund its plan of operations for the next 24 months. If we are unable to do so, we may have to curtail and possibly cease some operations. The Company intends to receive proceeds from the Offering to carry out the following near term and longer-term goals. The approximate timing and costs associated with these target milestones are also summarized below. These target dates and cost estimates may change subject to multiple factors including, but not limited to, the following: (i) the timing of the Offering and quantity of capital raised; (ii) key equipment availability, cost, and delivery timing; (iii) supply chain fluctuations; (iv) availability and access to labor markets (skilled and unskilled); (v) permitting processes; and (vi) availability and costs of E-Waste feedstock supply. See also "Risk Factors".

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Target Milestone** | **Target <br>Start Date** | **Target <br>Completion Date** | **Cost <br>Estimate** |
| 1 | Complete the build-out of our commercial scale PCP and APP facilities to be used in our future commercial plant in North Carolina (inclusive of all estimated direct and indirect capital expenditures) | IPO | IPO + 12months | $5.5M |
| 2 | Secure high-quality E-Waste feedstock through written supply arrangements to support process development, commissioning, and start-up activities | IPO | IPO +6 months | NA |
| 3 | Grow and train our front-line PCP and APP operating teams | IPO +6 months | IPO +12 months | $1M |
| 4 | Complete the commissioning of our facilities, and demonstrate ramp-up to full-scale PCP processing capacity of approximately 20-25 tonnes of E-Waste per day, including re-engineering and debottlenecking as needed | IPO +12 months | IPO +18months | $1M |
| 5 | Initiate and seek R2 Standard (as defined herein) certification | IPO +12 months | IPO +24 months | $250k |
| 6 | Add supplementary E-Waste supply contracts to ensure our PCP facility can be operated at design capacity of approximately 8,000 tonnes per year; | IPO +12 months | IPO +24months | NA |
| 7 | Achieve steady-state commercial production and revenue status | IPO +18months | IPO +24 months | $1M |
| 8 | Initiate our R&D program to expand our competitive and environmental advantages | IPO +24 months |  |  |
| 9 | Develop facilities expansion and business growth roadmap (additional PCP and APP facilities, domestically/internationally) | IPO +24 months |  |  |

---

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We will continually evaluate our plan of operations to determine the manner in which we can most effectively utilize our limited cash resources. The timing of completion of any aspect of our plan of operations is highly dependent upon the availability of cash to implement that aspect of the plan and other factors beyond our control. There is no assurance that we will successfully obtain the required capital or revenues, or, if obtained, that the amounts will be sufficient to fund our ongoing operations.

#### Historical Cash Flow Information

#### Summary of Annual and Interim Results
The following tables summarize selected financial data for the Company for each of the two most recently completed financial years and six month periods. The information set forth below should be read in conjunction with the consolidated audited financial statements and the unaudited condensed consolidated interim financial statements, prepared in accordance with International Financial Reporting Standards and Canadian generally accepted accounting principles as applicable.

---

| | | |
|:---|:---|:---|
|  **Fiscal Year Ended** | **December 31, 2021** | **December 31, 2020** |
|  Total Revenues | $— | $23586 |
|  Net and Comprehensive Loss for the Year | $2075902 | $690039 |
|  Loss and Comprehensive Loss per Share (Basic and Diluted) | $(0.28) | $(0.18) |
|  Total Assets | $1314172 | $1255849 |

---

---

| | | |
|:---|:---|:---|
|  **Six Months Ended** | **June 30, <br>2022** | **June 30, <br>2021** |
|  Total Revenues | $— | $— |
|  Net Loss for the Period | $1237292 | $755759 |
|  Comprehensive Loss for the Period | $1264833 | $755759 |
|  Loss per Share (Basic and Diluted) | $(0.14) | $(0.11) |
|  Total Assets | $2326366 | $1071258 |

---

#### Outstanding Shares
As at December 31, 2021, the Company had 8,559,784 Common Shares issued and outstanding on a non-diluted basis. On a fully-diluted basis, there were 33,767,900 Common Shares, assuming the exercise of 25,208,116 warrants that were issued and outstanding.

As at the date hereof, the Company has 8,559,784 Common Shares issued and outstanding on a non-diluted basis. On a fully-diluted basis, there are 33,767,900 Common Shares, assuming the exercise of 25,208,116 warrants which are currently outstanding (excluding the conversion of $3,331,390 principal amount plus accrued interest of convertible debentures).

As of the date hereof, the Company has 16,500,000 Investor Rights Warrants issued and outstanding, which are exercisable for three (3) years from the closing of this Offering.

On April 7, 2022, the Company issued $3,331,390 principal amount of 5% unsecured convertible debentures in a private placement. The Debenture Indenture provides that in the event the Company completes a U.S. listing, such as this Offering, the principal amount of the Debentures plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00, and shall be subject to a six (6) month hold period from the closing of the Offering.

#### Financial Position and Liquidity as at December 31, 2021
As at December 31, 2021, the Company's financial instruments consisted of cash and cash equivalents, security deposit, accounts payable and accrued liabilities, equipment loan and short-term loans.

The following discussion relates to the year ended December 31, 2021 and compares that to the fiscal 2020:

As at December 31, 2021, the Company had a working capital deficit of $576,000 compared to a working capital deficit of $137,000 as at December 31, 2020.

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Cash used in operating activities during year ended December 31, 2021 totaled $621,450 (December 31, 2020: $267,482).

Cash used in investing activities during the year ended December 31, 2021 totaled $Nil (December 31, 2020: $142,136).

Cash raised in financing activities during the year ended December 31, 2021 totaled $936,918 (December 31, 2020: $505,707).

#### Financial Position and Liquidity as at June 30, 2022
As at June 30, 2022, the Company's financial instruments consisted of cash and cash equivalents, prepaid expenses, accounts payable and accrued liabilities, equipment loan and short-term loans, convertible debt and interest payable.

The following discussion relates to the six months period ended June 30, 2022 and compares that to the same period in 2021:

As at June 30, 2022, the Company had a working capital of $1,383,000 compared to a working capital deficit of $576,000 as at December 31, 2021.

Cash used in operating activities during the six months period ended June 30, 2022 totaled $1,119,592 (June 30, 2021: $242,842).

Cash raised in financing activities during the six months period ended June 30, 2022 totaled $3,011,770 (June 30, 2021: $191,951).

<u>**<u>Trend Information</u>**</u>

Because we are still in the start-up phase of our operations, we are unable to identify any recent trends in revenue or expenses. Thus, we are unable to identify any known trends, uncertainties, demands, commitments or events involving our business that are reasonably likely to have a material effect on our revenues, income from operations, profitability, liquidity or capital resources, or that would cause the reported financial information in this Prospectus to not be indicative of future operating results or financial condition.

#### Going Concern
The Company is in the preliminary stages of its planned operations and has not yet determined whether its processes and business plans are economically viable. The continued operations of the Company are dependent upon the ability of the Company to obtain sufficient funding to carry out its business plans, the existence of future profitable production, or alternatively, upon the Company's ability to dispose of its assets on an advantageous basis, all of which are uncertain.

The Company's financial statements have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company will need to raise additional capital in the near term to fund its ongoing operations and business activities. There can be no assurance that this Offering will conclude or that other financings will be available on terms acceptable to the Company or at all. As a result of these circumstances, there are material uncertainties that cast significant doubt as to the appropriateness of the going concern presumption.

The business of environmental recycling and processing involves a high degree of risk, and there can be no assurance that current business development programs will result in profitable operations. The Company's continued existence is dependent upon the acquisition of assets, preservation of its interest in the underlying assets, acquisition of various licenses, the achievement of profitable operations, or the ability of the Company to raise alternative financing, if necessary, or alternatively upon the Company's ability to dispose of its assets and operations on an advantageous basis.

The Company's financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and classifications in the statement of financial position that may be necessary if the Company were unable to continue as a going concern, and these adjustments could be material.

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#### Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements.

#### Direct Capital Expenditures
Our contractual obligations for ongoing capital expenditures are described below. With the proceeds from the recently completed Debenture Offering, we have entered into a new facility lease in Greenville, North Carolina and acquired various pieces of production equipment.

The Company estimates that to equip its new production facility with the required processing equipment (including laboratory equipment) to run its main US processing facility, will require an initial investment of approximately $1.6-$2.1 million in direct capital. Such equipment includes, but is not limited to, gas scrubbers, conveyor belt systems, sensor based sorters, air compressors, various shredders and sizers, dying units, dissolution and precipitate vessels, various chemical process tanks, induction melting systems, vacuum filtration units, security systems, etc. The Company understands that such capital costs and time lines could change, and as such, it continues to review and update major equipment quotes ahead of any advance procurement strategies.

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to pursue the Company's objectives. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

In the management of capital, the Company includes its cash balances and components of shareholders' equity. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue additional shares, issue debt, acquire or adjust the amount of cash and cash equivalents and investments.

At this stage of the Company's development, in order to maximize ongoing development efforts, the Company does not pay out dividends. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

#### Emerging Growth Company Status
We are an "emerging growth company", as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are eligible to take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to SEC reporting companies that are not emerging growth companies. For so long as we remain an emerging growth company, we will not be required to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• present more than two years of audited financial statements and two years of related management's discussion and analysis of financial condition and results of operations disclosure in our registration statement of which this Prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have an auditor report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose certain executive compensation related items.

We will remain an emerging growth company until the earlier of (i) the last day of the fiscal year following the fifth anniversary of the completion of this Offering, (ii) the last day of the fiscal year during which we have total annual gross revenue of at least $1.07 billion, (iii) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which means the market value of our Common Shares that are held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter, and (iv) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.

In this Prospectus, we have taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company and a foreign private issuer. Accordingly, the information that we provide in this Prospectus may be different than the information you may receive from other public companies in which you hold equity interests. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.

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#### BUSINESS
<u>**<u>Our History</u>**</u>

The Company was incorporated on January 26, 2021 in the Province of British Columbia, Canada as 1285896 B.C. Ltd. The Company's name was changed to "Modern Mining Technology Corp." on September 1, 2021. The Company is an early-stage company headquartered in Vancouver, Canada with a focus on E-Waste recycling and processing.

Our registered and head office is located at 1055 West Georgia Street, 1500 Royal Centre, Vancouver, British Columbia, V6E 4N7 Canada. Our business operations will be located in Greenville, North Carolina. Our website address is *www.modernmining.com.* The information contained therein or accessible thereby shall not be deemed to be incorporated into this Prospectus.

Pursuant to our notice of articles, we are authorized to issue an unlimited number of Common Shares. As of December 31, 2021, we had 8,559,784 Common Shares issued and outstanding.

The Company has one wholly-owned U.S. subsidiary, Modern Mining Technology Corp., which was formed under the laws of the State of Delaware on August 8, 2017 under the name "Evotus Inc." It subsequently changed its name to "Urban Mining International Inc." and ultimately, "Modern Mining Technology Corp."

<u>**<u>Recent Developments</u>**</u>

In March 2021, UMI and Fortuna engaged in due diligence and preliminary discussions regarding a possible business combination transaction. In connection with such discussions, on or around May 5, 2021, UMI and Fortuna entered into a non-binding letter of intent. Negotiation regarding the Merger Agreement (as defined below) and related matters commenced thereafter and continued until the Merger Agreement between UMI, the Company and Merger Sub was executed.

In connection with the Merger, on August 19, 2021, the board of directors of UMI unanimously: (a) approved the consummation of the Merger and the transactions contemplated therein; and (b) determined that the Merger was in the best interests of UMI and its stakeholders. On August 23, 2021, the shareholders of UMI approved the Merger.

Pursuant to the Merger Agreement, on September 1, 2021, the Merger was completed. UMI then changed its name to Modern Mining Technology Corp. on December 8, 2021.

All securities issued by the Company in connection with the Merger (other than the Investor Rights Warrants and Common Shares issuable thereunder) are subject to restrictions such that during the period ending on the date twelve (12) months after the Offering (herein, the "**Lock**-Up **Period**") the holder thereof may not (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Common Shares, preferred shares or securities exercisable, convertible or exchangeable for Common Shares or preferred shares of the Company ("**Capital Shares**") or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Capital Shares, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Capital Shares or other securities, in cash or otherwise. After the expiration of such Lock-Up Period, until the date twenty-eight (28) months after the date of the IPO (the "**Leak**-Out **Period**") such holder may only sell shares of Capital Shares within the following cumulative limits based on the aggregate number of shares of Capital Shares beneficially owned by such holder on the commencement date of such Leak-Out Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12 months from closing of the Offering — 20%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 16 months from closing of the Offering — 20%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20 months from closing of the Offering — 20%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 24 months from closing of the Offering — 20%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 28 months from closing of the Offering — 20%

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Prior to the completion of the Merger, UMI completed the Consolidation. As a result, 21,868,905 common shares were consolidated into 7,289,635 common shares. Upon completion of the Merger, all such shares of UMI were exchanged into 7,289,635 Common Shares.

In addition to the completion on September 1, 2021 of the Merger described above, the Company and its wholly-owned U.S. subsidiary, have raised debt and equity capital as described below.

In connection with the anticipated completion of the Merger, Fortuna Investment Corp., an affiliate of Fortuna, loaned funds to UMI in the aggregate principal amount of $111,000. The principal amount was advanced in two installments (June 4, 2021 for $60,000 and July 14, 2021 for $51,000). In addition, on June 17, 2021, an arm's-length investor advanced $45,000 to UMI. All such advances bore interest at five percent (5%) per annum. Such advances, together with interest thereon, were paid in full between April 21-26, 2022.

Basil Botha, the Company's former President, Chief Executive Officer and Director, advanced $78,050 in three installments (March 15, 2021 for $16,050; March 29, 2021 for $34,000 and July 15, 2021 for $28,000). The advances bear interest at one percent (1%) per month and are to be repaid in full within ten (10) days of closing of the Offering.

Howard Glicksman, the Company's former Chief Technology Officer and Director, advanced $31,000 in two installments (April 15, 2021 for $16,000); and September 30, 2021 for $15,000). The advances carried interest at one percent (1%) per month and were to be repaid when the Company was able to make repayment. The Company fully repaid these installments in July 2022.

In connection with the anticipated completion of the Merger, on July 28, 2021, UMI issued 49,500,000 **UMI Warrants** to investors in a private placement. Each UMI Warrant was issued for consideration of C$0.0035 for aggregate gross proceeds of C$173,250 ($137,365). Upon completion of the Consolidation, the UMI Warrants were consolidated into 16,500,000 Investor Rights Warrants. Subsequently, upon completion of the Merger, the Investor Rights Warrants were exchanged for an equivalent number of warrants of the Company. The warrants are exercisable for three (3) years from the closing of the Offering. The Investor Rights Warrants (including any Common Shares issuable thereunder) are subject to further resale restrictions such that they will be released from lock-up six (6) months following the closing of the Offering.

On November 9, 2021, the Company issued 1,270,49 Common Shares in a private placement for $0.50 per Common Share (C$0.6224), to raise aggregate gross proceeds of $635,075.

With effect as of March 1, 2022, Kuljit (Jeet) Basi was appointed the President and Chief Executive Officer of the Company and Basil Botha, the Company's former President, Chief Executive Officer and director of the Company, transitioned into a new role with the Company as its Principal Technical Advisor.

On April 7, 2022, the Company completed the Debenture Offering. The Debentures were issued pursuant the Debenture Indenture between the Company and Computershare. The Debenture Indenture contains customary provisions typically found in an instrument of this type including, among other things, mechanisms for the holding of Debenture holder meetings. The Debentures rank *pari*-passu with each other series of Debentures issued pursuant to the Debenture Indenture. The Debentures bear interest at five percent (5%) per annum and are unsecured obligations of the Company. The Debentures are due thirty-six (36) months following their issuance (i.e. April 7, 2025). The Debenture Indenture also provides in the event the Company completes a U.S. listing (i.e., the Offering), the principal amount plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00, and shall be subject to a six (6) month hold period from the closing of the Offering.

On July 13, 2022, the Company entered into the Investor Rights Agreement. Pursuant to the Investor Rights Agreement, the Company agreed that each Investor (as defined in the Investor Rights Agreement) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company. Each Company warrant entitles the holder thereof to one vote per warrant. Further, the Warrantholder Representative shall be entitled to nominate three (3) directors to the Board, provided that each director nominee shall be a Canadian resident and shall meet the requirements of applicable corporate, securities and other laws. The Investor Rights Agreement will terminate upon completion of the Offering, and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor Rights Warrants will also terminate at such time.

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On August 31, 2022, the Company entered into the Convertible Debentures IRA. Pursuant to the Convertible Debentures IRA, the Company agreed that each Investor (as defined in the Convertible Debentures IRA) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company. Assuming an Offering Price of $, which would be the midpoint of the offering price range on the front of this Prospectus, each $ of Convertible Debentures will equal to one Common Share, entitling the holder thereof to one vote.

On September 21, 2022, the Company entered into a lease agreement with Grand Ventures, LLC, a North Carolina limited liability company, for the lease of the Company's North Carolina facility for E-Waste feedstock processing. The lease term is for three years, with a right to extend it for three additional one year terms. Annual rent during the first three lease years is $120,000, payable in monthly installments of $10,000. This is subject to adjustment upon extension of the lease term. At any time during the lease term, the Company has the right to terminate the lease upon twelve (12) months' prior written notice to Grand Ventures, LLC.

<u>***<u>Our Company</u>***</u>

The Company is a "landfill-to-commodity" focused business venture, offering a cleaner, safer, and lower-cost alternative compared to traditional mining operations. Our core business is aimed at processing and extracting strategic commodities from the vast, growing, and largely ignored global resource of E-Waste, and transforming these end-of-life landfill-bound materials into high-value resources. Value is captured by using our aqueous based processes to recover, process and refine commodity metals such as: gold, palladium, silver, copper and potentially 30 other metals.

<u>***<u>Our Market</u>***</u>

Our market consists of two parts: E-Waste feed supply and produced commodity sales.

*E-Waste Feed Supply*

The Report provides that the world dumped a staggering 53.6 million tonnes of E-Waste in 2019 alone — equivalent to the weight of 250,000 jumbo jets. The Report also predicts global E-Waste will reach 74 million tonnes annually by 2030. The Report further indicates that approximately $57 billion worth of gold, silver, copper, platinum and other high-value, recoverable materials were wasted through landfill dumping or incineration burning, rather than being collected for treatment and reuse. It is Modern Mining's business objective to address this situation and recover lost commodity materials from this E-Waste.

*Commodity Sales*

The Journal also produced findings that the cost to recycle E-Waste is significantly less than the cost of traditional mining. Lower production costs is a strategic advantage compared to traditional commodity producers. In addition to an increasing world appetite for commodities, a number of large companies have announced their roadmaps to a more socially responsible supply chain. For example, in 2017, Apple announced its intention to use only renewable or recyclable materials in its products while, in 2021, Dell announced its goal of making more than 50% of their products content with recycled or renewable material. These are two examples of a growing trend of companies being more aware of their supply chains.

<u>***<u>Our Business, Our Products and Services</u>***</u>

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To achieve our objectives, we have developed a two-step propriety process while our envisioned value-chain can be broken down into 3 main steps:

1) We secure quality E-Waste feedstock from primary recyclers.

2) We separate the plastics from the metals using our proprietary pre-concentration methods. The plastics are then sold to downstream third-party recyclers and suppliers.

3) The concentrated metals streams are treated though our proprietary aqueous purification process, and the metal products are then sold into industrial supply chains.

The following depicts the Company's three main processing steps:

![](tflowchart_001.jpg)

The first step in our process is securing quality E-Waste feedstock from established primary recyclers through stringent but practical contracts to ensure source consistent quality and quantities. These recyclers collect and break down bulk products and combine the E-Waste into separate product streams for downstream processing.

By its nature, the feedstock will be variable, due to the large variety of PCBs that exist. To give a basis for the plant design, we calculated a "typical" feedstock composition. This was done by assigning the feedstock into one of five categories (low grade, low to mid-grade, mid-grade, mobile phone PCBs, and ram PCBs). Metal concentration values were collected from public literature for each of these categories. The lowest non-zero published concentration for each metal and for each category was using in the typical feed stock calculations. With these metal concentration numbers, we calculated a weighted average, based on our existing non-binding supplier LOIs, and calculated a global "typical" feedstock composition. The "typical" metal concentrations was used in the typical feedstock calculations. The "typical" metal concentrations are: Cu 150.7 kg/t; Sn:14.1 kg/t; Au: 136.11 g/t; Ag: 619.65 g/t and Pd: 60.17 g/t. The calculated typical gold grade if 136 g/t is 100 times higher than the average gold mine grade.

#### Pre-Concentration Plant
The second step in our process is the PCP. The primary purpose of the PCP is to isolate and separate the high-value metals from the plastics, epoxy resins, and fiberglass contained in the feedstock. Building on our bench and pilot plant process designs, target commodities in the incoming feedstock will be liberated using various mechanical methods and then recovered into MSC. This will be done using various combinations of advanced beneficiation techniques, such as sensor-based sorting, gravimetric discretization, electromagnetic scanning and physical separation. By locating PCPs close to suppliers of E-Waste, we aim to reduce transportation costs of both our incoming feedstock and the MSC for downstream processing at our centralized APP.

The PCP design was tested at both the low grade and ram PCB (high grade) ends of the supply spectrum and was found to produce comparable MSC, independent of the feed grade.

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#### Aqueous Purification Plant
The third step in our process is the APP itself. The primary purpose of the APP is to isolate the high-value metals within the MSC, separate them from each other, and then convert the individual metals into refined products for sale. Target commodities from the incoming MSC (such as gold, silver, copper, platinum, palladium and tin) will be liberated and separated using liquid-based methods, and then purified into further refined products using specialized combinations of advanced hydrometallurgical techniques, such as precipitation reactions, ionic dissolution, lixiviant saturation and selective concentration. APPs will be strategically located in centralized hubs to take advantage of logistical and infrastructure related synergies. Commercial APPs will be expected to process MSCs from multiple PCPs, thus, they will be designed to allow the facility to operate across a wide range of metal recovery and product grade conditions.

Test work, coupled with published literature, indicate that an overall plant performance objective of greater than 90% recovery of economic metals is achievable for our combined processes.

We plan to sell final products produced by the APPs on the metal commodities markets into both domestic and international supply chains.

We have engaged a third-party engineering firm to assist in layout optimization, 3D modelling, and dynamic simulation studies on our first commercial scale PCP and APP. These proposed plants will be co-located in our future commercial facility in North Carolina. Our current Greenville facility presently serves only as a pilot and demonstration plant that we intend to use to continue to optimize our recovery processes that we ultimately plan to move to commercial scale production at a future location. In the long-term, we intend to secure a larger facility in the Raleigh or Greenville area of North Carolina to serve as our commercial-scale production facility although such future facility has yet to be identified as our current pilot plant facility still has significant capacity that we foresee being adequate in the short-term. The commercial PCP will be designed to treat approximately 8,000 tonnes of E-Waste per year and the commercial APP will be designed to be able to process concentrate from up to four future PCPs.

After completion of the build-out of our initial PCP and APP plants (expected to take approximately eighteen (18) months including a six (6) month commissioning period), we believe that we can be a commercial producer of commodity materials, supplying both domestic and international supply chains with strategic metals within 12 months. The processes we have developed for recycling E-Waste are environmentally beneficial compared to material going to landfill. Furthermore, we believe that the design of our proprietary processes (PCP and APP) will allow for the ability to scale and grow our business, and take advantage of a worldwide resource, E-Waste.

To this end, the Company intends to seek external accreditation to become certified in meeting current "Reuse and Recycling Standards". The R2 Standard, now in its third version, was developed by a group of recycling stakeholders and industry experts. The R2v3 standard sets forth a list of voluntary principles and guidelines designed to promote and assess responsible practices for electronics recyclers. The R2v3 standard requires implementing a management system which is accountable for practices affecting worker health and safety, data security, the environment, and the downstream management of end-of-life electronic material and equipment, both domestically and internationally. The R2 Standard prioritizes reuse over recovery or disposal processes in a global effort to minimize electronic waste streams and promotes standardized testing and grading protocols for consistency across the industry.

<u>***<u>Our Competitive Strengths</u>***</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Combining Four Core Market Trends*

Modern Mining anticipates benefiting from the overlap of four core market trends: (a) the growing global demand for commodity metals; (b) the importance of strengthening local and domestic supply chains; (c) the importance of developing sustainable and environmentally friendly driven solutions to support a 'circular' economy; and (d) the increasing importance of hedging against inflationary pressures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Benefit from Proprietary Technology*

We have developed proprietary technologies that we believe set us apart from other E-Waste processors and from other commodity producers. Our pre-concentration process allows us to treat a wide range of feedstock grades and our aqueous-based purification process allows us to produce refined metals in an environmentally sustainable manner.

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We believe that our processes will be unique among the major E-Waste recyclers that utilize the traditional process of pyrolysis and incineration. Research has shown that these incineration-based methods are carbon-intensive and generate harmful emissions. By utilizing an aqueous based process, we eliminate common environmental concerns of traditional E-Waste recyclers of emitting toxic chemicals into the atmosphere as well as minimizing our carbon footprint.

Our two-step approach of regional pre-concentration and centralized purification, combined with our planned scalable design, will be engineered to reduce capital and operating costs. We expect this reduced capital burden will help facilitate rapid expansion into major E-Waste generating locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Designed to Comply with Government Mandates*

Due to our anticipated high recovery rates and sustainable, environmentally friendly processes, and non-toxic effluent, we believe we are well-positioned to comply with environmental guidelines around the world.

Our e-waste recycling processes are environmentally friendly and do not generate any significant gaseous, liquid, or solids emissions only noise, air borne dust, and sewer discharges at this time. Our pre-concentration processes are purely water based with no chemical addition, and our purification methods utilize controlled aqueous based reagent blends in connection with our refined metal production. To that end, we have noise control and dust control systems in place and we currently use a closed-loop water recirculation system to manage effluent discharge. We envision that we will be well positioned to meet any environmental guidelines around the world when and if we expand our operations from our current facility in Greenville, North Carolina.

Global environmental guidelines that may be applicable to our operations include (a) the Basel Convention, which monitors the transboundary movements of hazardous and other wastes; (b) the UN Sustainable Development Goals encompassing e-waste, such as SDG 6, which covers clean waste and sanitation and; (c) E-Waste legislation implemented around the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Superior to Current Standard E*-Waste *Recycling Processes*

Our business plan sets us apart, we believe, from others in the industry given our ability to be one of the non-carbon generating processors in the space with our proprietary aqueous based pre-concentration and purification technologies, versus the incineration-based methods of others in the industry. Incineration methods are extremely energy intensive methods. The plastics are burned off resulting in major carbon dioxide and other hazardous emissions. Attempts to separate metals using pyrometallurgical methods result in significant metal losses as not all metals can be economically recovered. Modern Mining's process, being aqueous-based, eliminates the need for carbon intensive incineration, which has been shown to have a negative impact on both workers and the environment, and allows for the recovery of a broader range of metals as separation and recovery is driven by physical methods and simple reagent addition, not complex pyrometallurgy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Decreased Risk Profile*

Traditional exploration and mining projects are inherently layered with significant risk as a consequence of having to deal with the earth's crust and all of its natural variability. Major risks include: (a) exploration risk (the success rate of making a new discovery is low); (b) geological risk (the made grades of newly discovered deposits are generally decreasing); (c) engineering risk (the nature of newly discovered deposits is complex) and (d) geopolitical risk (various commodity resources are hosted in politically unstable and hostile jurisdictions).

In contrast, E-waste is a man-made engineered product. It contains a very prescriptive blend and known quantity of strategic metals. As a result, the processing of E-Waste carries negligible exploration, geological, and geopolitical risk. Furthermore, as industry standard payment terms for our feedstock E-Waste are linked to the proportions of metals recovered, the impact and risk of fluctuating commodity prices are reduced as well. Feedstock E-Waste also delivers 100 times better grades than traditional mined ores and the processing of E-Waste carries less than 1/80<sup>th</sup> the capital expenditures of a traditional gold mine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Availability of Supply*

In connection with our operations, as we build out our commercial production facility and ramp-up operations of that facility, we currently anticipate needing up to 8,000 tonnes of feedstock per annum. Although we currently have non-binding letters of intent for 12,000 tonnes of feedstock and we believe the availability of such feedstock will be assured, we cannot be assured of the cost or pricing of such feedstock as, like other commodities, pricing is subject to the fluctuations of the supply and demand of such feedstock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Positioned to Benefit from Raising Commodity Prices*

As our products are anticipated to be sold on the global commodities markets, we believe we are positioned to benefit from any rise in commodity metal prices for our recovered products: gold, silver, copper, platinum and palladium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global Demand for Socially Responsible Commodities

In addition to an increasing world appetite for commodities, a number of large companies have announced their roadmaps to a more socially responsible supply chain. For example, in 2017, Apple announced its intention to use only renewable or recyclable materials in its products while, in 2021, Dell announced its goal of making more than 50% of their products content with recycled or renewable material. These are two examples of a growing trend of companies being more aware of their supply chains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Continuous Process Research and Development Plans*

We plan to have a continuing research and development program. This program will have two main goals. The first goal will be to optimize our proprietary processes to increase recoveries and reduce costs. The second goal will be to expand our core technology to be able to recover additional metals and to be able to process additional types of E-Waste feedstock.

<u>**<u>Our Growth Strategy</u>**</u>

The Company intends to expand its footprint to other locations around the U.S. and internationally so that multiple concentrator plants are strategically located geographically near major third-party, primary recycling facilities, significantly reducing raw material transportation costs. The first additional PCPs will feed into the initial APP in North Carolina. Expansion of our aqueous purification capacity will be undertaken as material supply and economics dictate.

<u>**<u>Corporate Structure</u>**</u>

The current corporate structure of the Company is as follows:

![](tflowchart_002.jpg)

<u>**<u>Our Property</u>**</u>

The Company recently surrendered its existing research and development facility lease containing roughly 3,500 square feet of effective working space in Raleigh, North Carolina, as it looks to expand its growth and operations. In September 2022, the Company secured a new facility lease containing approximately 10,000 square feet of effective working space in nearby Greenville, North Carolina to serve as its pilot plant facility.

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It is anticipated that this facility will allow the Company to operate at approximately 10% of the processing capacity envisioned for its future planned commercial-scale plant. The Company intends to use this facility to house both its pilot PCP and APP equipment. The Company intends to operate the pilot plant as needed for the following business purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To demonstrate the operability and scalability of its full end-to-end process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To generate additional operating data for detailed engineering and scale-up studies for its commercial plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To conduct process expansion studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To optimize the performance objectives of its technology; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To serve as an operations training platform to help streamline the commissioning and start-up activities of its commercial plant.

The Company elected to make North Carolina its U.S. processing home as a logical extension of its past local research efforts, favorable incentives, proximity to major logistics networks, and direct access to some of the world's largest supplies of E-Waste through proximity to the densely populated eastern U.S. seaboard.

The Company has retained a third-party full service industrial engineering company to provide the Company with various studies with a view to enabling the Company to maximize its manufacturing capabilities in the long term. In particular, such company will provide the following studies to Modern Mining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Plan for Every Part (PFEP): build a complete and thorough PFEP study which will include the use of all raw materials, work-in-progress and finished goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Process Flow: perform a process flow studies that will be used as inputs for various simulations. Such studies are intended to identify options to increase the design capacity of our planned commercial facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Material Flow: perform a material flow studies to identify the movement and efficiencies of material movement through the facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Layout: design new layouts as the future state simulations are built, and each layout to include the material flows to be used at each stage of production; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Future State Dynamic Simulations: build a number of future state dynamic simulators. Each simulator will include the new layout, new material flow and the new process flow for each option of the input process.

The above studies are expected to be completed by January 31, 2023.

<u>**<u>Our Employees</u>**</u>

We currently have three full-time employees. Our main operational employees located in Greenville, North Carolina include: Peter Dielwart, General Manager; Darrell Campanella, Production Manager; and David Gordon, Procurement Manager.

Kuljit (Jeet) Basi, the President and Chief Executive Officer of the Company, Viktoriya Griffin, Controller and Basil Botha, Principal Technical Advisor are located in Vancouver, British Columbia. Olga Balanovskaya, the Company's Chief Financial Officer, is located in Toronto, Ontario.

<u>**<u>Intellectual Property</u>**</u>

The individual unit operations of the Company's two-step process are common within their various typical industries. The Company has used the equipment in a potentially non-traditional way and has developed an overall process sequence that it believes is unique. To the Company's knowledge, there are no other pure aqueous based E-Waste processors operating at a commercial scale.

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At this time and except as set out below, the Company has not filed any applications in connection with its intellectual property (including in respect to its proprietary two-step process further described under the section entitled "Our Business, Our Products and Services") and there is no present intention to do so. The Company currently protects its process by trade secret.

The Company's wholly-owned Delaware subsidiary has one registered trademark for GOLD CONCIERGE in the USA.

#### REGULATION OF OUR INDUSTRY

#### Regulatory Framework in the United States
The Company's only facility in operation is its pilot plant in Greenville, North Carolina. As such, the Company is subject to regulation in the State of North Carolina and federally in the United States in respect to its operations including, but not limited to, complying with local and State ambient air quality standards in respect to emissions from any stack, vent, or outlet, of sulphur oxides, suspended particulates, carbon monoxide, nitrogen oxide, etc. Additionally, the company must comply with the National Ambient Air Quality Standards ("NAAQS"). Of the six principal pollutants that NAAQS sets levels for, the Company's process only produces particulate matter.

The Company is also mandated to meet water quality standards as required by the Environmental Protection Agency (the "EPA") under applicable legislation including, but not limited to, the Clean Water Act. The Company is required by the local authority to comply with noise regulations, mandating a maximum sound level below 100dB, outside the building while in operation. Internally completed noise level measurements show that the operating plant pilot produced approximately 70dB outside of the building. The Company believes it has been fully compliant with these standards in the past and intends to be fully compliant in its future operations.

The Company's e-waste recycling processes are environmentally friendly and do not generate any significant gaseous, liquid, or solids emissions only noise, air borne dust, and sewer discharges at this time. Its pre-concentration processes are purely water based with no chemical addition, and its purification methods utilize controlled aqueous based reagent blends in connection with its refined metal production. To that end, the Company has noise control and dust control systems in place and currently uses a closed-loop water recirculation system to manage effluent discharge.

The Company requires a business license to operate which is issued by the local state authority. The Company, so far, has had no local or state regulatory matters to address in connection with its operations and the Company intends to continue to operate its main processing facility in North Carolina in accordance with all applicable local and state laws. In addition, when and if the Company's operations expand beyond North Carolina, the Company will continue to ensure it operates it facilities in accordance with all applicable laws.

In addition, the government may in future impose additional environmental laws or specific regulations applicable to the Company's business. The Company cannot predict the impact of any new environmental laws or regulations or of changes in current environmental laws or regulations on its operations. However, any such unanticipated changes may materially affect the Company's business and operations. See "*Risk Related to Our Regulatory Framework*".

#### Conflict Minerals Rule
The Company will be subject to the Conflict Minerals Rule, adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires that publicly traded companies that manufacture or contract to manufacture products containing tantalum, tin, tungsten or gold ("**3TG**") that is necessary to the functionality or production of such products take certain steps to determine the origin of such necessary 3TG, and to report their findings annually to the SEC.

In compliance with the Conflict Minerals Rule, the Company has adopted a Conflict Minerals Policy that outlines a process to conduct a reasonable country of origin inquiry based on a review of its business operations to determine whether any of the 3TG contained in its products came from recycled or scrap sources or if it did not, whether the 3TG originated in the Democratic Republic of the Congo (DRC) region and adjoining countries.

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#### MANAGEMENT

#### Our Executive Officers and Directors
The following table sets forth the names, ages and positions of our executive officers and members of our Board of Directors as of the date of this Prospectus. The business address of all of persons identified below is c/o Modern Mining Technology Corp., 1055 West Georgia Street, 1500 Royal Centre, Vancouver, British Columbia, V6E 4N7 Canada.

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Name** | **Position** | **Age** |
| 1 | Kuljit (Jeet) Basi | Chief Executive Officer, President & Director | 40 |
| 2 | Olga Balanovskaya | Chief Financial Officer | 45 |
| 3 | Mark Zorko | Chairman of the Board, Director | 70 |
| 4 | Sean Bromley | Director | 31 |
| 5 | Matthew Chatterton | Director | 42 |
| 6 | Michael Hepworth | Director | 72 |
| 7 | Thomas A. Fenton | Secretary | 62 |

---

There are no arrangements or understandings with major shareholders, customers, suppliers or others pursuant to which any of our directors or executive officers was selected to serve as a director or executive officer of the Company.

Pursuant to the Investor Rights Agreement, each Investor (as defined in the Investor Rights Agreement) shall be entitled, through the Warrantholder Representative, Kuljit (Jeet) Basi, to nominate three (3) directors to the Board, provided that each director nominee shall be a Canadian resident and shall meet the requirements of applicable corporate, securities and other laws. All of the current directors were nominated prior to execution of the Investor Rights Agreement. The Investor Rights Agreement will terminate upon completion of the Offering.

#### Biographical Information
The following is a summary of certain biographical information concerning our executive officers, and directors.

**Kuljit (Jeet) Basi**, President, Chief Executive Officer and Director. Mr. Basi is an established mining industry professional with over 17 years of technical leadership experience in global public mining companies including Newmont Corporation ("**Newmont**"), Goldcorp Inc. ("**Goldcorp**") and Teck Resources Ltd. ("**Teck**"). Jeet has a passion for growing a collaborative culture of technical excellence focused on maximizing net asset values. Since July 2020 to present, Mr. Basi has been the principal consultant for SVK Metrix Inc. ("**SVK**"), which company provides consulting advice to numerous natural resource companies. Prior thereto, from July 2019 to February 2020, Mr. Basi held the position of Senior Advisor, Newmont North America, where he was responsible for implementing industry leading best practices in the areas of technical services, project development and strategic planning across all of Newmont's Canadian, U.S. and Mexican assets. Prior thereto, from February 2011 to June 2019, Jeet held various positions with Goldcorp including the position of Corporate Manager of Processing & Metallurgy. During his eight-year tenure with Goldcorp, Mr. Basi established a track record of delivering bottom-line growth across major assets within Goldcorp's global portfolio. Prior to Goldcorp, Mr. Basi worked, from September 2006 to January 2011, at Teck's Highland Valley Copper operation where he most notably was involved in the mill optimization and expansion projects. Mr. Basi is an industry professional and has co-authored multiple publications within the technical community. Mr. Basi obtained his *Bachelor of Applied Science in Mining and Mineral Process Engineering* degree from the University of British Columbia with a Minor in Commerce in 2006.

**Olga Balanovskaya**, Chief Financial Officer. Ms. Balanovskaya has an extensive background with over 20 years in financial management of privately owned and public companies, M&A, tax, and financing. Ms. Balanovskaya has extensive experience with fast paced fast growth companies serving as Chief Financial Officer for various public and private companies in North America. She is currently the Chief Financial Officer of Starfighters Space, Inc., where she has served since October 2022. From May 2019 to May 2021, Ms. Balanovskaya was the Chief Financial Officer of XTM Inc. (CSE: PAID), where she has also served as a director since October 2022. She was also the Chief Financial Officer of Adex Mining Inc. (TSXV: ADE) from October 2017 to May 2021. Prior to that, Ms. Balanovskaya was the Chief Financial Officer of Organic Potash Corporation (CSE: OPC) from March 2016 to November 2019 and Organic Garage Ltd. (TSXV: OG) from October 2016 to June 2018. She also co-founded Koral Financial Inc. ("**Koral**") in March, 2015. Koral provides outsourced CFO and consulting services for public and privately owned companies. Ms. Balanovskaya still remains a principal of Koral and its President. She is a member of the Chartered Professional Accountants of Ontario as well as the Association of Chartered Certified Accountants (UK); has a Diploma in *International Accounting Standards* from the Institute of Financial Accountants (UK).

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**Mark Zorko**, Chairman of the Board, Director. Mr. Zorko co-founded, in October 2013 and remains a principal with, the executive management firm, Brentwood Advisory Group. In January 2016, Mr. Zorko founded Brentwood 401k, LLC, to provide 401(k) plan advisory services to middle market firms. Mr. Zorko was the interim Chief Financial Officer at radiation science and services firm Landauer Inc. (NYSE: LDR) from June 2014 until April 2015. Mr. Zorko served as the Chief Financial Officer of Steel Excel, Inc. (Nasdaq: SXCL), a public energy industry firm, from August 2011 until May 2013. He also served as the President and Chief Executive Officer of SXCL's subsidiary Wells Services Ltd. (WSL), a Steel Excel business, in 2012 and CFO of DGT Holdings (DGTC), a medical imaging firm, from 2006 through 2012. SXCL, WSL and DGTC are all affiliated with Steel Partners Holding, L.P., a publicly traded diversified global holding company. Mr. Zorko received an *MBA* in IT from the University of Minnesota and a *Bachelor of Science in Accounting* from The Ohio State University. After completing his MBA, Mr. Zorko began his career as a CPA at Arthur Andersen, and worked his way up via the controllership ranks at Honeywell and Zenith Data Systems in the United States and Europe. Mr. Zorko is a Certified Public Accountant, NACD Director Certified and Board Leadership Fellow and earned the NACD's CERT Certificate in Cybersecurity Oversight.

**Sean Bromley**, Independent Director. Mr. Bromley is a self-employed independent consultant to private and public companies and has significant experience in consulting and advising mining and materials companies. As a former investment advisor, Mr. Bromley also brings considerable capital markets and financing expertise to Modern Mining. He has been serving as an investment consultant for the past 7 years and currently serves as a director and consultant for Isracann Biosciences Inc. since December 2019; Pure Extracts Technologies Corp. since December 2018; BMGB Capital Corp. since June 2018; and Bolt Metals Corp. since October 2017. He also currently serves as a director for Element Nutritional Sciences Inc. since August 2020; White Gold Corp. since November 2015; Apollo Silver Corp. since August 2015; and The Vurger Co Ltd since March 2022. He has also been a consultant to Plant Veda Foods Ltd since June 2021. Mr. Bromley also previously served as a director of Loopshare Technologies Corp. from November 2015 to November 2018 and as their Chief Financial Officer from June 2017 to November 2018. Mr. Bromley also previously served as a director of Triangle Industries Ltd. from May 2018 to December 2020. Mr. Bromley obtained a *Bachelor of Commerce* degree, with a specialization in Finance, from the University of Calgary in 2013.

**Matthew Chatterton**, Independent Director. Mr. Chatterton has over 18 years of experience in the design, development and execution across a variety of projects and manufacturing operations and 12 years of experience in the mining sector, primarily in equipment supply and process development for precious metal mines. His expertise includes project management, facility management, logistics, supply side processes and procedures at a number of international manufacturing operations in Canada, United States, China, Bulgaria, the Philippines and now in Israel. He has managed operational teams as large as eight direct or 120 indirect reports and has managed capital projects in excess of $35 million for production facilities and laboratories for mining and manufacturing businesses. He is currently the Chief Science Officer at Isracann Biosciences Inc., where he has been serving in that role since May, 2019. Prior to Isracann, Mr. Chatterton worked as the Vice President of Global Production at iPlayCo (February 2018 to May 2019) and the Manager, Projects and Materials at FLSmidth Ltd. (February 2013 to February 2018). Mr. Chatterton is a Professional Engineer and graduate of Canada's Queens University with a Master of Applied Science degree in *Chemical Engineering* (2003) and an undergraduate degree in Applied Science in *Engineering Chemistry* (2002), a dual accredited Chemistry/Engineering program.

**Michael Hepworth**, Independent Director. Mr. Hepworth has over 45 years of experience working in international markets, including management consulting, corporate development, mergers and acquisitions and go-public transactions. Mr. Hepworth is a seasoned senior executive and entrepreneur who has worked with various Canadian and US publicly listed companies in the banking, mining and exploration and engineering industries. Mr. Hepworth has served as CEO and as a director for a number of Canadian public companies including: Firesteel Resources, Nordic Gold, Latin American Minerals, Lithium Energy Products. Mr. Hepworth served as the President, Chief Executive Officer, and Director of Nordic Gold from January 2012 to July 2019, a 70,000 ounce gold producer in Finland. Since August 2019 to present, Mr. Hepworth has, through his consulting company, Alpha Resources Management Ltd., continued to advise companies primarily in the resource sector.

**Thomas A. Fenton**, Secretary. Mr. Fenton is a partner of the Toronto based law firm, Aird & Berlis LLP, where he has practiced corporate and securities law since June 1997. Mr. Fenton has over 30 years of practice experience and is the former Practice Group Leader of the firm's Capital Markets Group. Tom has also been, and currently is, an

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officer and/or director of a number of private and public companies. Among other things, Mr. Fenton also served for a three-year term on the *Securities Advisory Committee* of the Ontario Securities Commission (from 2016 to 2018). Mr. Fenton received his law degree in 1986 from the *University of Western Ontario* (now Western University).

#### Family Relationships
There are no familial relationships among any of our directors or executive officers.

#### Involvement in Certain Legal Proceedings
To our knowledge, none of our current directors or executive officers have, during the past ten years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he or she was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Securities Exchange Act of 1934, as amended (the Exchange Act)), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

The Company is not currently a party to any legal proceedings, the adverse outcome of which, individually or in the we believe will have a material adverse effect on our business, financial condition or operating results.

#### Board Practices
<u>Board Leadership Structure and Risk Oversight</u>

The Board of Directors oversees our business and considers the risks associated with our business strategy and decisions. The Board of Directors currently implements its risk oversight function as a whole.

<u>Terms of Office</u>

Each of our officers holds office until his or her successor is elected and qualified. Directors are appointed to serve for one year until the meeting of the Board of Directors following the annual meeting of shareholders and until their successors have been elected and qualified.

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<u>Director Independence</u>

As a result of our expectation that our securities will be listed on , we have elected to adhere to the rules of such exchange in determining whether a director is independent. generally defines an "independent director" as a person other than an executive officer of a company or any other individual having a relationship which, in the opinion of the issuer's board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Under NI 58-101, a director is considered to be independent if he or she is independent within the meaning of Section 1.4 of Canadian National Instrument 52-110 – *Audit Committees*, or "NI 52-110."

Under such definition, Sean Bromley, Matt Chatterton and Michael Hepworth are independent directors on the Company's Board. However, our Common Shares are not currently quoted or listed on any national exchange or interdealer quotation system with a requirement that a majority of our Board be independent and, therefore, the Company is not subject to any director independence requirements as of the date hereof.

<u>Board Committees</u>

#### Audit Committee
Our Audit Committee is comprised of Sean Bromley (Chairperson), Michael Hepworth and Matthew Chatterton. The Audit Committee is directly responsible for the appointment, compensation, retention, oversight and termination of the work of the independent auditor (including resolution of any disagreements between Company management and the independent auditor regarding financial reporting) and any other registered public accounting firm engaged for the purpose of preparing or issuing an audit report or related work or performing other audit, review or attest services for the Company, and the independent auditor and each such other registered public accounting firm must report directly to the Committee. The Committee, or the Chair of the Committee, must pre-approve any audit and non-audit service provided to the Company by the independent auditor or any other registered public accounting firm, unless the engagement is entered into pursuant to appropriate preapproval policies established by the Committee or if such service falls within available exceptions under SEC rules.

#### Compensation Committee
Our Compensation Committee is comprised of Matthew Chatterton (Chairperson), Michael Hepworth and Sean Bromley.

The primary responsibility of the Compensation Committee is the oversight of, and the annual and ongoing review of, the Chief Executive Officer, the compensation of the senior management team, and the bonus programs in place for the balance of the staff. This includes oversight responsibility for ensuring the proper reporting and continuous disclosure in respect of same, and compliance with laws and regulations as well as stock exchange rules and policies in respect of same. The Compensation Committee shall also be responsible for the other matters as set out in this Charter and/or such other matters as may be directed by the Board of Directors from time to time. The Compensation Committee should exercise continuous oversight of developments in these areas.

#### Environmental, Social and Governance ("ESG") Committee
Our ESG Committee is comprised of Michael Hepworth (Chairperson), Matthew Chatterton and Sean Bromley.

The primary responsibility of the ESG Committee is, among other matters, to review and set standards for qualification and criteria for membership to the Board of Directors, review and make recommendations to the Board of Directors as to whether existing directors should stand for re-election and consider, screen and recommend candidates to fill new or open positions to the Board of Directors, recommend candidates for membership in each of the Board of Directors' committees, assist management in the preparation of disclosures in the Company's annual proxy statement regarding corporate governance and director independence, review and make recommendations with respect to the Company's social responsibility efforts, oversee the Company's reporting standards with respect to ESG matters and to make regular reports to the Board of Directors.

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<u><u>Code of Ethics</u></u>

Our Board adopted a written Code of Business Conduct and Ethics on May 19, 2022, which is a "code of ethics" as defined in section 406(c) of the Sarbanes-Oxley Act and which is a "code" under National Instrument 58-101-Disclosure of Corporate Governance Practices, that applies to our directors, officers, and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, and other of our agents. The Code of Ethics will be made publicly available on the Company's website at *www.modernmining.com*

#### Corporate Governance Practices
We are a "foreign private issuer" under the federal securities laws of the United States and . Under the federal securities laws of the United States, foreign private issuers are subject to different disclosure requirements than U.S.-domiciled registrants. We intend to take all actions necessary for us to maintain compliance as a foreign private issuer under the applicable corporate governance requirements of the Sarbanes-Oxley Act, the rules adopted by the SEC and .

Under the SEC rules and , a foreign private issuer is subject to less stringent corporate governance requirements. Subject to certain exceptions, the SEC and permit a foreign private issuer to follow its home country practice in lieu of their respective rules and listing standards. Following our home country governance practices, as opposed to the requirements that would otherwise apply to a company listed on , may provide less protection than is accorded to investors under Rules applicable to U.S. domestic issuers.

The Canadian securities regulatory authorities have issued corporate governance guidelines pursuant to National Policy 58-201 *— Corporate Governance Guidelines* (the "**Corporate Governance Guidelines**"), together with certain related disclosure requirements pursuant to National Instrument 58-101 *— Disclosure of Corporate Governance Practices*. The Corporate Governance Guidelines are recommended as "best practices" for issuers to follow. We recognize that good corporate governance plays an important role in our overall success and in enhancing shareholder value and, accordingly, we have adopted, or in connection with the closing of this Offering will adopt, certain corporate governance policies and practices which reflect our consideration of the recommended Corporate Governance Guidelines.

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#### EXECUTIVE COMPENSATION
*The following discussion and analysis of compensation arrangements should be read together with the compensation tables and related disclosures that follow. This discussion contains forward*-looking *statements that are based on our current plans and expectations regarding future compensation programs. Actual compensation programs that we adopt may differ materially from the programs summarized in this discussion. The following discussion may also contain statements regarding corporate performance targets and goals. These targets and goals are disclosed in the limited context of our compensation programs and should not be understood to be statements of management's expectations or estimates of results or other guidance. We specifically caution investors not to apply these statements to other contexts.*

#### Compensation of our Executive Officers and Directors
The following table sets forth information concerning the compensation of our executive officers and non-employee directors for the 2021 fiscal year.

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| | | | |
|:---|:---|:---|:---|
|  **Name** | **Fees earned or paid in cash <br>($)** | **Share awards ($)** | **Total <br>($)** |
|  **<u>Executive Officers</u>:** |  |  |  |
|  Basil Botha<sup>(1)</sup> | 52000 | 103821<br> Nil<br> Nil<sup>(5)</sup> | 155821 |
|  Kuljit (Jeet) Basi<sup>(2)</sup> | 16667 | Nil | 16667 |
|  Olga Balanovskaya<sup>(3)</sup> | Nil | Nil | Nil |
|  **<u>Directors</u>:** |  |  |  |
|  Mark Zorko | 22500 | 69043<br> Nil<br> Nil<sup>(6)</sup> | 91543 |
|  Michael Hepworth | 18333 | 65293<br> Nil<br> Nil<sup>(7)</sup> | 83626 |
|  Matt Chatterton | 16667 | Nil | 16667 |
|  Sean Bromley | 18333 | Nil | 18333 |
|  Thomas Fenton<sup>(4)</sup> | Nil | Nil | Nil |

---

---

| | | |
|:---|:---|:---|
|  **Notes:** | (1) | Effective March 1, 2022, Mr. Botha resigned as President, Chief Executive Officer and director of the Company and became the Company's Principal Technical Advisor. |
|  | (2) | Effective March 1, 2022, Mr. Basi became the Company's President and Chief Executive Officer. |
|  | (3) | Effective March 1, 2022, Olga Balanovskaya was appointed as the Company's Chief Financial Officer. |
|  | (4) | Mr. Fenton is a partner of the Canadian law firm Aird & Berlis LLP which is counsel to the Company and accordingly legal fees have been paid by the Company for such services. |
|  | (5) | On August 30, 2021, Mr. Botha received 1,400,000 performance warrants, consisting of 600,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales and 800,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales. |
|  | (6) | On August 30, 2021, Mr. Zorko received 758,000 performance warrants, consisting of 288,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales and 470,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales. |
|  | (7) | On August 30, 2021, Mr. Hepworth received 757,000 performance warrants, consisting of 287,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales and 470,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales. |

---

#### Director Compensation
As of December 31, 2021, we had six directors. During the year ended December 31, 2021, we did not pay our directors any cash compensation for their services as Board members, instead such amounts were accrued. However, the Chart above includes director fee payments as if they had been paid and received.

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We currently have five (5) directors. Our four independent directors receive, effective from September 1, 2021, an annual cash retainer of $20,000 to be paid quarterly in arrears and an annual equity retainer equal to $30,000 granted in the form of RSUs under the 2022 Plan, with vesting requirements of one year from date of grant. In addition, the Chair of each Committee (Audit, ESG and Governance) will receive an additional $5,000 cash retainer while the Chair of the Board of Directors will receive an additional $12,500 cash retainer. At present, all such fees are still being accrued**.**

#### Employment Agreements, Arrangements or Plans
The following describes the respective employment agreements and consulting agreements entered into and in place as of the date hereof between the Company and its executive officers and directors.

Kuljit (Jeet) Basi's services as Chief Executive Officer of the Company are provided pursuant to a consulting agreement (the "**Basi Consulting Agreement**") made effective the 8<sup>th</sup> day of March, 2022 between the Company and SVK. Mr. Basi is the principal of SVK. Pursuant to the Basi Consulting Agreement, Mr. Basi is paid a consulting fee of $15,000 per month and is entitled to be reimbursed for expenses incurred in connection with his services to the Company.

The Basi Consulting Agreement continues on an ongoing basis until otherwise terminated in accordance with the provisions thereof. In the event the Basi Consulting Agreement is terminated for any reason (other than for "Cause" (as such term is defined in the Basi Consulting Agreement)), the Company must provide SVK with 30 days' written notice of such termination and must pay SVK a lump sum equivalent to 18 months worth of consulting fees.

Basil Botha's services as Principal Technical Advisor to the Company are provided pursuant to a transition letter (the "**Botha Transition Letter**") entered into as of February 28, 2022 between Basil Botha, his personal services company (616538 BC Ltd) and the Company. Pursuant to the Botha Transition Letter, the Company agreed to: (1) pay all outstanding expenses previously incurred by Mr. Botha on behalf of the Company in the amount of approximately $13,000; (2) pay all accrued salary owing to him from September 1, 2021 to February 28, 2022 in the amount of $78,000; and (3) commencing March 1, 2022, pay Mr. Botha and/or his consulting company, $14,000 per month. Such salary will be payable until eighteen (18) months following the date of completion of the Offering; and (4) pay all reasonable out-of-pocket expenses incurred by Mr. Botha on behalf of the Company and in accordance with the Company's reimbursement policies.

Pursuant to the Botha Transition Letter, Mr. Botha will retain 1,400,000 performance warrants of the Company, each of which is exercisable for one Common Share at $0.05 per performance warrant (600,000 of such performance warrants vest when the Company achieves gross sales of $10 million and 800,000 of such performance warrants vest when the Company achieves gross sales of $20 million).

Mr. Botha will also be entitled to a one-time bonus of $50,000 upon Mr. Botha assisting the Company in (i) securing the lease of the new Facility, (ii) assisting in the commissioning of key pilot plant equipment and (iii) managing the engineering study presently being conducted by a third party engineering company. It has also been further agreed that Mr. Botha's $78,050 in shareholder advances he made to the Company would be repaid withing ten (10) days of closing of the Offering.

Pursuant to the Botha Transition Letter, Mr. Botha has agreed to ensure that the Company has a solid basis for the ordering of equipment and commissioning of the Facility. In addition, Mr. Botha has agreed to provide the following scope of work to the Company: human resources, staff training and recruitment, security, safety, procurement of feedstock, instituting production metrics for quality control and recoveries, set-up the laboratory and any other aspects relating to the operation of the Facility. From March 1, 2022 onward, Mr. Botha has agreed to devote 100% of his time to the Company's affairs which will include spending two to three weeks per month at the Facility.

Olga Balanovskaya's services as Chief Financial Officer of the Company are provided pursuant to a consulting agreement (the "**CFO Agreement**") made effective the 15<sup>th</sup> day of March, 2022 between the Company and Koral Financial Inc., a company controlled by Ms. Balanovskaya. Pursuant to the CFO Agreement, Koral is paid a consulting fee of C$5,625 per month and is entitled to be reimbursed for expenses incurred in connection with its services to the Company in accordance with the Company's remuneration policies. The CFO Agreement runs month-to-month and can be terminated upon 30 days' notice. In the event the Company completes the Offering and still engages Koral, and thereby Ms. Balanovskaya, as its Chief Financial Officer, the monthly base fee shall be increased to C$11,250 per month effective upon the closing of the Offering.

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#### Equity Incentive Plan
<u>**<u>Introduction</u>**</u>

The principal features of our equity incentive plan (the "**2022 Plan**") are summarized below. This summary is qualified in its entirety by reference to the actual text of the 2022 Plan, which is filed as an exhibit to the registration statement.

The 2022 Plan was approved by the Company's shareholders on July 6, 2022.

The principal purpose of the 2022 Plan is to assist us in securing and retaining the services of eligible employees, officers, directors and consultants and motivate such Participants so that they may increase their equity participation in the Company and benefit from increases in the value of the Common Shares.

<u>**<u>Eligibility</u>**</u>

Our 2022 Plan provides for the grant of incentive share options ("**ISOs**") to employees, including employees of any parent or subsidiary, and for the grant of non-statutory share options ("**NSOs**"), share appreciation rights, restricted share unit awards and other forms of share awards to employees, directors, and consultants, including employees and consultants of our affiliates. There are additional restrictions on the awards of ISOs to shareholders who own greater than 10% of our Common Shares.

<u>**<u>Share Reserve</u>**</u>

The maximum number of Common Shares available for grant under the 2022 Plan and our other security-based compensation arrangements will be determined from time to time by the Board of Directors, but in any event, will not exceed 15% of the total Common Shares issued and outstanding from time to time. As at the date hereof, we have no securities convertible into Common Shares outstanding under the 2022 Plan.

The calculation of the share reserve does not limit the granting of awards that do not involve the issuance of Common Shares to the Participant, such as share appreciation rights. The following counting provisions will be in effect in the calculation of the share reserve under the 2022 Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that an award (or a portion thereof) is exercised, terminates, expires or lapses for any reason or an award is settled in cash without the delivery of Common Shares, any Common Shares subject to the award at such time will be available for future grants under the 2022 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that Common Shares awarded by us are forfeited back to or repurchased by us prior to vesting, such Common Shares will be available for future grants under the 2022 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that Common Shares are reacquired or withheld by us to satisfy the grant, exercise price or tax withholding obligation with respect to any award under the 2022 Plan, such Common Shares will be available for future grants under the 2022 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that Common Shares are issued through the assumption or substitution of equity-based awards by an acquired company, the number of Common Shares issuable under the 2022 Plan shall not be reduced.

<u>**<u>Plan Administration</u>**</u>

The 2022 Plan provides that the Board of Directors or a duly authorized committee of the Board of Directors may administer the 2022 Plan. The Board of Directors may delegate its authority to one or more officers to (i) designate employees other than officers of the Company to receive specified share awards; and (ii) determine the number of Common Shares to be subject to those awards.

Subject to the terms and conditions of the 2022 Plan, the administrator has the authority to select the persons to whom awards are to be made, to determine the number of Common Shares to be subject to awards, and the terms and conditions of awards, and to make all other determinations and to take all other actions necessary or advisable for the administration of the 2022 Plan. The administrator generally has the authority to effect, with the consent of any adversely affected Participant: (i) the reduction of the exercise, purchase, or strike price of any outstanding award;

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(ii) the cancellation of any outstanding award and the grant in substitution therefore of other awards, cash, or other consideration, as determined by the Board of Directors in its full discretion; or (iii) any other action that is treated as a repricing under generally accepted accounting principles.

The administrator may terminate, amend, or modify the 2022 Plan, provided that such action does not materially impair the existing rights of any Participant without such Participant's written consent. However, we must generally obtain shareholder approval to the extent required by applicable law, rule, or regulation (including any applicable stock exchange rule).

<u>**<u>Awards</u>**</u>

#### Share Options
ISOs and NSOs are granted under share option agreements adopted by the plan administrator. Each grant of share options will specifically designate the options are either ISOs or NSOs at the date of grant. The plan administrator determines the term and the exercise price for share options, within the terms and conditions of the 2022 Plan, provided that (i) the term of a share option may not exceed ten (10) years from the date of grant; and (ii) the exercise price of a share option generally cannot be less than 100% of the fair market value of the Common Shares on the date of grant. Share options granted under the 2022 Plan will vest at the discretion of the administrator at the rate specified in the share option agreement and may vest in one or more installments after the grant date and need not be in equal amounts. Unless otherwise set out in the award agreement or consented to by the Board of Directors, share options are not assignable or transferable.

An ISO may be purchased by the option holder by cash, certified cheque, bank draft, money order or in any other form of consideration set forth in the option agreement. In addition to the above, an NSO may be purchased by the option holder by a "net exercise" arrangement pursuant to which we will reduce the number of Common Shares issuable upon exercise by the largest whole number of shares with a market value that does not exceed the aggregate exercise price.

The aggregate fair market value, determined at the time of grant, of the Common Shares with respect to ISOs that are exercisable for the first time by an option holder during any calendar year under all of our equity compensation plans may not exceed $100,000. Share options or portions thereof that exceed such limit will generally be treated as NSOs.

No ISO may be granted to any person who, at the time of the grant, owns or is deemed to own Common Shares possessing more than 10% of our total combined voting power or that of any of our affiliates unless (i) the option exercise price is at least 110% of the fair market value of the shares subject to the option on the date of grant; and (ii) the option is not exercisable after the expiration of five years from the date of grant.

#### Restricted Share Units
Restricted share units are granted under restricted share unit award agreements adopted by the plan administrator. At the time of the grant of each restricted share unit, the Board of Directors will determine the consideration, if any, to be paid by the Participant upon delivery of the Common Shares. The consideration, if any, can be in any form of legal consideration that may be acceptable to the Board of Directors and permissible under applicable law. The plan administrator will determine any vesting restrictions on the restricted share units, at its sole discretion.

A restricted share unit may be settled by cash, delivery of Common Shares, a combination of cash and Common Shares, as deemed appropriate by the plan administrator, or in any other form of consideration set forth in the restricted share unit agreement. Additionally, dividend equivalents may be credited in respect of shares covered by a restricted share unit.

#### Share Appreciation Rights
Share appreciation rights are granted under share appreciation grant agreements adopted by the plan administrator. The plan administrator determines the purchase price or strike price for a share appreciation right, which generally cannot be less than 100% of the fair market value of the Common Shares on the date of grant. A share appreciation right granted under the 2022 Plan vests at the rate specified in the share appreciation right agreement as determined by the plan administrator.

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To exercise a share appreciation right, the Participant must provide written notice of exercise to us as provided for in the share appreciation right agreement. Upon exercise, the share appreciation right payable may be settled by cash, delivery of Common Shares, a combination of cash and Common Shares, as deemed appropriate by the plan administrator, or in any other form of consideration set forth in the share appreciation right agreement.

Unless otherwise set out in the award agreement or consented to by the Board of Directors, share appreciation rights are not assignable or transferable.

#### Other Share-Based Awards
Under the 2022 Plan, the plan administrator may grant other awards based in whole or in part by reference to our Common Shares. The plan administrator will set the number of Common Shares under the share award and all other terms and conditions of such awards.

<u>**<u>Termination of Employee, Death or Disability</u>**</u>

#### Share Options and Share Appreciation Rights
Except as otherwise provided in the award agreement, a Participant's share options or share appreciation rights will expire 90 days after a Participant ceases to act as a Participant, other than by reason of death, disability or termination for cause, and subject to amendment at the discretion of the Board of Directors. Under the 2022 Plan, in the event of the death or disability of a participant, the participant (in the case of disability) or the participant's estate (in the case of death) shall have 12 months in which to exercise the outstanding share options or share appreciation rights, subject to their earlier expiry in accordance with the award agreement.

Except as otherwise provided in the award agreement, if a Participant is terminated for cause, the share options or share appreciation rights, as applicable, will terminate immediately and the Participant will not be eligible to exercise the options or share appreciation rights from the date of termination.

#### Restricted Share Units
Except as otherwise provided in the applicable restricted share unit agreement, restricted share units that have not vested will be forfeited once the participant's continuous service ends for any reason.

<u>**<u>Adjustments</u>**</u>

The 2022 Plan contains typical adjustment provisions in the event that certain events occur, including a corporate transaction, a change in our capital structure or a change of control of the Company.

#### Change in Capital Structure
In the event there is a specified type of change in our capital structure, such as a share split, reverse share split, or recapitalization, appropriate adjustments will be made to (i) the class and maximum number of Common Shares reserved for issuance under the 2022 Plan, (ii) the class and maximum number of Common Shares by which the share reserve may increase automatically each year, (iii) the class and maximum number of Common Shares that may be issued on the exercise of ISOs, and (iv) the class and number of Common Shares and exercise price, strike price, or purchase price, if applicable, of all outstanding share awards.

#### Corporate Transactions
The following applies to share awards under the 2022 Plan in the event of a corporate transaction, unless otherwise provided in a participant's share award agreement or other written agreement with us or one of our affiliates or unless otherwise expressly provided by the plan administrator at the time of grant.

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Under the 2022 Plan, a corporate transaction is defined to include: (i) a sale of all or substantially all of our assets; (ii) the sale or disposition of more than 50% of our outstanding securities; (iii) the consummation of a merger or consolidation where we do not survive the transaction; and (iv) the consummation of a merger or consolidation where we do survive the transaction but the shares of our Common Shares outstanding before such transaction are converted or exchanged into other property by virtue of the transaction.

In the event of a corporate transaction, the Board of Directors may take one or more of the following actions with respect to the awards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• arrange for any share awards outstanding under the 2022 Plan to be assumed, continued or substituted for by any surviving or acquiring corporation (or its parent company), and/or arrange for any reacquisition or repurchase rights held by us with respect to the share award to assigned to the successor (or its parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accelerate the vesting of any awards to a date prior to the effective time of the corporate transaction, with any such award terminating if not exercised prior to the effective time of the corporate transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by us with respect to the awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cancel or arrange for the cancellation of the awards to the extent not vested or exercised prior to the effective time of the corporate transaction in exchange for cash consideration as determined by the Board of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that the holder of such share award may not exercise such share award but instead will receive a payment equal in value to the excess (if any) of (i) the value of the property the Participant would have received upon the exercise of the share award over (ii) any exercise price payable by such holder in connection with such exercise.

The Board of Directors does not need to take the same actions with respect to all awards or with respect to all Participants. The Board of the Directors may also take different actions with respect to the vested and unvested portions of an award.

#### Change of Control
In the event of a change in control (as defined in the 2022 Plan), awards granted under the 2022 Plan will not receive automatic acceleration of vesting and exercisability, although this treatment may be provided for in an award agreement.

<u>**<u>Termination</u>**</u>

The Board of Directors may terminate the 2022 Plan at any time. No awards may be granted pursuant to the 2022 Plan after the 10<sup>th</sup> anniversary of the date the 2022 Plan was adopted by the Board of Directors. Any award that is outstanding on the termination date of the 2022 Plan will remain in force according to the terms of the 2022 Plan and the applicable award agreement, except with the written consent of the Participant or as otherwise allowed under the 2022 Plan.

As of the date of this Prospectus, the Company has does not have any outstanding share options with respect to our Common Shares granted to our executive officers and directors.

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#### PRINCIPAL SHAREHOLDERS
The following table and accompanying footnotes set forth certain information with respect to the beneficial ownership of the Company's Common Shares, the Investor Rights Warrants and the Convertible Debentures, immediately prior to and immediately after the completion of this Offering, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our current executive officers and directors as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person or entity (or group of affiliated persons or entities) known by us to be the beneficial owner of 5% or more of our Common Shares, the Investor Rights Warrants and the Convertible Debentures (by number or by voting power).

As described in "Description of Share Capital and Articles of Incorporation–Warrants," the Company granted to holders of Investor Rights Warrants the right to vote, voting together with Common Shares as a single class, on any matter at any meeting of shareholders of the Company. Each of the Investor Rights Warrants entitles the holder thereof to one vote per Investor Rights Warrant. The Investor Rights Agreement will terminate upon completion of the Offering, and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor Rights Warrants will also terminate at such time. Pursuant to the Convertible Debentures IRA, the Company also granted holders of the Convertible Debentures a vote on any matter at any meetings of shareholders of the Company, voting together with Common Shares as a single class. Assuming an Offering Price of $, which would be the midpoint of the offering price range on the front of this Prospectus, each $ of Convertible Debentures will equal to one Common Share, entitling the holder thereof to one vote.

To our knowledge, each person or entity named in the table has sole voting and investment power with respect to our Common Shares, the Investor Rights Warrants and the Convertible Debentures "beneficially owned" (as determined in accordance with Rule 13d-3 under the Exchange Act) by such person or entity, subject to applicable community property laws and except as otherwise set forth in the footnotes to the table. The SEC has defined "beneficial" ownership of a security to mean the possession, directly or indirectly, of voting power and/or investment power. Pursuant to the rules of the SEC, common shares which an individual or group has a right to acquire within 60 days pursuant to the exercise of options or warrants are deemed to be outstanding for the purpose of computing the percentage ownership of such individual or group, but are not deemed to be beneficially owned and outstanding for the purpose of computing the percentage ownership of any person shown in the table.

The percentages ownership for the Common Shares, Convertible Debentures and Investor Rights Warrants immediately prior to this Offering, are based on 17,267,900 Common Shares and warrants outstanding (consisting of 8,559,784 Common Shares outstanding and 8,708,116 warrants outstanding), 16,500,000 Investor Rights Warrants outstanding and $3,122,752.50 principal amount of Convertible Debentures outstanding, respectively, as of the date immediately prior to the completion of this Offering. Such ownership percentages do not represent the voting percentages of each individual holder. Holders of the Common Shares, Convertible Debentures and Investor Rights Warrants all vote together as a single class. The percentages assume no exercise by the Underwriters of the Over-Allotment Option. The Convertible Debentures will automatically convert to Common Shares upon completion of the Offering as described elsewhere in this Prospectus.

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Except as noted in the footnotes to the table below, the address for all of the shareholders in the table below is c/o Modern Mining Technology Corp., 1055 West Georgia Street, 1500 Royal Centre, Vancouver, British Columbia, V6E 4N7 Canada.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately After this Offering** | **Beneficial Ownership <br>Immediately After this Offering** | **Beneficial Ownership <br>Immediately After this Offering** | **Beneficial Ownership <br>Immediately After this Offering** |
|  | **Common Shares** | **Common Shares** | **Debenture Common Shares** | **Debenture Common Shares** | **Investor Rights <br>Warrants** | **Investor Rights <br>Warrants** | **Common Shares** | **Common Shares** | **Investor Rights <br>Warrants<sup>(19)</sup>** | **Investor Rights <br>Warrants<sup>(19)</sup>** |
|  **Name of Beneficial Owner** | **Number** | **%<sup>(16)</sup>** | **Number<sup>(17)</sup>** | **%** | **Number** | **%<sup>(18)</sup>** | **Number** | **%** | **Number** | **%<sup>(18)</sup>** |
|  **Named Executive Officers and Directors:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mark Zorko<sup>(1)</sup> | 1385298 | 8.0% |  |  |  |  | 1385298 | 8.0% |  |  |
| &nbsp;&nbsp;&nbsp; Michael Hepworth<sup>(2)</sup> | 1713883 | 9.9% | [ ] | [ ]% | 1000000 | 6.1% | [ ]<br><sup>(20)</sup> | [ ]% | 1000000 | 6.1% |
| &nbsp;&nbsp;&nbsp; Basil Botha<sup>(3)(4)</sup> | 2271264 | 13.2% | [ ] | [ ]% | 1000000 | 6.1% | [ ]<br><sup>(20)</sup> | [ ]% | 1000000 | 6.1% |
| &nbsp;&nbsp;&nbsp; Sean Bromley |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Kuljit (Jeet) Basi<sup>(5)</sup> | 250000 | 1.4% |  |  |  |  | 250000 | 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; Matt Chatterton<sup>(6)</sup> | 208800 | 1.2% |  |  | 25000<br><sup>(15)</sup> | \* | 208800 | 1.2% | 25000 | \* |
| &nbsp;&nbsp;&nbsp; Olga Balanovskaya<sup>(7)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Thomas Fenton |  |  |  |  |  |  |  |  |  |  |
|  **All named executive officers and directors as a group (8 persons)** | 5829245 | 33.8% | [ ] | [ ]% | 1025000 | 6.2% | [ ]<br><sup>(20)</sup> | [ ]% | 1025000 | 6.2% |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately Prior to this Offering** | **Beneficial Ownership <br>Immediately After this Offering** | **Beneficial Ownership <br>Immediately After this Offering** | **Beneficial Ownership <br>Immediately After this Offering** | **Beneficial Ownership <br>Immediately After this Offering** |
|  | **Common Shares** | **Common Shares** | **Debenture Common Shares** | **Debenture Common Shares** | **Investor Rights <br>Warrants** | **Investor Rights <br>Warrants** | **Common Shares** | **Common Shares** | **Investor Rights <br>Warrants<sup>(19)</sup>** | **Investor Rights <br>Warrants<sup>(19)</sup>** |
|  **Name of Beneficial Owner** | **Number** | **%<sup>(16)</sup>** | **Number** | **%** | **Number** | **%<sup>(18)</sup>** | **Number** | **%** | **Number** | **%<sup>(18)</sup>** |
|  **Other 5% holders:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Howard Glicksman | 1242702 | 7.2% |  |  |  |  | 1242702 | 7.2% |  |  |
| &nbsp;&nbsp;&nbsp; Jeremey Blum | 990990 | 5.7% |  |  |  |  | 990990 | 5.7% |  |  |
| &nbsp;&nbsp;&nbsp; Alpha Resource Management Ltd.<sup>(8)(9)</sup> | 317026 | 1.8% |  |  | 1000000 | 6.1% | 317026 | 1.8% | 1000000 | 6.1% |
| &nbsp;&nbsp;&nbsp; F1 Advisory Group Ltd.<sup>(10)</sup> |  |  |  |  | 5167500<br><sup>(15)</sup> | 31.3% |  |  | 5167500 | 31.3% |
| &nbsp;&nbsp;&nbsp; Balvinder Parhar<sup>(11)</sup> | 137500 | \* |  |  | 1530833<br><sup>(15)</sup> | 9.3% | 137500 | \* | 1530833 | 9.3% |
| &nbsp;&nbsp;&nbsp; Naranjan Parhar<sup>(</sup><sup>12)</sup> |  |  |  |  | 1530833<br><sup>(15)</sup> | 9.3% |  |  | 1530833 | 9.3% |
| &nbsp;&nbsp;&nbsp; Steven Parhar<sup>(13)</sup> |  |  |  |  | 1550000<br><sup>(15)</sup> | 9.4% |  |  | 1550000 | 9.4% |
| &nbsp;&nbsp;&nbsp; Kayla Thompson<sup>(14)</sup> |  |  |  |  | 1280833<br><sup>(15)</sup> | 7.8% |  |  | 1280833 | 7.8% |

---

____________

\* Represents beneficial ownership of less than 1%.

(1) Consists of (i) 493,965 Common Shares held by Mark Zorko, (ii) 758,000 performance warrants, consisting of 288,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales and 470,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales, and (iii) 133,333 Common Shares held by the Zorko Living Trust, for which Mr. Zorko shares joint control with his spouse, Patricia Zorko.

(2) Consists of (i) 639,857 Common Shares held by Michael Hepworth, (ii) 757,000 performance warrants, consisting of 287,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales and 470,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales, and (iii) 317,026 Common Shares and 1,000,000 Investor Rights Warrants held by Alpha Resources Management Ltd. ("**Alpha Resources**"), a company for which Mr. Hepworth shares joint control.

(3) Consists of (i) 554,238 Common Shares held by Basil Botha, (ii) 1,400,000 performance warrants, consisting of 600,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales and 800,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales, and (iii) 317,026 Common Shares and 1,000,000 Investor Rights Warrants held by Alpha Resources, a company for which Mr. Botha shares joint control.

(4) Effective March 1, 2022, Basil Botha resigned as the President, Chief Executive Officer and a director of the Company and became the Company's Principal Technical Advisor.

(5) Consists of 250,000 performance warrants consisting of 83,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales and 167,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales. Effective March 1, 2022, Kuljit (Jeet) Basi was appointed as the Company's President and Chief Executive Officer.

(6) Consists of (i) 200,000 performance warrants consisting of 67,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales and 133,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales and (ii) 8,800 Common Shares and 25,000 Investor Rights Warrants held by Danielle Chatterton, the spouse of Matt Chatterton.

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(7) Effective March 1, 2022, Olga Balanovskaya was appointed as the Company's Chief Financial Officer.

(8) Michael Hepworth and Basil Botha jointly own Alpha Resources, and they share voting and investment power with respect to its Common Shares and Investor Rights Warrants.

(9) The address of Alpha Resources is Suite 1001, 409 Granville St., Vancouver, BC V6C 1T2.

(10) Jeff Lipton exercises voting and investment power over the Investor Rights Warrants of F1 Advisory Group. Fortuna Investment Corp., an affiliate of Fortuna is a minority shareholder and the only other shareholder of F1 Advisory Group. See "***Certain Relationships and Related Party Transactions***" for further information on Fortuna Investment Corp. The address of F1 Advisory Group and Jeff Lipton is Venture Two, Dayrells Road, Christ Church, Barbados BB14107. The address of Fortuna Investment Corp. is 1177 W Hastings St Suite 2288, Vancouver, BC, V6E 2K3.

(11) The address of Balvinder Parhar is 1920-1075 W Georgia St., Vancouver, BC V6E 3C9.

(12) The address of Naranjar Parhar is 1920-1075 W Georgia St., Vancouver, BC V6E 3C9.

(13) The address of Steven Parhar is 1920-1075 W Georgia St., Vancouver, BC V6E 3C9.

(14) The address of Kayla Thompson is 152 Levista Pl., Victoria, BC V9B 0K7.

(15) Under the terms of the Investor Rights Warrants, a warrantholder may not exercise the warrants to the extent such exercise would cause such warrantholder, together with its affiliates, to beneficially own a number of Common Shares which would exceed 4.99% of our then outstanding Common Shares following such exercise, excluding for purposes of such determination Common Shares issuable upon exercise of the warrants which have not been exercised (the "**IRA Blocker**").

(16) Represents the percentage of Common Shares owned out of 17,267,900 Common Shares and warrants outstanding (excluding the Investor Rights Warrants) as of the date immediately prior to the completion of this Offering.

(17) Upon completion of this Offering, the principal amount of the Debentures plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00.) Consists of ______ Common Shares held by Michael Hepworth and ________ Common Shares held by Basil Botha convertible from the Convertible Debentures upon completion of this Offering at a conversion price of $ based on an Offering Price of $ per Common Share, which represents the midpoint of the offering price range on the front of this Prospectus.

(18) Represents the percentage of Investor Rights Warrants owned out of 16,500,000 Investor Rights Warrants outstanding as of the date immediately prior to the completion of this Offering. The Investor Rights Warrants are exercisable for three (3) years from the closing of the Offering.

(19) The Investor Rights Agreement will terminate upon completion of the Offering, and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor Rights Warrants will also terminate at such time.

(20) Includes Common Shares held by Michael Hepworth and Common Shares held by Basil Botha convertible from the Convertible Debentures upon completion of this Offering at a conversion price of $ based on an Offering Price of $_____ per Common Share, which represents the midpoint of the offering price range on the front of this Prospectus.

For additional information about our principal shareholders, please see "***Certain Relationships and Related Party Transactions***.

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
In addition to the compensation arrangements discussed under "***Executive Compensation***" and "***Principal Shareholders***" the following is a description of the material terms of: (i) those transactions within the last three fiscal years to which we are party and in which any of our directors, executive officers or shareholders that beneficially own or control (directly or indirectly) more than 10% of any class of series of our outstanding voting securities, or any associate or affiliate of the forgoing persons, has, had or will have a direct or indirect material interest; and (ii) any other material contracts, other than contracts entered into in the ordinary course of business, to which we were a party within the last two fiscal years.

#### Transactions with Related Parties
See "***Executive Compensation — Employment Agreements, Arrangements or Plans***" for a description of our transactions with our former President, Chief Executive Officer and Director, Basil Botha.

See "***Description of Share Capital and Articles of Incorporation***" for a description of the Investor Rights Agreement dated July 13, 2022, which we entered into with our Chief Executive Officer, Kuljit (Jeet) Basi, as the representative of the holders of our warrants, and for a description of the Convertible Debentures Investor Rights Agreement, dated August 31, 2022, which we entered into with our Chief Executive Officer, Kuljit (Jeet) Basi, as the representative of the holders of our Convertible Debentures.

Basil Botha, our former Chief Executive Officer and Director, and Michael Hepworth, our Director, currently share joint control over Alpha Resources, which holds 317,206 Common Shares and 1,000,000 of our Investor Rights Warrants pursuant to the UMI Warrant issuance in July 2021 and the subsequent consolidating of the UMI Warrants into Investor Rights Warrants.

Fortuna Investment Corp., an affiliate of Fortuna, is a minority shareholder and the only other shareholder of F1 Advisory Group which holds 5,167,500 of our Investor Rights Warrants pursuant to the UMI Warrant issuance in July 2021 and the subsequent consolidating of the UMI Warrants into Investor Rights Warrants. Justus Parmar exercises voting and investment power over Fortuna Investment Corp. In March 2021, UMI engaged in due diligence and preliminary discussions with Fortuna regarding a possible business combination transaction. In May 2021, UMI and Fortuna entered into a non-binding letter of intent and ahead of the completion of the Merger, Fortuna Investment Corp., an affiliate of Fortuna, loaned funds to UMI in the aggregate principal amount of $111,000.

See note 13 to our Audited Financial Statements for the Years Ended December 31, 2021 and 2020 for a description of short-term loans with our former Chief Executive Officer and Director, Basil Botha and our former Chief Technology Officer and Director, Howard Glicksman.

See note 17 to our Audited Financial Statements for the Years Ended December 31, 2021 and 2020 and note 17 to our Unaudited Interim Financial Statements for the Six Months Ended June 30, 2022 and 2021 for a description of our transactions with our key management personnel.

See note 22 to our Audited Financial Statements for the Years Ended December 31, 2021 and 2020 for a description of the transition agreement we entered into with our former Chief Executive Officer and Director, Basil Botha to provide technical advisory services.

#### Review, Approval and Ratification of Related Party Transactions
The Company has adopted a Related Party Transactions Policy for the review and approval of related party transactions.

Our Related Party Transactions Policy is administrated by our audit and risk committee and provides that, in determining whether or not to recommend the initial approval or ratification of a related party transaction, the relevant facts and circumstances available shall be considered, including, among other factors it deems appropriate, whether the interested transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related party's interest in the transaction.

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#### DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF INCORPORATION
We are a British Columbia corporation, and our affairs are governed by our notice of articles and our articles, each as amended from time to time, and the provisions of the *Business Corporations Act* (British Columbia). As of the date of this Prospectus, our authorized share capital consists of an unlimited number of Common Shares without par value.

As of December 31, 2021 and June 30, 2022, there were 8,559,784 Common Shares issued and outstanding. The following summary description of our share capital does not purport to be complete and is qualified in its entirety by reference to our notice of articles and articles. If you would like more information on our Common Shares, you should review our notice of articles, articles and the BCBCA.

As of December 31, 2021 and June 30, 2022, there were 25,208,116 Warrants and Nil Options issued and outstanding.

<u>**<u>History of Share Capital</u>**</u>

During the year ended December 31, 2019, the Company (as UMI) issued 1,416,667 common shares for total cash consideration of $564.

<u><u>During the year ended December 31, 2020:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 30, 2020, 712,356 preferred shares of UMI were converted to common shares on a 1:1 conversion basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2020, 3,476,667 units of UMI were issued as part of a private placement at a price of $0.15 per unit. Each unit consisted of one common share and one common share purchase warrant. Each warrant entitled the holder thereof to purchase one additional common share at an exercise price of $0.45 per share for three years from the completion of the private placement. As a result, 3,476,666 warrants were issued with the fair value of $115,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2020, 1,381,999 common shares of UMI were issued to officers and directors at $0.15 per share. The fair value of the common shares issued was $210,050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2020, as part of a debt settlement arrangement entered into with various vendors of UMI, 196,233 units were issued to settle debt valued at $95,574. Each unit consisted of one common share and one-half of one common share purchase warrant. Each full warrant entitled the holder thereof to purchase one common share of UMI at an exercise price of $0.45 per share for three years from the completion of the private placement. As a result, 98,117 warrants were granted as debt settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2020, 36,667 common shares were issued to employees of UMI at $0.15 per share. The fair value of the common shares issued was $2,750.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2020, 74,851 common shares of UMI were issued at $0.45 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2020, 830,138 common shares of UMI were redeemed.

<u><u>During the year ended December 31, 2021:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January 2021, 133,333 units of UMI were issued at a price of $0.33 per common share. Each unit included one warrant allowing the owner to purchase one share at $0.90 over a three-year period. The fair value of these 133,333 warrants is $15,800, and these warrants will expiry on 15 January 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2021, 691,000 common shares of UMI were issued to officers and directors of the Company at $0.45 per common share. The fair value of the common shares granted was $310,950.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 28, 2021, UMI issued 49,500,000 UMI Warrants to investors in a private placement. Each UMI Warrant was issued for consideration of C$0.0035 for aggregate gross proceeds of C$173,250 ($137,365). Upon completion of the Consolidation, the UMI Warrants were consolidated into 16,500,000 Investor Rights Warrants issued for consideration of $0.0105 per warrant and are exercisable for $0.20 for three (3) years from the closing of the Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 30, 2021, the Company granted 5,000,000 performance warrants with an exercise price of $0.05 vesting upon $10,000,000 and $20,000, 0000 in gross sales targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 9, 2021, the Company completed a private placement offering of 1,270,149 Common Shares at a price of $0.50 per share for total proceeds of $635,075, share issuance costs of $6,245 and no finders' fees.

<u><u>During the year ended December 31, 2022</u></u>

On April 7, 2022, the Company issued $3,331,390 principal amount of 5% unsecured convertible debentures in a private placement. The debentures bear interest at five percent (5%) per annum. The debentures are due thirty-six (36) months following their issuance (on April 7, 2025). The Debenture Indenture executed in relation to the debentures also provides that in the event the Company completes a U.S. listing (such as the Offering), the principal amount plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00. In connection with the Debenture Offering, the Company paid $156,994.50 in commissions to various investment dealers/brokers.

<u>**<u>Warrants</u>**</u>

The Company had a number of warrants outstanding as of December 31, 2021, and of the date hereof, having various expiry periods and exercises prices, summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Issuance Date** | **Expiry<br>Date** | **Exercise<br>Price\*** | **December 31,<br>2021\*** |
|  July 14, 2020 | July 14, 2023 | $0.45 | **3476666** |
|  July 15, 2020 | July 15, 2023 | $0.45 | **98117** |
|  January 15, 2021 | January 15, 2024 | $0.90 | **133333** |
|  August 7, 2021 | 3 years post offering | $0.20 | **16500000** |
|  August 30, 2021 | 3 years post offering | $0.05 | **5000000** |
|  |  |  | **25208116** |

---

____________

\* During the year ended December 31, 2021, the Company completed a Consolidation (3:1). The numbers shown represent the number of warrants after the Consolidation.

On any exercise of any of the warrants, in lieu of payment of the aggregate exercise, holders may elect to receive Common Shares equal to the value of the warrants, or a portion as to which the warrants are being exercised.

On July 13, 2022, the Company entered into the Investor Rights Agreement. Pursuant to the Investor Rights Agreement, the Company agreed that each Investor (as defined in the Investor Rights Agreement) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote, as a separate class, on any matter at any meetings of shareholders of the Company. Each Investor Rights Warrant entitles the holder thereof to one vote per Investor Rights Warrant. Further, the Warrantholder Representative shall be entitled to nominate three (3) directors to the Board, provided that each director nominee shall be a Canadian resident and shall meet the requirements of applicable corporate, securities and other laws. The Investor Rights Agreement will terminate upon completion of the Offering, and consequently, the voting rights granted under the Investor Rights Agreement to the holders of the Investor Rights Warrants will also terminate at such time.

<u>**<u>Common Shares</u>**</u>

#### General
All of our Common Shares are fully paid and non-assessable. Our Common Shares are issued in registered form and may or may not be certificated although every shareholder is entitled at their option to a share certificate that complies with the BCBCA. Except as provided in the *Investment Canada Act* (Canada), there are no limitations on the rights of shareholders who are not residents of Canada to hold and vote Common Shares.

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#### Dividends
Holders of our Common Shares are entitled to receive, from funds legally available therefor, dividends when and as declared by the Board of Directors, subject to any prior rights of the holders of shares with special rights if issued. The BCBCA provides that a corporation may not declare or pay a dividend if there are reasonable grounds for believing that the corporation is, or would be after the payment of the dividend, unable to pay its liabilities as they become due or the realizable value of its assets would thereby be less than the aggregate of its liabilities and stated capital of all classes of shares of its capital. These rights are subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Common Shares with respect to dividends.

#### Voting Rights
Each Common Share is entitled to one vote on all matters upon which the Common Shares are entitled to vote.

#### Liquidation
With respect to a distribution of assets in the event of our liquidation, dissolution or winding-up, whether voluntary or involuntary, or any other distribution of our assets for the purposes of winding up our affairs, assets available for distribution among the holders of Common Shares shall be distributed among the holders of the Common Shares on a pro rata basis, subject to any prior rights of the holders of shares with special rights if issued.

#### Transfer Agent and Registrar
Computershare Investor Services Inc. is the transfer agent and registrar for our Common Shares. The address of Computershare is 800-324 8 Avenue SW, Calgary, Alberta T2P 2Z2.

#### Shareholders' Rights
The BCBCA, our notice of articles and our articles govern us and our relations with our shareholders. The following is a summary of certain rights of holders of our Common Shares under our articles and the BCBCA. This summary is not intended to be complete and is qualified in its entirety by reference to the BCBCA, our notice of articles and articles.

#### Stated Objects or Purposes
Our articles do not contain any stated objects or purposes and do not place any limitations on the business that we may carry on.

#### Shareholder Meetings
Pursuant to the BCBCA, we must hold an annual meeting of our shareholders at least once every calendar year at a time and place determined by the Board of Directors, provided that the meeting must not be held later than 15 months after the preceding annual meeting. A meeting of our shareholders may be held at any place within British Columbia or, if determined by our directors, any location outside British Columbia.

Subject to any special rights or restrictions attached to any shares, voting at a meeting of shareholders may be conducted by way of poll or by show of hands or, in certain other circumstances as required by the BCBCA, in any other manner that adequately discloses the intentions of the shareholders present. Accordingly, the articles provide that: (a) on a poll, every shareholder entitled to vote has one vote in respect of each share held by that shareholder that carries the right to vote on that poll and may exercise that vote either in person or by proxy; and (b) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote at the meeting has one vote.

A poll may be demanded by the chairman of the meeting or by any shareholder present in person or by proxy. However, if such a poll is demanded, the poll must be taken at the meeting or within seven days after the date of the meeting, as the chair of the meeting so directs, and in the manner, at the time and at the place that the chair of the meeting directs.

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A special resolution is a resolution passed by not less than two-thirds of the votes cast by the shareholders entitled to vote on the resolution at a meeting at which a quorum is present. An ordinary resolution is a resolution passed by not less than a simple majority of the votes cast by the shareholders entitled to vote on the resolution at a meeting at which a quorum is present.

#### Notice of Meeting of Shareholders
Our articles provide that we must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate resolution, and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in the articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless the articles otherwise provide, at least 21 days before the meeting.

#### Quorum
Our articles provide that, subject to the special rights and restrictions attached to the shares of any affected class or series of shares, the quorum for the transaction of business at a meeting of shareholders is one or more persons, present in person or by proxy and together holding or representing by proxy shares carrying at five percent of the votes entitled to be voted at the meeting.

#### Record Date for Notice of Meeting of Shareholders
Our board may fix, in advance, a date as the record date for the determination of shareholders entitled to receive notice of a meeting of shareholders, but such record date shall not precede by more than two months or by less than 21 days the date on which the meeting is to be held. If no record date is fixed, the record date for the determination of shareholders entitled to receive notice of a meeting of shareholders shall be 5:00 p.m. on the day immediately preceding the day on which the notice is given or, if no notice is given, the beginning of the meeting.

#### Ability to Requisition Special Meetings of the Shareholders
The BCBCA provides that the holders of not less than five percent of the issued shares of a corporation that carry the right to vote at a meeting sought to be held may give notice to the directors requiring them to call a meeting for the purposes stated in the requisition.

#### Authorization of Certain Corporate Action
Under the BCBCA, certain substantive changes to the charter documents of the corporation, such as an alteration of the restrictions, if any, on the business carried on by the corporation, a change in the name of the corporation, an increase, reduction or elimination of the maximum number of shares that the corporation is authorized to issue out of any class or series of shares, or an alteration of the special rights and restrictions attached to issued shares, require a resolution of the type specified in the articles. Accordingly, if the articles fail to specify the type of resolution or, if the articles do not contain such a provision, a special resolution passed by at least two-thirds of the votes cast by shareholders on the resolution. Other fundamental changes such as a proposed amalgamation or arrangement require a similar special resolution passed by the holders of shares of each class entitled to vote at a general meeting and the holders of all classes of shares adversely affected by such changes.

Under the Company's articles, the directors have the authority to exercise all such powers of the Company as are not, by the BCBCA or by its articles, required to be exercised by the shareholders of the Company. Such powers include the power to alter the restrictions, if any, on the business carried on by the Company, to change the name of the Company, to subdivide or consolidate all or any of the Company's unissued, or fully paid issued, shares, and to alter the identifying name of any of its shares.

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#### Dissent Rights
The BCBCA provides that our shareholders are entitled to exercise dissent rights and demand payment of the fair value of their shares in certain circumstances and provided that the procedures set out in the BCBCA are followed. For this purpose, there is no distinction between listed and unlisted shares. Dissent rights of holders of any class of our shares exist when we resolve to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) alter the articles to alter restrictions on our powers or on the business we are permitted to carry on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adopt an amalgamation agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) approve an amalgamation into a foreign jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) approve an arrangement, the terms of which arrangement permit dissent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorize or ratify the sale, lease or other disposition of all or substantially all our' undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) authorize our continuation into a jurisdiction other than British Columbia; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pass any other resolution, if dissent is authorized by the resolution. In addition, a court order in connection with an arrangement proposed by us may permit shareholders to dissent if the arrangement is adopted.

#### Action by Written Consent
Under the BCBCA, shareholders can take action by written resolution and without a meeting only if all shareholders sign the written resolution.

<u>**<u>Directors</u>**</u>

#### Number of Directors and Election
Under the BCBCA, our charter documents consist of (i) the notice of articles, which sets forth the name of the corporation, the corporation's registered and records office, the names and addresses of our directors and the amount and type of authorized capital, and (ii) the articles, which govern the management of the corporation, set out any special rights or restrictions attached our shares and establishes the procedures for changing the number of directors on our board.

Accordingly, as we are a public company, as such term is defined in the BCBCA, the articles provide that the Board of Directors must consist of the greater of: (i) three directors; and (ii) such number of directors equal to the number of directors most recently elected by ordinary resolution at a meeting of shareholders. Our Board of Directors currently consists of six directors. Our articles provide that our board may appoint one or more additional directors, who shall hold office for a term expiring not later than the close of the next annual meeting of shareholders, to fill any casual vacancy occurring on the Board of Directors provided the total number of directors so appointed may not exceed one-third the number of directors elected at the previous annual meeting of shareholders. Shareholders of a corporation governed by the BCBCA elect directors by ordinary resolution at each annual meeting of shareholders at which such an election is required.

#### Director Qualifications
Under the BCBCA a director must not be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under eighteen years of age;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found by a court, in Canada or elsewhere, to be incapable of managing their own affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an undischarged bankrupt; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) convicted in or out of the Province of British Columbia of an offence in connection with the promotion, formation or management of a corporation or unincorporated business, or of an offence involving fraud, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a court orders otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 5 years have elapsed since the last to occur of: (A) the expiration of the period set for suspension of the passing of sentence without a sentence having been passed; (B) the imposition of a fine; (C) the conclusion of the term of any imprisonment; and (D) the conclusion of the term of any probation imposed, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a pardon was granted or issued, or a record suspension was ordered, under the Criminal Records Act (Canada) and the pardon or record suspension, as the case may be, has not been revoked or ceased to have effect.

#### Removal of Directors

#### Vacancies on the Board of Directors
Under the BCBCA, vacancies that exist on the Board of Directors, except a vacancy resulting from an increase in the number or the minimum or maximum number of directors or a failure to elect the number or minimum number of directors provided for in the articles, may be filled by the Board of Directors if the remaining directors constitute a quorum. In the absence of a quorum, the remaining directors may only act for the purpose of appointing directors up to such number so as to establish quorum or summon a meeting of shareholders to fill any vacancies on the Board of Directors or for any other purpose permitted by the BCBCA.

#### Limitation of Personal Liability of Directors and Officers
Under the BCBCA, in exercising their powers and discharging their duties, directors and officers must act honestly and in good faith with a view to the best interests of the corporation and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. No provision in the corporation's articles, resolutions or contracts can relieve a director or officer from the duty to act in accordance with the BCBCA or relieve a director from liability for a breach thereof. However, a director will not be liable for breaching his or her duty to act in accordance with the BCBCA if the director relied in good faith on: (i) financial statements represented to them by an officer or in a written report of the auditor to fairly reflect the financial condition of the corporation; or (ii) a report of a person whose profession lends credibility to a statement made by such person.

#### Indemnification of Directors and Officers
Under Division 5 of Part 5 of the BCBCA, we may indemnify any present or former director or officer or an individual who acts or has acted at our request as a director or officer, or an individual acting in a similar capacity, of another corporation or entity, against all judgments, penalties or fines awarded or imposed in, or amounts paid in settlement of, a proceeding in which any such director, officer or other individual, by reason of him or her being or having been a director of officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation (a) is or may be joined as a party, or (b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding. In addition we may, after the final disposition of any such proceeding, pay the expenses actually and reasonably incurred by any such director, officer or other individual in respect of that proceeding, or in certain circumstances we may pay such expenses as they are incurred. However, Division 5 of Part 5 of the BCBCA also provides that we must not provide such indemnification or payment of expenses in certain circumstances including if, in relation to the subject matter of the proceeding, such director, officer or other individual did not act honestly and in good faith with a view to our best interests, or, as the case may be, to the best interests of the associated corporation, and if, in the case of a proceeding other than a civil proceeding, such director, officer or other individual did not have reasonable grounds for believing that his or her conduct was lawful.

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Under our articles, our Board of Directors must cause us to indemnify our directors and officers and former directors and officers, and their respective heirs and personal or other legal representatives to the greatest extent permitted by Division 5 of Part 5 of the BCBCA.

We have entered into indemnity agreements with each of our directors and officers agreeing to indemnify them, to the fullest extent permitted by law, against all liability, loss, harm damage cost or expense, reasonably incurred by the director in respect of any threatened, pending, ongoing or completed claim or civil, criminal, administrative, investigative or other action or proceeding made or commenced against him or in which he is or was involved by reason of the fact that he is or was a director of our Company.

#### Sources of Dividends
Dividends may be declared at the discretion of the Board of Directors. Under the BCBCA, the directors may not declare, and we may not pay, dividends if there are reasonable grounds for believing that (i) we are, or would after such payment be unable to pay our liabilities as they become due or (ii) the realizable value of our assets would be less than the aggregate of our liabilities and of our stated capital of all classes of shares.

#### Amendments to the Notice of Articles and Articles
Subject to the articles and the BCBCA, our directors may by resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the name of the corporation or adopt or change any translation of that name;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if we are authorized to issue shares of a class of shares with par value: (i) decrease the par value of those shares, (ii) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares, (iii) subdivide all or any of its unissued or fully paid issued shares with par value into shares of smaller par value, or (iv) consolidate all or any of its unissued or fully paid issued shares with par value into shares of larger par value;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) otherwise alter our shares or authorized share structure when required or permitted to do so by the BCBCA.

#### Interested Directors Transactions
Under the BCBCA, a director or senior officer of a company holds a disclosable interest in a contract or transaction if (a) the contract or transaction is material to the company, (b) the company has entered, or proposes to enter, into the contract or transaction, and (c) either the director or senior officer has a material interest in the contract or transaction, or the director or senior officer is a director or senior officer of, or has a material interest in, a person who has a material interest in the contract or transaction. A director who has a disclosable interest in a contract or transaction is not entitled to vote on any directors' resolution to approve that contract or transaction. Further, subject to the BCBCA, generally a director or senior officer of the company is liable to account to the company for any profit that accrues to him or her under or as a result of a contract or transaction in which he or she holds a disclosable interest. However in certain circumstances a director or senior officer of the company will not be liable to account for and may retain any such profit including if the contract or transaction is approved by the directors after the nature and extent of the disclosable interest has been disclosed to the directors, or if the contract or transaction is approved by a special resolution of the shareholders after the nature and extent of the disclosable interest has been disclosed to the shareholders entitled to vote on that resolution. The disclosure of the nature and extent of a disclosable interest may be made to the company in writing or be evidenced in a consent resolution, the minutes of a meeting or other record deposited in the company's records office.

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#### Committees
Under the BCBCA and our articles, our directors may, by way of resolution, appoint one or more committees consisting of directors from their number or other persons, as desired, and delegate to such committee members certain powers of the directors.

#### Derivative Actions
Under the BCBCA, a complainant (as defined below) may, with leave of the court, prosecute or defend a legal proceeding in the name and on behalf of the corporation to enforce a right, duty or obligation owed to the corporation that could be enforced by the corporation itself or to obtain damages for any breach of such a right, duty or obligation. A "complainant" includes, in relation to us, a shareholder or director of the corporation. Accordingly, no such action may be brought and no such intervention in an action may be made unless the court is satisfied that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the complainant has made reasonable efforts to cause our directors to prosecute or defend the legal proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notice of the application for leave has been given to us and to any other person the court may order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the complainant is acting in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it appears to the court that it is in the best interests of the company for the legal proceeding to be prosecuted or defended.

Under the BCBCA, the court in a derivative action may make any order it thinks fit, including orders pertaining to the awarding of costs and the indemnification of certain individuals, including the complainant. Further, no legal proceeding prosecuted or defended in regards to a derivative action brought forward by a complainant may be discontinued, settled or dismissed without the approval of the court under the BCBCA.

#### Oppression Remedy
Under the BCBCA, a shareholder of a corporation or any other person who, in the discretion of the court, is an appropriate person to make an application has the right to apply to the court on the grounds that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the affairs of the corporation are being or have been conducted, or that the powers of the directors are being or have been exercised, in a manner oppressive to one or more of the shareholders, including the applicant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) some act of the corporation has been done or is threatened, or that some resolution of the shareholders or of the shareholders holding shares of a class or series of shares has been passed or is proposed, that is unfairly prejudicial to one or more of the shareholders, including the applicant.

On such an application, the court can grant a variety of remedies, ranging from an order restraining the conduct complained of to an order requiring the corporation to repurchase the shareholder's shares or an order liquidating the corporation.

#### Inspection of Books and Records
Under the BCBCA, our shareholders may examine, free of charge during normal business hours:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) our notice of articles and articles and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the minutes and resolutions of our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) copies of all notices of directors filed under the BCBCA;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) our register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) our central securities register.

Any of our shareholders may request copies of our notice of articles and articles and all amendments thereto free of charge.

#### Resale Restrictions
See Lock-Up Agreements discussed below.

#### Listing
We intend to apply for listing of our Common Shares on under the symbol " ".

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#### SECURITIES ELIGIBLE FOR FUTURE SALE
Prior to this Offering, there has been no market for our Common Shares. Future sales of substantial amounts of our Common Shares in the public market or the perception that such sales might occur could adversely affect market prices prevailing from time to time. Furthermore, because only a limited number of Common Shares will be available for sale shortly after this Offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our Common Shares in the public market after the restrictions lapse. This may adversely affect the prevailing market price of our Common Shares and our ability to raise equity capital in the future.

After completion of this Offering, we will have Common Shares issued and outstanding (or Common Shares if the Underwriters' option to purchase additional Common Shares is exercised in full).

All of the Common Shares sold in this Offering will be freely tradable without restrictions or further registration under the Securities Act, unless the shares are purchased by our "affiliates" as that term is defined in Rule 144 and except certain shares that will be subject to the lock-up period described below after completion of this Offering. Any shares owned by our affiliates may not be resold except in compliance with Rule 144 volume limitations, manner of sale and notice requirements, pursuant to another applicable exemption from registration or pursuant to an effective registration statement.

Each of our directors, officers and any other holder of outstanding common shares (or securities convertible into common shares, including options and warrants) as of the effective date of the registration statement, of which this prospectus forms a part, have entered into "lock-up" agreements in favor of the representative pursuant to which such persons and entities have agreed, for a period of twelve (12) months from the date of the offering in the case of our directors and officers and six (6) months from the date of the offering in the case of any other holder of outstanding securities, that they will neither offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our securities without the representative's prior written consent. "***Underwriting***" on page 87. Accordingly, there will be a corresponding increase in the number of shares that become eligible for sale after the lock-up period expires. As a result of these agreements, subject to the provisions of Rule 144 or Rule 701, shares will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning on the date of this Prospectus, all of the shares sold in this Offering will be immediately available for sale in the public market (except as described above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning days after the date of this Prospectus, at the expiration of the lock-up period for our officers, directors and holders of at least % of our outstanding securities, additional Common Shares will become eligible for sale in the public market, all of which shares will be held by affiliates and subject to the volume and other restrictions of Rule 144 and Rule 701 as described below.

#### Lock-Up Agreements
The Company has various lock-up agreements in effect as a result of the Merger and financing transactions it has undertaken, as summarized below.

All securities issued by the Company in connection with the Merger (other than the Investor Rights Warrants and any Common Shares issuable thereunder) are subject to restrictions such that during the Lock-Up Period the holders thereof may not (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Capital Shares or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Capital Shares, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Capital Shares or other securities, in cash or otherwise. After the expiration of the Lock-Up Period, until the expiration of the Leak-Out Period such holders may only sell shares of Capital Shares within the following cumulative limits based on the aggregate number of shares of Capital Shares beneficially owned by such holders on the commencement date of the Leak-Out Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12 months from the closing of the Offering — 20%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 16 months from the closing of the Offering — 20%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20 months from the closing of the Offering — 20%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 24 months from the closing of the Offering — 20%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 28 months from the closing of the Offering — 20%

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Investor Rights Warrants (including any Common Shares issuable thereunder) are subject to a resale restrictions such that they will be released from lock-up six (6) months following the closing of the Offering (i.e. U.S. listing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In connection with the Debenture Offering, upon completion of the U.S. listing (i.e. the Offering), the principal amount of such Debentures plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the offering price, and (B) $5.00 and all such Common Shares issued on such automatic conversion shall be subject to a six (6) month hold period/resale restriction from the closing of the Offering.

#### Rule 144
In general, under Rule 144 as currently in effect, once we have been subject to public company reporting requirements for at least 90 days, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the Common Shares proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates, is entitled to sell those Common Shares without complying with the manner of sale, volume limitation or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the Common Shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person would be entitled to sell those Common Shares without complying with any of the requirements of Rule 144.

In general, under Rule 144, as currently in effect, our affiliates or persons selling Common Shares on behalf of our affiliates are entitled to sell upon expiration of the lock-up agreements described above, within any three-month period, a number of Common Shares that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Common Shares then outstanding, which will equal approximately Common Shares immediately after this Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Common Shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

#### Rule 701
Rule 701 generally allows a shareholder who purchased our Common Shares pursuant to a written compensatory plan or contract and who is not deemed to have been our affiliate during the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. Rule 701 also permits our affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required by that rule to wait until 90 days after the date of this Prospectus before selling those shares pursuant to Rule 701 and are subject to the lock-up agreements described above.

The Common Shares may be sold in Canada only to purchasers, purchasing, or deemed to be purchasing, as principal, that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the Securities Act (Ontario). Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable Canadian securities laws. Canadian purchasers should refer to any applicable provisions of the securities legislation of their province or territory for particulars of these rights or consult with a legal advisor.

**THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL MATTERS RELATING TO SHARE TRANSFER RESTRICTIONS THAT MAY BE OF IMPORTANCE TO A PROSPECTIVE INVESTOR. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN LEGAL ADVISOR REGARDING THE PARTICULAR SECURITIES LAWS AND TRANSFER RESTRICTION CONSEQUENCES OF PURCHASING, HOLDING, AND DISPOSING OF OUR COMMON SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

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#### MATERIAL TAX CONSIDERATIONS
*The following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition of our Common Shares, including the Common Shares. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences that may arise under the laws of any local, state, foreign (including Canada), or other taxing jurisdiction.*

#### Taxation in Canada

#### Material Canadian Federal Income Tax Considerations
In the opinion of Aird & Berlis LLP, Canadian counsel to the Company, the following summary describes the principal Canadian federal income tax considerations pursuant to the *Income Tax Act* (Canada) and the regulations thereunder (the "**Tax Act**") generally applicable to the acquisition, holding and disposition of the Common Shares by a holder who acquires, as beneficial owner, the Common Shares pursuant to the Offering and who, for purposes of the Tax Act and at all relevant times, holds the Common Shares as capital property, deals at arm's length with the Company and each underwriter and is not affiliated with the Company or any underwriter (a "**Holder**"). Generally, the Common Shares will be considered to be capital property to a Holder provided the Holder does not acquire or hold the Common Shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary does not apply to a Holder (i) that is a "financial institution" for the purposes of the mark-to-market rules contained in the Tax Act; (ii) that is a "specified financial institution" as defined in the Tax Act; (iii) an interest in which would be, or for whom a Common Share would be, a "tax shelter investment" as defined in the Tax Act; (iv) that has made a functional currency reporting election under the Tax Act to report in a currency other than the Canadian currency; (v) that has or will enter into a "derivative forward agreement", a "synthetic disposition arrangement" or a "dividend rental arrangement", each as defined under the Tax Act, with respect to the Common Shares; or (vi) that carries on, or is deemed to carry on, an insurance business in Canada or elsewhere. Such Holders should consult their own tax advisors with respect to an investment in the Common Shares.

Additional considerations, not discussed herein, may be applicable to a Holder that is a corporation resident in Canada and that is or becomes, or does not deal at arm's length for purposes of the Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or event or series of transactions or events that includes the acquisition of the Common Shares, controlled by a non-resident person or group of non-resident persons not dealing with each other at arm's length for purposes of the "foreign affiliate dumping" rules in section 212.3 of the Tax Act. Such Holders should consult their own tax advisors with respect to the possible application of these rules.

In addition, this summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of the Common Shares.

This summary is based upon the provisions of the Tax Act in force as of the date hereof, all specific proposals to amend the Tax Act that have been publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof(the "**Proposed Amendments**") and counsel's understanding of the current administrative policies and assessing practices of the Canada Revenue Agency ("**CRA**") made publicly available prior to the date hereof. This summary assumes the Proposed Amendments will be enacted in the form proposed; however, no assurance can be given that the Proposed Amendments will be enacted in the form proposed, if at all. This summary is not exhaustive of all possible Canadian federal income tax considerations and, except for the Proposed Amendments, does not take into account or anticipate any changes in law or the administrative policies or assessing practices of the CRA, whether by legislative, governmental or judicial action or decision, nor does it take into account provincial, territorial or foreign tax considerations, which may differ significantly from those discussed herein.

Subject to certain exceptions that are not discussed in this summary, for the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Common Shares, including dividends, must be determined in Canadian dollars using the relevant exchange rate determined in accordance with the Tax Act.

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This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular holder or prospective holder of the Common Shares, and no representations with respect to the income tax consequences to any holder or prospective holder are made. Consequently, holders and prospective holders of the Common Shares should consult their own tax advisors for advice with respect to the tax consequences to them of acquiring the Common Shares, having regard to their particular circumstances.

#### Holders Resident in Canada
This portion of the summary applies to a Holder who, at all relevant times, for purposes of the Tax Act and any applicable income tax treaty or convention, is or is deemed to be resident in Canada (a "**Resident Holder**").

Certain Resident Holders who might not otherwise be considered to hold their Common Shares as capital property may, in certain circumstances, be entitled to have the Common Shares, and all other "Canadian securities" (as defined in the Tax Act) owned by such Resident Holders in the taxation year of the election and any subsequent taxation year, treated as capital property by making the irrevocable election permitted by subsection 39(4) of the Tax Act. Resident Holders should consult their own tax advisors regarding the availability or advisability of this election.

#### Dividends on the Common Shares
Dividends received or deemed to be received on the Common Shares by a Resident Holder who is an individual (other than certain trusts) will generally be included in the individual's income and will be subject to the gross-up and dividend tax credit rules applicable to taxable dividends received from taxable Canadian corporations, including the enhanced dividend tax credit rules applicable to any dividends designated by the Company as "eligible dividends" in accordance with the Tax Act. There may be limitations on the ability of the Company to designate dividends as "eligible dividends."

In the case of a Resident Holder that is a corporation, the amount of any such taxable dividend that is included in its income for a taxation year will generally also be deductible in computing its taxable income for that taxation year. In certain circumstances, a dividend received or deemed to be received by a Resident Holder that is a corporation may be deemed to be proceeds of disposition or a capital gain pursuant to subsection 55(2) of the Tax Act. Resident Holders that are corporations should consult their own tax advisors having regard to their own particular circumstances.

A Resident Holder that is a "private corporation" or a "subject corporation", each as defined in the Tax Act will generally be liable to pay a refundable tax under Part IV of the Tax Act on dividends received or deemed to be received on the Common Shares to the extent such dividends are deductible in computing its taxable income for the taxation year. Such additional tax may be refundable in certain circumstances.

#### Dispositions of Common Shares
Upon a disposition (or a deemed disposition) of a Common Share, a Resident Holder generally will realize a capital gain (or a capital loss) equal to the amount, if any, by which the proceeds of disposition of such Common Share, net of any reasonable costs of disposition, are greater (or are less) than the adjusted cost base of such Common Share to the Resident Holder.

The adjusted cost base to a Resident Holder of Common Shares acquired hereunder will be determined by averaging the cost of such Common Shares to the Resident Holder with the adjusted cost base of any other Common Shares held by the Resident Holder as capital property immediately before the acquisition.

#### Taxation of Capital Gains and Capital Losses
Generally, one-half of any capital gain (a "taxable capital gain") realized by a Resident Holder in a taxation year must be included in the Resident Holder's income for the year and one-half of any capital loss (an "allowable capital loss") realized by a Resident Holder in a taxation year must be deducted from taxable capital gains realized by the Resident Holder in that year. Allowable capital losses in excess of taxable capital gains realized in a taxation year generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances described in the Tax Act.

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The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition of a Common Share may be reduced by the amount of dividends received or deemed to be received by it on such Common Share, to the extent and under the circumstances described in the Tax Act. Similar rules may apply where a Common Share is owned by a partnership or trust of which a corporation, trust or partnership is a member or beneficiary. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

#### Aggregate Investment Income
A Resident Holder that is, throughout the relevant taxation year, a "Canadian-controlled private corporation", as defined in the Tax Act, may be liable to pay a refundable tax on its "aggregate investment income", which is defined in the Tax Act to include an amount in respect of taxable capital gains and dividends or deemed dividends that are not deductible in computing such corporation's income. Pursuant to Proposed Amendments released on April 7, 2022 in a Notice of Ways and Means Motion (the "Notice") released with the federal budget, it is proposed that the refundable tax on investment income will also apply to corporations that are "substantive CCPCs" as defined in the Notice.

#### Alternative Minimum Tax
Capital gains realized and dividends received or deemed to be received by an individual (including certain trusts) may give rise to liability for alternative minimum tax as calculated under the detailed rules set out in the Tax Act. Resident Holders who are individuals should consult their own tax advisors in this regard.

#### Holders Not Resident in Canada
This portion of the summary applies to a Holder who, at all relevant times, for purposes of the Tax Act and any applicable income tax treaty or convention (i) is neither resident nor deemed to be resident in Canada, and (ii) does not, and is not deemed to, use or hold the Common Shares in a business carried on in Canada (a "Non-Resident Holder"). In addition, this portion of the summary does not apply to an insurer who carries on an insurance business in Canada and elsewhere or an "authorized foreign bank" (as defined in the Tax Act) and such Non-Resident Holders should consult their own tax advisors.

#### Dividends on the Common Shares
Any dividends paid or credited, or deemed to be paid or credited, on the Common Shares, as the case may be, to a Non-Resident Holder will generally be subject to Canadian withholding tax at the rate of 25% of the gross amount of the dividend, subject to any reduction in the rate of withholding to which that Non-Resident Holder may be entitled under an applicable income tax treaty or convention. For instance, where the Non-Resident Holder is a resident of the United States that is entitled to applicable benefits under the Canada-United States Income Tax Convention (1980), as amended, and is the beneficial owner of the dividends, the rate of Canadian withholding tax applicable to dividends is generally reduced to 15%. The rate of withholding tax is generally further reduced to 5% if the beneficial owner of such dividend is a company that owns, directly or indirectly, at least 10% of the voting shares of the Company. Non-Resident Holders should consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty or convention.

#### Disposition of the Common Shares
A Non-Resident Holder will not be subject to tax under the Tax Act in respect of any capital gain realized by such Non-Resident Holder on a disposition of a Common Share unless such share constitutes "taxable Canadian property" (as defined in the Tax Act) of the Non-Resident Holder at the time of disposition and the Non-Resident Holder is not entitled to relief under an applicable income tax treaty or convention.

Generally, the Common Shares will not constitute "taxable Canadian property" of a Non-Resident Holder at any particular time provided that the Common Shares are then listed on a "designated stock exchange" for the purposes of the Tax Act (which currently includes), unless at any time during the 60-month period immediately preceding such time: (i) at least 25% or more of the issued shares of any class or series of the capital shares of the Company were owned by or belonged to any combination of (x) the Non-Resident Holder, (y) persons with whom the Non-Resident Holder did not deal at arm's length (for the purposes of the Tax Act), and (z) partnerships in which the Non-Resident Holder or a person described in (y) holds a membership interest directly or indirectly through one or more partnerships; and (ii) more than 50% of the fair market value of such shares was derived directly or

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indirectly from one, or any combination of, real or immovable property situated in Canada, Canadian resource property (as defined in the Tax Act), timber resource property (as defined in the Tax Act) or options in respect of, interests in or for civil law rights in, any such property (whether or not such property exists). Notwithstanding the foregoing, the Common Shares may also be deemed to be "taxable Canadian property" in certain circumstances.

In cases where a Non-Resident Holder disposes (or is deemed to have disposed) of a Common Share that is "taxable Canadian property" to that Non-Resident Holder, and the Non-Resident Holder is not entitled to an exemption under an applicable income tax treaty or convention, the consequences described above under the headings "Holders Resident in Canada — Dispositions of Common Shares" and "Taxation of Capital Gains and Capital Losses" will generally be applicable to such disposition. Non-Resident Holders for whom a Common Share is, or may be, "taxable Canadian property" should consult their own tax advisors.

#### Material U.S. Federal Income Tax Considerations
The following discussion is a general summary of material U.S. federal income tax considerations with respect to the ownership and disposition of shares of our Common Shares. This summary is based on current U.S. federal income tax laws (including provisions of the U.S. Internal Revenue Code of 1986, as amended (the "**Code**"), U.S. Treasury regulations promulgated thereunder and administrative rulings and court decisions, all in effect as of the date hereof), all of which are subject to change at any time, possibly with retroactive effect. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect owners of our Common Shares.

For purposes of this discussion, the term "U.S. Holder" means a beneficial owner of one or more of our Common Shares that is for U.S. federal income tax purposes one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual citizen or resident of the United States, including individuals treated as residents of the United States solely for tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation created or organized in or under the laws of the United States or any political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income taxation regardless of its source, or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust if (1) a court within the United States can exercise primary supervision over it, and one or more United States persons have the authority to control all substantial decisions of the trust, or (2) the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person.

This discussion applies only to a U.S. Holder that holds Common Shares as "capital assets" within the meaning of Section 1221 of the Code (generally, property held for investment). Unless otherwise provided, this summary does not discuss reporting requirements. This discussion is of a general nature only and does not take into account the particular facts and circumstances, with respect to U.S. federal income tax issues, of any particular U.S. Holder. In addition, this discussion does not address any tax consequences other than U.S. federal income tax consequences, such as U.S. state and local tax consequences, U.S. estate and gift tax consequences, and non-U.S. tax consequences, and does not describe all of the U.S. federal income tax consequences that may be relevant in light of a U.S. Holder's particular circumstances, including alternative minimum tax consequences, the net investment income tax, and tax consequences to holders that are subject to special provisions under the Code, including, but not limited to, holders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are tax exempt organizations, qualified retirement plans, individual retirement accounts, or other tax deferred accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are brokers or dealers in securities or currencies or holders that are traders in securities that elect to apply a mark-to-market accounting method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a "functional currency" for U.S. federal income tax purposes that is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• own Common Shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement involving more than one position;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire Common Shares in connection with the exercise of employee share options or otherwise as compensation for services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are partnerships or other pass-through entities for U.S. federal income tax purposes (or investors in such partnerships and entities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are required to accelerate the recognition of any item of gross income with respect to the Common Shares as a result of such income being recognized on an applicable financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hold the Common Shares in connection with trade or business conducted outside of the United States or in connection with a permanent establishment or other fixed place of business outside of the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are former U.S. citizens or former long-term residents of the United States.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares of our securities, the tax treatment of a person treated as a partner for U.S. federal income tax purposes generally will depend on the status of the partner and the activities of the partnership. Persons that for U.S. federal income tax purposes are treated as a partner in a partnership holding shares of our securities should consult their tax advisors.

We have not sought, and do not expect to seek, a ruling from the United States Internal Revenue Service (the "**IRS**"), as to any United States federal income tax consequence described herein. The IRS may disagree with the discussion herein, and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.

**WE RECOMMEND THAT PROSPECTIVE HOLDERS OF OUR COMMON SHARES CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES TO THEM (INCLUDING THE APPLICATION AND EFFECT OF ANY FEDERAL, STATE, LOCAL, NON**-U**.S. INCOME AND OTHER TAX LAWS) OF THE OWNERSHIP AND DISPOSITION OF OUR COMMON SHARES.**

#### U.S. Tax Status of the Company
Although the Company is incorporated under Canadian law, as a result of the consummation of the Merger, the Company should be treated, pursuant to Section 7874 of the Code, as a U.S. corporation for all purposes under the Code. As a result, since the Company should be treated as a U.S. corporation for U.S. federal income tax purposes, we do not intend to treat the Company as a "passive foreign investment company," as such rules apply only to non-U.S. corporations that are treated as such for U.S. federal income tax purposes. Since the Company is a taxable corporation in Canada, it would likely be subject to income taxation in both the United States and Canada on the same income, which could reduce the amount of income available for distribution to shareholders. The ability of the Company to take foreign tax credits against its U.S. tax liability in respect of taxes paid in Canada may be limited.

The remainder of this discussion assumes that the Company is treated as a U.S. corporation for all U.S. federal income tax purposes. If, for some reason (e.g., future repeal of Section 7874 of the Code), the Company were no longer treated as a U.S. corporation under the Code, the U.S. federal income tax consequences described herein could be materially and adversely affected.

#### U.S. Holders

#### Taxation of Distributions
If we pay distributions in cash or other property (other than certain distributions of our Common Share or rights to acquire our Common Share) to U.S. Holders of our Common Shares, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the

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U.S. Holder's adjusted tax basis in our Common Shares. Any remaining excess will be treated as gain realized on the sale or other disposition of the Common Shares and will be treated as described under "*U.S. Holders — Sale, Taxable Exchange or Other Taxable Disposition of Our Common Shares*" below.

Dividends we pay to a U.S. Holder that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding period is satisfied. With certain exceptions and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. Holder may constitute "qualified dividend income" that will be subject to tax at the applicable tax rate accorded to long-term capital gains. If the holding period requirements are not satisfied, then a corporation may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend amount, and non-corporate holders may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential rate that applies to qualified dividend income. If a U.S. Holder is subject to Canadian withholding tax on dividends paid on the holder's securities to the U.S. Holder, the dividends will be considered U.S. source income, which could limit the ability of a U.S. Holder to claim a foreign tax credit for the Canadian withholding taxes imposed in respect of such a dividend. See "*U.S. Holders — Foreign Tax Credit Limitations*" below

#### Sale, Taxable Exchange or Other Taxable Disposition of Our Common Shares
Subject to the discussion below under "*U.S. Holders — Redemption of Our Common Shares*," upon a sale, taxable exchange or other taxable disposition of our Common Shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis in such Common Shares. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder's holding period for the Common Shares so disposed of exceeds one year. Long-term capital gains recognized by non-corporate U.S. Holders currently will be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.

To the extent a U.S. Holder pays any Canadian tax on a sale, exchange or disposition of our Common Shares, a U.S. foreign tax credit may not be available. See "*U.S. Holders — Foreign Tax Credit Limitations*" below.

#### Foreign Tax Credit Limitations
Because the Company is subject to tax both as a U.S. domestic corporation and as a Canadian corporation, a U.S. Holder may pay, through withholding, Canadian tax, as well as U.S. federal income tax, with respect to dividends paid on its securities. For U.S. federal income tax purposes, a U.S. Holder may elect for any taxable year to receive either a credit or a deduction for all foreign income taxes paid by the holder during the year. Complex limitations apply to the foreign tax credit, including a general limitation that the credit cannot exceed the proportionate share of a taxpayer's U.S. federal income tax that the taxpayer's foreign source taxable income bears to the taxpayer's worldwide taxable income. In applying this limitation, items of income and deduction must be classified, under complex rules, as either foreign source or U.S. source.

The status of the Company as a U.S. domestic corporation for U.S. federal income tax purposes will cause dividends paid by the Company to be treated as U.S. source rather than foreign source income for this purpose. As a result, a foreign tax credit may be unavailable for any Canadian tax paid on dividends received from the Company. Similarly, to the extent a sale or disposition securities by a U.S. Holder results in Canadian tax payable by the U.S. Holder (for example, because the Common Shares constitute taxable Canadian property within the meaning of the Tax Act), a U.S. foreign tax credit may be unavailable to the U.S. Holder for such Canadian tax. In each case, however, the U.S. Holder may be able to take a deduction for the U.S. Holder's Canadian tax paid, provided that the U.S. Holder has not elected to credit other foreign taxes during the same taxable year. The foreign tax credit rules are complex, and each U.S. Holder should consult its own tax advisor regarding these rules.

#### Information Reporting and Backup Withholding
In general, information reporting requirements may apply to dividends paid to a U.S. Holder and to the proceeds of the sale, taxable exchange or other taxable disposition of our Common Shares unless the U.S. Holder is an exempt recipient. Backup withholding may apply to such payments if the U.S. Holder fails to provide a taxpayer identification number, a certification of exempt status or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).

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Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided the required information is timely furnished to the IRS.

#### Non-U .S. Holders
This section applies to you if you are a "Non-U.S. Holder." As used herein, the term "Non-U.S. Holder" means a beneficial owner of our Common Shares that is for United States federal income tax purposes not a U.S. Holder, as defined above.

#### Taxation of Distributions
If we pay distributions in cash or other property (other than certain distributions of our Common Shares or rights to acquire our Common Shares) to Non-U.S. Holders of our Common Shares, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the Non-U.S. Holder's adjusted tax basis in our Common Shares. Any remaining excess will be treated as gain realized on the sale or other disposition of the Common Shares and will be treated as described under "*Non*-U*.S. Holders — Sale, Taxable Exchange or Other Taxable Disposition of Our Common Shares*."

Subject to the discussions below on effectively connected income, dividends paid to a Non-U.S. Holder of our Common Shares will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder generally must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends will be subject to U.S. federal income tax on a net basis at the regular graduated rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected dividends, as adjusted for certain items.

Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

#### Sale, Taxable Exchange or Other Taxable Disposition of Our Common Shares
Subject to the discussion below under "*Non*-U*.S. Holders — Redemption of Our Common Shares*," a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale, taxable exchange or other taxable disposition of our Common Shares unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Common Shares constitute a U.S. real property interest ("**USRPI**") by reason of our status as a U.S. real property holding corporation ("**USRPHC**") for U.S. federal income tax purposes.

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Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular graduated rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder, provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our Common Shares will not be subject to U.S. federal income tax if our Common Shares are "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our Common Shares throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition and the Non-U.S. Holder's holding period.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

#### Information Reporting and Backup Withholding
Payments of dividends on our Common Shares will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the Non-U.S. Holder is a United States person and the Non-U.S. Holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any dividends on our Common Shares paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale, taxable exchange or other taxable disposition of our Common Shares within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting, if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person, or the Non-U.S. Holder otherwise establishes an exemption. Proceeds of a disposition of our Common Shares conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

All Non-U.S. Holders should consult their tax advisors regarding the application of information reporting and backup withholding to them.

#### FATCA Withholding Taxes
Sections 1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred to as the "**Foreign Account Tax Compliance Act**" or "**FATCA**") generally impose withholding of 30% on payments of dividends (including constructive dividends) on our Common Shares to "foreign financial institutions" (which is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities unless various U.S. information reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts with those entities) have been satisfied by, or an exemption applies to, the payee (typically certified as to by the delivery of a properly completed IRS Form W-8BEN-E). The

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IRS has issued proposed regulations (on which taxpayers may rely until final regulations are issued) that provide that these withholding requirements would generally not apply to gross proceeds from sales or other dispositions of our Common Shares. However, there can be no assurance that final Treasury regulations will provide the same exceptions from FATCA withholding as the proposed Treasury regulations. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. Under certain circumstances, a Non-U.S. Holder might be eligible for refunds or credits of such withholding taxes, and a Non-U.S. Holder might be required to file a U.S. federal income tax return to claim such refunds or credits. Similarly, dividends in respect of our Common Shares held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions will generally be subject to withholding at a rate of 30%, unless such entity either (1) certifies to us or the applicable withholding agent that such entity does not have any "substantial United States owners" or (2) provides certain information regarding the entity's "substantial United States owners," which will in turn be provided to the U.S. Department of Treasury. Prospective investors should consult their tax advisors regarding the effects of FATCA on their investment in our Common Shares.

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#### UNDERWRITING
ThinkEquity LLC is the representative for the several underwriters of this offering, or the representative. We have entered into an underwriting agreement dated , 2022, with the underwriters named below. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has agreed, severally and not jointly, to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this Prospectus, the number of Common Shares at the initial public offering price, less the underwriting discounts and commissions, as set forth on the cover page of this Prospectus, the number of shares listed next to its name in the following table:

---

| | |
|:---|:---|
|  **Name** | **Number of <br>Common <br>Shares** |
|  ThinkEquity LLC |  |
|  **Total** |  |

---

The underwriters are committed to purchase all Common Shares offered by us other than those covered by the over-allotment option described below, if any are purchased. The obligations of the underwriters may be terminated upon the occurrence of certain events specified in the underwriting agreement. Furthermore, the underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Common Shares offered by us in this Prospectus are subject to various representations and warranties and other customary conditions specified in the underwriting agreement, such as receipt by the representative of officers' certificates and legal opinions.

We have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriters may be required to make in respect thereof.

The underwriters are offering the Common Shares subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by its counsel and other conditions specified in the underwriting agreement. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

#### Over-Allotment Option
We have granted the underwriters an over-allotment option. This option, which is exercisable for up to 45 days after the date of this Prospectus, permits the underwriters to purchase up to an aggregate of additional Common Shares (equal to 15% of the Common Shares sold in this offering) at the public offering price per share, less underwriting discounts and commissions, solely to cover over-allotments, if any. If the underwriters exercise this option in whole or in part, then the underwriters will be committed, subject to the conditions described in the underwriting agreement, to purchase the additional Common Shares in proportion to their respective commitments set forth in the prior table.

#### Discounts, Commissions and Reimbursement
The representative has advised us that the underwriters propose to offer the shares to the public at the initial public offering price per share set forth on the cover page of this Prospectus. The underwriters may offer shares to securities dealers at that price less a concession of not more than $ per share. After the initial offering to the public, the public offering price and other selling terms may be changed by the representative.

The following table summarizes the underwriting discounts and commissions, non-accountable underwriters' expense allowance and proceeds, before expenses, to us assuming both no exercise and full exercise by the underwriters of their over-allotment option:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total** | **Total** |
|  | **Per Share** | **Offering without <br>Over-Allotment <br>Option** | **Offering <br>with <br>Over-Allotment <br>Option** |
|  Public offering price | $| $| $|
|  Underwriting discounts and commissions (7.5%) |  |  |  |
|  Non-accountable expense allowance (1%) |  |  |  |
|  Proceeds, before expenses, to us | $| $| $|

---

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We have agreed to reimburse the representative for its out-of-pocket accountable expenses relating to this offering up to $40,000. We have agreed to pay an expense deposit of $40,000 to the representative of the underwriters upon execution of an engagement letter relating to this offering (the "Advance"), which will be applied against the actual out-of-pocket accountable expenses that will be incurred by the underwriters in connection with this offering, and will be reimbursed to us to the extent not incurred, of which $40,000 has been paid as of the date hereof.

In addition, we have agreed to pay a non-accountable expense allowance equal to 1.0% of the public offering price payable to the underwriters. We have also agreed to pay certain expenses of the representative in connection with this offering, including: (a) all filing fees and communication expenses associated with the review of this offering by the Financial Industry Regulatory Authority, Inc. ("FINRA"); (b) fees, expenses and disbursements relating to background checks of our officers and directors, in an amount not to exceed $15,000; (c) fees, expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of such states and foreign jurisdictions designated by the representative; (d) fees and expenses of the representative's legal counsel, not to exceed $125,000 (e) $29,500 for costs and expenses for the underwriters' use of book-building, prospectus tracking and compliance software for this offering; (f) fees and expenses for data services and communications expenses; (g) the costs associated with bound volumes of the public offering materials as well as commemorative mementos and lucite tombstones, each of which the Company or its designee will provide within a reasonable time after the closing in such quantities as the representative may reasonably request, in an amount not to exceed $3,000; (h) $10,000 for data services and communications expenses; (i) up to $10,000 of the representative's actual accountable "road show" expenses; and (j) up to $30,000 of the representative's market making and trading, and clearing firm settlement expenses for the offering.

We estimate that the total expenses of this offering payable by us, not including underwriting discounts, commissions and expenses, will be approximately $.

#### Representative's Warrants
Upon the closing of this offering, we have agreed to issue to the representative warrants to purchase up to Common Shares equal in the aggregate to 5% of the total shares sold in this public offering (the "Representative's Warrants"). The Representative's Warrants will be exercisable at a per share exercise price equal to $, which represents 125% of the public offering price per share sold in this offering. The Representative's Warrants are exercisable at any time and from time to time, in whole or in part, during the four-and-½-year period commencing six months after the effective date of the registration statement related to this offering. The Representative's Warrants also provide for one demand registration right of the shares underlying the Representative's Warrants, and unlimited "piggyback" registration rights with respect to the registration of the shares of Common Shares underlying the Representative's Warrants and customary antidilution provisions. The demand registration right provided will not be greater than five years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(C). The piggyback registration right provided will not be greater than seven years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(D).

The Representative's Warrants and the Common Shares underlying the Representative's Warrants have been deemed compensation by the Financial Industry Regulatory Authority, or FINRA, and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The representative, or permitted assignees under such rule, may not sell, transfer, assign, pledge, or hypothecate the Representative's Warrants or the securities underlying the Representative's Warrants, nor will the representative engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Representative's Warrants or the underlying shares for a period of 180 days from the effective date of the registration statement. Additionally, the Representative's Warrants may not be sold transferred, assigned, pledged or hypothecated for a 180-day period following the effective date of the registration statement except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners. The Representative's Warrants will provide for adjustment in the number and price of the Representative's Warrants and the Common Shares underlying such Representative's Warrants in the event of recapitalization, merger, share split or other structural transaction, or a future financing undertaken by us.

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#### Right of First Refusal
Until fifteen (15) months from the closing of this offering, the representative shall have an irrevocable right of first refusal to act as sole investment banker, sole book-runner, sole financial advisor, sole underwriter and/or sole placement agent, at the representative's sole discretion, for each and every future public and private equity offerings for our company, or any successor to or any subsidiary of our company, including all equity linked financings, on terms customary to the representative. The representative shall have the sole right to determine whether or not any other broker-dealer shall have the right to participate in any such offering and the economic terms of any such participation. The representative will not have more than one opportunity to waive or terminate the right of first refusal in consideration of any such transaction.

#### Discretionary Accounts
The underwriters do not intend to confirm sales of the securities offered hereby to any accounts over which they have discretionary authority.

#### Lock-Up Agreements
We have agreed that for a period of six (6) months after the closing of this offering we (and any of our successors) will not, without the prior written consent of the representative and subject to certain exceptions, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file or caused to be filed any registration statement with SEC relating to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete any offering of our debt securities, other than entering into a line of credit with a traditional bank; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Common Shares, whether any such transaction is to be settled by delivery of Common Shares or such other securities, in cash or otherwise.

Additionally, we agreed that for a period of 24 months after the offering we will not directly or indirectly in any variable rate or equity line transaction, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares without the prior written consent of the representative.

In addition, each of our directors, officers and any other holder of outstanding Common Shares (or securities convertible into Common Shares, including options and warrants) as of the effective date of the registration statement have entered into customary "lock-up" agreements in favor of the representative pursuant to which such persons and entities have agreed, for a period of twelve (12) months from the date of the offering in the case of our directors and officers and six (6) months from the date of the offering in the case of any other holder of outstanding securities, that they will neither offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our securities without the representative's prior written consent.

#### Electronic Offer, Sale and Distribution of Securities
A prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members. The underwriters may agree to allocate a number of securities to selling group members for sale to its online brokerage account holders. Internet distributions will be allocated by the underwriters and selling group members that will make internet distributions on the same basis as other allocations. Other than the Prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this Prospectus or the registration statement of which this Prospectus forms a part, has not been approved or endorsed by us, and should not be relied upon by investors.

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#### Stabilization

Stabilizing transactions permit bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for the purpose of preventing or retarding a decline in the market price of the shares while this offering is in progress.

Over-allotment transactions involve sales by the underwriters of common shares in excess of the number of common shares the underwriters are obligated to purchase. This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position, the number of common shares over-allotted by the underwriters are not greater than the number of common shares that they may purchase in the over-allotment option. In a naked short position, the number of common shares involved is greater than the number of common shares in the over-allotment option. The underwriters may close out any short position by exercising their over-allotment option and/or purchasing common shares in the open market.

Syndicate covering transactions involve purchases of common shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of common shares to close out the short position, the underwriters will consider, among other things, the price of common shares available for purchase in the open market as compared with the price at which it may purchase common shares through exercise of the over-allotment option. If the underwriters sell more common shares than could be covered by exercise of the over-allotment option and, therefore, have a naked short position, the position can be closed out only by buying common shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that after pricing there could be downward pressure on the price of the common shares in the open market that could adversely affect investors who purchase in this offering.

Penalty bids permit an underwriter to reclaim a selling concession from a syndicate member when the common shares originally sold by that syndicate member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Common Shares or preventing or retarding a decline in the market price of our Common Shares. As a result, the price of our Common Shares in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the price of our Common Shares. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time.

#### Passive Market Making
In connection with this offering, underwriters and selling group members may engage in passive market making transactions in our Common Shares on in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the securities and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

#### Other Relationships
The underwriters and their affiliates may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates for which they may in the future receive customary fees.

#### Offer Restrictions Outside The United States
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this Prospectus in any jurisdiction where action for that purpose is required. The securities offered by this Prospectus may not be offered or sold, directly or indirectly, nor may this Prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and

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regulations of that jurisdiction. Persons into whose possession this Prospectus comes are advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this Prospectus. This Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this Prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### Australia
This Prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this Prospectus is only made to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions set out in section 708 of the Australian Corporations Act, (ii) this Prospectus is made available in Australia only to those persons as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance that by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer to the offeree under this Prospectus.

#### China
The information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in the People's Republic of China (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal or natural persons other than directly to "qualified domestic institutional investors."

#### European Economic Area — Belgium, Germany, Luxembourg and Netherlands
The information in this document has been prepared on the basis that no offers of securities will be in member states ("Member State") of the European Economic Area (the "EEA")other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to legal entities that are qualified investors as defined in the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 150 natural or legal persons (other than qualified investors within the meaning of the Prospectus Regulation) subject to obtaining the prior consent of our company or any underwriter for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of securities shall result in a requirement for the publication by us of a prospectus pursuant to Article 3 of the Prospectus Directive.

This Prospectus has been prepared on the basis that any offer of common shares in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of shares. Accordingly any person making or intending to make an offer in that Member State of our Common Shares which are the subject of the offering contemplated in this Prospectus supplement may only do so in circumstances in which no obligation arises for the Company or any of the Representatives to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, in each case, in relation to such offer. Neither the Company nor the Representatives have authorized, nor do they authorize, the making of any offer of our Common Shares in circumstances in which an obligation arises for the Company or the Representatives to publish a prospectus for such offer.

For the purposes of this provision, the expression an "offer of our common shares to the public" in relation to any common shares in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the common shares to be offered so as to enable an investor to decide to purchase or subscribe the common shares, as the same may be varied in that Member State by any measure implementing the Prospectus Regulation in that Member State, the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

The above selling restriction is in addition to any other selling restrictions set out below.

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#### Notice to Prospective Investors in the United Kingdom
In relation to the United Kingdom, no offer of common shares which are the subject of the offering has been, or will be made to the public in the United Kingdom, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined in Article 2 of the UK Prospectus Regulation (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined in Article 2 of the UK Prospectus Regulation) in the United Kingdom subject to obtaining the prior consent of Representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within section 86 of the FSMA,

provided that no such offer of common shares shall require us or any underwriter to publish a prospectus pursuant to section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

In the United Kingdom, this Prospectus is not a prospectus for the purposes of the UK Prospectus Regulation (as defined below). This Prospectus has been prepared on the basis that any offer of common shares in the United Kingdom will be made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of common shares. Accordingly any person making or intending to make an offer in the United Kingdom of common shares which are the subject of the offering contemplated in this Prospectus supplement may only do so in circumstances in which no obligation arises for us or any of the underwriters to publish a prospectus pursuant to Article 3 of the UK Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation, in each case, in relation to such offer. Neither us nor the underwriters have authorized, nor do they authorize, the making of any offer of common shares in circumstances in which an obligation arises for us or the underwriters to publish or supplement a prospectus for such offer.

For the purposes of this provision, the expression an "offer of our common shares to the public" in relation to any of our Common Shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the common shares to be offered so as to enable an investor to decide to purchase or subscribe to the common shares, as the same may be varied in United Kingdom by any measure implementing the UK Prospectus Regulation, the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

The communication of prospectus and any other document or materials relating to the issue of the common shares offered hereby is not being made, and such documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the United Kingdom's Financial Services and Markets Act 2000, as amended (the "FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom (i) who have professional experience in matters relating to investments falling within Article 19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and/or (ii) who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. In the United Kingdom, any investment or investment activity to which this document relates is only available to, and will be engaged in with, relevant persons.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of common shares may only be communicated or caused to be communicated in circumstances in which Section 21(1) of the FSMA does not apply to us.

All applicable provisions of the FSMA must be complied with in respect to anything done by any person in relation to the common shares in, from or otherwise involving the United Kingdom.

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#### France
This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code monétaire et financier) and Articles 211-1 et seq. of the General Regulation of the French Autorité des marchés financiers, or AMF. The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.

This document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.

Such offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifiés) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-1 to D.411-3, D. 744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (ii) a restricted number of non-qualified investors (cercle restreint d'investisseurs) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-4, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation.

Pursuant to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed (directly or indirectly) to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code.

#### Ireland
The information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been filed with or approved by any Irish regulatory authority as the information has not been prepared in the context of a public offering of securities in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005, or the Prospectus Regulations. The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way of a public offering, except to (i) qualified investors as defined in Regulation 2(l) of the Prospectus Regulations and (ii) fewer than 100 natural or legal persons who are not qualified investors.

#### Israel
The securities offered by this Prospectus have not been approved or disapproved by the Israeli Securities Authority, or the ISA, nor have such securities been registered for sale in Israel. The shares may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with this offering or publishing the Prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly, to the public of the securities offered by this Prospectus is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities laws and regulations.

#### Italy
The offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione Nazionale per le Società e la Borsa), or CONSOB, pursuant to the Italian securities legislation and, accordingly, no offering material relating to the securities may be distributed in Italy and such securities may not be offered or sold in Italy, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to Italian qualified investors, or Qualified Investors, as defined in Article 100 of Decree no.58 by reference to Article 34-ter of CONSOB Regulation no. 11971 of 14 May 1999, or Regulation no. 1197l, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter of Regulation No. 11971 as amended.

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Any offer, sale or delivery of the securities or distribution of any offer document relating to the securities in Italy (excluding placements where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• made by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative Decree No. 385 of 1 September 1993 (as amended), Decree No.58, CONSOB Regulation No. 16190 of 29 October 2007 and any other applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.

Any subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement rules provided under Decree No. 58 and the Regulation No. 11971 as amended, unless an exception from those rules applies. Failure to comply with such rules may result in the sale of such securities being declared null and void and in the liability of the entity transferring the securities for any damages suffered by the investors.

#### Japan
The securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended, or the FIEL, pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of securities is conditional upon the execution of an agreement to that effect.

#### Portugal
This document is not being distributed in the context of a public offer of financial securities (oferta pública de valores mobiliários) in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (Código dos Valores Mobiliários). The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal. This document and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese Securities Market Commission (Comissăo do Mercado de Valores Mobiliários) for approval in Portugal and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of securities in Portugal are limited to persons who are "qualified investors" (as defined in the Portuguese Securities Code). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.

#### Sweden
This document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel med finansiella instrument). Any offering of securities in Sweden is limited to persons who are "qualified investors" (as defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.

#### Switzerland
The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the

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listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering material relating to the securities may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering material relating to the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority.

This document is personal to the recipient only and not for general circulation in Switzerland.

#### United Arab Emirates
Neither this document nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor have we received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the securities, including the receipt of applications and/or the allotment or redemption of such shares, may be rendered within the United Arab Emirates by us.

No offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.

#### Canada
The securities may be sold in Canada only to purchasers, purchasing, or deemed to be purchasing, as principal, that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the Securities Act (Ontario). Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable Canadian securities laws. Canadian purchasers should refer to any applicable provisions of the securities legislation of their province or territory for particulars of these rights or consult with a legal advisor.

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#### EXPENSES RELATED TO THE OFFERING
The following table sets forth the costs and expenses, other than the underwriting discounts and commissions and expenses, payable in connection with this Offering. All amounts shown are estimates and subject to future contingencies, except the SEC registration fee, the Financial Industry Regulatory Authority filing fee, and entry and listing fee.

---

| | |
|:---|:---|
|  **Description** | **Amount** |
|  SEC registration fee | $|
|  FINRA filing fee |  |
|  listing fee |  |
|  Accounting and Audit fees and expenses |  |
|  Legal fees and expenses |  |
|  Transfer agent fees and expenses |  |
|  Printing fees and expenses |  |
|  Miscellaneous |  |
| &nbsp;&nbsp;&nbsp; **Total** | $|

---

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#### LEGAL MATTERS
We are being represented by Rimon, P.C., with respect to certain legal matters as to United States federal securities law. The underwriters are being represented by Clark Wilson LLP, with respect to certain legal matters as to United States federal securities law. The validity of the Common Shares offered in this offering and certain legal matters as to Canadian law will be passed upon for us by Aird & Berlis LLP.

#### EXPERTS
MNP LLP, an independent registered public accounting firm, has audited our consolidated financial statements as of, and for the years ended, December 31, 2021 and 2020, as set forth in their report thereon. We have included such consolidated financial statements in this Prospectus in reliance on the report of such firm given on their authority as experts in accounting and auditing. MNP is independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB on auditor independence. MNP's headquarters are located at 111 Richmond Street West, Suit 300, Toronto, ON, M5H 2G4.

#### ENFORCEABILITY OF CIVIL LIABILITIES
We are a corporation organized under the laws of the Province of British Columbia, Canada. Most of our directors and executive officers reside in Canada, and significantly all of our assets and the assets of such persons are located outside of the United States. As a result, it may not be possible for investors to effect service of process within the United States upon these persons or us, or to enforce against them or us judgments obtained in U.S. courts, whether or not predicated upon the civil liability provisions of the federal securities laws of the United States or of the securities laws of any state of the United States. There is doubt as to the enforceability in Canada, either in original actions or in actions for enforcement of judgments of U.S. courts, of civil liabilities predicated solely on the federal securities laws of the United States or the securities laws of any state of the United States.

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#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the U.S. Securities and Exchange Commission (the "**SEC**") a registration statement on Form F-1 under the Securities Act relating to the securities we are offering to sell. This Prospectus, which constitutes part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules which are part of the registration statement. Some items included in the registration statement have been omitted from this Prospectus in accordance with the rules and regulations of the SEC. For further with respect to us and our securities, we refer you to the registration statement, including all amendments, supplements, exhibits, and schedules thereto. Statements contained in this Prospectus regarding the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see a copy of such contract or document that has been filed. Each statement in this Prospectus relating to a contract or document that is filed as an exhibit to the registration statement is qualified in all respects by reference to the full text of such contract or document filed as an exhibit to the registration statement.

You may access and read the registration statement and this Prospectus, including the related exhibits and schedules, and any document we file with the SEC at the SEC's Internet website that contains reports and other information regarding issuers that file electronically with the SEC. Our filings with the SEC are available to the public without charge through the SEC's website at *http://www.sec.gov*.

Upon completion of this Offering, we will be subject to the information reporting requirements of the Exchange Act, that are applicable to "foreign private issuers," and under those requirements will file reports with the SEC. Those other reports or other information may be inspected without charge at the locations described above. As a "foreign private issuer," we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and "short-swing" profit recovery provisions contained in Section 16 of the Exchange Act with respect to their purchases and sales of common shares. Furthermore, as a "foreign private issuer," we are also not subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act. In addition, we will not be required under the Exchange Act to file annual or other reports and financial statements with the SEC as frequently or as promptly as U.S. companies that have securities registered under the Exchange Act. As such, we will file with the SEC, within 120 days after the end of each fiscal year, or such other applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm. We also intend to furnish to the SEC under cover of Form 6-K certain other material information. Our corporate website is *www.modernmining.com*. After the consummation of this Offering, you may go to our website to access our periodic reports and other information that we file with the SEC as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not incorporated by reference into, and is not a part of, this Prospectus. We have included our website address in this Prospectus solely for informational purposes.

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#### INDEX TO FINANCIAL STATEMENTS

#### MODERN MINING TECHNOLOGY CORP.

---

| | |
|:---|:---|
|  | **Page** |
|  **Audited Financial Statements of Modern Mining Technology Corp. for the Years Ended December 31, 2021 and 2020 (Expressed in United States Dollars)** |  |
|  [Independent Auditor's Report](#T71) | F-2 |
|  [Statement of Financial Position as of December 31, 2021 and 2020](#T72) | F-3 |
|  [Statement of Loss and Comprehensive Loss for the Years Ended December 31, 2021 and 2020](#T73) | F-4 |
|  [Statement of Changes in Shareholders' Equity for the Years Ended December 31, 2021 and 2020](#T74) | F-5 |
|  [Statement of Cash Flows for the Years Ended December 31, 2021 and 2020](#T75) | F-6 |
|  [Notes to the Audited Financial Statements for the Years Ended December 31, 2021 and 2020](#T77) | F-7 |

---

---

| | |
|:---|:---|
|  **Consolidated Financial Statements of Modern Mining Technology Corp. (unaudited) for the <br>Six-Month Periods ended June 30, 2022 and 2021** |  |
|  [Condensed Consolidated Interim Statements of Financial Position](#T9881) | F-30 |
|  [Condensed Consolidated Interim Statements of Loss and Comprehensive Loss](#T9882) | F-31 |
|  [Condensed Consolidated Interim Statements of Changes in Equity](#T9883) | F-32 |
|  [Condensed Consolidated Interim Statements of Cash Flows](#T9884) | F-33 |
|  [Notes to the Condensed Consolidated Interim Financial Statements](#T9885) | F-34 |

---

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#### Independent Auditor's Report
To the Board of Directors and Shareholders of Modern Mining Technology Corp.

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of Modern Mining Technology Corp. (the Company) as of December 31, 2021 and 2020, and the related consolidated statements of loss and comprehensive loss, statements of equity, and cash flows for the years ended December 31, 2021 and 2020, and the related notes (collectively referred to as the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2021 and 2020, and the results of its consolidated operations and its consolidated cash flows for the years ended December 31, 2021 and 2020, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

#### Material Uncertainty Related to Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provided a reasonable basis for our opinion.

#### Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.

We have served as the Company's auditor since 2021.

---

| | |
|:---|:---|
|  | ![](tmnp_sig.jpg) |
|  Toronto, Canada | Chartered Professional Accountants |
|  July 5, 2022 | Licensed Public Accountants |

---

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#### MODERN MINING TECHNOLOGY CORP.<br>US Dollars<br>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **As at <br>31 December <br>2021** | **As at <br>31 December <br>2020** |
|  **Assets** |  |  |  |
|  **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | $**414047** | $98579 |
| &nbsp;&nbsp;&nbsp; Trust account | (16) | **885391** |  |
| &nbsp;&nbsp;&nbsp; Goods and services tax receivable |  | **13033** |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | (8) | **1701** | 15331 |
|  **Total Current Assets** |  | **1314172** | 113910 |
|  **Non-current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | (9) | **—** | 361619 |
| &nbsp;&nbsp;&nbsp; Right-of-use asset | (15) | **—** | 771320 |
| &nbsp;&nbsp;&nbsp; Security deposit | (10) | **—** | 9000 |
|  **Total Assets** |  | $**1314172** | $1255849 |
|  **Liabilities** |  |  |  |
|  **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | (11) | $**651744** | $28110 |
| &nbsp;&nbsp;&nbsp; Trust liability | (16) | **885391** |  |
| &nbsp;&nbsp;&nbsp; Loan payable | (14) | **61000** | 61000 |
| &nbsp;&nbsp;&nbsp; Grant payable | (12) | **15000** | 20000 |
| &nbsp;&nbsp;&nbsp; Lease liability – current | (15) | **—** | 142213 |
| &nbsp;&nbsp;&nbsp; Short-term loans | (13) | **277331** |  |
|  |  | **1890466** | 251323 |
|  **Non-current Liabilities** |  |  |  |
|  Lease liability – non-current | (15) | **—** | 641766 |
|  **Total Liabilities** |  | $**1890466** | $893089 |
|  **Equity (Deficit)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Share capital | (16) | **2822311** | 1838628 |
| &nbsp;&nbsp;&nbsp; Contributed surplus – warrants |  | **264665** | 111500 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit |  | **(3663270)** | (1587368) |
| &nbsp;&nbsp;&nbsp; **Total Equity (Deficit)** |  | **(576294)** | 362760 |
|  |  | $**1314172** | $1255849 |

---

<u> Nature of operations and going concern </u>   <u> (1) </u>   <u> Capital management </u>   <u> (19 </u> <u>) </u> <br> <u> Commitments </u>   <u> (21) </u>   <u> Subsequent events </u>   <u> (22 </u> <u>) </u>

The Consolidated Financial Statements were approved by the Board of Directors on 5 July 2022 and were signed on its behalf by:

<u> "Signed" </u>       <u> "Signed" </u> <br> <u> Sean Bromley, Director </u>       <u> Michael Hepworth, Director </u>

The accompanying notes form an integral part of the consolidated financial statements

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#### MODERN MINING TECHNOLOGY CORP.<br>US Dollars <br> CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **Year Ended <br>31 December <br>2021** | **Year Ended <br>31 December <br>2020** |
|  **Revenue** |  | $**—** | $23586 |
|  Cost of sales |  | **—** | 51222 |
|  Gross loss |  | **—** | (27636) |
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp; Professional fees |  | $**535162** | $64298 |
| &nbsp;&nbsp;&nbsp; Employee cost |  | **358996** | 168674 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | (16) | **310950** | 210050 |
| &nbsp;&nbsp;&nbsp; Management and director fees |  | **149661** |  |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use asset | (15) | **124665** | 148559 |
| &nbsp;&nbsp;&nbsp; General and administration |  | **75227** | 85645 |
| &nbsp;&nbsp;&nbsp; Depreciation expense | (9) | **66871** | 76187 |
| &nbsp;&nbsp;&nbsp; Rental |  | **47618** |  |
| &nbsp;&nbsp;&nbsp; Consulting fees |  | **26724** | 39481 |
| &nbsp;&nbsp;&nbsp; Insurance |  | **26701** | 24523 |
| &nbsp;&nbsp;&nbsp; Travel and entertainment |  | **26577** | 5751 |
| &nbsp;&nbsp;&nbsp; Research and development |  | **13548** | 62023 |
|  **Total Operating Expenses** |  | **1762700** | 885191 |
|  **Loss from Continuing Operations** |  | $**(1762700)** | $(912827) |
|  **Other Income (Expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Gain on lease modification/termination | (15) | **19889** | 103046 |
| &nbsp;&nbsp;&nbsp; Income (loss) from foreign exchange |  | **5380** | (18) |
| &nbsp;&nbsp;&nbsp; Other income from the grant | (12) | **5000** | 5000 |
| &nbsp;&nbsp;&nbsp; Interest income |  | **200** | (432) |
| &nbsp;&nbsp;&nbsp; Impairment of equipment | (9) | **(294748)** |  |
| &nbsp;&nbsp;&nbsp; Finance cost |  | **(36642)** | (67995) |
| &nbsp;&nbsp;&nbsp; Interest on short-term loans |  | **(12281)** |  |
| &nbsp;&nbsp;&nbsp; Forgiveness of debt | (11) |  | 183187 |
|  |  | **(313202)** | 222788 |
|  **Net Loss and Comprehensive Loss for the Year** |  | $**(2075902)** | $(690039) |
|  **Basic and Diluted Loss per Share** |  | $**(0.28)** | $(0.18) |
|  **Weighted Average Shares Outstanding** |  | **7412236** | 3832730 |

---

The accompanying notes form an integral part of the consolidated financial statements

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#### MODERN MINING TECHNOLOGY CORP.<br>Audited <br>US Dollars<br>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common <br>Shares\*** | **Common <br>Shares Amount** | **Preferred <br>Shares Amount** | **Contributed <br>Surplus** | **Accumulated <br>Deficit** | **Shareholders' <br>Equity <br>(Deficit)** |
|  **Balance as at 31 December 2019** | 1416667 | $425 | $917457 | $— | $(897329) | $20553 |
| &nbsp;&nbsp;&nbsp; Issuance of preferred shares |  |  | 226751 |  |  | 226751 |
| &nbsp;&nbsp;&nbsp; Preferred shares converted 1:1 | 712356 | 1144208 | (1144208) |  |  |  |
| &nbsp;&nbsp;&nbsp; Issuance of common shares @ $0.15 | 3476667 | 410000 |  | 111500 |  | 521500 |
| &nbsp;&nbsp;&nbsp; Share based compensation | 1381999 | 210050 |  |  |  | 210050 |
| &nbsp;&nbsp;&nbsp; Employee grant | 36667 | 2750 |  |  |  | 2750 |
| &nbsp;&nbsp;&nbsp; Shares issued to settle debt | 196233 | 87613 |  |  |  | 87613 |
| &nbsp;&nbsp;&nbsp; Share redemption | (830138) | (50000) |  |  |  | (50000) |
| &nbsp;&nbsp;&nbsp; Issuance of shares @ $0.45 | 74851 | 33582 |  |  |  | 33582 |
| &nbsp;&nbsp;&nbsp; Net loss for the year |  |  |  |  | (690039) | (690039) |
|  **Balance as at 31 December 2020** | **6465302** | $**1838628** | $**—** | $**111500** | $**(1587368)** | $**362760** |
| &nbsp;&nbsp;&nbsp; Issuance of common shares @ $0.45 | **133333** | **44200** | **—** | **15800** | **—** | **60000** |
| &nbsp;&nbsp;&nbsp; Share based compensation | **691000** | **310950** | **—** | **—** | **—** | **310950** |
| &nbsp;&nbsp;&nbsp; Warrants issued @ $0.0083 | **—** | **—** | **—** | **137365** | **—** | **137365** |
| &nbsp;&nbsp;&nbsp; Issuance of common shares @ $0.50 | **1270149** | **635075** | **—** | **—** | **—** | **635075** |
| &nbsp;&nbsp;&nbsp; Share issuance cost | **—** | **(6542)** | **—** | **—** | **—** | **(6542)** |
| &nbsp;&nbsp;&nbsp; Net loss for the year | **—** | **—** | **—** | **—** | **(2075902)** | **(2075902)** |
|  **Balance as at 31 December 2021** | **8559784** | $**2822311** | $**—** | $**264665** | $**(3663270)** | $**(576294)** |

---

____________

\* Prior to the RTO Transaction, UMI elected a share consolidation prior to the Acquisition on the basis of one (1) post-consolidation Common Share for every three (3) outstanding Common Shares existing immediately before the consolidation; 21,868,905 shares outstanding were re-issued as 7,289,635 common shares post-consolidation. All comparative information has been adjusted to reflect the share consolidation.

The accompanying notes form an integral part of the consolidated financial statements

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#### MODERN MINING TECHNOLOGY CORP.<br>US Dollars<br>CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **Year ended <br>31 December <br>2021** | **Year ended <br>31 December <br>2020** |
|  **Operative Activities** |  |  |  |
|  **Net Loss for the Year** |  | $**(2075902)** | $(690039) |
|  **Items not Affecting Cash** |  |  |  |
| &nbsp;&nbsp;&nbsp; Share- based compensation | (16) | **310950** | 210050 |
| &nbsp;&nbsp;&nbsp; Impairment of equipment | (9) | **294748** |  |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use asset | (15) | **124665** | 148559 |
| &nbsp;&nbsp;&nbsp; Depreciation expense | (9) | **66871** | 76187 |
| &nbsp;&nbsp;&nbsp; Interest on lease liability |  | **36595** | 67995 |
| &nbsp;&nbsp;&nbsp; Gain on lease modification/termination | (15) | **(19889)** | (103046) |
| &nbsp;&nbsp;&nbsp; Interest on short-term loans |  | **12281** |  |
| &nbsp;&nbsp;&nbsp; Other income from the grant | (12) | **(5000)** | (5000) |
| &nbsp;&nbsp;&nbsp; Employee grant |  |  | 2750 |
| &nbsp;&nbsp;&nbsp; Foreign exchange |  |  | (4229) |
| &nbsp;&nbsp;&nbsp; Forgiveness of debt | (11) |  | 183187 |
|  |  | **821221** | 576453 |
|  |  | **(1254681)** | (113586) |
|  **Net Change in Non-cash Working Capital** |  |  |  |
| &nbsp;&nbsp;&nbsp; Goods and services tax receivable |  | **(13033)** |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses |  | **13630** | (15331) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities |  | **632634** | (138565) |
|  **Cash Used in Operating Activities** |  | **(621450)** | (267482) |
|  **Investing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of property and equipment | (9) | **—** | (142136) |
|  **Cash (Used in) Investing Activities** |  | **—** | (142136) |
|  **Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Issuance of common shares | (16) | **695075** | 555129 |
| &nbsp;&nbsp;&nbsp; Short-term loans received |  | **265050** |  |
| &nbsp;&nbsp;&nbsp; Warrants issued |  | **137365** |  |
| &nbsp;&nbsp;&nbsp; Share issuance cost |  | **(6542)** |  |
| &nbsp;&nbsp;&nbsp; Lease payments |  | **(154030)** | (251173) |
| &nbsp;&nbsp;&nbsp; Share redemption |  |  | (50000) |
| &nbsp;&nbsp;&nbsp; Issuance of preferred shares |  | **—** | 226751 |
| &nbsp;&nbsp;&nbsp; Equipment grant received | (12) | **—** | 25000 |
|  **Cash Provided by Financing Activities** |  | **936918** | 505707 |
|  **Net Increase in Cash** |  | **315468** | 96089 |
| &nbsp;&nbsp;&nbsp; Cash Position – Beginning of Year |  | **98579** | 2490 |
|  **Cash Position – End of Year** |  | $**414047** | $98579 |
|  **Supplementary Disclosure of Cash Flow Information** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued for debt |  | $**—** | $87613 |
| &nbsp;&nbsp;&nbsp; Advances received in trust |  | $**885391** | $— |

---

The accompanying notes form an integral part of the consolidated financial statements

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 1) Nature of operations and going concern
Modern Mining Technology Corp. (the "Company" or "MMTC") was incorporated under British Columbia Business Corporations Act on 26 January 2021. The Company's registered office is held at Suite 1001, 409 Granville Street, Vancouver, BC V6C 1T2, Canada.

On 19 August 2021, the Company and Urban Mining International, Inc. ("UMI") entered into a merger agreement (the "Merger Agreement"), providing for the acquisition of all the issued and outstanding common shares of UMI by the Company (the "Merger Transaction"). Pursuant to the merger transaction, UMI and Urban Mining Merger Sub, Inc. (a Delaware subsidiary of the Company, created for the merger transaction) amalgamated and continued under the name of UMI. The Merger Transaction closed on 1 September 2021. The Consolidated Statements of Financial Position are presented as a continuance of UMI and comparative figures presented in these Consolidated Financial Statements are those of UMI. Subsequently, the Company changed its name to Modern Mining Technology Corp. as of 8 December 2021 (Note 7).

UMI was incorporated in the State of Delaware, USA on 8 August 2017 for the purpose of refining precious metals from electronic waste. UMI's principal operating facility is now located in Greenville, NC.

These Consolidated Financial Statements (the "Financial Statements") have been prepared on the basis of the accounting principles applicable to a going concern, which assumes the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. There are several adverse conditions that cast significant doubt upon the soundness of this assumption. These financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations.

Management believes that the Company's ability to continue as a going concern is dependent on its ability to raise additional capital. There cannot be any assurance that the Company will ever generate additional revenue or even if it does generate revenue that it will achieve profitable operations. Furthermore, no assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on the Company's operations, in the case of debt financing, or cause substantial dilution for the existing shareholders, in case of equity financing. These factors represent material uncertainties that cast substantial doubt about its ability to continue as a going concern.

These Financial Statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and thus be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in these financial statements.

---

| | | |
|:---|:---|:---|
|  **(Rounded)** | **31 December<br> 2021** | **31 December<br> 2020** |
|  Working capital deficit | $**(576000)** | $(137000) |
|  Accumulated deficit | $**(3663000)** | $(1587000) |

---

During 2020, the global outbreak of COVID-19 ensued, which has had a significant impact on organizations through the restrictions put in place by Canadian, US, provincial and municipal governments regarding travel, business operations and isolation/quarantine orders. At this time, although the Company's operations have not been drastically affected by COVID-19, it is unknown the extent of the impact the COVID-19 outbreak may have on the Company as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place by Canada, US and other countries to fight the virus.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 2) Basis of presentation — Statement of Compliance
These Consolidated Financial Statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The Consolidated Financial Statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In addition, these Consolidated Financial Statements have been prepared using the accrual basis of accounting except for cash flow information.

#### 3) Summary of significant accounting policies
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Basis of presentation**

These consolidated Financial Statements incorporate the financial statements of the Company and the entities controlled by the Company, which consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modern Mining Technology Corp., which was incorporated on 26 January 2021 in the province of British Columbia, Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modern Mining Technology Corp., ("MMTC Delaware"), formerly known as UMI, which was incorporated on 8 August 2017 in the state of Delaware in the United States, wholly owned by the Company.

Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial activity of subsidiaries are included in these Financial Statements from the date that control commences until the date that control ceases. All significant intercompany transactions and balances have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Foreign Currency**

The Company's presentation currency is the U.S. dollar ("US$"). The functional currency for the Company is the Canadian dollar. The functional currency of UMI is the US$. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, The Effects of Changes in Foreign Exchange Rates.

Items included in the financial statements of each consolidated entity are measured using the currency of the primary economic environment in which the entity operates (the "Functional Currency"). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the period-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities not denominated in the Functional Currency of an entity are recognized in profit or loss in the year in which the gain or loss arises.

Assets and liabilities of operations with a functional currency other than the US$ are translated at the reporting period end rates of exchange, and the results of its operations are translated at average rates of exchange for the year. The resulting translation adjustments are recognized in other comprehensive (loss) Income. Additionally, foreign exchange gains and losses related to certain intercompany amounts that are neither planned nor likely to be settled in the foreseeable future are included in other comprehensive (loss) Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Income taxes**

Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss, except to the extent that it relates directly to equity.

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates and laws enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 3) Summary of significant accounting policies (cont.)
Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured on a non-discounted basis using the enacted or substantively enacted tax rates at the end of the year, and which are expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that enactment or substantive enactment occurs.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Income (Loss) per share**

The Company presents basic and diluted loss per share data for its ordinary shares. Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders of the Company by the weighted average number of common and proportionate voting shares outstanding during the period. Diluted loss earnings per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common and proportionate voting shares outstanding, adjusted for the effects of all dilutive potential common and proportionate voting shares. Proportionate voting shares are converted to their common share equivalent of one thousand common shares for every one proportionate voting share for the purposes of calculating basic and diluted loss per share. In a period of losses, the options are excluded in the determination of dilutive net loss per share because their effect is antidilutive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Government grants**

Government grants are recognized where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f) Cash and cash equivalents**

Cash and cash equivalents include cash on hand, deposits held with banks, and redeemable term deposits. Where term deposits held with banks have a maturity in excess of three months, but are redeemable without principal penalty, they will be classified as cash equivalents. There are no cash equivalents as at 31 December 2021 and 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g) Accounts receivable**

Accounts receivable are carried at the original invoiced amount less credit losses. For accounts receivable only, the Company applies the simplified approach as permitted by IFRS 9. The simplified approach to the recognition of expected losses does not require the Company to track the changes in credit risk; rather, from the dates of the trade receivables, the Company assesses whether a loss allowance is needed based on lifetime expected credit losses at each reporting date.

Expected credit losses are measured as the difference in the present value of the contractual cash flows that are due to the Company under the contract, and the cash flows that the Company expects to receive. The Company assesses all information available, including past due status, credit ratings, the existence of third-party insurance, and

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 3) Summary of significant accounting policies (cont.)
forward-looking macro-economic factors in the measurement of the expected credit losses associated with its assets carried at amortized cost. The Company measures expected credit loss by considering the risk of default over the contract period and incorporates forward-looking information into its measurement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h) Property and equipment**

Property and equipment are initially recorded at cost. As assets are available for use, they are amortized over their estimated useful lives on a straight-line basis at the following rates: equipment 5 years; leasehold improvements 5 years. The depreciation method, useful life and residual values are assessed annually.

In determining amounts of amortization and depreciation the Company is required to estimates how long the assets will be available for use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i) Leases**

The Company has accounted for leases in accordance with IFRS 16. Contract arrangements are reviewed to determine if the agreement includes identifiable assets that the Company has the right to obtain sustainably all the economic benefits from the use of the asset during the period of use.

A right-of-use asset and lease liability are recognized at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate.

A change in the scope of a lease contract, or the consideration for a lease, that was not part of its original terms and conditions is considered a lease modification. A lease modification is assessed to determine whether it meets the criteria of a separate lease that would require a separate right-of-use asset and a corresponding lease liability at the effective date of the modification. If the lease modification is not a separate lease, the Company remeasures the lease liability to reflect changes to the lease payments and adjusts the carrying amount of the right-of-use asset.

On transition to IFRS 16, the Company recognized right-of-use assets and a lease liability. The impact on transition is summarized below as of January 1, 2019:

---

| | |
|:---|:---|
|  Right-of-use assets | $1463818 |
|  Lease liability | $1463818 |

---

See Note 15) for details of the leases entered into by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j) Impairment**

At the end of each reporting period the carrying amounts of the Company' assets are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 3) Summary of significant accounting policies (cont.)
estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in profit or loss for the period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs.

Where an impairment subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate and its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k) Financial instruments**

<u>***<u>Financial Assets</u>***</u>

#### Recognition and initial measurement
The Company recognizes financial assets when it becomes party to the contractual provisions of the instrument. Financial assets are measured initially at their fair value plus, in the case of financial assets not subsequently measured at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Transaction costs attributable to the acquisition of financial assets subsequently measured at fair value through profit or loss are expensed in profit or loss when incurred.

#### Classification and subsequent measurement
On initial recognition, financial assets are classified as subsequently measured at amortized cost, fair value through other comprehensive (loss) income ("FVOCI") or fair value through profit or loss ("FVTPL"). The Company determines the classification of its financial assets, together with any embedded derivatives, based on the business model for managing the financial assets and their contractual cash flow characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j) Financial instruments**

Subsequent to initial recognition, all financial liabilities are measured at amortized cost using the effective interest rate method. Interest, gains and losses relating to a financial liability are recognized in profit or loss.

The financial instruments of the Company are classified as follows:

---

| | | |
|:---|:---|:---|
|  | **IFRS 9** | **IFRS 9** |
|  | **Classification** | **Measurement** |
|  Cash and cash equivalent | Amortized cost | Amortized cost |
|  Security deposit | Amortized cost | Amortized cost |
|  Accounts payable and accrued liabilities | Other financial liabilities | Amortized cost |
|  Loan payable | Other financial liabilities | Amortized cost |
|  Short-term loans | Other financial liabilities | Amortized cost |

---

Financial assets are classified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortized cost — Assets that are held for collection of contractual cash flows where those cash flows are solely payments of principal and interest are measured at amortized cost. Interest revenue is calculated using the effective interest method and gains or losses arising from impairment, foreign exchange and derecognition are recognized in profit or loss. Financial assets measured at amortized cost are comprised of cash and cash equivalent.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 3) Summary of significant accounting policies (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fair value through other comprehensive (loss) income — Assets that are held for collection of contractual cash flows and for selling the financial assets, and for which the contractual cash flows are solely payments of principal and interest, are measured at fair value through other comprehensive (loss) income. Interest income calculated using the effective interest method and gains or losses arising from impairment and foreign exchange are recognized in profit or loss. All other changes in the carrying amount of the financial assets are recognized in other comprehensive (loss) income. Upon derecognition, the cumulative gain or loss previously recognized in other comprehensive (loss) income is reclassified to profit or loss. The Company does not hold any financial assets measured at fair value through other comprehensive (loss) income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mandatorily at fair value through profit or loss — Assets that do not meet the criteria to be measured at amortized cost, or fair value through other comprehensive (loss) income, are measured at fair value through profit or loss. All interest income and changes in the financial assets' carrying amount are recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Designated at fair value through profit or loss — On initial recognition, the Company may irrevocably designate a financial asset to be measured at fair value through profit or loss in order to eliminate or significantly reduce an accounting mismatch that would otherwise arise from measuring assets or liabilities, or recognizing the gains and losses on them, on different bases. All interest income and changes in the financial assets' carrying amount are recognized in profit or loss. The Company does not hold any financial assets designated to be measured at fair value through profit or loss.

#### Definition of default
The Company considers a financial instrument defaulted and therefore Stage 3 (credit-impaired) for ECL calculations in all cases when the borrower becomes 90 days past due on its contractual payments. In certain other cases, where qualitative thresholds indicate unlikeliness to pay as a result of a credit event, the Company carefully considers whether the event should result in an assessment at Stage 2 or 3 for ECL calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k) Financial instruments**

The Company applies the simplified approach for accounts receivable. Using the simplified approach, the Company records a loss allowance equal to the expected credit losses resulting from all possible default events over the assets' contractual lifetime.

The Company assesses whether a financial asset is credit-impaired at the reporting date. Regular indicators that a financial instrument is credit-impaired include significant financial difficulties as evidenced through borrowing patterns or observed balances in other accounts and breaches of borrowing contracts such as default events or breaches of borrowing covenants. For financial assets assessed as credit-impaired at the reporting date, the Company continues to recognize a loss allowance equal to lifetime expected credit losses.

For financial assets measured at amortized cost, loss allowances for expected credit losses are presented in the statements of financial position as a deduction from the gross carrying amount of the financial asset.

Financial assets are written off when the Company has no reasonable expectations of recovering all or any portion thereof.

#### Derecognition of financial assets
The Company derecognizes a financial asset when its contractual rights to the cash flows from the financial asset expire.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 3) Summary of significant accounting policies (cont.)
<u>***<u>Financial liabilities</u>***</u>

#### Recognition and initial measurement
The Company recognizes a financial liability when it becomes party to the contractual provisions of the instrument. At initial recognition, the Company measures financial liabilities at their fair value plus transaction costs that are directly attributable to their issuance, with the exception of financial liabilities subsequently measured at fair value through profit or loss for which transaction costs are immediately recorded in profit or loss.

#### Derecognition of financial liabilities
The Company derecognizes a financial liability only when its contractual obligations are discharged, cancelled or expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l) Revenue**

The Company derives revenue from the sale of precious metals.

The Company recognized revenue when there is evidence a sale arrangement exists, specific performance obligations have been satisfied, the sales price is fixed and determinable, and collectability is reasonably assured.

Once products are shipped to the Company's customers, shall the customer have accepted the products in accordance with the sales order and the Company has objective evidence that all criteria for acceptance have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m) Related party transactions**

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n) Share capital**

The Company's shares and share warrants are classified as equity instruments. Incremental costs directly attributable to the issue of new shares are charged directly to share capital. Proceeds received on the issuance of units, comprised of common shares and warrants are allocated to common shares and warrants based on the relative fair value.

Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in contributed surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o) Share based compensation**

Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 3) Summary of significant accounting policies (cont.)
The Company recognizes compensation expense over the vesting period based on the Company's estimate of equity instruments that will eventually vest. Fair value is measured using the Black-Scholes option pricing model. Expected forfeitures are estimated at the date of grant and subsequently adjusted if further information indicates actual forfeitures may vary from the original estimate. Any revisions are recognized in the consolidated statements of loss and comprehensive loss such that the cumulative expense reflects the revised estimate.

#### 4) Critical accounting judgments and key sources of estimation uncertainty
The preparation of the Company's financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Management must make significant judgments or assessments as to how financial assets and liabilities are categorized.

The following are the critical judgments and areas involving estimates that management have made in the process of applying the Company's accounting policies and that have the most significant effect on the amount recognized in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Critical accounting estimates:**

Significant assumptions about the future that management has made and about other sources of estimation uncertainty at the financial position reporting date that could result in a material adjustment to the carrying amounts of assets and liabilities relate to but are not limited to the following:

#### Term and incremental borrowing rate of lease
The calculation of lease liabilities and associated interest expense is dependent on estimates of how many lease renewal options will be exercised, as well as the determination of the Company's incremental borrowing rate. These are determined through the exercise of judgment and are dependent upon estimates that take into account factors such as economic and market conditions, operational plans and anticipated changes in laws.

#### Depreciation and amortization of property, plant and equipment and right of use assets
Depreciation and amortization rates are dependent upon estimates of useful lives, which are determined through the exercise of judgment. The assessment of any impairment of these assets is dependent upon estimates of recoverable amounts that consider factors such as economic and market conditions and the useful lives of assets.

#### Fair value measurement of warrants and share options
The Company measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date on which they are granted. Estimating fair value for warrants and share options requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires the determination of the most appropriate inputs to the valuation model including the expected life of the warrants and share options, volatility, and making assumptions about them.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 4) Critical accounting judgments and key sources of estimation uncertainty (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Critical accounting judgments:**

Significant judgments about the future that management has made and about other sources of judgment uncertainty at the financial position reporting date that could result in a material adjustment to the carrying amounts of assets and liabilities relate to but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functional currency: The determination of the functional currency of the Company as the Canadian dollar and it's subsidiary as the US$.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Going concern: The Company's ability to execute its strategy by funding future working capital requirements requires judgment. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, such as expectations of future events that are believed to be reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indications of impairment: Management assesses at least once per period whether the facts and circumstances surrounding their assets indicate that the carrying value exceed the recoverable amount. The Company recognizes a loss allowance for the expected credit losses associated with its financial assets, other than financial assets measured at fair value through profit or loss. Expected credit losses are measured to reflect a probability-weighted amount, the time value of money, and reasonable and supportable information regarding past events, current conditions and forecasts of future economic conditions.

#### 5) Financial instruments and risk management
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Financial instrument classification and measurement**

Financial instruments of the Company carried on the Consolidated Statements of Financial Position are carried at amortized cost. There are no significant differences between the carrying value of financial instruments and their estimated fair values as at 31 December 2021 and 2020, due to the immediate or short-term maturities of the financial instruments.

The Company classifies the fair value of these transactions according to the following hierarchy:

Level 1 — quoted prices in active markets for identical financial instruments.

Level 2 — quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant and significant value drivers are observable in active markets.

Level 3 — valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Fair values of financial assets and liabilities**

The Company's financial instruments include cash and cash equivalents, security deposit, accounts payable and accrued liabilities, loan payable, and short-term loans. As at 31 December 2021 and 2020, the financial instruments approximate their fair value due to their short-term nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Other risk**

Market risk is the risk that changes in market prices will affect the Company's earnings or the value of its financial instruments. Market risk is comprised of other price risk, currency risk, and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. These market risks are evaluated by monitoring changes in key economic indicators and market information on an on-going basis, adjusting operations and budgets accordingly.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 5) Financial instruments and risk management (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Credit risk**

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its bank accounts. The Company's bank accounts are held with major banks in Canada, accordingly the Company is not exposed to significant credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Liquidity risk**

Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. In the management of liquidity risk, the Company maintains a balance between continuity of funding and the flexibility through the use of borrowings. Management closely monitors the liquidity position and expects to have adequate sources of funding to finance the Company's projects and operations. The Company is dependent on external financing and will be required to raise additional capital in the future to fund its operations (Note 1).

As at 31 December 2021, the Company had a cash balance of $414,047 (31 December 2020 — $98,579) to settle current liabilities of $1,005,075 (31 December 2020 — $251,323). So far, the Company is not profitable and has had to rely on the issuance of equity securities for cash, primarily through private placements and from related and other parties. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f) Interest rate risk**

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Company is exposed to cash flow interest rate risk on the variable rate of interest earned on its cash. The cash flow interest rate risk on cash is insignificant since deposits are short term in nature. The Company does not hold any other financial assets or liabilities which incur interest. The fair value interest rate risk on the Company's other assets and liabilities are deemed to be insignificant.

The Company has not entered into any derivative instruments to manage interest rate fluctuations; however, management closely monitors interest rate exposure, and the risk exposure is limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g) Foreign currency risk**

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

The Company's major operating expenses and acquisition costs are denominated in US$ and incurred by UMI, and a portion of the expenses of the Company are in Canadian dollars. The Company's corporate office is based in Canada, and the exposure to exchange rate fluctuations arises mainly on foreign currencies, which are the US$.

The Company is exposed to foreign exchange risk. The Company has not entered into any derivative instruments to manage foreign exchange fluctuations; however, management monitors foreign exchange exposure, and if rates continue to fall, management will look at entering into derivative contracts. Should the US dollar and Canadian dollar exchange rate have changed by 5% at the year end the impact to profit or loss would be +/- $9,300.

The Company's monetary assets and liabilities denominated in Canadian dollars are shown here in US$:

---

| | | |
|:---|:---|:---|
|  | **31 December <br>2021** | **31 December <br>2020** |
|  Cash | $**90000** | $— |
|  Accounts payable | $**(276000)** | $— |

---

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 6) New standards, amendments and interpretations
The Company did not adopt any new accounting standard changes or amendments in the current year that had a material impact on the Company's financial statements.

#### Classification of Liabilities as Current or Non-current — Amendments to IAS 1.
In January, 2020, the IASB amended IAS 1 Presentation of Financial Statements. The amendment clarifies that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period which only impacts the presentation of liabilities in the balance sheet. The classification is unaffected by expectations about whether the Company will exercise its right to defer settlement of a liability.

#### Disclosure of Accounting Policy Information — Amendments to IAS 1 and IFRS Practice Statement 2
In February, 2021, the IASB amended IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements to require the Company to disclose its material accounting policy information rather than its significant accounting policies.

#### Definition of Accounting Estimates — Amendments to IAS 8
In February, 2021, the IASB amended IAS 8 Accounting Policies, Changes in Accounting estimates and Errors to introduce a definition of accounting estimates and to help entities distinguish changes in accounting policies from changes in accounting estimates. This distinction is important because changes in accounting policies must be applied retrospectively while changes in accounting estimates are accounted for prospectively.

#### Deferred Tax related to Assets and Liabilities arising from a Single Transaction — Amendments to IAS 12
In May 2021, the IASB amended IAS 12 Income Taxes, to narrow the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences.

#### 7) Acquisition
On 19 August 2021, the Company and Urban Mining International, Inc. ("UMI") entered into a merger agreement (the "Merger Agreement"), providing for the acquisition of all the issued and outstanding common shares of UMI. For accounting purposes, UMI being the accounting acquirer and therefore, the Company's historical financial statements reflect those of UMI. Prior to the Transaction, MMTC was a shell company with no business operations.

Upon closing of the Transaction on 1 September 2021, UMI became a wholly owned subsidiary of MMTC.

Details of the transaction are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UMI completed a share consolidation prior to the Acquisition on the basis of one (1) post-consolidation Common Share for every three (3) outstanding Common Shares existing immediately before the consolidation; 21,868,905 shares outstanding were re-issued as 7,289,635 common shares post-consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to the Transaction, MMTC completed the private placement of 49,500,000 warrants for total proceeds of $137,365 (CAD$173,250); the warrants have an exercise price of CAD$0.08. Post-consolidation, the 49,500,000 warrants were re-issued as 16,500,000 warrants with an exercise price of $0.20 (CAD$0.25) and expire three (3) years from the closing of the Offering.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 7) Acquisition (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to the Transaction, UMI granted 5,000,000 performance warrants with an exercise price of $0.05 vesting upon the following sales targets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,000,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3,000,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Previously issued 10,724,350 warrants with an exercise price of $0.15 expiring July 2023 were re-issued as 3,574,783 warrants with an exercise price of US $0.45 (CAD$0.5625) post-consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Previously issued 400,000 warrants with an exercise price of $0.30 expiring July 2023 were re-issued as 133,333 warrants with an exercise price of US $0.90 (CAD$1.13) post-consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Urban Mining Merger Sub Inc. (Subco), direct, wholly — owned subsidiary of MMTC was formed for the purpose of effecting the merger. Each share of Subco became one common share of Mergeco such that Mergco is a wholly owned subsidiary of the resulting entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each UMI common share was converted into the right to receive a number of resulting issuer common shares multiplied by 1 (the "Exchange Ratio"). Thus, for every 1 issued UMI share MMTC issued 1 Share and for every 1 issued UMI Warrant, MMTC issued 1 Warrant.

#### 8) Prepaid expenses
As at 31 December 2021, the balance in prepaid expenses of $1,701 (31 December 2020 — $15,331) represents a retainer for professional fee (31 December 2020 — prepaid rent).

#### 9) Property and Equipment

---

| | | |
|:---|:---|:---|
|  **Property and Equipment** | **Manufacturing <br>Equipment** | **Total** |
|  **Cost** |  |  |
|  Balance as at 1 January 2020 | $295670 | $295670 |
| &nbsp;&nbsp;&nbsp; Addition | 142136 | 142136 |
|  **Balance as at 31 December 2020 and 2021** | $**437806** | $**437806** |
|  **Depreciation and Impairment** |  |  |
|  Balance as at 1 January 2020 | $— | $— |
| &nbsp;&nbsp;&nbsp; Depreciation for the year | 76187 | 76187 |
|  Balance as at 31 December 2020 | 76187 | 76187 |
| &nbsp;&nbsp;&nbsp; **Depreciation for the year** | **66871** | **66871** |
| &nbsp;&nbsp;&nbsp; **Impairment** | **294748** | **294748** |
|  **Balance as at 31 December 2021** | $**437806** | $**437806** |
|  **Carrying Amounts** |  |  |
|  Balance as at 1 January 2020 | $295670 | $295670 |
|  **Balance as at 31 December 2020** | $**361619** | $**361619** |
|  **Balance as at 31 December 2021** | $**—** | $**—** |

---

Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 9) Property and Equipment (cont.)
Depreciation is charged to recognize the cost of the asset on the consolidated statements of comprehensive loss using the straight-line method over the estimated useful life of the asset.

<u><u>During the year ended 31 December 2021:</u></u>

Due to uncertainty surrounding the realization of future economic benefits and the lease termination on 22 October 2021 described in Note 15), the Company carried out a review of the recoverable amounts of the manufacturing equipment. The review led to the recognition of a non-cash impairment loss of $294,748 in the consolidated statements of loss and comprehensive loss (2020–$Nil).

<u><u>During the year</u> <u>ended 31 December 2020:</u></u>

During the year ended 31 December 2020, the Company acquired additional manufacturing equipment and recorded depreciation of $76,187 as it was available for use.

#### 10) Security deposit
As at 31 December 2021, the balance in security deposit was applied to the final settlement in termination of the lease (Note 15). As at 31 December 2020, $9,000 related to security deposit for a 10-year lease agreement.

#### 11) Accounts payable and accrued liabilities
Accounts Payable and accrued liabilities consist of:

---

| | | |
|:---|:---|:---|
|  **Accounts Payable and Accrued Liabilities** | **31 December <br>2021** | **31 December <br>2020** |
|  Accounts payable & accrued liabilities | $**646607** | $17295 |
|  Payroll liabilities | **5137** | 10815 |
|  | $**651744** | $28110 |

---

During the year ended 31 December 2020, the Company negotiated with certain vendors regarding balances outstanding for prior services and equipment purchased, resulting in a gain on forgiveness of debt included in the statement of loss and comprehensive loss for $183,187.

#### 12) Grant payable
As at 31 December 2021, the balance in grant payable of $15,000 (31 December 2020 — $20,000) represents a grant from the City of Raleigh for equipment acquired.

---

| | | |
|:---|:---|:---|
|  **Grant Payable** | **31 December <br>2021** | **31 December <br>2020** |
|  Grant Payable | $**15000** | $**20000** |
|  | $**15000** | $**20000** |

---

Grant income is recognized on the consolidated statements of loss and comprehensive loss using the straight-line method over 5 years, the estimated useful life of the equipment acquired. During the year ended December 31, 2020, the Company received $25,000 from the City of Raleigh as part of the building up-lift program set up by the city towards eligible capital expenditure. The Company recognizes government grants when there is reasonable assurance that it will comply with the conditions required to qualify for the grant, and that the grant will be received. The Company recognizes government grants as a reduction to the related expense that the grant is intended to offset. The Company has recognized $5,000 of the building up lift grant during the year ended December 31, 2021 (2020 — $5,000) and has recorded it as other income in the consolidated statement of loss and comprehensive loss.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 13) Short term loans
As at 31 December 2021, the balance in short term loan of $277,331 (31 December 2020 — $nil) represents loan and interest for operations:

---

| | | | |
|:---|:---|:---|:---|
|  **Short-Term Loans** | **Principal** | **Interest** | **Total** |
|  Balance as at 31 December 2020 and 2019 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; **Addition** | **265050** | **12281** | **277331** |
|  **Balance as at 31 December 2021** | $**265050** | $**12281** | $**277331** |

---

Short-term loan details are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As at 31 December 2021, the Company owes the former CEO & Director $84,316 (31 December 2020 — $nil), of which $6,266 is accrued interest. Amounts owing to the former CEO & Director consists of the following three loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 15 March 2021, the Company received an interest-bearing loan of $16,050 from the former CEO & Director of the Company. The loan is subject to interest at one percent (1%) per month compounded and is due and payable in full on 30 April 2022. As at 31 December 2021, the principal of $16,050 and interest of $1,535 remains unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 29 March 2021, the Company received an interest-bearing loan of $34,000 from the former CEO & Director of the Company. The loan is subject to interest at one percent (1%) per month compounded and is due and payable in full on 30 April 2022. As at 31 December 2021, the principal of $34,000 and interest of $3,175 remains unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 15 July 2021, the Company received an interest-bearing loan of $28,000 from the former CEO & Director of the Company. The loan is subject to interest at one percent (1%) per month compounded and is due and payable in full on 30 April 2022. As at 31 December 2021, the principal of $28,000 and interest of $1,556 remains unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As at 31 December 2021, the Company owes the former CTO & Director $32,900 (31 December 2020 — $nil), of which $1,900 is accrued interest. Amounts owing to the former CTO & Director consists of the following two loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 15 April 2021, the Company received an interest-bearing loan of $16,000 from the the former CTO & Director of the Company. The loan is subject to interest at one percent (1%) per month compounded and is due when the Company is able to repay the loan. As at 31 December 2021, the principal of $16,000 and interest of $1,446 remains unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 30 September 2021, the Company received an interest-bearing loan of $15,000 from the the former CTO & Director of the Company. The loan is subject to interest at one percent (1%) per month compounded and is due when the Company is able to repay the loan. As at 31 December 2021, the principal of $15,000 and interest of $454 remains unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As at 31 December 2021, the Company owes an unrelated party $160,115 (31 December 2020 — $nil), of which $4,115 is accrued interest. Amounts owing to the unrelated party consists of the following three loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 4 June 2021, the Company received an interest-bearing loan of $60,000 from an unrelated party. The loan is subject to interest at five percent (5%) per annum compounded annually and is due and payable in full on 4 December 2021. As at 31 December 2021, the principal of $60,000 and interest of $1,726 remains unpaid.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 13) Short term loans (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 17 June 2021, the Company received an interest-bearing loan of $45,000 from an unrelated party. The loan is subject to interest at five percent (5%) per annum compounded annually and is due and payable in full on 4 December 2021. As at 31 December 2021, the principal of $45,000 and interest of $1,208 remains unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 14 July 2021, the Company received an interest-bearing loan of $51,000 from an unrelated party. The loan is subject to interest at five percent (5%) per annum compounded annually and is due and payable in full on 4 December 2021. As at 31 December 2021, the principal of $51,000 and interest of $1,181 remains unpaid.

#### 14) Loan payable
As at 31 December 2021, the loan payable in the amount of $61,000 (31 December 2020 — $61,000) has no interest. This is an unsecured loan with no terms for repayment, received from an unrelated party.

#### 15) Right-of-use assets and lease liability
The Company has entered into various contractual arrangements that include right-of-use assets that relate to the lease of its operating facility. The weighted average interest rate utilized to discount future lease payments is 6.0%.

The Company entered into a facility lease agreement which was originally set to expire in August 2025. On 22 October 2021, the lease was terminated. Upon termination of the lease, a termination fee of $70,000 is payable in 7 instalments ($10,000/month starting 1 December 2021). The termination fee may be prepaid in full at any time. As at 31 December 2021, $50,000 was outstanding and recorded in accounts payable and accrued liabilities.

---

| | | |
|:---|:---|:---|
|  **Lease liability net book value consists of:** | **31 December <br>2021** | **31 December <br>2020** |
|  Current | $**—** | $142213 |
|  Long-term | **—** | 641766 |
|  Total | $**—** | $783979 |

---

The lease liability consists of the following:

---

| | |
|:---|:---|
|  | **Amount** |
|  Balance as at 1 January 2020 | $1463818 |
|  Lease payments | **(183178)** |
|  Interest expense | **67995** |
|  Modification | **(564656)** |
|  **Balance as at 31 December 2020** | $**783979** |

---

---

| | |
|:---|:---|
|  | **Amount** |
|  Balance as at 1 January 2021 | $783979 |
|  Lease payments | **(154030)** |
|  Interest expense | **36595** |
|  Termination of the lease | **(666544)** |
|  **Balance as at 31 December 2021** | $**—** |

---

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 15) Right-of-use assets and lease liability (cont.)
<u><u>During the year ended</u> <u>31 December 2021:</u></u>

Due to termination of the lease on 22 October 2021, the Company wrote down the value of its right-of-use asset to $Nil and recognized an impairment loss of $646,655 in the consolidated statements of loss and comprehensive loss (2020–$Nil). The Company also wrote down the value of its lease liability to $Nil and recognized a gain on termination of $666,544 in the consolidated statements of loss and comprehensive loss (2020–$Nil) for the net impact of $19,889.

<u><u>During the year ended 31 December 2020:</u></u>

During the year ended 31 December 2020, the terms of a facility lease were modified causing the capitalized leases and lease liability to be decreased by $564,656.

The Company amended the facility lease agreement in July 2020, which resulted in the term of the agreement being shortened to expire in August 2025 from the original expiry date of July 2029. As a result, total lease payment were reduced over the term. The modification reduced the right of use asset and operating lease liability resulting in a $103,046 gain on modification, which was recorded as other income in the consolidated statement of loss and comprehensive loss.

---

| | | | |
|:---|:---|:---|:---|
|  **Right-of-use assets** | **Cost** | **Amortization** | **Carrying <br>Amount** |
|  Balance as at 1 January 2020 | $1445824 | $(136613) | $1309211 |
| &nbsp;&nbsp;&nbsp; Addition | **—** | **(224746)** |  |
| &nbsp;&nbsp;&nbsp; Modification/Revaluation | (606547) | 293402 |  |
|  Balance as at 31 December 2020 | $839277 | $(67957) | $771320 |
| &nbsp;&nbsp;&nbsp; Addition | **—** | **(124665)** |  |
| &nbsp;&nbsp;&nbsp; Impairment | **(839277)** | **192622** |  |
|  **Balance as at 31 December 2021** | $**—** | $**—** | $**—** |

---

#### 16) Share capital
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Authorized:**

The Company's Board and shareholders authorized shares to 60,000,000 at its 30 July 2020 board meeting. As at 31 December 2021, 20,000,000 common shares were authorized, this has taken into account a 3 for 1 consolidation (31 December 2020 — 60,000,000).

No preferred shares were authorized as at 31 December 2021 and 31 December 2020. The Company's Board and shareholders voted to convert the preferred shares, 1 for 1, into common shares at its 30 July 2020 meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Issued or allotted and fully paid:**

After a 3 for 1 consolidation, there were 8,559,784 common shares issued and outstanding as at 31 December 2021 (31 December 2020 — 6,465,302).

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 16) Share capital (cont.)
<u><u>During the year ended 31 December 2021:</u></u>

---

| | | |
|:---|:---|:---|
|  | **Number of <br>Shares** | **Amount** |
|  **Balance as at 1 January 2021** | 6465302 | $1838628 |
| &nbsp;&nbsp;&nbsp; Shares issued at $0.45 | **133333** | **44200** |
| &nbsp;&nbsp;&nbsp; Shares issued at $0.50, net of share issuance cost | **1270149** | **628533** |
| &nbsp;&nbsp;&nbsp; Shares based compensation | **691000** | **310950** |
|  **Balance as 31 December 2021** | **8559784** | $**2822311** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January 2021, 133,333 common shares were issued at a price of $0.33 per common share. Each unit also included one warrant allowing the owner to purchase one share at CAD$1.13 over a three-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2021, 691,000 common shares were issued to officers and directors of the Company at $0.45 per common share. The fair value of the common shares granted was $310,950.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 9 November 2021, MMTC completed a private placement offering of 1,270,149 common shares of the Company at a price of $0.50 per Share for total proceeds of $635,075, share issuance costs of $6,245, and no finders' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2021, $885,391 was held in trust by the Company's legal counsel and represent advances received from investors who signed their debenture agreements with the Company prior to December 31, 2021. The debenture financing closed subsequent to year end (see Note 22).

<u><u>During the</u> <u>year ended 31 December 2020:</u></u>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Amount** |
|  Balance as at 1 January 2020 | 1416667 | $425 |
| &nbsp;&nbsp;&nbsp; Preferred shares converted to common shares | 712356 | 1144208 |
| &nbsp;&nbsp;&nbsp; Shares issued at $0.15 | 3476667 | 410000 |
| &nbsp;&nbsp;&nbsp; Employee grant | 36667 | 2750 |
| &nbsp;&nbsp;&nbsp; Shares issued to settle debt | 196233 | 87613 |
| &nbsp;&nbsp;&nbsp; Share redemption | (830138) | (50000) |
| &nbsp;&nbsp;&nbsp; Shares issued at $0.45, net of share issuance cost | 74851 | 33582 |
| &nbsp;&nbsp;&nbsp; Shares based compensation | 1381999 | 210050 |
|  Balance as 31 December 2020 | 6465302 | $1838628 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 30 July 2020, 712,356 preferred shares were converted to common shares on a 1:1 conversion basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2020, 3,476,667 units were issued as part of a private placement at a price of $0.15 per unit. Each unit consisted of one common share and one common share purchase warrant. Each warrant entitled the holder thereof to purchase one common share in the share capital of the Company at an exercise price of $0.45 per Warrant Share for a 3-year period following the date of closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2020, 1,381,999 common shares were issued to officers and directors of the Company at $0.15 per common share. The fair value of the common shares granted was $210,050.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 16) Share capital (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2020, as part of a debt settlement arrangement entered into with various vendors of the Company, 196,233 units were issued to settle debt. Each unit consisted of one common share and one-half common share purchase warrant. Each full warrant entitled the holder thereof to purchase one common share in the share capital of the Company at an exercise price of $0.45 per Warrant Share for a 3-year period following the date of closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2020, 36,667 common shares were issued to employees of the Company at $0.15 per common share. The fair value of the common shares granted was $2,750.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2020, 74,851 commons shares were issued at $0.45 per share for cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Warrants**

Warrant transactions for the year ended 31 December 2021 and 31 December 2020 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Warrant Activity** | **31 December <br>2021\*** | **Weighted <br>Average <br>Exercise Price** | **31 December <br>2020** | **Weighted <br>Average <br>Exercise Price** |
|  **Balance – Beginning of year** | **3574783** | $**0.45** |  | $— |
| &nbsp;&nbsp;&nbsp; Issued | **16633333** | **0.20** | 3574783 | 0.45 |
| &nbsp;&nbsp;&nbsp; Granted | **5000000** | **0.05** |  |  |
|  **Balance – End of year** | **25208116** | $**0.21** | 3574783 | $0.45 |

---

____________

\* During the year ended 31 December 2021, a 3 for 1 consolidation occurred. The numbers shown represent the number of warrants after the 3 for 1 consolidation.

As at 31 December 2021, 20,208,116 warrants have a weighted average remaining life of 1.54 years (31 December 2020 — 2.53 years) and a weighted average exercise price of $0.20 (31 December 2020 — $0.45). The 5,000,000 performance warrants do not have an expiry date, vesting upon sales targets are reached, exercisable at $0.05.

The fair values of warrants issued have been estimated on the date of grant using the Black-Scholes pricing model. Assumptions used in the pricing model are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Expiry Date** | **Grant date <br>share price <br>$** | **Exercise <br>price <br>$** | **Expected <br>volatility %** | **Expected <br>warrant life <br>(Years)** | **Expected <br>dividend <br>yield %** | **Risk-free <br>interest rate %** |
|  14 July 2023 | 0.45 | 0.45 | 82.29 | 3.00 | 0 | 0.30 |
|  15 July 2023 | 0.45 | 0.45 | 82.29 | 3.00 | 0 | 0.30 |
|  15 January 2024 | 0.45 | 0.90 | 81.63 | 3.00 | 0 | 0.15 |

---

Warrant pricing models require the input of highly subjective assumptions including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair value estimate.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 16) Share capital (cont.)
The number of warrants outstanding as at 31 December 2021 and 31 December 2020 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Issuance Date** | **Expiry Date** | **Exercise Price\*** | **31 December <br>2021\*** | **31 December <br>2020** |
|  14 July 2020 | 14 July 2023 | $0.45 | **3476666** | 3476666 |
|  15 July 2020 | 15 July 2023 | $0.45 | **98117** | 98117 |
|  15 January 2021 | 15 January 2024 | $0.90 | **133333** |  |
|  7 August 2021 | 3 years post offering | $0.20 | **16500000** |  |
|  30 August 2021 | 3 years post offering | $0.05 | **5000000** |  |
|  |  |  | **25208116** | 3574783 |

---

____________

\* During the year ended 31 December 2021, a 3 for 1 consolidation occurred. The numbers shown represent the number of warrants after the 3 for 1 consolidation.

<u><u>During the year ended 31 December 2021:</u></u>

On 30 August 2021, the Company granted 5,000,000 performance warrants with an exercise price of $0.05 vesting upon $10,000,000 and $20,000, 0000 in gross sales targets. The fair value of these warrants was determined to be $nil due to management assessment of the Company meeting the target as being remote as at December 31, 2021.

Private placement of warrant financing of 16,500,000 was completed on 7 August 2021. Warrants were issued at $0.0083 for total proceeds of $137,365 (CAD$173,250). Each warrant allows the owner to purchase one share at $0.20 (CAD$0.25) for three (3) years from the closing of the Offering.

On 15 January 2021, the fair value of 133,333 warrants issued is $15,800. Each warrant allows the owner to purchase one share at $0.90 (CAD$1.125) over a three-year period, expiring January 2024.

<u><u>During the</u> <u>year ended 31 December 2020:</u></u>

On 15 July 2020, 98,117 warrants were granted as debt settlement. Each full warrant entitled the holder thereof to purchase one common share in the share capital of the Company at an exercise price of $0.45 (CAD$0.5625) per warrant share for a 3-year period following the date of closing, expiring July 2023.

On 14 July 2020, the fair value of the warrants issued were $115,500. Each of the 3,476,666 warrants entitled the holder thereof to purchase one common share in the share capital of the Company at an exercise price of $0.45 (CAD$0.5625) per Warrant Share for a 3-year period following the date of closing, expiring July 2023.

#### 17) Related party transactions and obligations
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 17) Related party transactions and obligations (cont.)
The Company compensates certain of its key management personnel to operate its business in the normal course. Key management includes the Company's executive officers and members of its Board of Directors. Transactions and balances with key management personnel and related parties not disclosed elsewhere in the Financial Statements are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Related Party Disclosure <br>Name and Principal Position<sup>(i)</sup>** | **Period** | **Director & <br>Officer <br>Fees** | **Short-term <br>Loan and <br>accrued <br>interest** | **Share-based <br>Compensation** | **Accounts Payable** |
|  Chairman (Mark Zorko) | **2021** | $**22500** | $**—** | $**69043** | $**22500** |
|  | 2020 | $— | $— | $46029 | $— |
|  Director (Michael Hepworth) | **2021** | $**18333** | $**—** | $**65293** | $**18333** |
|  | 2020 | $**—** | $— | $69214 | $— |
|  Director (Matt Chatterton) | **2021** | $**16667** | $**—** | $— | $**16667** |
|  | 2020 | $**—** | $**—** | $— | $— |
|  Director (Sean Bromley) | **2021** | $**18333** | $**—** | $— | $**18333** |
|  | 2020 | $**—** | $— | $— | $— |
|  CEO & Director (Jeet Basi) | **2021** | $**16667** | $**—** | $— | $**16667** |
|  | 2020 | $**—** | $— | $— | $— |
|  Former CEO & Director (Basil Botha)<sup>(ii)</sup> | **2021** | $**52000** | $**84316** | $**103821** | $**57600** |
|  | 2020 | $— | $**—** | $43529 | $— |
|  Former CTO & Director | **2021** | $**—** | $**32900** | $**65293** | $**—** |
| &nbsp;&nbsp;&nbsp; (Howard Glicksman) | 2020 | $**—** | $— | $43529 | $— |
|  Former Independent Director | **2021** | $**—** | $**—** | $**7500** | $**—** |
| &nbsp;&nbsp;&nbsp; (Jeremy Blum) | 2020 | $— | $— | $5000 | $— |
|  **Total** | **2021** | $**144500** | $**117216** | $**310950** | $**150100** |
|  | 2020 | $— | $— | $207301 | $— |

---

____________

(i) For the year ended December 2021 and 2020.

(ii) Effective 1 March, 2022, Chief Executive Officer and director of the Company became the Company's Principal Technical Advisor and new CEO and Director was appointed from the Board.

During the year ended December 31, 2021, the Company entered into various consulting agreements with certain shareholders of the company and recorded consulting fees of $51,000 (2020–$nil).

These transactions were in the normal course of operations, which is the amount of consideration established and agreed to by the related parties.

Short-term loans with related parties are described in Note 13).

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 18) Income taxes
The following table reconciles the expected income tax expense (recovery) at the Canadian and USA statutory income tax rates to the amounts recognized in the consolidated statements of loss and comprehensive loss for the years ended 31 December 2021 and 2020.

---

| | | |
|:---|:---|:---|
|  | **31 December <br>2021** | **31 December <br>2020** |
|  Net loss before tax | $**(2075902)** | $(690040) |
|  Statutory tax rate | **21.00%** | 22.98% |
|  Expected income tax (recovery) | **(436000)** | (158571) |
|  Change in statutory, foreign tax, foreign exchange rates | **(23000)** |  |
|  Permanent differences and other | **74000** | 210050 |
|  Effect of changes in statutory tax rates | **—** | 696 |
|  Change in deferred tax asset not recognized | **385000** | (52175) |
|  Total income tax expense (recovery) | $**—** | $— |

---

The unrecognized deductible temporary differences and deferred income tax assets as at 31 December 2021 and 2020 are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **31 December 2020** | **31 December 2020** |
|  | **Temporary <br>difference** | **Temporary <br>difference** |
|  Non-capital losses carry-forwards | $**2384537** | $1010469 |
|  ROU asset | **—** | (771321) |
|  Lease liability | **—** | 783979 |
|  Reserve for unpaid amounts | **55984** |  |
|  Share issuance cost | **13174** |  |
|  Property and equipment | **305194** | 13625 |
|  Total unrecognized deductible temporary differences and deferred income tax assets | $**2758889** | $1036752 |

---

The Company is treated as a United States corporation for United States federal income tax purposes under section 7874 of the U.S. Tax Code and is expected to be subject to United States federal income tax on its worldwide income. However, for Canadian tax purposes, the Company is expected, regardless of any application of section 7874 of the U.S. Tax Code, to be treated as a Canadian resident company (as defined in the Income Tax Act (Canada) (the "ITA") for Canadian income tax purposes. As a result, the Company will be subject to taxation both in Canada and the United States.

#### 19) Capital management
The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to pursue the Company's objectives. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

In the management of capital, the Company includes its components of shareholders' equity. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue debt, acquire or adjust the amount of cash and cash equivalents and investments.

At this stage of the Company's development, in order to maximize ongoing development efforts, the Company does not pay out dividends. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For The Years Ended 31 December 2021 and 2020

#### US Dollars

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### 20) Segmented information
The Company operates in one operating segment, which is the refinement of precious metals from electronic waste in the US. The following table provides segmented disclosure on assets and liabilities as reviewed by management regularly:

---

| | | | |
|:---|:---|:---|:---|
|  | **US** | **Canada** | **Total** |
|  **31 December 2021** |  |  |  |
|  Current assets | $**95000** | $**1219000** | $**1314000** |
|  Non-current assets | $**—** | $**—** | $**—** |
|  Current liabilities | $**(189000)** | $**(1702000)** | $**(1891000)** |
|  **31 December 2020** |  |  |  |
|  Current assets | $114000 | $— | $114000 |
|  Non-current assets | $1142000 | $— | $1142000 |
|  Current liabilities | $(251000) | $— | $(251000) |

---

#### 21) Commitments
The Company entered into a facility lease agreement which was originally set to expire in August 2025. On 22 October 2021, the lease was terminated. Upon termination of the lease, described in Note 15), there is a commitment to pay a termination fee totalling $70,000 payable in 7 instalments ($10,000/month starting 1 December 2021). As at 31 December 2021, $20,000 of the $70,000 lease termination fee has been paid.

The Company has entered into four consulting contracts dated between 1 August 2021 and 1 November 2021 in respect of various accounting services, public relations, general administrative, and capital markets services provided to the Company. Out of four, two are with minority shareholders of the Company (Note 17). These consulting contracts shall continue for 12 months from the effective date, unless terminated earlier in accordance with their terms. The total compensation of these consulting contracts is based on CAD$22,500 per month and $6,000 per month, plus taxes.

#### 22) Subsequent events
In April 2022, MMTC arranged for an offering of unsecured convertible debentures ("Debentures") in an aggregate principal amount of $3,331,390. The Debentures bear interest at five percent (5%) per annum and are unsecured obligations of the Company. The Debentures are due thirty-six (36) months following their issuance (i.e. April 7, 2025). The Debenture also provides that in the event the Company completes a U.S. Listing (i.e., the offering), the principal amount of the Debentures plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the price of the offering, and (B) $5.00, and shall be subject to a six (6) month hold period from the completion of the offering.

In March 2022, the Company has entered into two (2) consulting contracts in respect of corporate development, merger & acquisition and market advisory services, as well as project management and advisory services to the Company. These consulting contracts shall continue for 12 months from the effective date, unless terminated earlier in accordance with their terms. The total compensation is CAD$11,666 per month, plus taxes.

In February 2022, the Company has entered into the transition agreement with the related party, former CEO, to provide technical advisory services at $14,000 per month payable until eighteen (18) months following the date of completion of the offering. Mr. Botha will also be entitled to a one-time bonus of $50,000 upon Mr. Botha assisting the Company in (i) securing the lease of the new Facility, (ii) assisting in the commissioning of key pilot plant equipment and (iii) managing the engineering study presently being conducted by a third party engineering company. It was further agreed to repay the short-term loan of $78,050 plus interest within ten (10) days of closing of the offering.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### Unaudited Condensed Consolidated Interim Financial Statements

#### For the Six and Three Months Ended 30 June 2022

------

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.
***(Unaudited)***

#### US Dollars

#### Condensed Consolidated Interim Statements of Financial Position

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | (Unaudited) <br>As at <br>30 June <br>2022 | **As at <br>31 December <br>2021** |
|  **Assets** |  |  |  |
|  **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | $**2278685** | $414047 |
| &nbsp;&nbsp;&nbsp; Goods and services tax receivable |  | **45980** | 13033 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | (8) | **1701** | 1701 |
| &nbsp;&nbsp;&nbsp; Trust account | (15)(16b) | **—** | 885391 |
|  |  | $**2326366** | $1314172 |
|  **Liabilities** |  |  |  |
|  **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | (17)(10) | $**745799** | $651744 |
| &nbsp;&nbsp;&nbsp; Short-term loans | (12) | **124509** | 277331 |
| &nbsp;&nbsp;&nbsp; Equipment loan | (13) | **61000** | 61000 |
| &nbsp;&nbsp;&nbsp; Grant payable | (11) | **12500** | 15000 |
| &nbsp;&nbsp;&nbsp; Trust liability | (16b) | **—** | 885391 |
|  |  | **943808** | 1890466 |
|  **Non-Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Convertible debt | (15) | **3185351** |  |
| &nbsp;&nbsp;&nbsp; Interest payable | (15) | **38334** |  |
|  |  | $**4167493** | $1890466 |
|  **Equity** |  |  |  |
|  **Share capital** | (16) | **2822311** | 2822311 |
| &nbsp;&nbsp;&nbsp; Contributed surplus – warrants |  | **264665** | 264665 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income ("OCI") |  | **(27541)** |  |
| &nbsp;&nbsp;&nbsp; Accumulated deficit |  | **(4900562)** | (3663270) |
|  |  | **(1841127)** | (576294) |
|  |  | $**2326366** | $1314172 |

---

<u> Nature of operations and going concern </u>   <u> (1) </u>   <u> Commitments </u>   <u> (20 </u> <u>) </u> <br> <u> Capital management </u>   <u> (18) </u>   <u> Subsequent events </u>   <u> (21 </u> <u>) </u>

The Condensed Consolidated Interim Financial Statements were approved by the Board of Directors and were signed on its behalf by:

<u> "Signed" </u>       <u> "Signed" </u> <br> <u> Sean Bromley, Director </u>       <u> Michael Hepworth, Director </u>

The accompanying notes form an integral part of the condensed consolidated interim financial statement

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.
***(Unaudited)***

#### US Dollars

#### Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Note** | **3 Months <br>Ended <br>30 June <br>2022** | **3 Months <br>Ended <br>30 June <br>2021** | **6 Months <br>Ended <br>30 June <br>2022** | **6 Months <br>Ended <br>30 June <br>2021** |
|  **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Professional fees |  | $**308628** | $5290 | $**386889** | $45938 |
| &nbsp;&nbsp;&nbsp; Consulting fees |  | **199201** | 18629 | **289538** | 21062 |
| &nbsp;&nbsp;&nbsp; Management and director fees | (17) | **116892** |  | **223537** |  |
| &nbsp;&nbsp;&nbsp; Employee cost |  | **73676** | 92049 | **151341** | 186292 |
| &nbsp;&nbsp;&nbsp; Insurance |  | **50983** | 5011 | **52391** | 9422 |
| &nbsp;&nbsp;&nbsp; General and administration |  | **24384** | 7388 | **29066** | 15469 |
| &nbsp;&nbsp;&nbsp; Transfer agent |  | **12568** |  | **12568** |  |
| &nbsp;&nbsp;&nbsp; Travel and entertainment |  | **542** |  | **29991** | 1472 |
| &nbsp;&nbsp;&nbsp; Depreciation expense | (9) | **—** | 21891 | **—** | 44981 |
| &nbsp;&nbsp;&nbsp; Share based compensation | (16) | **—** |  | **—** | 310950 |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use asset | (14) | **—** | 41276 | **—** | 83389 |
| &nbsp;&nbsp;&nbsp; Research and development |  | **—** |  | **—** | 13548 |
| &nbsp;&nbsp;&nbsp; Chemical disposal |  | **—** |  | **44962** |  |
| &nbsp;&nbsp;&nbsp; Foreign exchange |  | **(29298)** | 3 | **(29583)** | 13 |
| &nbsp;&nbsp;&nbsp; Rental (lease recovery) |  | **(10000)** |  | **(10000)** |  |
|  |  | **747576** | 191537 | **1180700** | 732536 |
|  |  | **(747576)** | (191537) | **(1180700)** | (732536) |
|  **Other Income (Expense)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other income | (11) | **1250** | 1250 | **2500** | 2500 |
| &nbsp;&nbsp;&nbsp; Accretion expense |  | **(10955)** |  | **(10955)** |  |
| &nbsp;&nbsp;&nbsp; Interest expense |  | **(42865)** | (14121) | **(48137)** | (25723) |
|  |  | **(52570)** | (12871) | **(56592)** | (23223) |
|  **Net Loss for the Period** |  | $**(800146)** | $(204408) | $**(1237292)** | $(755759) |
|  **Other Comprehensive Income (Loss)** |  |  |  |  |  |
|  Foreign operations – foreign exchange |  | **(30857)** |  | **(27541)** |  |
|  **Comprehensive Loss for the Period** |  | **(831003)** | (204408) | **(1264833)** | (755759) |
|  **Basic and Diluted Loss per Share** |  | $**(0.09)** | $(0.03) | $**(0.14)** | $(0.11) |
|  **Weighted Average Shares Outstanding** |  | **8559784** | 7289635 | **8559784** | 7149188 |

---

The accompanying notes form an integral part of the condensed consolidated interim financial statement

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.
***(Unaudited)***

#### US Dollars

#### Condensed Consolidated Interim Statements of Changes in Equity

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common <br>Shares\*** | **Common <br>Shares <br>Amount** | **Contributed <br>Surplus** | **Accumulated <br>OCI** | **Accumulated <br>Deficit** | **Shareholders' <br>Equity** |
|  **Balance as at 1 January 2021** | 6465302 | $1838628 | $111500 | $— | $(1587368) | $362760 |
| &nbsp;&nbsp;&nbsp; Issuance of common shares @ $0.45 | 133333 | 44200 | 15800 |  |  | 60000 |
| &nbsp;&nbsp;&nbsp; Share based compensation | 691000 | 310950 |  |  |  | 310950 |
| &nbsp;&nbsp;&nbsp; Net loss for the year |  |  |  |  | (755759) | (755759) |
|  **Balance as at 30 June 2021** | 7289635 | $2193778 | $127300 | $— | $(2343127) | $(22049) |
|  **Balance as at 1 January 2022** | **8559784** | $**2822311** | $**264665** | $**—** | $**(3663270)** | $**(576294)** |
| &nbsp;&nbsp;&nbsp; Other comprehensive income | **—** | **—** | **—** | **(27541)** | **—** | **(27541)** |
| &nbsp;&nbsp;&nbsp; Net loss for the period | **—** | **—** | **—** | **—** | **(1237292)** | **(1237292)** |
|  **Balance as at 30 June 2022** | **8559784** | $**2822311** | $**264665** | $**(27541)** | $**(4900562)** | $**(1841127)** |

---

____________

\* Prior to the Merger Transaction, Urban Mining International Inc. elected to have a share consolidation on the basis of one (1) post-consolidation Common Share for every three (3) outstanding Common Shares existing immediately before the consolidation; 21,868,905 shares outstanding were re-issued as 7,289,635 common shares post-consolidation.

The accompanying notes form an integral part of the condensed consolidated interim financial statement

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.
***(Unaudited)***

#### US Dollars

#### Condensed Consolidated Interim Statements of Cash Flows

---

| | | |
|:---|:---|:---|
|  | **6 Months <br>Ended <br>30 June <br>2022** | **6 Months <br>Ended <br>30 June <br>2021** |
|  **Operative Activities** |  |  |
|  **Net Loss for the period** | $**(1237292)** | $(755759) |
|  **Items not Affecting Cash** |  |  |
| &nbsp;&nbsp;&nbsp; Share based compensation | **—** | 310950 |
| &nbsp;&nbsp;&nbsp; Interest on convertible debt | **38334** |  |
| &nbsp;&nbsp;&nbsp; Accretion expense | **10955** |  |
| &nbsp;&nbsp;&nbsp; Amortization of property and equipment | **—** | 44981 |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use asset | **—** | 83389 |
|  | **(1188003)** | (316439) |
|  **Net Change in Non-cash Working Capital** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | **(32947)** |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | **—** | 5331 |
| &nbsp;&nbsp;&nbsp; Grant payable | **(2500)** | (2500) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | **103858** | 70766 |
|  **Cash Used in by Operating Activities** | **(1119592)** | (242842) |
|  **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp; Issuance of common shares | **—** | 60000 |
| &nbsp;&nbsp;&nbsp; Short-term loans repaid | **(162625)** | 201279 |
| &nbsp;&nbsp;&nbsp; Convertible debt received | **3174395** |  |
| &nbsp;&nbsp;&nbsp; Lease payments | **—** | (69328) |
|  **Cash Provided by Financing Activities** | **3011770** | 191951 |
|  **Net effect of translation on foreign currency** | **(27540)** |  |
|  **Net Increase (Decrease) in Cash and cash equivalent** | **1864638** | (50891) |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalent – Beginning of Period | **414047** | 98579 |
|  **Cash and cash equivalent – End of Period** | $**2278685** | $47688 |

---

The accompanying notes form an integral part of the condensed consolidated interim financial statement

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 1) Nature of operations and going concern
Modern Mining Technology Corp. (the "Company" or "MMTC") was incorporated under British Columbia Business Corporations Act on 26 January 2021. The Company's registered office is held at Suite 1001, 409 Granville Street, Vancouver, BC V6C 1T2, Canada.

On 19 August 2021, the Company and Urban Mining International, Inc. ("UMI") entered into a merger agreement (the "Merger Agreement"), providing for the acquisition of all the issued and outstanding common shares of UMI by the Company. Pursuant to the Merger Agreement, UMI and Urban Mining Merger Sub, Inc. (a subsidiary of UMI, created for the transaction) amalgamated and continued under the name of UMI. As a result of the Merger Transaction, UMI became a wholly owned subsidiary of MMTC on 1 September 2021. These Condensed Consolidated Interim Financial Statements are presented as a continuance of UMI and comparative figures presented in these condensed consolidated interim financial statements are those of UMI. Subsequently, UMI changed its name to Modern Mining Technology Corp. as of 8 December 2021 (Note 7).

UMI was incorporated in the State of Delaware, USA on 8 August 2017 for the purpose of refining precious metals from electronic waste. UMI's principal operating facility is now located in Greenville, NC.

These Condensed Consolidated Interim Financial Statements (the "Interim Financial Statements") have been prepared on the basis of the accounting principles applicable to a going concern, which assumes the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. There are several adverse conditions that cast significant doubt upon the soundness of this assumption. These financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations.

Management believes that the Company's ability to continue as a going concern is dependent on its ability to raise additional capital. There cannot be any assurance that the Company will ever generate revenue or even if it does generate revenue that it will achieve profitable operations. Furthermore, no assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on the Company's operations, in the case of debt financing, or cause substantial dilution for the existing shareholders, in case of equity financing. These factors represent material uncertainties that cast substantial doubt about its ability to continue as a going concern.

These Financial Statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and thus be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in these financial statements.

---

| | | |
|:---|:---|:---|
|  **(Rounded 000's)** | **30 June <br>2022** | **31 December <br>2021** |
|  Working capital (deficit) | $**1383000** | $(576000) |
|  Accumulated (deficit) | $**(4901000)** | $(3663000) |

---

During the years ended December 31, 2021 and 2020, and the period ending June 30, 2022, there was a global outbreak of COVID-19, which has had a significant impact on businesses through the restrictions put in place by the Canadian, US, federal, provincial and municipal governments regarding travel, business operations and isolation/quarantine orders. At this time, it is unknown the extent of the impact the COVID-19 outbreak may have on the Company as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place by Canada, US, and other countries to fight the virus. There is significant uncertainty as to the likely effects of this outbreak which may, among other things, impact our ability to raise further financing. The duration and impact of the COVID-19 outbreak is unknown at this time, as

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 1) Nature of operations and going concern (cont.)
is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments or quantify the impact this pandemic may have on the financial results and condition of the Company in future periods.

Although the Company's operations have not been drastically affected by COVID-19, it has slowed activities down. The lease for the larger facility and ordering of commercial scale equipment was postponed to the post IPO stage with the use of proceeds. The current lease allows the company to continue with its R&D work.

#### 2) Basis of presentation — Statement of Compliance
These Interim Financial Statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and in accordance with International Accounting Standard ("IAS") 34, Interim Financial Reporting. The Interim Financial Statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In addition, these Interim Financial Statements have been prepared using the accrual basis of accounting except for cash flow information.

Since the Interim Financial Statements do not include all disclosures required by the International Financial Reporting Standards ("IFRS") for annual financial statements, they should be read in conjunction with the Company's audited annual consolidated financial statements for the year ended 31 December 2021.

The policies set out were consistently applied to all the years presented unless otherwise noted below. The preparation of the condensed interim consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The preparation of the Interim Financial Statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, profit and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

#### 3) Summary of significant accounting policies
The accounting policies and methods of computation followed in preparing these Interim Financial Statements are the same as those followed in preparing the most recent audited annual consolidated financial statements. For a complete summary of significant accounting policies, please refer to the Company's audited annual consolidated financial statements for the year ended 31 December 2021.

#### 4) Critical accounting judgments and key sources of estimation uncertainty
The preparation of the Company's interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the interim financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 4) Critical accounting judgments and key sources of estimation uncertainty (cont.)
Management must make significant judgments or assessments as to how financial assets and liabilities are categorized. The following are the critical judgments and areas involving estimates that management have made in the process of applying the Company's accounting policies and that have the most significant effect on the amount recognized in the condensed consolidated interim financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Critical accounting estimates:**

Significant assumptions about the future that management has made and about other sources of estimation uncertainty at the financial position reporting date that could result in a material adjustment to the carrying amounts of assets and liabilities relate to but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The estimated useful lives of equipment and right-of-use assets, which are included in the condensed consolidated interim statement of financial position and the related depreciation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The inputs used in accounting for the fair value measurement of warrants and share options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company's incremental borrowing rate in determining the present value of lease liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Critical accounting judgments:**

Significant judgments about the future that management has made and about other sources of judgment uncertainty at the financial position reporting date that could result in a material adjustment to the carrying amounts of assets and liabilities relate to but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functional currency: The determination of the functional currency of the Company as the Canadian dollar and it's subsidiary as the US$.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Going concern: The Company's ability to execute its strategy by funding future working capital requirements requires judgment. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, such as expectations of future events that are believed to be reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indications of impairment: Management assesses at least once per period whether the facts and circumstances surrounding their assets indicate that the carrying value exceed the recoverable amount. The Company recognizes a loss allowance for the expected credit losses associated with its financial assets, other than financial assets measured at fair value through profit or loss. Expected credit losses are measured to reflect a probability-weighted amount, the time value of money, and reasonable and supportable information regarding past events, current conditions and forecasts of future economic conditions.

Convertible debentures: the identification of the components is based on interpretations of the substance of the contractual arrangement and therefore requires judgement from management.

#### 5) Recent Accounting Pronouncements
Adoption of Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)

The Company adopted Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) on January 1, 2022. These amendments clarify the accounting for the net proceeds from selling any items produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management. The amendments prohibit entities from deducting amounts received from selling items produced from the cost of property, plant and equipment while the Company is preparing the asset for its intended use. Instead, sales proceeds and the cost of producing these items will be recognized in the consolidated statement of operations. The amendments did not have any impact on the Company's consolidated financial statements upon adoption.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 6) Financial instruments and risk management
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Financial instrument classification and measurement**

Financial instruments of the Company carried on the Condensed Consolidated Interim Statements of Financial Position are carried at amortized cost. There are no significant differences between the carrying value of financial instruments and their estimated fair values as at 30 June 2022., except for convertible debt

The Company classifies the fair value of these transactions according to the following hierarchy:

Level 1 — quoted prices in active markets for identical financial instruments.

Level 2 — quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3 — valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Fair values of financial assets and liabilities**

The Company's financial instruments include cash and cash equivalents, prepaid expenses, accounts payable and accrued liabilities, equipment loan, short-term loans, convertible debt and interest payable. As at 30 June 2022, the financial instruments approximate their fair value due to their short-term nature, except for convertible debt (Note 15).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Other risk**

Market risk is the risk that changes in market prices will affect the Company's earnings or the value of its financial instruments. Market risk is comprised of other price risk, currency risk, and interest rate risk. The objective of market risk management is to manage and control exposures within acceptable limits, while maximizing returns. These market risks are evaluated by monitoring changes in key economic indicators and market information on an on-going basis, adjusting operations and budgets accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Credit risk**

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its bank accounts. The Company's bank accounts are held with major banks in Canada, accordingly the Company is not exposed to significant credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Liquidity risk**

Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. In the management of liquidity risk, the Company maintains a balance between continuity of funding and the flexibility through the use of borrowings. Management closely monitors the liquidity position and expects to have adequate sources of funding to finance the Company's projects and operations. The Company is dependent on external financing and will be required to raise additional capital in the future to fund its operations (Note 1).

As at 30 June 2022, the Company had a cash balance of $2,278,685 (31 December 2021 - $414,047) to settle current liabilities of $943,808 (31 December 2021 - $1,890,466). So far, the Company is not profitable and has had to rely on the issuance of equity securities and debt for cash, primarily through private placements and from related and other parties. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 6) Financial instruments and risk management (cont.)
The following table shows the Company's liabilities and potential due dates related to liquidity risk as at 30 June 2022:

---

| | | | |
|:---|:---|:---|:---|
|  **Liabilities and Obligations** | **Less than <br>1 year** | **1 – 3 years** | **Non-cash <br>payable** |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | $**745799** | $**—** | **—** |
| &nbsp;&nbsp;&nbsp; Equipment loan | **61000** | **—** | **—** |
| &nbsp;&nbsp;&nbsp; Short-term loans | **124509** | **—** | **—** |
| &nbsp;&nbsp;&nbsp; Convertible debt | **—** | **3185351** | **—** |
| &nbsp;&nbsp;&nbsp; Interest payable | **—** | **38334** | **—** |
| &nbsp;&nbsp;&nbsp; Grant payable | **—** | **—** | **12500** |
|  **Balance as at 30 June 2022** | $**931308** | $**3223685** | $**12500** |

---

The following table shows the Company's liabilities and potential due dates related to liquidity risk as at 31 December 2021:

---

| | | | |
|:---|:---|:---|:---|
|  **Liabilities and Obligations** | **Less than <br>1 year** | **1 – 3 years** | **Non-cash <br>payable** |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | $651744 | $— |  |
| &nbsp;&nbsp;&nbsp; Equipment loan | 61000 |  |  |
| &nbsp;&nbsp;&nbsp; Short-term loans | 277331 |  |  |
| &nbsp;&nbsp;&nbsp; Trust liability |  |  | 885391 |
| &nbsp;&nbsp;&nbsp; Grant payable |  |  | 15000 |
|  **Balance as at 31 December 2021** | $990075 | $— | $900391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f) Interest rate risk**

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Company is exposed to cash flow interest rate risk on the variable rate of interest earned on its cash. The cash flow interest rate risk on cash is insignificant since deposits are either short term or pay interest at rates of 1.2% or less. The Company holds short-term loan with fixed interest rates, and does not hold any other financial assets or liabilities which incur interest. The fair value interest rate risk on the Company's other assets and liabilities are deemed to be insignificant.

The Company has not entered into any derivative instruments to manage interest rate fluctuations; however, management closely monitors interest rate exposure, and the risk exposure is limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g) Foreign currency risk**

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

The Company's major operating expenses and acquisition costs are denominated in US$ and incurred by UMI, and a portion of the expenses of the Company are in Canadian dollars. The Company's corporate office is based in Canada, and the exposure to exchange rate fluctuations arises mainly on foreign currencies, which are the US$.

The Company is exposed to foreign exchange risk. The Company has not entered into any derivative instruments to manage foreign exchange fluctuations; however, management monitors foreign exchange exposure, and if rates continue to fall, management will look at entering into derivative contracts. Should the US dollar and Canadian dollar exchange rate have changed by 5% at the period end the impact to profit or loss would be +/- $(22,000).

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 6) Financial instruments and risk management (cont.)
The Company's monetary assets and liabilities denominated in Canadian dollars are shown here in US$:

---

| | | |
|:---|:---|:---|
|  **(rounded '000)** | **30 June <br>2022** | **31 December <br>2021** |
|  Cash | $**44000** | $90000 |
|  Accounts payable and accrued liabilities | $**(390000)** | $(276000) |

---

#### 7) Acquisition
On 19 August 2021, the Company and Urban Mining International, Inc. ("UMI") entered into a merger agreement (the "Merger Agreement"), providing for the acquisition of all the issued and outstanding common shares of UMI. For accounting purposes, UMI being the accounting acquirer and therefore, the Company's historical financial statements reflect those of UMI. Prior to the Transaction, MMTC was a shell company with no business operations.

Upon closing of the Transaction on 1 September 2021, UMI became a wholly owned subsidiary of MMTC.

Details of the transaction are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UMI completed a share consolidation prior to the Acquisition on the basis of one (1) post-consolidation Common Share for every three (3) outstanding Common Shares existing immediately before the consolidation; 21,868,905 shares outstanding were re-issued as 7,289,635 common shares post-consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to the Transaction, MMTC completed the private placement of 49,500,000 warrants for total proceeds of $137,365 (CAD$173,250); the warrants have an exercise price of CAD$0.08 expiring August 2024. Post consolidation, the 49,500,000 warrants were re-issued as 16,500,000 warrants with an exercise price of $0.20 (CAD$0.25).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to the Transaction, UMI granted 5,000,000 performance warrants with an exercise price of $0.05 vesting upon the following sales targets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,000,000 performance warrants exercisable upon the Company achieving at least $10,000,000 in gross sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3,000,000 performance warrants exercisable upon the Company achieving at least $20,000,000 in gross sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Previously issued 10,724,350 warrants with an exercise price of $0.15 expiring July 2023 were re-issued as 3,574,783 warrants with an exercise price of $0.45 (CAD$0.5625) post-consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Previously issued 400,000 warrants with an exercise price of $0.30 expiring July 2023 were re-issued as 133,333 warrants with an exercise price of $0.90 (CAD$1.13) post-consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Urban Mining Merger Sub Inc. (Subco), direct, wholly — owned subsidiary of MMTC was formed for the purpose of effecting the merger. Each share of Subco became one common share of Mergco such that Mergco is a wholly owned subsidiary of the resulting entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each UMI common share was converted into the right to receive a number of resulting issuer common shares multiplied by 1 (the "Exchange Ratio"). Thus, for every 1 issued UMI share MMTC issued 1 Share and for every 1 issued UMI Warrant, MMTC issued 1 Warrant.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 8) Prepaid expenses
As at 30 June 2022, the balance in prepaid expenses of $1,701 (31 December 2021 — $1,701) represents a retainer for professional fee.

#### 9) Property and Equipment

---

| | | | |
|:---|:---|:---|:---|
|  **Manufacturing Equipment** | **Cost** | **Depreciation** | **Carrying <br>Amounts** |
|  Balance as at 1 January 2021 | $437806 | $121187 | $316619 |
| &nbsp;&nbsp;&nbsp; Depreciation for the period |  | 44981 |  |
|  Balance as at 30 June 2021 | $437806 | $166168 | $271638 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **Manufacturing Equipment** | **Cost** | **Depreciation** | **Carrying <br>Amounts** |
|  Balance as at 1 January 2022 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Depreciation for the period |  |  |  |
|  **Balance as at 30 June 2022** | $**—** | $**—** | $**—** |

---

Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is charged to the condensed consolidated interim statements of comprehensive loss using the straight-line method over the estimated useful life of the asset. During the year ended 31 December 2021, property and equipment were fully impaired due to uncertainty surrounding the realization of future economic benefits from the asset.

#### 10) Accounts payable and accrued liabilities
Accounts Payable and accrued liabilities consist of:

---

| | | |
|:---|:---|:---|
|  **Accounts Payable and Accrued Liabilities** | **30 June <br>2022** | **31 December <br>2021** |
| &nbsp;&nbsp;&nbsp; Accounts payable & accrued liabilities | $**742415** | $646607 |
| &nbsp;&nbsp;&nbsp; Payroll liabilities | **3384** | 5137 |
|  | $**745799** | $651744 |

---

#### 11) Grant payable
As at 30 June 2022, the balance in grant payable of $12,500 (31 December 2021 — $15,000) represents a grant from the City of Raleigh for equipment acquired.

---

| | | |
|:---|:---|:---|
|  **Grant Payable** | **30 June <br>2022** | **31 December <br>2021** |
| &nbsp;&nbsp;&nbsp; Grant Payable | $**12500** | $**15000** |
|  | $**12500** | $**15000** |

---

Grant income is recognized on the condensed consolidated interim statements of loss and comprehensive loss using the straight-line method over 5 years, the estimated useful life of the equipment acquired. In 2020, the Company received $25,000 from the City of Raleigh as part of the building up-lift program set up by the city towards eligible capital expenditure. The Company recognizes government grants when there is reasonable assurance that it

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 11) Grant payable (cont.)
will comply with the conditions required to qualify for the grant, and that the grant will be received. The Company recognizes government grants as a reduction to the related expense that the grant is intended to offset. The Company has recognized $1,250 and $2,500 of the building up lift grant during the 3 month and 6 month period ended 30 June 2022 respectively (3 month and 6 month period ended 30 June 2021 — $1,250 and $2,500) and has recorded it as other income in the condensed consolidated interim statements of loss and comprehensive loss.

#### 12) Short term loans
As at 30 June 2022, the balance in short term loan of $124,509 (31 December 2021 — $277,331) represents loan and accrued interest:

---

| | | | |
|:---|:---|:---|:---|
|  **Short-Term Loans** | **Principal** | **Interest** | **Total** |
|  Balance as at 31 December 2021 | $265050 | $12281 | $277331 |
| &nbsp;&nbsp;&nbsp; Addition | **—** | **9803** | **9803** |
| &nbsp;&nbsp;&nbsp; Repayment | **(156000)** | **(6625)** | **(162625)** |
|  **Balance as at 30 June 2022** | $**109050** | $**15459** | $**124509** |

---

Short-term loan details are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As at 30 June 2022, the Company owes the former CEO & Director $89,765 (31 December 2021 — $84,316), of which $11,715 is accrued interest. Amounts owing to the former CEO & Director were advanced in three instalments: on 15 March 2021 for $16,050, on 29 March 2021 for 34,000, and on 15 July 2021 for $28,000. The interest at one percent (1%) per month compounded and is due within 10 days of closing of the offering. As at 30 June 2022, the principal and interest portion of these loans remained unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As at 30 June 2022, the Company owes the former CTO & Director $34,745 (31 December 2021 — $32,900), of which $3,744 was accrued interest. Amounts owing to the former CTO & Director were advanced in two instalments: on 15 April 2021 for $16,000, and on 30 September 2021 for $15,000. The interest at one percent (1%) per month compounded and is due when the Company can repay the loan. As at 30 June 2022, the principal and interest portion of these loans remained unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As at 30 June 2022, the Company repaid a loan from an unrelated party (31 December 2021 — $160,115). During 31 December 2021, the Company received an interest-bearing loan of $60,000, $45,000, and $51,000 from an unrelated party. These loans were subject to interest at five percent (5%) per annum compounded annually and the sum of principal amounts of $156,000 and accumulated interest of $6,625 were all repaid.

#### 13) Equipment loan
As at 30 June 2022, the balance in equipment loan is $61,000 (31 December 2021 — $61,000). This is an unsecured loan with no terms for repayment.

#### 14) Right-of -use assets and lease liability
The Company has entered into various contractual arrangements that include right-of-use assets that relate to the lease of its operating facility. The weighted average interest rate utilized to discount future lease payments is 6.0%.

The Company entered into a facility lease agreement which was originally set to expire in August 2025. On 22 October 2021, the lease was terminated. Upon termination of the lease, a termination fee of $70,000 was payable in 7 instalments ($10,000/month starting on 1 December 2021). The termination fee may be prepaid in full at any time. As at 30 June 2022, $nil (31 December 2021 — $50,000) was outstanding and recorded in accounts payable and accrued liabilities because the Company has satisfied the lease termination fee.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 14) Right-of -use assets and lease liability (cont.)
The lease liability consists of the following:

---

| | |
|:---|:---|
|  | **Amount** |
|  Balance as at 1 January 2021 | $783979 |
| &nbsp;&nbsp;&nbsp; Lease payments | **(154030)** |
| &nbsp;&nbsp;&nbsp; Interest expense | **36595** |
| &nbsp;&nbsp;&nbsp; Modification | **(666544)** |
|  **Balance as at 31 December 2021 and 30 June 2022** | $**—** |

---

---

| | | | |
|:---|:---|:---|:---|
|  **Right-of-use assets** | **Cost** | **Amortization** | **Carrying <br>Amount** |
|  Balance as at 1 January 2021 | $839277 | $(67957) | $771320 |
| &nbsp;&nbsp;&nbsp; Addition | **—** | **(124665)** | **(124665)** |
| &nbsp;&nbsp;&nbsp; Impairment | **(839277)** | **192622** | **(646655)** |
|  **Balance as at 31 December 2021 and 30 June 2022** | $**—** | $**—** | $**—** |

---

**15) Convertible debenture**

In April 2022, MMTC arranged for an offering of unsecured convertible debentures ("Debentures") in an aggregate principal amount of $3,331,390. As of December 31, 2021, $885,391 was held in trust by the Company's legal counsel and represent advances received from investors who signed their debenture agreements with the Company prior to year-end. The Debentures bear interest at five percent (5%) per annum and are unsecured obligations of the Company. The Debentures are due thirty-six months following their issuance (i.e. 7 April 2025). The Debentures also provide that in the event the Company completes a U.S. Listing (i.e., the offering), the principal amount of the Debentures plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the price of the offering, and (B) $5.00, and shall be subject to a six (6) month hold period from the completion of the offering.

The Company evaluated the terms and conditions of the contingent settlement provision and determined that the entire instrument would be treated as a financial liability at amortised cost as there is no unconditional right to avoid delivering cash or another financial asset. The transaction price was determined to be the fair value of the convertible debt. The Company incurred $156,994 in finder's fees which was deducted from the convertible debts principal value. Interest is accrued at the rate of 5.0% per annum (based on a year of 360 days comprised of twelve 30-day months), payable only on the Maturity Date of the Debentures. During the period ended June 30, 2022, the Company recorded $38,334 in interest which was recorded as interest expense in the condensed interim consolidated statements of loss and comprehensive loss. The Debentures are being amortized over the life of the debenture using the effective interest rate of 6.74%. Accretion for the period was $10,955.

#### 16) Share capital
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Authorized:**

The Company's Board and shareholders authorized shares to 60,000,000 at its 30 July 2020 board meeting. As at 31 December 2021, 20,000,000 common shares were authorized, this has taken into account a 3 for 1 consolidation.

No preferred shares were authorized as at 30 June 2022 and 31 December 2021. The Company's Board and shareholders voted to convert the preferred shares, 1 for 1, into common shares at its 30 July 2020 meeting.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 16) Share capital (cont.)
<u><u>During the year ended 31 December 2021 and 30 June 2022:</u></u>

---

| | | |
|:---|:---|:---|
|  | **Number of <br>Shares** | **Amount** |
|  **Balance as at 1 January 2021** | 6465302 | $1838628 |
| &nbsp;&nbsp;&nbsp; Shares issued at $0.45 | **133333** | **44200** |
| &nbsp;&nbsp;&nbsp; Shares based compensation | **691000** | **310950** |
|  **Balance as 30 June 2021** | **7289635** | $**2193778** |
| &nbsp;&nbsp;&nbsp; Shares issued at $0.50, net of share issuance cost | **1270149** | **628533** |
|  **Balance as 31 December 2021 and 30 June 2022** | **8559784** | $**2822311** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Issued or allotted and fully paid:**

After a 3 for 1 consolidation, there are 8,559,784 common shares issued and outstanding as at 30 June 2022 (31 December 2021 — 8,559,784).

<u><u>During the year ended 31 December 2021:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January 2021, 133,333 common shares were issued at a price of $0.45 per common share. Each unit also included one warrant allowing the owner to purchase one share at CAD$1.13 over a three-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2021, 691,000 common shares were issued to officers and directors of the Company at $0.45 per common share. The fair value of the common shares granted was $310,950.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On 9 November 2021, MMTC completed a private placement offering of 1,270,149 common shares of the Company at a price of $0.50 per Share for total proceeds of $635,075, share issuance costs of $6,245, and no finders' fees.

As of 31 December 2021, $885,391 was held in trust by the Company's legal counsel and represented advances received from investors who signed their debenture agreements with the Company prior to 31 December 2021. The debenture financing closed during the six months period ended 30 June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Warrants**

Warrant transactions for the six months ended 30 June 2022 and year ended 31 December 2021 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Warrant Activity** | **30 June <br>2022** | **Weighted <br>Average <br>Exercise <br>Price** | **31 December <br>2021\*** | **Weighted <br>Average <br>Exercise <br>Price** |
|  **Balance – Beginning of period** | 25208116 | $0.21 | 3574783 | $0.45 |
| &nbsp;&nbsp;&nbsp; Issued |  |  | 16633333 | 0.20 |
| &nbsp;&nbsp;&nbsp; Granted |  |  | 5000000 | 0.05 |
|  **Balance – End of period** | 25208116 | $0.21 | 25208116 | $0.21 |

---

____________

\* During the year ended 31 December 2021, a 3 for 1 consolidation occurred. The numbers shown represent the number of warrants after the 3 for 1 consolidation.

As at 30 June 2022, 25,208,116 warrants have a weighted average remaining life of 1.04 years (31 December 2021 — 1.28 years) and a weighted average exercise price of $0.21 (31 December 2021 — $0.21). The 5,000,000 performance warrants do not have an expiry date, vesting upon sales targets are reached, exercisable at $0.05.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 16) Share capital (cont.)
The fair values of warrants issued have been estimated on the date of grant using the Black-Scholes pricing model. Assumptions used in the pricing model are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Expiry Date** | **Grant date <br>share price<br>$** | **Exercise <br>price<br>$** | **Expected <br>volatility %** | **Expected <br>warrant <br>life <br>(Years)** | **Expected <br>dividend <br>yield %** | **Risk-free <br>interest <br>rate %** |
|  14 July 2023 | 0.45 | 0.45 | 82.29 | 3.00 | 0 | 0.30 |
|  15 July 2023 | 0.45 | 0.45 | 82.29 | 3.00 | 0 | 0.30 |
|  15 January 2024 | 0.45 | 0.90 | 81.63 | 3.00 | 0 | 0.15 |

---

Warrant pricing models require the input of highly subjective assumptions including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair value estimate.

The number of warrants outstanding as at 30 June 2022 and 31 December 2021 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Issuance Date** | **Expiry Date** | **Exercise <br>Price\*** | **30 June <br>2022\*** | **31 December <br>2021\*** |
|  14 July 2020 | 14 July 2023 | $0.45 | **3476666** | 3476666 |
|  15 July 2020 | 15 July 2023 | $0.45 | **98117** | 98117 |
|  15 January 2021 | 15 January 2024 | $0.90 | **133333** | 133333 |
|  7 August 2021 | Three years post-Offering | $0.20 | **16500000** | 16500000 |
|  30 August 2021 |  | $0.05 | **5000000** | 5000000 |
|  |  |  | **25208116** | 25208116 |

---

____________

\* During the year ended 31 December 2021, a 3 for 1 consolidation occurred. The numbers shown represent the number of warrants after the 3 for 1 consolidation.

<u><u>During the year ended 31 December 2021:</u></u>

On 30 August 2021, the Company granted 5,000,000 performance warrants with an exercise price of $0.05 vesting upon $10,000,000 and $20,000,000 in gross sales targets. The fair value of these warrants will take place upon the vesting conditions of these performance warrants. As at 30 June 2022 and 31 December 2021, the warrants had a $nil fair value.

Private placement of warrant financing of 16,500,000 was completed on 7 August 2021. Warrants were issued at $0.0083 for total proceeds of $137,365 (CAD$173,250). Each warrant allows the owner to purchase one share at $0.20 (CAD$0.25) for three (3) years from the closing of the Offering.

On 15 January 2021, the fair value of 133,333 warrants issued is $15,800. Each warrant allows the owner to purchase one share at $0.90 (CAD$1.13) over a three-year period, expiring July 2023.

#### 17) Related party transactions and obligations
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

[**Table of Contents**](#TOC001)

#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 17) Related party transactions and obligations (cont.)
The Company compensates certain of its key management personnel to operate its business in the normal course. Key management includes the Company's executive officers and members of its Board of Directors. Transactions and balances with key management personnel and related parties not disclosed elsewhere in the Interim Financial Statements are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Related Party Disclosure <br>Name and Principal Position** | **Period<sup>(i)</sup>** | **Director Fee/ Consulting Fee** | **Short-term Loan and Accrued Interest** | **Share-based Compensation** | **Accounts Payable and Accrued Liabilities** |
|  Chairman | **2022** | $**33145** | $**—** | $**—** | $**55645** |
|  (Mark Zorko) | 2021 | $— | $— | $69043 | $— |
|  Director | **2022** | $**27500** | $**—** | $**—** | $**45833** |
|  (Michael Hepworth) | 2021 | $— | $— | $65293 | $— |
|  Director | **2022** | $**27500** | $**—** | $**—** | $**45833** |
|  (Sean Bromley) | 2021 | $— | $— | $— | $— |
|  Director | **2022** | $**25575** | $**—** | $**—** | $**42242** |
|  (Matt Chatterton) | 2021 | $— | $— | $— | $— |
|  CEO | **2022** | $**68333** | $**—** | $**—** | $**88000** |
|  (SVK Metrix Inc./Jeet Basi)<sup>(iii)</sup> | 2021 | $— | $— | $— | $— |
|  CFO | **2022** | $**15484** | $**—** | $**—** | $**4583** |
|  (Koral Financial Inc./Olga Balanovskaya)<sup>(iv)</sup> | 2021 | $— | $— | $— | $— |
|  Former CEO & Director | **2022** | $**26000** | $**89764** | $**—** | $**83** |
|  (Basil Botha) | 2021 | $— | $51763 | $103821 | $— |
|  Former CTO & Director | **2022** | $**—** | $**34745** | $**—** | $**—** |
|  (Howard Glicksman) | 2021 | $— | $16479 | $65293 | $— |
|  Former Independent Director | **2022** | $**—** | $**—** | $**—** | $**—** |
|  (Jeremy Blum) | 2021 | $— | $— | $7500 | $— |
|  | **2022** | $**223537** | $**124509** | $**—** | $**282219** |
|  **Total** | 2021 | $— | $68242 | $310950 | $— |

---

____________

i) For the six months ended 30 June 2022 and 2021.

ii) Amounts disclosed were paid or accrued to the related party.

iii) Appointed CEO and director as at 1 March 2022.

iv) Appointed CFO as at 15 March 2022.

These transactions were in the normal course of operations, which is the amount of consideration established and agreed to by the related parties.

#### 18) Capital management
The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to pursue the Company's objectives. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

In the management of capital, the Company includes its cash balances and components of shareholders' equity. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue debt, acquire or adjust the amount of cash and cash equivalents and investments.

At this stage of the Company's development, in order to maximize ongoing development efforts, the Company does not pay out dividends. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

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#### Modern Mining Technology Corp.

#### For the Six Months Ended 30 June 2022 and 2021

#### (Unaudited) us dollars

#### Notes to the Condensed Consolidated Interim Financial Statements

#### 19) Segmented information
The Company has one operating segment, which is the refinement of precious metals from electronic waste in the US. The following table provides segmented disclosure on assets and liabilities as reviewed by management regularly by geographical location:

---

| | | | |
|:---|:---|:---|:---|
|  **(Rounded to 000's)** | **US** | **Canada** | **Total** |
|  **30 June 2022** |  |  |  |
|  Current assets | $**69000** | $**2258000** | $**2327000** |
|  Current liabilities | $**(213000)** | $**(731000)** | $**(944000)** |
|  **31 December 2021** |  |  |  |
|  Current assets | $95000 | $1219000 | $1314000 |
|  Current liabilities | $(189000) | $(1702000) | $(1891000) |

---

#### 20) Commitment
The Company entered into a facility lease agreement which was originally set to expire in August 2025. On 22 October 2021, the lease was terminated. Upon termination of the lease, described in Note 14), a commitment to pay a termination fee of $70,000 was payable in 7 instalments ($10,000 per month starting on 1 December 2021). The termination fee may be prepaid in full at any time. As at 30 June 2022, $nil (31 December 2021 — $50,000) was outstanding and recorded in accounts payable and accrued liabilities because the Company has satisfied the lease termination fee.

In March 2022, the Company has entered into two (2) consulting contracts in respect of corporate development, merger & acquisition and market advisory services, as well as project management and advisory services to the Company. These consulting contracts shall continue for 12 months from the effective date, unless terminated earlier in accordance with their terms. The total compensation is CAD$11,666 per month, plus taxes.

In February 2022, the Company has entered into the transition agreement with the related party, former CEO & Director, to provide technical advisory services at $14,000 per month payable until eighteen (18) months following the date of completion of the offering. Mr. Botha will also be entitled to a one-time bonus of $50,000 upon Mr. Botha assisting the Company in (i) securing the lease of the new Facility, (ii) assisting in the commissioning of key pilot plant equipment and (iii) managing the engineering study presently being conducted by a third party engineering company. It was further agreed to repay the short-term loan of $78,050 plus interest within ten (10) days of closing of the offering.

In January 2022, The Company has engaged the firm underwriting of the proposed initial public offering whereby the Company will pay an underwriting discount of 7% of the public offering price and expense allowance equal to 1% of the public offering price. In addition, the Company shall issue the warrants to purchase that number of shares equal to 5% of the aggregate number of shares sold in the offering, exercisable during the four- and one-half-year period, commencing 180 days from the offering, at a price per share equal to 125% pf the public offering price per share.

#### 21) Subsequent events
On September 21, 2022, the Company entered into a lease agreement with Grand Ventures, LLC, a North Carolina limited liability company, for the lease of the Company's North Carolina facility for E-Waste feedstock processing. The lease term is for three years, with a right to extend for three additional one year terms. Annual rent during the first three lease years is $120,000, payable in monthly installments of $10,000. This is subject to adjustment upon extension of the lease term. A security deposit in the amount of $30,000 was paid upon execution of the lease and will be returned without interest at the end of the term, or upon the earlier termination within the conditions of this lease.

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 **Common Shares**

#### Modern Mining Technology Corp.

#### ____________________________

#### PRELIMINARY PROSPECTUS

#### ____________________________

#### ThinkEquity
, 2022

Until and including , 2022 (the 25<sup>th</sup> day after the date of this Prospectus), all dealers that effect transactions in these securities, whether or not participating in this Offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

------

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers.
<u><u>Business Corporations Act (British Columbia)</u></u>

Division 5 of Part 5 of the *Business Corporations Act* (British Columbia) ("**BCBCA**") provides that a corporation may (a) indemnify an eligible party against all eligible penalties to which the eligible party is or may be liable and (b) after the final disposition of an eligible proceeding, pay the expenses (not including judgments, penalties, fines or amounts paid in settlement of a proceeding) actually and reasonably incurred by an eligible party in respect of that proceeding.

An "eligible party" means an individual who (a) is or was a director or officer of the corporation, (b) is or was a director or officer of another corporation (i) at a time when the corporation is or was an affiliate of the corporation, or (ii) at the request of the corporation, or (c) at the request of the corporation, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity. An "eligible proceeding" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the corporation or an associated corporation (a) is or may be joined as a party, or (b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.

A corporation must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by the eligible party in respect of that proceeding if the eligible party (a) has not been reimbursed for those expenses, and (b) is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in the outcome of the proceeding.

A corporation may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an eligible party in respect of that proceeding, provided the corporation first receives from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited, the eligible party will repay the amounts advanced.

A corporation must not indemnify an eligible party or pay the expenses of an eligible party if any of the following circumstances apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, the corporation was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the corporation is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests of the corporation or the associated corporation, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful.

If an eligible proceeding is brought against an eligible party by or on behalf of the corporation or by or on behalf of an associated corporation, the corporation must not (a) indemnify the eligible party in respect of the proceeding or (b) pay the expenses of the eligible party in respect of the proceeding.

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A corporation may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the corporation or an associated corporation.

<u><u>Articles</u></u>

Our articles provide that our directors must cause our company to indemnify our directors and former directors, and their respective heirs and personal or other legal representatives to the greatest extent permitted by Division 5 of Part 5 of the BCBCA and each director is deemed to have contracted with our company on this term.

<u><u>Indemnification Agreements</u></u>

We also entered into indemnification agreements with each of our executive officers and directors. The indemnification agreements provide the indemnitees with contractual rights to indemnification, and expense advancement and reimbursement, to the fullest extent permitted under British Columbia law.

#### Item 7. Recent Sales of Unregistered Securities.
<u><u>During the year ended December 31, 2022</u></u>

On April 7, 2022, the Company issued $3,331,390 principal amount of 5% unsecured convertible debentures in a private placement. The debentures bear interest at five percent (5%) per annum. The debentures are due thirty-six (36) months following their issuance (on April 7, 2025). The Debenture Indenture executed in relation to the debentures also provides that in the event the Company completes a U.S. listing (such as the Offering), the principal amount plus any accrued unpaid interest will automatically convert into Common Shares at a conversion price equal to the lessor of (A) a 40% discount to the Offering Price, and (B) $5.00. In connection with the Debenture Offering, the Company paid $156,994.50 in commissions to various investment dealers/brokers.

<u><u>During the year ended December 31, 2021:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January 2021, 133,333 units of UMI were issued at a price of $0.33 per common share. Each unit included one warrant allowing the owner to purchase one share at $0.90 over a three-year period. The fair value of these 133,333 warrants is $15,800, and these warrants will expiry on 15 January 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2021, 691,000 common shares of UMI were issued to officers and directors of the Company at $0.45 per common share. The fair value of the common shares granted was $310,950.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 28, 2021, UMI issued 49,500,000 UMI Warrants to investors in a private placement. Each UMI Warrant was issued for consideration of C$0.0035 for aggregate gross proceeds of C$173,250 ($137,365). Upon completion of the Consolidation, the UMI Warrants were consolidated into 16,500,000 Investor Rights Warrants issued for consideration of $0.0105 per warrant and exercisable for $0.20 for three (3) years from the closing of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 30, 2021, the Company granted 5,000,000 performance warrants with an exercise price of $0.05 vesting upon $10,000,000 and $20,000, 0000 in gross sales targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 9, 2021, the Company completed a private placement offering of 1,270,149 Common Shares at a price of $0.50 per share for total proceeds of $635,075, share issuance costs of $6,245 and no finders' fees.

<u><u>During the year ended December 31, 2020:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 30, 2020, 712,356 preferred shares of UMI were converted to common shares on a 1:1 conversion basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2020, 3,476,667 units of UMI were issued as part of a private placement at a price of $0.15 per unit. Each unit consisted of one common share and one common share purchase warrant. Each warrant entitled

[**Table of Contents**](#TOC001)

the holder thereof to purchase one additional common share at an exercise price of $0.45 per share for three years from the completion of the private placement. As a result, 3,476,666 warrants were issued with the fair value of $115,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2020, 1,381,999 common shares of UMI were issued to officers and directors at $0.15 per share. The fair value of the common shares issued was $210,050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2020, as part of a debt settlement arrangement entered into with various vendors of UMI, 196,233 units were issued to settle debt valued at $95,574. Each unit consisted of one common share and one-half of one common share purchase warrant. Each full warrant entitled the holder thereof to purchase one share of common shares of UMI at an exercise price of $0.45 per share for three years from the completion of the private placement. As a result, 98,117 warrants were granted as debt settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2020, 36,667 common shares were issued to employees of UMI at $0.15 per share. The fair value of the common shares issued was $2,750.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2020, 74,851 common shares of UMI were issued at $0.45 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2020, 830,138 common shares of UMI were redeemed.

<u><u>During the year of inception:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UMI issued 1,416,667 common shares for total cash consideration of $564.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There were no share options issued during the last three years or prior to.

Note: all numbers above have been adjusted to give effect to the 3:1 consolidation of UMI's common shares effected on August 24, 2021.

None of the foregoing transactions involved any underwriters, underwriting discounts or any public offering. The issuances of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder, as transactions by an issuer not involving any public offering, or were issued in reliance upon Regulation S of the Securities Act, to an investor who is an "accredited investor," as such term is defined in Rule 501(a) under the Securities Act, in an offshore transaction (as defined in Rule 902 under Regulation S of the Securities Act), based upon representations made by such investor.

#### Item 8. Exhibits and Financial Statements Schedule
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following exhibits are filed as part of this Registration Statement and are numbered in accordance with Item 601 of Regulation S-K:

---

| | |
|:---|:---|
|  **Exhibit Number** | **Description** |
|  1.1\* | Form of Underwriting Agreement |
| 2.1 | [Merger Agreement and Plan of Reorganization among 1285896 B.C. Ltd. and Urban Mining International Inc. and Urban Mining Merger Sub, Inc. dated August 19, 2021, and amended August 26, 2021.](drs2022a1ex2-1_modernmin.htm) |
| 3.1 | [Certificate of Incorporation of Modern Mining Technology Corp.](drs2022a1ex3-1_modernmin.htm) |
|  3.2+ | [Notice of Articles of Modern Mining Technology Corp.](drs2022a1ex3-2_modernmin.htm) |
| 3.3 | [Articles of Modern Mining Technology Corp.](drs2022a1ex3-3_modernmin.htm) |
| 4.1 | [Indenture between Modern Mining Technology Corp. and Computershare Trust Company of Canada dated April 7, 2022.](drs2022a1ex4-1_modernmin.htm) |
| 4.2 | [Investor Rights Agreement dated July 13, 2022 between Modern Mining Technology Corp. and Kuljit (Jeet) Basi.](drs2022a1ex4-2_modernmin.htm) |
| 4.3 | [Investor Rights Agreement dated August 31, 2022 between Modern Mining Technology Corp. and Kuljit (Jeet) Basi.](drs2022a1ex4-3_modernmin.htm) |
| 4.4 | [Amendment to Investor Rights Agreement dated November 3, 2022 between Modern Mining Technology Corp. and Kuljit (Jeet) Basi.](drs2022a1ex4-4_modernmin.htm) |
|  5.1\* | Form of Opinion of Aird & Berlis LLP. |
|  8.1\* | Form of Opinion of Aird & Berlis LLP as to Canadian tax matters (included in Exhibit 5.1). |

---

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---

| | |
|:---|:---|
|  **Exhibit Number** | **Description** |
|  10.1§ | [Equity Incentive Plan dated July 6, 2022.](drs2022a1ex10-1_modernmin.htm) |
| 10.2 | [Form of Indemnity Agreement with directors and executive officers.](drs2022a1ex10-2_modernmin.htm) |
| 10.3 | [Interest Bearing Promissory Note payable by Urban Mining International Inc. to Basil Botha dated July 15, 2021.](drs2022a1ex10-3_modernmin.htm) |
| 10.4 | [Interest Bearing Promissory Note payable by Urban Mining International Inc. to Basil Botha dated March 29, 2021.](drs2022a1ex10-4_modernmin.htm) |
| 10.5 | [Interest Bearing Promissory Note payable by Urban Mining International Inc. to Basil Botha dated March 15, 2021.](drs2022a1ex10-5_modernmin.htm) |
| 10.6 | [Form of Common Share Subscription Agreement in connection with the Modern Mining Technology Corp.'s November 9, 2021 private placement.](drs2022a1ex10-6_modernmin.htm) |
| 10.7 | [Form of Warrant Subscription Agreement in connection with the Modern Mining Technology Corp.'s July 28, 2021 private placement.](drs2022a1ex10-7_modernmin.htm) |
| 10.8 | [Form of Performance Warrant exercisable upon $10,000,000 and $20,000,000 gross sales, respectively, dated August 30, 2021.](drs2022a1ex10-8_modernmin.htm) |
| 10.9 | [Form of Share Award Agreement dated February 1, 2021 between Urban Mining International Inc. and various directors.](drs2022a1ex10-9_modernmin.htm) |
| 10.10 | [Form of Subscription Agreement to purchase shares of common shares and warrants of Urban Mining International, Inc., dated January 2021.](drs2022a1ex10-10_modernmin.htm) |
| 10.11 | [Form of Subscription Agreement to purchase shares of common shares and warrants of Urban Mining International, Inc., dated July 2020.](drs2022a1ex10-11_modernmin.htm) |
| 10.12 | [Form of Share Award Agreement dated July 2020 by Urban Mining International Inc.](drs2022a1ex10-12_modernmin.htm) |
| 10.13 | [Form of Subscription Agreement to purchase shares of common shares of Urban Mining International, Inc., dated November 2020.](drs2022a1ex10-13_modernmin.htm) |
| 10.14 | [Form of Share Award Agreement dated November 18, 2020 by Urban Mining International Inc.](drs2022a1ex10-14_modernmin.htm) |
|  10.15+ | [Transition Agreement, dated February 28, 2022 between Modern Mining Technology Corp. and Basil Botha.](drs2022a1ex10-15_modernmin.htm) |
| 10.16 | [Lease Agreement, dated September 21, 2022, between Modern Mining Technology Corp. and Grand Ventures, LLC.](drs2022a1ex10-16_modernmin.htm) |
| 14.1 | [Code of Business Conduct and Ethics of Modern Mining Technology Corp.](drs2022a1ex14-1_modernmin.htm) |
| 14.2 | [Whistleblower Policy of Modern Mining Technology Corp.](drs2022a1ex14-2_modernmin.htm) |
| 14.3 | [Related Party Transactions Policy of Modern Mining Technology Corp.](drs2022a1ex14-3_modernmin.htm) |
| 14.4 | [Conflict Minerals Policy](drs2022a1ex14-4_modernmin.htm) |
| 21.1 | [List of subsidiaries of Modern Mining Technology Corp.](drs2022a1ex21-1_modernmin.htm) |
|  23.1\* | Consent of Aird & Berlis LLP (included in Exhibit 5.1). |
|  23.2\* | Consent of MNP LLP, independent registered public accounting firm. |
| 24.1 | [Power of Attorney (included on the signature page to this Registration Statement).](#T551) |
| 99.1 | [Request for Waiver under Item 8.A.4.](drs2022a1ex99-1_modernmin.htm) |
|  107\* | Filing Fee Table |

---

____________

**\*** To be filed by Amendment**.**

§ Indicates compensatory plan.

+ Certain portions of this exhibit (indicated by "[\*\*\*]") have been omitted pursuant to Regulation S-K, Item (601)(b)(10).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statements Schedules

See our Financial Statements starting on page F-1. All other schedules have been omitted because they are not required, are not applicable or the information is otherwise set forth in the financial statements and related notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Filing Fee

A table furnishing the calculation of filing fees paid for the securities being registered hereby is set forth in Exhibit 107 to this Registration Statement in the manner required by Item 601(b)(107) of Regulation S-K.

#### Item 9. Undertakings
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) That, for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A under the Securities Act and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

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

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, Province of British Colombia, Canada on January 11, 2023.

---

| | | |
|:---|:---|:---|
|  | **Modern Mining Technology Corp.** | **Modern Mining Technology Corp.** |
|  Date: January 11, 2023 | By: |  |
|  |  | Name: Kuljit (Jeet) Basi |
|  |  | Title: President and Chief Executive Officer |

---

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints • his or her true and lawful attorney-in-fact and agent, with full power of substitution, for her or him and in her or his name, place and stead, in any and all capacities, to sign any and all amendments to this Form 1 registration statement, and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and ratifying and confirming all that said attorney-in-fact and agent or her or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  |  | Date: January 11, 2023 |
|  Name:<br> Title: | Kuljit (Jeet) Basi<br> President, Chief Executive Officer and Director<br> (Principal Executive Officer) |  |
|  |  | Date: January 11, 2023 |
|  Name:<br> Title: | Olga Balanovskaya<br> Chief Financial Officer<br> (Principal Financial Officer and<br>Principal Accounting Officer) |  |
|  |  | Date: January 11, 2023 |
|  Name:<br> Title: | Sean Bromley<br> Director |  |
|  |  | Date: January 11, 2023 |
|  Name:<br> Title: | Matt Chatterton<br> Director |  |
|  |  | Date: January 11, 2023 |
|  Name:<br> Title: | Mark Zorko<br> Director |  |
|  |  | Date: January 11, 2023 |
|  Name:<br> Title: | Michael Hepworth<br> Director |  |

---

[**Table of Contents**](#TOC001)

#### Signature of Authorized U.S. Representative of Registrant
Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Modern Mining Technology Corp., has signed this registration statement on January 11, 2023.

      <br>   <u> Name: Mark Zorko </u>

## Exhibit 2.1

**Exhibit 2.1**

**MERGER AGREEMENT AND PLAN OF REORGANIZATION**

**among**

**1285896 B.C. LTD.**

**-AND-**

**URBAN MINING INTERNATIONAL INC.**

**-AND-**

**URBAN MINING MERGER SUB, INC.**

August 18, 2021

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE 1 DEFINITIONS | ARTICLE 1 DEFINITIONS | 1 |
| 1.1 | Definitions | 1 |
| ARTICLE 2 TRANSACTION | ARTICLE 2 TRANSACTION | 7 |
| 2.1 | Agreement to Merge. | 7 |
| 2.2 | Merger Events. | 7 |
| 2.3 | Share Certificates. | 8 |
| 2.4 | Resulting Issuer. | 9 |
| 2.5 | Merged Corporation. | 9 |
| 2.6 | Fractional Shares. | 10 |
| 2.7 | Dissenting Shares | 10 |
| 2.8 | Effect of Merger. | 11 |
| 2.9 | Filing of Certificate of Merger. | 11 |
| 2.10 | Issuance of Mergeco Common Shares. | 11 |
| 2.11 | Acknowledgement of Resale Restrictions | 11 |
| 2.12 | U.S. Tax Treatment. | 12 |
| 2.13 | Accredited Investor Status of U.S. Holders. | 13 |
| ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF PURCHASER | ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF PURCHASER | 13 |
| 3.1 | Representations and Warranties of Purchaser. | 13 |
| ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE COMPANY | ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 16 |
| 4.1 | Representations and Warranties of the Company. | 16 |
| ARTICLE 5 SURVIVAL OF REPRESENTATIONS AND WARRANTIES | ARTICLE 5 SURVIVAL OF REPRESENTATIONS AND WARRANTIES | 21 |
| 5.1 | Survival of Representations and Warranties. | 21 |
| ARTICLE 6 COVENANTS OF THE COMPANY | ARTICLE 6 COVENANTS OF THE COMPANY | 21 |
| 6.1 | Necessary Consents. | 21 |
| 6.2 | Ordinary Course. | 21 |
| 6.3 | Restrictive Covenants. | 21 |
| 6.4 | All Other Action. | 22 |
| 6.5 | Securities Law Matters. | 22 |
| ARTICLE 7 COVENANTS OF PURCHASER | ARTICLE 7 COVENANTS OF PURCHASER | 22 |
| 7.1 | Necessary Consents. | 22 |
| 7.2 | Ordinary Course. | 22 |
| 7.3 | Non-Solicitation. | 23 |
| 7.4 | Restrictive Covenants. | 23 |
| 7.5 | All Other Action. | 24 |
| 7.6 | Subco. | 24 |
| ARTICLE 8 POST-CLOSING COVENANTS | ARTICLE 8 POST-CLOSING COVENANTS | 24 |
| 8.1 | Prospectus and Filing Statement | 24 |
| ARTICLE 9 CONDITIONS PRECEDENT | ARTICLE 9 CONDITIONS PRECEDENT | 26 |
| 9.1 | Conditions for the Benefit of Purchaser. | 26 |
| 9.2 | Conditions for the Benefit of the Company. | 27 |

---

i

---

| | | |
|:---|:---|:---|
| ARTICLE 10 CLOSING | ARTICLE 10 CLOSING | 28.0 |
| 10.1 | Time of Closing. | 28.0 |
| 10.2 | Company Closing Documents. | 28.0 |
| 10.3 | Purchaser's Closing Documents. | 29.0 |
| ARTICLE 11 TERMINATION | ARTICLE 11 TERMINATION | 29.0 |
| 11.1 | Termination. | 29.0 |
| 11.2 | Effect of Termination. | 30.0 |
| ARTICLE 12 GENERAL | ARTICLE 12 GENERAL | 30.0 |
| 12.1 | Confidential Information. | 30.0 |
| 12.2 | Counterparts. | 30.0 |
| 12.3 | Severability. | 30.0 |
| 12.4 | Applicable Law. | 30.0 |
| 12.5 | Knowledge. | 31.0 |
| 12.6 | Successors and Assigns. | 31.0 |
| 12.7 | Interpretation. | 31.0 |
| 12.8 | Expenses. | 31.0 |
| 12.9 | Further Assurances. | 31.0 |
| 12.10 | Entire Agreement. | 31.0 |
| 12.11 | Notices. | 32.0 |
| 12.12 | Waiver. | 33.0 |
| 12.13 | Amendments. | 33.0 |
| 12.14 | Remedies Cumulative. | 33.0 |
| 12.15 | Currency. | 33.0 |
| 12.16 | Number and Gender. | 33.0 |
| 12.17 | Time of Essence. | 33.0 |

---

ii

**MERGER AGREEMENT AND PLAN OF REORGANIZATION**

This Agreement is entered into on August 18, 2021 by and between 1285896 B.C. Ltd. (the "**Purchaser**"), a company incorporated pursuant to the Business Corporations Act (British Columbia), Urban Mining International Inc. (the "**Company**"), a Delaware corporation, and Urban Mining Merger Sub, Inc., a Delaware corporation ("**Subco**").

The Parties (as defined herein) intend that,: (i) for U.S. federal income tax purposes, the Merger (as defined herein) will qualify as a "reorganization" within the meaning of Section 368(a) of the Code (as defined herein), that); (ii) each of Purchaser, Subco and the Company are "parties to a reorganization" within the meaning of Section 368(b) of the Code, that; and (iii) this Agreement shall constitute a "plan of reorganization" within the meaning of Treasury Regulation (as defined herein) Section 1.368-2(g) as provided in Section 2.12.

Now, therefore, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties and covenants herein contained, the Parties agree as follows:

**ARTICLE 1**

**DEFINITIONS**

**1.1** **Definitions**

In this Agreement (including the preamble, recitals and each Schedule hereto), the following terms have the meanings ascribed thereto as follows:

"**Accredited Investor**" means an accredited investor as defined in Rule 501(a) under the U.S. Securities Act.

"**Acquisition**" means the reverse takeover of the Purchaser by the Company effected through the Merger.

"**Affiliate**" has the meaning ascribed thereto in the BCBCA.

"**Agreement**" means this Agreement and any instrument supplemental or ancillary hereto; and the expressions "**Article**", "**section**", and "**subsection**" followed by a number means and refer to the specified Article, section or subsection of this Agreement.

"**Ancillary Agreements**" means all agreements, certificates and other instruments delivered or given pursuant to this Agreement.

"**Applicable Money Laundering Laws**" has the meaning ascribed thereto in Section 4.1(bb).

"**Applicable Securities Laws**" means applicable securities legislation, securities regulation and securities rules, as amended, and the policies, notices, instruments and blanket orders having the force of law, in force from time to time.

**"BCBCA"** means *Business Corporations Act* (British Columbia).

"**Board of Directors**" means the board of directors of the Company.

"**Business Day**" means any day, other than a Saturday, Sunday or statutory holiday in Vancouver, British Columbia or in the State of Delaware, United States.

"**Closing**" means the completion of the Transaction in accordance with the terms and conditions of this Agreement.

"**Closing Date**" means the Business Day on which all conditions set forth in Article 9 (other than those conditions that by their nature are to be satisfied or waived at the Closing, but subject to the satisfaction or waiver of those conditions) are satisfied or waived or such other Business Day as the Parties may agree to in writing.

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

"**Company**" means Urban Mining International Inc., a corporation incorporated under the laws of Delaware.

"**Company's Auditors**" means MNP LLP.

"**Company Capitalization Spreadsheet**" means the spreadsheet attached to this Agreement as Schedule 1 setting out the outstanding share capital of the Company, including the outstanding Company Common Shares, Company Options, Company Performance Warrants and Company Warrants.

"**Company Common Shares**" means the shares of common stock in the capital of the Company.

"**Company Common Stockholders**" means each holder of Company Common Shares immediately prior to the completion of the Merger.

"**Company Performance Warrants**" means the performance warrants of the Company, as set forth in the Company Capitalization Spreadsheet.

"**Company Options**" means the outstanding incentive stock options of the Company, as set forth in the Company Capitalization Spreadsheet, with each such option entitling the holder to acquire one (1) Company Common Share, subject to adjustments, pursuant to the terms of the applicable option agreement.

"**Company Stockholders**" means holders of the Company Common Shares.

"**Company Warrants**" means common share purchase warrants of the Company, each entitling the holder to purchase one (1) Company Common Share.

"**Confidential Information**" means any information concerning the Company or Purchaser (the "**Disclosing Party**") or its business, properties and assets made available to the other party or its representatives (the "**Receiving Party**"); provided that it does not include information which (i) is generally available to or known by the public other than as a result of improper disclosure by the Receiving Party or pursuant to a breach of Section 12.1 by the Receiving Party, or (ii) is obtained by the Receiving Party from a source other than the Disclosing Party, provided that (to the reasonable knowledge of the Receiving Party) such source was not bound by a duty of confidentiality to the Disclosing Party or another party with respect to such information.

"**Consolidation**" means the consolidation of the Company Common Shares to be effective prior to the Merger on the basis of one (1) post-consolidation Company Common Share for every three (3) outstanding Company Common Shares existing immediately before the consolidation.

"**Contract**" means, with respect to a Person, any contract, instrument, permit, concession, licence, loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, partnership or joint venture agreement or other legally binding agreement, arrangement or understanding, whether written or oral, to which the Person is a party or by which, to the knowledge of such Person, the Person or its property and assets is bound or affected.

**"DGCL"** means the General Corporation Law of the State of Delaware.

"**Disclosure Documents**" means (i) the Prospectus and (ii) the Filing Statement.

"**Dissenting Shares**" has the meaning ascribed thereto in Section 2.7(a).

"**Effective Date**" means the effective date of the Merger, which shall be the date set forth in the Certificate of Merger.

"**Effective Time**" means the time set out in the Certificate of Merger for the Merger (Delaware time) on the Effective Date or such other time as Purchaser and the Company may agree.

"**Employee**" means an officer or employee of the Company, Purchaser or Subco or a Person providing services in the nature of an employee to the Company, Purchaser or Subco.

"**Employee Plans**" has the meaning ascribed thereto in Section 4.1(w).

"**Exchange Ratio**" means the exchange ratio of one (1) Resulting Issuer Common Shares for each one (1) Company Common Share.

"**Filing Statement**" means the filing statement of Purchaser in the form prescribed by the TSXV, which shall be filed on SEDAR prior to the listing of the Resulting Issuer Common Shares on the TSXV.

"**Financial Statements**" means the audited financial statements of the Company for the period ended December 31, 2020, prepared in accordance with IFRS, the unaudited (reviewed) interim financial statements of the Company for the six month period ended June 30, 2021, prepared in accordance with IFRS, in each case as will be included in the Filing Statement prepared and filed on SEDAR, together with such other financial statements of the Company (if any) as may be required to be included in the Filing Statement.

**"Going Public Transaction"** means the listing of the Purchaser Common Shares on the TSXV or such other recognized stock exchange exchanges as determined by the Parties.

"**Government Agency**" means and includes, without limitation, any national, federal government, province, state, municipality or other political subdivision of any of the foregoing, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing, including the TSXV.

**"IFRS"** means International Financial Reporting Standards.

"**include**" or "**including**" shall be deemed to be followed by the words "without limitation".

"**Laws**" means all laws, statutes, by-laws, rules, regulations, orders, decrees, ordinances, protocols, codes, guidelines, policies, notices, directions and judgments or other requirements of any Government Agency applicable to the Company or Purchaser.

"**Material Adverse Change**" or **"Material Adverse Effect"** with respect to Purchaser or the Company, as the case may be, means any change (including a decision to implement such a change made by the board of directors or by senior management who believe that confirmation of the decision by the board of directors is probable), event, violation, inaccuracy, circumstance or effect that is materially adverse to the business, assets (including intangible assets), liabilities, capitalization, ownership, financial condition or results of operations of Purchaser or the Company, as the case may be, on a consolidated basis.

"**Material Fact**" has the meaning ascribed to it in the *Securities Act* (British Columbia).

"**Mergeco**" means the Company, which shall be the surviving corporation of the Merger of Subco with and into the Company pursuant to the Merger to be named Urban Mining International Inc.

"**Merger**" means the merger of Subco with and into the Company pursuant to the provisions of the DGCL in the manner contemplated in and pursuant to the terms and conditions of this Agreement.

"**Merging Companies**" means the Company and Subco.

"**NI 41-101**" means National Instrument 41-101 – *General Prospectus Requirements* of the Canadian Securities Administrators.

"**NI 45-106**" means National Instrument 41-106 – *Prospectus Exemptions* of the Canadian Securities Administrators.

"**Party**" means each of the Company, Purchaser and Subco and "**Parties**" means the Company, Purchaser and Subco.

"**Permits**" has the meaning ascribed thereto in Section 4.1(cc).

"**Person**" includes an individual, corporation, partnership, joint venture, trust, unincorporated organization, the Crown or any agency or instrumentality thereof or any other juridical entity.

"**Preliminary Prospectus**" means the (preliminary) non-offering prospectus of the Purchaser, prepared in accordance with NI 41-101, and to be filed with the Principal Regulator.

"**Principal Regulator**" means the British Columbia Securities Commission.

"**Prospectus**" means, collectively, the Preliminary Prospectus and the (final) Prospectus (including any Supplementary Material thereto).

"**Purchaser**" has the meaning set forth on the first page of this Agreement.

"**Purchaser Assets**" means the property and assets of Purchaser, of every kind and description and wheresoever situated.

"**Purchaser Common Shares**" means the common shares in the capital of Purchaser.

"**Purchaser's Closing Documents**" means the documents required to be delivered to the Company by Purchaser pursuant to Section 10.3 hereof.

"**Purchaser's Financial Statements**" means the audited financial statements of Purchaser for the period from January 26, 2021 (date of incorporation) to June 30, 2021.

"**Purchaser Stock Option Plan**" means the stock option and incentive plan to be adopted by the board of directors of Purchaser, as amended from time to time.

"**Resulting Issuer**" has the meaning ascribed thereto in Section 2.4.

"**Resulting Issuer Common Shares**" means the common shares in the capital of the Resulting Issuer.

"**Resulting Issuer Options**" means the options of the Resulting Issuer to be issued in exchange for the Company Options as provided in Section 2.2 hereof, with each such Resulting Issuer Option entitling the holder to purchase one Resulting Issuer Common Share.

**"Resulting Issuer Performance Warrants"** means the performance warrants of the Resulting Issuer to be issued in exchange for the Company Performance Warrants as provided in Section 2.2 hereof.

"**Resulting Issuer Unit**" means a unit of the Resulting Issuer whereby each unit will consist of one (1) Resulting Issuer Common Share and one-half of one (1/2) Resulting Issuer Warrant.

"**Resulting Issuer Warrants**" means the common share purchase warrants of the Resulting Issuer to be issued in exchange for the Company Warrants as provided in Section 2.2 hereof, with each such Resulting Issuer Warrant entitling the holder to purchase one (1) Resulting Issuer Common Share.

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

**"Special Warrants"** means the special warrants of Purchaser issued pursuant to the Special Warrant Financing whereby each special warrant shall automatically convert into one (1) Resulting Issuer Unit upon receipt of the (final) Prospectus.

"**Special Warrant Financing**" means the private placement of Special Warrants of Purchaser of gross proceeds of at least $4,300,000.

"**Subco**" means Urban Mining Merger Sub, Inc., a direct, wholly-owned subsidiary of the Purchaser incorporated under the DGCL for the sole purpose of effecting the Merger in connection with the Acquisition.

"**Supplementary Material**" means, collectively, any amendment to the Preliminary Prospectus or the (final) Prospectus, and any amendment or supplemental prospectus or ancillary materials that may be filed by or on behalf of the Purchaser under Applicable Securities Laws.

"**Taxes**" means all taxes (including income tax, capital tax, payroll taxes, employer health tax, workers' compensation payments, property taxes and land transfer taxes), duties, royalties, levies, imposts, assessments, deductions, charges or withholdings and all liabilities with respect thereto including any penalty and interest payable with respect thereto.

**"Termination Date"** has the meaning given to the term in Section 11.1.

**"Transaction"** means, collectively, (i) the Acquisition, (ii) the Special Warrant Financing, and (iii) all other transactions contemplated by this Agreement except for the completion of the Going Public Transaction.

**"Treasury Regulations"** means the Treasury regulations promulgated under the Code, as such Treasury Regulations may be amended from time to time.

**"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 thereunder.

"**Warrant Financing**" means the private placement of 49,500,000 Company Warrants completed on or about July 30, 2021.

**ARTICLE 2**

**TRANSACTION**

**2.1** **Agreement to Merge.**

Upon the terms and subject to the conditions contained in this Agreement, the Parties hereby agree to the Merger. Purchaser shall, in its capacity as the sole stockholder of Subco, approve the Merger as soon as reasonably practicable with the intent that the same shall be completed on or before August 31, 2021.

**2.2** **Merger Events.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the terms and subject to the
 conditions set forth in this Agreement, at the Effective Time, by virtue of the Merger and
 without any action on the part of the Company, Subco and Purchaser, or any holder of shares
 of the Company's capital stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each issued and outstanding Company Common
 Share will automatically be converted into the right to receive a number of Resulting Issuer
 Common Shares determined as the number of Company Common Shares held multiplied by the Exchange
 Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Company Option outstanding immediately prior to the Effective
 Time will be cancelled and exchanged for Resulting Issuer Options on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the number of Resulting Issuer Common
 Shares subject to the Resulting Issuer Option, rounded down to the nearest whole share, will
 equal the number of Company Common Shares issuable upon exercise of the Company Option immediately
 prior to the Effective Time multiplied by the Exchange Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the other terms and conditions of the
 Resulting Issuer Option will be equivalent to the terms and conditions of the Company Option,
 including with respect to term, expiry date and vesting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Resulting Issuer Options will otherwise be governed by the Purchaser
 Stock Option Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) it is the intention of the Parties that
 each assumed Resulting Issuer Option shall continue to qualify following the Effective Time
 as an incentive stock option as defined in Section 422 of the Code to the extent permitted
 under Section 422 of the Code and to the extent the related Company Option qualified as an
 incentive stock option immediately prior to the Effective Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the exercise price per share and the number
 of Resulting Issuer Common Shares purchasable pursuant to each exchanged for Company Option
 following the Effective Time as well as the terms and conditions of such option shall be
 determined in a manner in order to comply with Sections 424(a) and 409A of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each outstanding Company Warrant will be cancelled and exchanged for
 Resulting Issuer Warrants on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the number of Resulting Issuer Common
 Shares subject to the Resulting Issuer Warrant will equal the number of Company Common Shares
 issuable upon exercise of the Company Warrant immediately prior to the Effective Time, multiplied
 by the Exchange Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the exercise price of the Resulting Issuer Warrant will equal the
 exercise price of the Company Warrant divided by the Exchange Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the other terms and conditions of the
 Resulting Issuer Warrant will be equivalent to the terms and conditions of the Company Warrant,
 including with respect to term and expiry date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each outstanding Company Performance Warrant will be cancelled and
 exchanged for Resulting Issuer Performance Warrants on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the number of Resulting Issuer Common
 Shares subject to the Resulting Issuer Performance Warrant will equal the number of Company
 Common Shares issuable upon exercise of the Company Performance Warrant immediately prior
 to the Effective Time, multiplied by the Exchange Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the exercise price of the Resulting Issuer
 Performance Warrant will equal the exercise price of the Company Performance Warrant divided
 by the Exchange Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the other terms and conditions of the
 Resulting Issuer Performance Warrant will be equivalent to the terms and conditions of the
 Company Performance Warrant, including with respect to term and expiry date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) each share of Subco common stock issued
 and outstanding immediately prior to the Effective Time shall be converted into and become
 one share of common stock of Mergeco such that Mergeco shall be a wholly-owned subsidiary
 of the Resulting Issuer.

**2.3** **Share Certificates.**

On the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the original stock certificate of Subco
 registered in the name of Purchaser shall be cancelled and Purchaser shall be issued a stock
 certificate for the number of shares of the common stock of Mergeco to be issued to Purchaser
 as provided in Section 2.2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the treatment of Dissenting Shares (as defined
herein) in Section 2.7 hereof, certificates or other evidence representing the Company Common Shares, the Company Warrants, the Company
Options and the Company Performance Warrants shall cease to represent any claim upon or interest in the Company other than the right
of the holder to receive, pursuant to the terms hereof, Resulting Issuer Common Shares, Resulting Issuer Options, Resulting Issuer Warrants
and Resulting Issuer Performance Warrants in accordance with Section 2.2 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the delivery and surrender by the
 holder thereof to the Resulting Issuer of certificates representing, or evidence of ownership
 on the Company's share or securities register of, Company Common Shares, Company Warrants,
 Company Options and Company Performance Warrants, which have been converted into the right
 to receive Resulting Issuer Common Shares and be exchanged for Resulting Issuer Options,
 Resulting Issuer Warrants and Resulting Issuer Performance Warrants, as applicable, in accordance
 with the provisions of Section 2.2 hereof, the Resulting Issuer shall on the Effective Date,
 or as soon as practicable thereafter following the date of receipt by the Resulting Issuer
 of the certificates referred to above, deliver to each such holder certificates representing
 the number of Resulting Issuer Common Shares and/or the number of Resulting Issuer Options,
 Resulting Issuer Warrants and Resulting Issuer Performance Warrants to which such holder
 is entitled.

**2.4** **Resulting Issuer.**

Purchaser will, upon completion of the Merger, change its name to "Modern Mining Technology Corp.", or such other name as agreed by the Parties (the "**Resulting Issuer**"), and the following will be the directors and officers of the Resulting Issuer immediately following the completion of the Merger:

**<u>Directors</u>**

Matthew Chatterton

Sean Bromley

Kuljit Basi

Mark Zorko

Mike Hepworth

Basil Botha

**<u>Officers</u>**

---

| | |
|:---|:---|
| <u>Name</u> | <u>Title</u> |
| Basil Botha | Chief Executive Officer |
| Alnesh Mohan | Chief Financial Officer |

---

**2.5** **Merged Corporation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Certificate of Incorporation and the
 Bylaws of the Company shall be the Certificate of Incorporation and Bylaws of Mergeco, with
 any amendments thereto, to be made in accordance with applicable law at the Effective Time,
 as may be necessary to give effect to this Agreement, including the following provisions
 (i) through (vii):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Number of Directors.** The board of directors of Mergeco shall
 consist of a minimum of one (1) director and a maximum of two (2) directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Officers and Directors**. As of the
 Effective Time, the initial directors of Mergeco shall be Basil Botha and Sean Bromley. As
 of the Effective Time, the initial officers of Mergeco shall be:

---

| | |
|:---|:---|
| <u>Name</u> | <u>Title</u> |
| Basil Botha | Chief Executive Officer |
| Alnesh Mohan | Chief Financial Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Fiscal Year**. The fiscal year end of Mergeco shall be December
 31 in each year, unless and until changed by resolution of the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Name**. The name of Mergeco shall be "Urban Mining International
 Inc." or such other name as agreed to by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Registered Office**. The registered office of Mergeco shall be
 the registered office of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Authorized Capital.** The authorized
 capital of Mergeco shall be 27,666,666 shares of common stock with a par value of $0.0001
 each, all of which shall be common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Business and Powers**. There shall be no restriction on the business
 that Mergeco may carry on or on the powers that Mergeco may exercise.

**2.6** **Fractional Shares.**

No fractional Resulting Issuer Common Shares will be issued or delivered pursuant to the Merger. Any fractional share will be rounded down to the next lowest number and no consideration will be paid in lieu thereof. In calculating such fractional interests, all securities of the Resulting Issuer registered in the name of, or beneficially held, by a securityholder or their nominee shall be aggregated.

**2.7** **Dissenting Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, "**Dissenting Shares** "
means Company Common Shares held as of the Effective Time by a Company Stockholder who has not voted such Company Common Shares in favor
of the adoption of this Agreement and the Merger and with respect to which appraisal shall have been duly demanded and perfected in accordance
with Section 262 of the DGCL and not effectively withdrawn or forfeited prior to the Effective Time.(i) the Effective Time or (ii) in
the case of a merger described in Section 262(d)(2) of the DGCL, within the 20 day period after notice is given by the Company. Dissenting
Shares shall not be converted into or represent the right to receive Resulting Issuer Common Shares unless such Company Stockholder's
right to appraisal shall have ceased in accordance with the DGCL. If such Company Stockholder has so forfeited or withdrawn his, her
or its right to appraisal of Dissenting Shares, then, (i) as of the occurrence of such event, such holder's Dissenting Shares shall
cease to be Dissenting Shares and shall be converted into and represent the right to receive the Resulting Issuer Common Shares issuable
in respect of such Company Common Shares pursuant to Section 2.2, and (ii) Purchaser shall deliver or cause to be delivered to such Company
Stockholder certificates representing the Resulting Issuer Common Shares, to which such holder is entitled pursuant to Sections 2.2 and
2.3. 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall give Purchaser prompt
 notice of any written demands for appraisal of any Company Common Shares, withdrawals of
 such demands, and any other instruments that relate to such demands received by the Company.
 The Company shall not, except with the prior written consent of Purchaser, make any payment
 with respect to any demands for appraisal of Company Common Shares or offer to settle or
 settle any such demands unless required by the Delaware Court of Chancery.

**2.8** **Effect of Merger.**

At the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subco shall merge with and into the Company
 in accordance with the DGCL and the separate existence of Subco shall cease and the Company
 shall continue as the surviving corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Mergeco shall possess all the rights,
 powers, privileges and franchise and be subject to all the obligations, liabilities and duties
 of the Company and Subco, all as provided under the DGCL.

**2.9** **Filing of Certificate of Merger.**

Following the approval of the stockholders of the Merging Companies to the Merger and subject to the satisfaction or waiver of all of the conditions precedent set forth herein, the Company shall file the Certificate of Merger and such other documents as required under the DGCL to effect the Merger pursuant to the DGCL.

**2.10** **Issuance of Mergeco Common Shares.**

At the Effective Date, Mergeco will issue 100 shares of common stock in the capital of Mergeco to the Resulting Issuer in consideration of the Resulting Issuer issuing Resulting Issuer Common Shares, Resulting Issuer Options, Resulting Issuer Warrants and Resulting Issuer Performance Warrants to the Company Stockholders and holders of Company Options, Company Warrants and Company Performance Warrants in satisfaction of the security exchanges pursuant to Sections 2.2(i), 2.2(ii), 2.2(iii), and 2.2(iv), respectively.

**2.11** **Acknowledgement of Resale Restrictions**

The Purchaser and the Company agree that it shall be a condition of Closing that, in addition to any escrow and/or resale restrictions applicable to the Resulting Issuer Common Shares pursuant to the policies of the TSXV and applicable Laws, the following resale restrictions will apply:

&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) Resulting Issuer Common Shares issued in exchange for Company Common Shares, will be subject to the following hold periods: 20% will be released on the date that is 12 months after the date the Going Public Transaction is completed; 20% will be released every four months thereafter until all such Resulting Issuer Common Shares have been released by the date that is 28 months after the date the Going Public Transaction is completed, and the certificates representing such Resulting Issuer Common Shares will bear a legend (or legends) substantially in the following form:

"The securities represented hereby shall not be offered, sold, transferred, pledged, hypothecated or otherwise traded before the date that is [six/twelve/eighteen/twenty-four] months after [insert date of the completion of the Going Public Transaction]."

&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) Resulting Issuer Warrants issued in exchange for an aggregate of 49,500,000 previously issued Company Warrants (on a pre-consolidation basis) will be subject to the following hold periods: 25% will be released on the date that is one month after the date the Going Public Transaction is completed; 20% will be released every month thereafter until all such Resulting Issuer Warrants have been released by the date that is four months after the date the Going Public Transaction is completed, and the certificates representing such Resulting Issuer Warrants or Resulting Issuer Performance Warrants will bear a legend (or legends) substantially in the following form:

"The securities represented hereby shall not be offered, sold, transferred, pledged, hypothecated or otherwise traded before the date that is [one/two/three/four] months after [insert date of the completion of the Going Public Transaction]."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Resulting Issuer Warrants issued in exchange for an aggregate of 8,708,116 previously issued Company Warrants and Performance Warrants (on a post-consolidation basis) will be subject to the following hold periods: 20% will be released on the date that is 12 months following the completion of the Going Public Transaction; 20% will be released four months thereafter; 20% will be released four months thereafter; 20% will be released four months thereafter; and 20% will be released four months thereafter, and the certificates representing such Resulting Issuer Warrants or Resulting Issuer Performance Warrants will bear a legend (or legends) substantially in the following form:

"The securities represented hereby shall not be offered, sold, transferred, pledged, hypothecated or otherwise traded before the date that is [one/two/three/four] months after [insert date of the completion of the Going Public Transaction]."

**2.12** **U.S. Tax Treatment.**

For U.S. federal income tax purposes, this Agreement is intended to constitute, and the Parties hereby adopt this Agreement as, a "plan of reorganization" within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3(a). Each Party agrees that, for U.S. federal income tax purposes, (a) it shall treat the Merger as a tax-free reorganization within the meaning of Section 368(a) of the Code; (b) that it shall report the Merger as a "reorganization" within the meaning of Section 368(a) of the Code and it shall not take any tax reporting position inconsistent with such treatment for U.S. federal, state and other relevant tax purposes; (c) the Company, Purchaser and Subco are "parties to a reorganization" within the meaning of Section 368(b) of the Code; (d) it shall retain such records and file such information as is required to be retained and filed pursuant to Treasury Regulation Section 1.368(a)-3 in connection with the Merger; and (e) it shall otherwise use its best efforts to cause the Merger to qualify as a "reorganization" within the meaning of Section 368(a) of the Code. No Party shall take any action, fail to take any action, cause any action to be taken or cause any action to be taken or cause any action to fail to be taken that could reasonably be expected to prevent the Merger from qualifying as a "reorganization" within the meaning of Section 368(a) of the Code. Each Party hereto agrees to act in good faith, consistent with the intent of the Parties and the intended U.S. federal income tax treatment of the Merger as set forth in this Section 2.12. Notwithstanding the foregoing, no Party makes any representation, warranty or covenant to any other party or to any Company stockholder or other holder of Company securities (including, without limitation, stock options, warrants, subscription receipts, debt instruments or other similar rights or instruments) that the Merger will each qualify as a tax-free reorganization within the meaning of Section 351 of the Code.

**2.13** **Accredited Investor Status of U.S. Holders.**

In addition to the requirements of Section 6.5 hereof, each Company Common Stockholder who is resident in the United States or otherwise a "U.S. Person", as defined in Regulation S under the U.S. Securities Act, is in the United States, or consents to the Merger from within the United States, will, as a condition of receiving Resulting Issuer Common Shares upon completion of the Merger, be required to deliver a certificate in a form satisfactory to Purchaser as to their status as an Accredited Investor, together with any supporting information as reasonably requested by the Company or Purchaser in order to confirm their status and the availability of an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws for the issuance of such Resulting Issuer Common Shares to such holder.

**ARTICLE 3**

**REPRESENTATIONS AND WARRANTIES OF PURCHASER**

**3.1** **Representations and Warranties of Purchaser.**

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 connection with the completion of the transactions contemplated herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Purchaser and Subco is a corporation
 incorporated and validly existing under the laws of the jurisdiction of its incorporation.
 In each case, each such entity has all requisite corporate power and authority and is duly
 qualified and holds all Permits necessary or required to carry on its business as now conducted
 and in the case of Purchaser, to own, lease or operate the Purchaser Assets, and neither
 Purchaser nor, to the knowledge of Purchaser, any other Person, has taken any steps or proceedings,
 voluntary or otherwise, requiring or authorizing the dissolution or winding up of Purchaser
 or Subco, and Purchaser and Subco have all requisite corporate power and authority to enter
 into this Agreement and to carry out their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authorized capital of Purchaser consists
 of: (i) an unlimited number of Purchaser Common Shares, of which 100 Purchaser Common Shares
 are issued and outstanding as fully paid and non-assessable shares in the capital of Purchaser.
 Prior to the Merger, there will be no other options, warrants, other rights, agreements or
 commitments of any character whatsoever requiring the issuance, sale or transfer by Purchaser
 of any securities in Purchaser or any securities convertible into, or exchangeable or exercisable
 for, or otherwise evidencing a right to acquire any shares of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than Subco, Purchaser has no direct
 or indirect subsidiaries nor any investment in any Person or any agreement, option or commitment
 to acquire any such investment. All of the issued and outstanding securities of Subco are
 held by Purchaser. Subco has no liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser has been conducting its business
 in compliance in all material respects with all applicable Laws and regulations of each jurisdiction
 in which it carries on business and has not received a notice of non-compliance, and, to
 the knowledge of Purchaser, there are no facts that would give rise to a notice of noncompliance
 with any such laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No consent, approval, order or authorization of, or registration,
declaration or filing with, any third party or governmental entity is required by or with respect to Purchaser in connection with the
execution and delivery of this Agreement by Purchaser, the performance of its obligations hereunder or the consummation by Purchaser
of the transactions contemplated hereby other than any consents, notice, approvals, orders, authorizations, registrations, declarations
or filings which, if not obtained or made, would not, individually or in the aggregate, have a Material Adverse Effect on Purchaser or
prevent or materially impair Purchaser's ability to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of the execution and delivery of
 this Agreement, the performance by each of Purchaser and Subco of its obligations hereunder
 and the consummation of the transactions contemplated in this Agreement, including the Merger
 and the issue of the Resulting Issuer Common Shares, Resulting Issuer Options, Resulting
 Issuer Warrants and Resulting Issuer Performance Warrants upon the Merger, do not and will
 not conflict with or result in a breach or violation of any of the terms or provisions of,
 or constitute a default under, (whether after notice or lapse of time or both), (i) any statute,
 rule or regulation applicable to Purchaser or Subco, including Applicable Securities Laws;
 (ii) the constating documents, Bylaws or resolutions of Purchaser or Subco; (iii) any mortgage,
 note, indenture, contract, agreement, joint venture, partnership, instrument, lease or other
 document to which Purchaser or Subco is a party or by which it is bound; or (iv) any judgment,
 decree or order binding Purchaser or Subco or their respective assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement has been duly authorized
 and executed by Purchaser and Subco and constitutes a valid and binding obligation of each
 of them and shall be enforceable against each of them in accordance with its terms, except
 as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium
 and other laws relating to or affecting the rights of creditors generally and except as limited
 by the application of equitable principals when equitable remedies are sought, and by the
 fact that rights to indemnity, contribution and waiver, and the ability to sever unenforceable
 terms, may be limited by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Purchaser's Financial Statements
 will be, in each case, prepared in accordance with IFRS consistently applied throughout the
 periods referred to therein and present fairly, in all material respects, the financial position
 (including the assets and liabilities, whether absolute, contingent or otherwise as required
 by IFRS) of Purchaser as at such dates and the results of its operations and its cash flows
 for the periods then ended and contain and reflect adequate provisions or allowance for all
 reasonably anticipated liabilities, expenses and losses of Purchaser in accordance with IFRS
 and there has been no change in accounting policies or practices of Purchaser since the date
 of its incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchaser is a taxable Canadian corporation for Canadian tax
purposes and all Taxes due and payable or required to be collected or withheld and remitted, by Purchaser and Subco have been paid, collected
or withheld and remitted as applicable. All tax returns, declarations, remittances and filings required to be filed by Purchaser and
Subco have been filed with all appropriate Government Agencies and all such returns, declarations, remittances and filings are complete
and accurate and no material fact or facts have been omitted therefrom which would make any of them misleading. Purchaser has not received
notice of any examination of any tax return of Purchaser or Subco, and to the knowledge of Purchaser, no such examination is currently
in progress by any Government Agency and there are no issues or disputes outstanding with any Government Agency respecting any Taxes
that have been paid, or may be payable, by Purchaser or Subco. There are no agreements, waivers or other arrangements with any taxation
authority providing for an extension of time for any assessment or reassessment of Taxes with respect to Purchaser and its subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No holder of outstanding Purchaser Common
 Shares is entitled to any pre-emptive or any similar rights to subscribe for any Purchaser
 Common Shares or other securities of Purchaser and no rights to acquire, or instruments convertible
 into or exchangeable for, any securities in the capital of Purchaser or Subco are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No legal or governmental actions, suits,
 judgments, investigations or proceedings are pending to which Purchaser or Subco, or to the
 knowledge of Purchaser, the directors, officers or Employees of Purchaser or Subco are a
 party or to which the Purchaser Assets are subject and, to the knowledge of Purchaser, no
 such proceedings have been threatened against or are pending with respect to Purchaser or
 Subco, or with respect to the Purchaser Assets and neither Purchaser or Subco is subject
 to any judgment, order, writ, injunction, decree or award of any Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Neither Purchaser nor Subco are party
 to any material contract, written or oral, or any other contract, written or oral, involving
 an amount in excess of $20,000 other than this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Neither Purchaser nor, to the knowledge
 of Purchaser, any other party thereto is in material default or breach of any material contract
 of Purchaser and, to the knowledge of Purchaser, there exists no condition, event or act
 which, with the giving of notice or lapse of time or both would constitute a material default
 or breach under any material contract of Purchaser which would give rise to a right of termination
 on the part of any other party to a material contract of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Purchaser is not a party to any agreement,
 nor, to the knowledge of Purchaser, is there any shareholders agreement or other contract
 which in any manner affects the voting control of any of the securities of Purchaser or Subco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Neither Purchaser nor Subco has any, and
 since incorporation neither Purchaser nor Subco has had any, Employees. There are no employment
 contracts, agreements or engagements, either oral or written, with any director or officer
 of Purchaser or Subco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The minute books and records of Purchaser
 and Subco made available to the Company in connection with the due diligence investigation
 of Purchaser and Subco for the period from the date of incorporation to the date hereof are
 all of the minute books of Purchaser and Subco and contain copies of all proceedings (or
 certified copies thereof or drafts thereof pending approval) of the shareholders, the directors
 and all committees of directors of Purchaser and Subco to the date hereof and there have
 been no other meetings, resolutions or proceedings of the shareholders, directors or any
 committees of the directors of Purchaser or Subco to the date hereof not reflected in such
 minute books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) There is no Person acting at the request or on behalf of
Purchaser that is entitled to any brokerage or finder's fee or other compensation in connection with the transactions contemplated
by this Agreement.

**ARTICLE 4**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

**4.1** **Representations and Warranties of the Company.**

The Company represents and warrants to and in favour of Purchaser and Subco as follows, and acknowledges that Purchaser and Subco are relying upon such representations and warranties in connection with the completion of the transactions contemplated herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly incorporated
 and validly existing under the laws of the State of Delaware and has all requisite corporate
 power and corporate authority and is duly qualified and holds all Permits necessary or required
 to carry on its business as now conducted in each of the jurisdictions it carries on business
 and to own, lease or operate its assets and properties and neither the Company nor, to the
 knowledge of the Company, any other Person, has taken any steps or proceedings, voluntary
 or otherwise, requiring or authorizing the Company's dissolution or winding up, and
 the Company has all requisite corporate power and corporate authority to enter into this
 Agreement and to carry out its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has no direct or indirect subsidiaries nor any investment
 in any Person or any agreement, option or commitment to acquire any such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company is conducting its business
 in material compliance with all applicable laws, rules, regulations, orders and directions
 of Government Agency of each jurisdiction in which it carries on its business and has not
 received a notice of material non- compliance, and, to the knowledge of the Company, there
 are no facts that would give rise to a notice of material non- compliance with any such laws,
 rules, regulations, orders and directions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consent, approval, order or authorization
 of, or registration, declaration or filing with, any third party or Government Agency is
 required by or with respect to the Company in connection with the execution and delivery
 of this Agreement by the Company, the performance of its obligations hereunder or the consummation
 by the Company of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the best of the Company's knowledge,
 the execution and delivery of this Agreement, the performance by the Company of its obligations
 hereunder and the consummation of the transactions contemplated in this Agreement do not
 and will not conflict with or result in a breach or violation of any of the terms or provisions
 of, or constitute a default under, (whether after notice or lapse of time or both), (i) any
 statute, rule or regulation applicable to the Company; (ii) the constating documents, by-laws
 or resolutions of the Company which are in effect at the date hereof; (iii) any material
 mortgage, note, indenture, contract, agreement, joint venture, partnership, instrument, lease
 or other document to which the Company is a party or by which it is bound; or (iv) any judgment,
 decree or order binding the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement has been duly authorized and executed by the
Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except
as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting the
rights of creditors generally and except as limited by the application of equitable principals when equitable remedies are sought, and
by the fact that rights to indemnity, contribution and waiver, and the ability to sever unenforceable terms, may be limited by applicable
law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Other than this Agreement, the Company
 is not currently party to any binding agreement in respect of: (i) the purchase of any material
 property or assets or any interest therein or the sale, transfer or other disposition of
 any material property or assets or any interest therein currently owned, directly or indirectly,
 by the Company whether by asset sale, transfer of shares or otherwise; or (ii) the change
 of control of the Company (whether by sale or transfer of shares or sale of all or substantially
 all of the property or assets of the Company or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Financial Statements will have been
 prepared in accordance with IFRS consistently applied throughout the periods referred to
 therein and present fairly, in all material respects, the financial position (including the
 assets and liabilities, whether absolute, contingent or otherwise as required by IFRS) of
 the Company on a consolidated basis as at such dates and the results of its operations and
 its cash flows for the periods then ended and contain and reflect, to the extent required
 by IFRS, adequate provisions or allowance for all reasonably anticipated liabilities, expenses
 and losses of the Company in accordance with IFRS and there has been no change in accounting
 policies or practices of the Company since August 18, 2021. The Company does not have any
 outstanding indebtedness or any liabilities or obligations including any unfunded obligation
 under any Employee plan, whether accrued, absolute, contingent or otherwise as of the date
 of the applicable financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Taxes due and payable or required
 to be collected or withheld and remitted, by the Company have been paid, collected or withheld
 and remitted as applicable. All tax returns, declarations, remittances and filings required
 to be filed by the Company have been filed and all such returns, declarations, remittances
 and filings are complete and accurate and no material fact or facts have been omitted therefrom
 which would make any of them misleading. To the knowledge of the Company, no examination
 of any tax return of the Company is currently in progress and there are no issues or disputes
 outstanding with any Government Agency respecting any taxes that have been paid, or may be
 payable, by the Company. There are no agreements, waivers or other arrangements with any
 taxation authority providing for an extension of time for any assessment or reassessment
 of taxes with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company maintains a system of internal
 accounting controls sufficient to provide reasonable assurances that (i) transactions are
 executed in accordance with management's general or specific authorization; and (ii)
 transactions are recorded as necessary to permit preparation of financial statements in conformity
 with IFRS and to maintain accountability for assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company's Auditors who will audit the audited consolidated
financial statements of the Company for the financial year ended December 31, 2020 will be independent public accountants for the purposes
of IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The authorized share capital of the Company
 is 21,868,905 Company Common Shares, having a par value of $0.0001 per share, on a pre-Consolidation
 basis. The number of Company Common Shares issued and outstanding is set out in the Company
 Capitalization Spreadsheet, each of which is outstanding as a fully paid and non- assessable
 share in the capital of the Company. Except as set forth in the Company Capitalization Spreadsheet,
 there are no options, warrants or other rights, shareholder rights plans, agreements or commitments
 of any character whatsoever requiring the issuance, sale or transfer by the Company of any
 shares of the Company or any securities convertible into, or exchangeable or exercisable
 for, or otherwise evidencing a right to acquire, any shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Except as set out in Schedule 2, the Company
 is not aware of any legal or governmental actions, suits, judgments, investigations or proceedings
 to which the Company, or to the knowledge of the Company, the directors, officers or Employees
 of the Company are a party or to which the property and assets of the Company is subject
 and, to the knowledge of the Company, no such proceedings have been threatened against or
 are pending with respect to the Company, or with respect to its property and assets, and
 the Company is not subject to any judgment, order, writ, injunction, decree or award of any
 Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company is not in violation of its
 organizational documents or, to the best of the Company's knowledge, in default, in
 any material respect, in the performance or observance of any obligation, agreement, covenant
 or condition contained in any material Contract to which it is a party or by which it or
 its property and assets may be bound and all material Contracts to which the Company is a
 party are in good standing in all respects and in full force and effect, other than the Company
 is currently in arrears in remitting rental payments to its landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company owns or has all necessary
 rights to use (as currently used) all property and assets owned or used in the business of
 the Company free and clear of any actual, pending or, to the knowledge of the Company, threatened
 claims, liens, charges, options, set-offs, free-carried interests, royalties, encumbrances,
 security interests or other interests whatsoever other than such security interests, liens
 and encumbrances granted in the ordinary course of business by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To the Company's knowledge: (i)
 the conduct of the business of the Company has not infringed, violated, misappropriated or
 otherwise conflicted with any intellectual property right of any third Person; and (ii) there
 is no pending or threatened action, suit, proceeding or claim by any other person that the
 Company infringes or otherwise violates (or would infringe or otherwise violate upon commercialization
 of the Company's products or services under development) any intellectual property
 right owned by any other Person, and the Company has no knowledge of any facts which form
 a reasonable basis for any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Except for the director and stockholder approval required
in connection with the Merger, there are no third party consents required to be obtained in order for the Company to complete the Acquisition.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Except for employment contracts entered
 into in the ordinary course of business, agreements in respect of the grant of Company Options,
 and the agreements set out in Schedule 3, there are no agreements with holders of Company
 Common Shares to which the Company is a party or any pooling agreements, voting trusts or
 other similar agreements with respect to the ownership or voting of any of the securities
 of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company does not own any real property;
 and any real property or building held under lease by the Company is held by it under valid
 and subsisting leases enforceable against the respective lessors thereof with the exclusive
 right to occupy and use such leased premises (other than any common areas thereof), subject
 to such exceptions as are not material, individually or in the aggregate, to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Company is not a party to or bound by any collective agreement
 and is not currently conducting negotiations with any labour union or employee association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company is in material compliance
 with all laws respecting employment and employment practices, terms and conditions of employment,
 pay equity and wages and has not and is not engaged in any unfair labour practice and there
 has never been any material labour disruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Other than Employee plans established
 or entered into in the ordinary course of business by the Company, the Company does not have
 any agreements, plans or practices relating to the payment of any management, consulting,
 service or other fees or any bonuses, pensions, share of profits or retirement allowance,
 insurance, health or other Employee benefits or any plan for retirement, stock purchase,
 profit sharing, stock option, deferred compensation, severance or termination pay, insurance,
 medical, hospital, dental, vision care, drug, sick leave, disability, salary continuation,
 legal benefits, unemployment benefits, vacation, incentive or otherwise contributed to, or
 required to be contributed to, by the Company for the benefit of any current or former director,
 officer, Employee or consultant of the Company (each an "**Employee Plans** ").
 The Company has made available to Purchaser the opportunity to review true and complete copies
 of documents, contracts and arrangements relating to the Employee Plans. The Employee Plans
 been established, operated in the ordinary course and administered in all material respects
 in accordance with their terms and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Except as set out in Schedule 3, to the
 Company's knowledge, none of the directors, officers or Employees of the Company or
 any of its associates or affiliates has any interest, direct or indirect, in any transaction
 with the Company that materially affects, or would reasonably be expected to materially affect,
 the Company, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Copies of the minute books and records of the Company made
available to Purchaser in connection with the due diligence investigation of the Company for the period from the date of incorporation
to the date hereof are all of the minute books of the Company and will contain copies of all constating documents, bylaws, shareholder
minutes, directors minutes and committee minutes of the Company as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) There is no Person acting or purporting
 to act at the request or on behalf of the Company that is entitled to any brokerage or finder's
 fee or other compensation in connection with the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The Company has conducted all transactions,
 negotiations, discussions and dealings in full compliance with anti-bribery and anti-corruption
 laws and regulations applicable in any jurisdiction in which they are located or conducting
 business. The Company has not made any offer, payment, promise to pay or authorization of
 payment of money or anything of value to any government official, or any other person while
 having reasonable grounds to believe that all or a portion of such money or thing of value
 will be offered, given or promised, directly or indirectly, to a government official, for
 the purpose of (i) assisting the parties in obtaining, retaining or directing business; (ii)
 influencing any act or decision of a government official in his or its official capacity;
 (iii) inducing a government official to do or omit to do any act in violation of his or its
 lawful duty, or to use his or its influence with a government or instrumentality thereof
 to affect or influence any act or decision of such government or department, agency, instrumentality
 or entity thereof; or (iv) securing any improper advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The operations of the Company are and
 have been conducted at all times in compliance with applicable financial recordkeeping and
 reporting requirements of the money laundering statutes of all applicable jurisdictions,
 the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
 issued, administered or enforced by any Government Agency (collectively, the "**Applicable Money Laundering Laws**") and no action, suit or proceeding by or before any Government
 Agency involving the Company with respect to Applicable Money Laundering Laws is, to the
 knowledge of the Company, pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) The Company does not hold any material
 permits, licenses, approvals, consents, orders, markings, certificates and like authorizations
 necessary for it to own, lease and license its property and assets and carry on its business,
 as now carried on as of the date of this Agreement, in each jurisdiction where such business
 is carried on, as now carried on as of the date of this Agreement, including, but not limited
 to, permits, licenses, approvals, consents, orders, certificates and like authorizations
 from Government Agency (collectively, the "**Permits** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Company is not an "investment company" pursuant to
 the United States Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Upon completion of the Transaction, assuming
 the accuracy of the representations and warranties made to the Company by various parties
 in connection with the Transaction, the Resulting Issuer shall be a "foreign private
 issuer" as defined in Rule 3b-4 promulgated under the U.S. Securities Act.

**ARTICLE 5**

**SURVIVAL OF REPRESENTATIONS AND WARRANTIES**

**5.1** **Survival of Representations and Warranties.**

The representations and warranties made by the Parties and contained in this Agreement or any document or certificate given pursuant hereto shall survive the Closing of the Transaction until the date that is 12 months from the Closing Date. No claim for breach of any representation, warranty or covenant shall be valid unless that party against whom such claim is made has been given notice thereof before the expiry of such 12-month period.

**ARTICLE 6**

**COVENANTS OF THE COMPANY**

The Company hereby covenants and agrees with Purchaser as follows until the earlier of the Effective Date or the termination of this Agreement in accordance with its terms:

**6.1** **Necessary Consents.**

The Company shall use its commercially reasonable efforts to obtain from the Company's directors, stockholders and all federal, state or other governmental or administrative bodies such approvals or consents as are required to complete the transactions contemplated herein.

**6.2** **Ordinary Course.**

The Company will operate its business in a prudent and business-like manner in the ordinary course and in a manner consistent with past practice.

**6.3** **Restrictive Covenants.**

The Company hereby covenants and agrees until the earlier of the Closing Date and the Termination Date not to, without Purchaser's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue any debt, equity or other securities, except the Company Warrants
 and upon the exercise of any outstanding options or convertible securities on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make loans, advances, or other payments,
 excluding salaries and bonuses at current rates and routine advances to Employees of the
 Company for expenses incurred in the ordinary course or as contemplated pursuant to or in
 conjunction with the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) declare or pay any dividends or distribute any of the Company's
 properties or assets to shareholders or otherwise dispose of any of the Company's properties
 or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) alter or amend the Company's articles
 or by-laws in any manner which may adversely affect the success of the transactions contemplated
 herein, except as required to give effect to the matters contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except as otherwise permitted or contemplated herein, enter
into any transaction or material contract which is not in the ordinary course of business or engage in any business enterprise or activity
materially different from that carried on by the Company as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use funds from its treasury or the net
 proceeds received by the Company from the sale of the Company Warrants to address or pay
 any tax liabilities of any Company Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make capital expenditures, other than in the ordinary course of business
 of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) authorize any transfer of any Company Warrants or Company Common Shares.

**6.4** **All Other Action.**

The Company shall cooperate fully with Purchaser and will use all reasonable commercial efforts to assist Purchaser in its efforts to complete the Acquisition, unless such cooperation and efforts would subject the Company to liability or would be in breach of applicable statutory or regulatory requirements.

**6.5** **Securities Law Matters.**

The Company shall obtain and provide to Purchaser prior to the Closing Date any evidence, which may, without limitation, include representation letters or certificates of the holders of securities of the Company, that Purchaser determines, acting reasonably, to be necessary in order to establish that the issuance of all securities of the Resulting Issuer contemplated hereunder to be issued in connection with the Merger or otherwise pursuant to this Agreement, shall be exempt from, or not subject to, the registration requirements of the United States Securities Act of 1933, as amended, and all applicable state securities laws, or that counsel to Purchaser determines to be necessary in order to provide any legal opinion required pursuant to Section 10.3(e) of this Agreement.

**ARTICLE 7**

**COVENANTS OF PURCHASER**

Purchaser hereby covenants and agrees with the Company as follows until the earlier of the Effective Date or the termination of this Agreement in accordance with its terms:

**7.1** **Necessary Consents.**

Purchaser shall use its reasonable efforts to obtain from Purchaser's directors, shareholders, if applicable, and all federal, provincial, municipal or other governmental or administrative bodies such approvals or consents as are required to complete the transactions contemplated herein.

**7.2** **Ordinary Course.**

Purchaser will operate its business in a prudent and business-like manner in the ordinary course and in a manner consistent with past practice.

**7.3** **Non-Solicitation.**

Purchaser hereby covenants and agrees until the Termination Date not to, directly or indirectly, solicit, initiate, knowingly encourage, cooperate with or facilitate (including by way of furnishing any non-public information or entering into any form of agreement, arrangement or understanding) the submission, initiation or continuation of any oral or written inquiries or proposals or expressions of interest regarding, constituting or that may reasonably be expected to lead to any activity, arrangement or transaction or propose any activities or solicitations in opposition to or in competition with the Acquisition, and without limiting the generality of the foregoing, not to induce or attempt to induce any other person to initiate any shareholder proposal or "takeover bid," exempt or otherwise, within the meaning of the *Securities Act* (British Columbia), for securities of Purchaser, nor to undertake any transaction or negotiate any transaction which would be or potentially could be in conflict with the Acquisition, including, without limitation, allowing access to any third party (other than its representatives) to conduct due diligence, nor to permit any of its officers or directors to do so, except as required by statutory obligations or in respect of which the Purchaser board of directors determines, in its good faith judgment, after receiving advice from its legal advisors, that failure to recommend such alternative transaction to the Purchaser shareholders would be a breach of its fiduciary duties under applicable law. In the event Purchaser or any of its Affiliates, including any of their officers or directors, receives any form of offer or inquiry in respect of any of the foregoing, Purchaser shall forthwith (in any event within one (1) Business Day following receipt) notify the Company of such offer or inquiry and provide the Company with such details as it may request.

**7.4** **Restrictive Covenants.**

Purchaser hereby covenants and agrees until the Termination Date not to, without the Company's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue any debt, equity or other securities, except in connection with
 or the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) borrow money or incur any indebtedness for money borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any loans, advances or other payments other than payment of professional
 fees or expenses in connection with or ancillary to the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) declare or pay any dividends or distribute any of Purchaser's
 properties or assets to shareholders or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) alter or amend Purchaser's notice
 of articles or articles in any manner which may adversely affect the success of the transactions
 contemplated herein, except as required to give effect to the matters contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except as otherwise permitted or contemplated
 herein, enter into any transaction or material contract which is not in the ordinary course
 of business or engage in any business enterprise or activity materially different from that
 carried on by Purchaser as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provide any guarantee in respect of the obligations of any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) increase any compensation for any director, officer, Employee or consultant
 of Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) incur any expense in excess of $50,000 individually or in the aggregate.

**7.5** **All Other Action.**

Purchaser shall cooperate fully with the Company and will use all reasonable commercial efforts to assist the Company in its efforts to complete the Acquisition, unless such co-operation and efforts would subject Purchaser to liability or would be in breach of applicable statutory or regulatory requirements.

**7.6** **Subco.**

Subco shall be validly subsisting and in good standing under the DGCL immediately prior to the Merger. Purchaser covenants and agrees that Subco shall not carry on any business, shall not enter into any contracts, agreements, commitments, indentures or other instruments prior to the Closing Date other than as required to effect the Merger and shall be debt free as of the time of the Merger.

**7.7** **Working Capital.**

In the event that the Company requires additional working capital prior to the completion of the Going Public Transaction, the Purchaser will arrange for a bridge loan to the Company of US$250,000, which loan shall be repayable from the proceeds of the Special Warrant Financing.

**ARTICLE 8**

**POST-CLOSING COVENANTS**

**8.1** **Prospectus and Filing Statement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly after the execution of this Agreement,
 the Company and Purchaser jointly shall prepare and complete the Prospectus together with
 any other documents required by the BCBCA, Applicable Securities Laws and other applicable
 Laws and the rules and policies of the TSXV in connection with the qualification of the Special
 Warrants and the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Concurrently with the preparation of the
 Preliminary Prospectus, Purchaser and Company will jointly prepare a Filing Statement together
 with any other documents that may be required by Applicable Securities Laws and other applicable
 Laws and the rules and policies of the TSXV in connection with the intended listing of Purchaser
 Common Shares on the TSXV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser shall, as promptly as reasonably
 practicable after obtaining the approval of the BCSC as to the (final) Prospectus and the
 approval of the TSXV as to the final Filing Statement, file such (final) Prospectus and final
 Filing Statement on SEDAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Company's principals will make commercially reasonable efforts
 to assist Purchaser to prepare a (final) Prospectus and to finalize the Filing Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchaser represents and warrants that the Disclosure Documents
will comply in all material respects with all applicable Laws (including Applicable Securities Law), and, without limiting the generality
of the foregoing, that the Disclosure Documents 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 (provided that Purchaser will not be responsible for the accuracy of any information relating to Company and the
Resulting Issuer that is furnished in writing by Company for inclusion in the Disclosure Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Company represents and warrants that any
 information or disclosure relating to Company that is furnished in writing by Company for
 inclusion in the Disclosure Documents will comply in all material respects with all applicable
 Laws (including Applicable Securities Laws), and, without limiting the generality of the
 foregoing, that the Disclosure Documents 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 (provided that Company will not be responsible for the accuracy of any information
 relating to Purchaser that is furnished in writing by Purchaser for inclusion in the Disclosure
 Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Company, Purchaser and their respective
 legal counsel will be given a reasonable opportunity to review and comment on drafts of the
 Disclosure Documents and other documents related thereto and to the Acquisition, and reasonable
 consideration will be given to any comments made by Company, Purchaser and their respective
 counsel, provided that all information relating solely to Purchaser included in the Disclosure
 Documents will be in form and content satisfactory to Purchaser, acting reasonably, and all
 information relating solely to Company included in the Disclosure Documents will be in form
 and content satisfactory to Company, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Purchaser and Company will promptly notify
 each other if at any time before the date of filing in respect of the Disclosure Documents,
 either Party becomes aware that the Disclosure Documents contain an untrue statement of a
 Material Fact or omit to state a Material Fact required to be stated therein or necessary
 to make the statements contained therein not misleading in light of the circumstances in
 which they are made, or that otherwise require an amendment or supplement to the Disclosure
 Documents and the parties will cooperate in the preparation of any amendment or supplement
 to such documents, as the case may be, as required or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of Purchaser and the Company covenants and agrees with the other:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except for non-substantive communications,
 it will furnish promptly to the other party, as applicable, a copy of each notice, report,
 schedule or other document delivered, filed or received by it in connection with: (A) the
 Merger; (B) the Consolidation; (C) any filings under Applicable Securities Laws; and (D)
 any dealings with regulatory agencies in connection with the transactions contemplated herein;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will immediately notify the other party of any legal or governmental
action, suit, judgment, investigation, injunction, complaint, action, suit, motion, judgement, regulatory investigation, regulatory proceeding
or similar proceeding by any Person, Government Agency or other regulatory body, whether actual or threatened, with respect to the Acquisition
or which could otherwise delay or impede the transactions contemplated hereby.

**ARTICLE 9**

**CONDITIONS PRECEDENT**

**9.1** **Conditions for the Benefit of Purchaser.**

The transactions contemplated herein are subject to the following conditions to be fulfilled or performed on or prior to the Closing Date, which conditions are for the exclusive benefit of Purchaser and may be waived, in whole or in part, by Purchaser in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Truth of Representations and Warranties.** The representations and warranties of the Company contained in this Agreement or in any
 Ancillary Agreement shall have been true and correct as of the date of this Agreement and
 shall be true and correct as of the Closing Date in all material respects with the same force
 and effect as if such representations and warranties had been made on and as of such Closing
 Date except as affected by transactions contemplated or permitted by this Agreement and an
 officer of the Company shall provide a certificate addressed to Purchaser at Closing confirming
 the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Performance of Obligations.** The
 Company shall have performed, fulfilled or complied with, in all material respects, all of
 its obligations, covenants and agreements contained in this Agreement and in any Ancillary
 Agreement to be fulfilled or complied with by them at or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Approvals and Consents.** All required
 approvals, consents and authorizations of third parties in respect of the transactions contemplated
 herein, including without limitation all necessary shareholder and regulatory approvals,
 shall have been obtained on terms acceptable to Purchaser acting reasonably. The Company
 shall have effected the Consolidation prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Special Warrant Financing.** The
 Special Warrant Financing shall have been completed and the gross proceeds to Purchaser raised
 in connection with the Special Warrant Financing shall not be less than $4,300,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **No Material Adverse Change.** There
 shall have been no Material Adverse Change in the business, results of operations, assets,
 liabilities, financial condition or affairs of the Company since August 18, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Deliveries.** The Company shall deliver
 or cause to be delivered to Purchaser the closing documents as set forth in Section 10.2
 in a form satisfactory to Purchaser acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Proceedings.** All proceedings to
 be taken in connection with the transactions contemplated in this Agreement and any Ancillary
 Agreement shall be satisfactory in form and substance to Purchaser, acting reasonably, and
 Purchaser shall have received copies of all instruments and other evidence as it may reasonably
 request in order to establish the consummation or closing of such transactions and the taking
 of all necessary proceedings in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **No Legal Action or Prohibition of Law.** There shall
be no action or proceeding pending or threatened by any Person in any jurisdiction, or any applicable Laws proposed, enacted, promulgated
or applied, to enjoin, restrict or prohibit any of the transactions contemplated by this Agreement or which could reasonably be expected
to result in a Material Adverse Effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Securities Law Exemptions.** The
 issuance of all securities of the Resulting Issuer contemplated hereunder to be issued in
 connection with the Merger or otherwise pursuant to this Agreement shall be exempt from,
 or not subject to, the registration requirements of the U.S. Securities Act, and all applicable
 state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **No Transfers.** Without the prior
 consent of Purchaser, since the date of the completion of the Warrant Financing, there shall
 not have been any transfers of any securities of the Company.

**9.2** **Conditions for the Benefit of the Company.**

The transactions contemplated herein are subject to the following conditions to be fulfilled or performed on or prior to the Closing Date, which conditions are for the exclusive benefit of the Company and may be waived, in whole or in part, by the Company in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Truth of Representations and Warranties.** The representations and warranties of Purchaser contained in this Agreement or in any
 Ancillary Agreement shall have been true and correct as of the date of this Agreement and
 shall be true and correct as of the Closing Date in all material respects with the same force
 and effect as if such representations and warranties had been made on and as of such Closing
 Date except as affected by transactions contemplated or permitted by this Agreement and an
 officer of Purchaser shall provide a certificate to the Company at Closing confirming the
 foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Performance of Obligations.** Purchaser
 shall have performed, fulfilled or complied with, in all material respects, all of its obligations,
 covenants and agreements contained in this Agreement and in any Ancillary Agreement to be
 fulfilled or complied with by Purchaser at or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **No Material Adverse Change.** There
 shall have been no Material Adverse Change in the business, results of operations, assets,
 liabilities, financial condition or affairs of Purchaser since January 26, 2021 other than
 a reduction of its cash position in order to pay ongoing operating expenses and professional
 fees or other expenses in connection with the Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Approvals and Consents.** All required
 approvals, consents and authorizations of third parties in respect of the transactions contemplated
 herein, including without limitation all necessary shareholder and regulatory approvals,
 shall have been obtained on terms acceptable to the Company acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Special Warrant Financing.** The
 Special Warrant Financing shall have been completed and the gross proceeds to Purchaser raised
 in connection with the Special Warrant Financing shall not be less than $4,300,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Issuance.** The Resulting Issuer Common Shares that are
issued as consideration for the Company Common Shares shall be issued as fully paid and non- assessable Resulting Issuer Common Shares,
free and clear of any and all encumbrances, liens, charges and demands of whatsoever nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Deliveries.** Purchaser shall deliver
 or cause to be delivered to the Company Purchaser's Closing Documents as set forth
 in Section 10.3 in a form satisfactory to the Company, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Proceedings.** All proceedings to
 be taken in connection with the transactions contemplated in this Agreement and any Ancillary
 Agreement shall be satisfactory in form and substance to the Company, acting reasonably,
 and the Company shall have received copies of all instruments and other evidence as it may
 reasonably request in order to establish the consummation or closing of such transactions
 and the taking of all necessary proceedings in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **No Legal Action or Prohibition of Law.** There shall be no action or proceeding pending or threatened by any Person in any jurisdiction,
 or any applicable Laws proposed, enacted, promulgated or applied, to enjoin, restrict or
 prohibit any of the transactions contemplated by this Agreement or which could reasonably
 be expected to result in a Material Adverse Effect on Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Debts to Insiders.** There shall
 be no debts or amounts owing by Purchaser to any of its officers, former officers, directors,
 shareholders, Employees, former Employees, consultants or any family member thereof or any
 person with whom Purchaser does not deal with at arm's length, except for any amounts
 advanced to such person for expenses incurred on behalf of Purchaser in the ordinary course
 or approved by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Contracts.** Prior to Closing all
 management, consulting, lease and rental contracts to which Purchaser is a party will have
 been terminated without any further payment or liability by Purchaser.

**ARTICLE 10**

**CLOSING**

**10.1** **Time of Closing.**

The Closing of the transactions contemplated herein shall be completed at the offices of McMillan LLP on the Closing Date.

**10.2** **Company Closing Documents.**

On the day of Closing, the Company shall deliver to Purchaser the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certified copy of the resolutions of the directors and stockholders
 (if required) of the Company approving and authorizing the transactions herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certified copy of the constating documents of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a favourable legal opinion from counsel to the Company with respect
 to the matters set out in Schedule 4.

**10.3** **Purchaser's Closing Documents.**

On the day of Closing, Purchaser shall deliver to the Company the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) certificates in the respective names of
 the holders issuable to such holders of Company Common Shares pursuant to the Merger (such
 certificates to be registered and prepared in accordance with a written direction to be provided
 by the Company prior to Closing, and shall bear any legends required by the U.S. Securities
 Act or other Applicable Securities Laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certificates or option agreements in the
 respective names of the holders of the Resulting Issuer Options, the Resulting Issuer Warrants
 and the Resulting Issuer Performance Warrants issuable to such holders of the Company Options,
 the Company Warrants and the Company Performance Warrants, respectively, pursuant to the
 Merger (such certificates or option agreements to be prepared in accordance with a written
 direction to be provided by the Company prior to Closing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certified copy of the resolutions of
 the directors of Purchaser and Subco, and of Purchaser as the sole stockholder of Subco approving
 and authorizing the transactions herein contemplated and a certified copy of the resolutions
 of the board of directors of Purchaser approving the Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certified copy of the constating documents of Purchaser and Subco;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an opinion from counsel to Purchaser with respect to the matters set
 out in Schedule 4.

**ARTICLE 11**

**TERMINATION**

**11.1** **Termination.**

This Agreement shall terminate with the Parties having no obligations to each other, other than in respect of the expense provisions contained in Section 12.8, and the confidentiality provisions contained in Section 12.1, on the day (the "**Termination Date**") on which the earliest of the following events occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) written agreement of the parties to terminate this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any applicable regulatory or Government
 Agency having notified in writing either Purchaser or the Company of its determination to
 not permit the Merger to proceed, in whole or in part, and the parties have used commercially
 reasonable efforts to appeal or reverse such determination, or modify the Merger on a basis
 that is not prejudicial to either party hereto in order to address such determination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Closing of the Merger has not occurred on or before 5:00 p.m.
 (Vancouver time) on October 31, 2021.

**11.2** **Effect of Termination.**

Each Party's right of termination under this Article 11 is in addition to any other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies. Nothing in Article 11 shall limit or affect any other rights or causes of action any Party may have with respect to the representations, warranties, covenants and indemnities in its favor contained in this Agreement.

**ARTICLE 12**

**GENERAL**

**12.1** **Confidential Information.**

No disclosure or announcement, public or otherwise, in respect of this Agreement or the transactions contemplated herein will be made by Purchaser or the Company or its representatives without the prior agreement of the other party as to timing, content and method, hereto, provided that the obligations herein will not prevent any party from making, after consultation with the other party, such disclosure as its counsel advises is required by applicable law or the rules and policies of the TSXV.

Except as and only to the extent required by applicable law, a Receiving Party will not disclose or use, and it will cause its representatives not to disclose or use, any Confidential Information furnished, or to be furnished, by a Disclosing Party or its representatives to the Receiving Party or its representatives at any time or in any manner other than for purposes of evaluating and completing the transactions proposed in this Agreement.

If this Agreement is terminated, each Receiving Party will promptly return to the Disclosing Party or destroy any Confidential Information and any work product produced from such Confidential Information in its possession or in the possession of any of its representatives.

**12.2** **Counterparts.**

This Agreement may be executed in several counterparts (by original or facsimile signature), each of which when so executed shall be deemed to be an original and each of such counterparts, if executed by each of the Parties, shall constitute a valid and enforceable agreement among the Parties.

**12.3** **Severability.**

In the event that any provision or part of this Agreement is determined by any court or other judicial or administrative body to be illegal, null, void, invalid or unenforceable, that provision shall be severed to the extent that it is so declared and the other provisions of this Agreement shall continue in full force and effect.

**12.4** **Applicable Law.**

This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the conflict of law principles therein.

**12.5** **Knowledge.**

Where any representation or warranty contained in this Agreement is expressly qualified by reference to the knowledge of Purchaser or the Company, as applicable, it shall be deemed to refer to the actual knowledge after having made due inquiry of the executive officers of the particular company.

**12.6** **Successors and Assigns.**

This Agreement shall accrue to the benefit of and be binding upon each of the Parties hereto and their respective heirs, executors, administrators and assigns, provided that this Agreement shall not be assigned by any one of the Parties without the prior written consent of the other Parties.

**12.7** **Interpretation.**

The division of this Agreement into Articles, sections and subsections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation hereof. Schedules and other documents attached or referred to in this Agreement are an integral part of this Agreement.

**12.8** **Expenses.**

Each of the Parties hereto shall be responsible for its own costs and charges incurred with respect to the transactions contemplated herein including, without limitation, all costs and charges incurred prior to the date hereof and all legal and accounting fees and disbursements relating to preparing this Agreement or any Ancillary Agreement or otherwise relating to the transactions contemplated herein; provided, however (and for greater certainty), the Company shall be responsible for paying all costs and fees payable to the TSXV in connection with their review of the Filing Statement (including the review of the personal information forms to be submitted by the proposed executive officers and directors of the Resulting Issuer following completion of the Acquisition) and all listing fees in connection with the Going Public Transaction.

**12.9** **Further Assurances.**

Each of the Parties hereto will, without further consideration, do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered such other documents, instruments of transfer, conveyance, assignment and assurances and secure all necessary consents and authorizations as may be reasonably requested by another party and take such further action as the other may reasonably require to give effect to any matter provided for herein.

**12.10** **Entire Agreement.**

This Agreement and the schedules referred to herein constitute the entire agreement among the Parties hereto and supersede all prior communications, agreements, representations, warranties, statements, promises, information, arrangements and understandings, whether oral or written, express or implied, with respect to the subject matter hereof. None of the Parties hereto shall be bound or charged with any oral or written agreements, representations, warranties, statements, promises, information, arrangements or understandings not specifically set forth in this Agreement or in the schedules, documents and instruments to be delivered on the Closing Date pursuant to this Agreement. The Parties hereto further acknowledge and agree that, in entering into this Agreement and in delivering the schedules, documents and instruments to be delivered on the Closing Date, they have not in any way relied, and will not in any way rely, upon any oral or written agreements, representations, warranties, statements, promises, information, arrangements or understandings, express or implied, not specifically set forth in this Agreement or in such schedules, documents or instruments.

**12.11** **Notices.**

Any notice required or permitted to be given hereunder shall be in writing and shall be effectively given if (i) delivered personally, (ii) sent prepaid courier service or mail, or (iii) sent by facsimile, e-mail or other similar means of electronic communication addressed as follows:

in the case of notice to Purchaser or Subco:

1285896 B.C. Ltd.

1500-1055 West Georgia Street

Vancouver, British Columbia

V6E 4N7

Attn: Danny Matthews

Email: danny@dmlawcorp.ca

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

McMillan LLP

1500-1055 West Georgia Street

Vancouver, British Columbia

V6E 4N7

Attn: Desmond Balakrishnan

Email: desmond.balakrishnan@mcmillan.ca

in the case of notice to the Company:

Urban Mining International Inc.

5905 Triangle Drive

Raleigh, North Carolina

27617

Attn: Basil Botha, CEO

Email: bbotha@urbanminingintl.com

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

Aird & Berlis LLP

Brookfield Place, 181 Bay Street

Suite 1800, Toronto, ON

M5J 2T9

Attn: Thomas A. Fenton

Email: tfenton@airdberlis.com

Any notice, designation, communication, request, demand or other document given or sent or delivered as aforesaid shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if delivered as aforesaid, be deemed to have been given, sent, delivered
 and received on the date of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by mail as aforesaid, be deemed
 to have been given, sent, delivered and received on the fourth Business Day following the
 date of mailing, unless at any time between the date of mailing and the fourth Business Day
 thereafter there is a discontinuance or interruption of regular postal service, whether due
 to strike or lockout or work slowdown, affecting postal service at the point of dispatch
 or delivery or any intermediate point, in which case the same shall be deemed to have been
 given, sent, delivered and received in the ordinary course of the mail, allowing for such
 discontinuance or interruption of regular postal service, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if sent by facsimile or other means of
 electronic communication, be deemed to have been given, sent, delivered and received on the
 Business Day of the sending if sent during normal business hours (otherwise on the following
 Business Day).

**12.12** **Waiver.**

Any Party hereto which is entitled to the benefits of this Agreement may, and has the right to, waive any term or condition hereof at any time on or prior to the Closing Date, provided however that such waiver shall be evidenced by written instrument duly executed on behalf of such Party.

**12.13** **Amendments.**

No modification or amendment to this Agreement may be made unless agreed to by the Parties hereto in writing.

**12.14** **Remedies Cumulative.**

The rights and remedies of the Parties under this Agreement are cumulative and in addition to and not in substitution for any rights or remedies provided by law. Any single or partial exercise by any Party hereto of any right or remedy for default or breach of any term, covenant or condition of this Agreement does not waive, alter, affect or prejudice any other right or remedy to which such Party may be lawfully entitled for the same default or breach.

**12.15** **Currency.**

Unless otherwise indicated, all dollar amounts referred to in this Agreement are in the lawful money of Canada.

**12.16** **Number and Gender.**

In this Agreement, unless there is something in the subject matter or context inconsistent therewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words in the singular number include the plural and such words shall
 be construed as if the plural had been used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words in the plural include the singular and such words shall be construed
 as if the singular had been used; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing the use of any gender
 shall include all genders where the context or the Party referred to so requires, and the
 rest of the sentence shall be construed as if the necessary grammatical and terminological
 changes had been made.

**12.17** **Time of Essence.**

Time shall be of the essence hereof.

**[Remainder of page intentionally blank]**

The parties have executed this Agreement as of the first date written above.

---

| | | |
|:---|:---|:---|
| **1285896 B.C. LTD.** | **1285896 B.C. LTD.** | **1285896 B.C. LTD.** |
| By: | /s/ Danny Matthews | /s/ Danny Matthews |
|  | Name: | Danny Matthews |
|  | Title: President | Title: President |
| **URBAN MINING INTERNATIONAL INC.** | **URBAN MINING INTERNATIONAL INC.** | **URBAN MINING INTERNATIONAL INC.** |
| By: | /s/ Basil Botha | /s/ Basil Botha |
|  | Name: | Basil Botha |
|  | Title: | Chief Executive Officer |
| **URBAN MINING MERGER SUB, INC.** | **URBAN MINING MERGER SUB, INC.** | **URBAN MINING MERGER SUB, INC.** |
| By: | /s/ Sean Bromley | /s/ Sean Bromley |
|  | Name: | Sean Bromley |
|  | Title: | Director |

---

**Schedule 1 – Company Capitalization Spreadsheet**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Currently<br> Issued Pre-3<br> for 1<br> Consolidation** | **Strike Price<br> (if applicable)** | **Pro-Forma<br> Post<br> Consolidation<br> and Special<br> Warrant<br> Financing** | **Strike Price** |
| Common Stock | 21868905 | n/a | 7289635 | n/a |
| Warrants (existing) | 10724349 | $0.1875 | 3574783 | $0.5625 |
| Warrants (existing) | 399999 | $0.375 | 133333 | $1.125 |
| Warrants | 49500000 | $0.0833 | 16500000 | $0.25 |
| Performance Warrants | n/a | n/a | 5000000 | $0.05 |
| Special Warrant Shares | n/a | n/a | 4300000 | n/a |
| Underlying Warrants | n/a | n/a | 2150000 | $2.50 |
| Option Plan | n/a | n/a | 891667 | $1.00 |

---

Replacement warrants and shares were deemed to be issued on August 31, 2021 and were issued on an uncertificated basis.

![](ex2-1_001.jpg)

**Desmond M Balakrishnan**

Partner

d 604.691.7462

desmond.balakrishnan@mcmillan.ca

**Schedule 2 – Legal Proceedings**

There are no current legal proceedings; however, the landlord to the Company's premises has made a vague threat as to the commencement of legal proceedings in connection with the lease if current rental arrears are not addressed.

**Schedule 3 – Agreements**

&nbsp;&nbsp;&nbsp;&nbsp;1. Lease Agreement dated July 29, 2020 between Southern Commercial
Properties, LLC and Urban Mining International Inc.

&nbsp;&nbsp;&nbsp;&nbsp;2. Employment Agreement dated July 13, 2020 between Peter Dielwart
and Urban Mining International Inc.

&nbsp;&nbsp;&nbsp;&nbsp;3. Employment Agreement dated July 29, 2020 between Davin Gordon
and Urban Mining International Inc.

&nbsp;&nbsp;&nbsp;&nbsp;4. Employment Agreement dated July 23, 2020 between Daryl Campanella
and Urban Mining International Inc.

&nbsp;&nbsp;&nbsp;&nbsp;5. Employment Agreement dated September 15, 2020 between James
Jackson and Urban Mining International Inc.

&nbsp;&nbsp;&nbsp;&nbsp;6. General Services Agreement dated July 7, 2021 between Viktoriya
Griffin and Urban Mining International Inc.

**Schedule 4 – Legal Opinion from Counsel to the Company**

● Due incorporation, existence of Company or Purchaser under the applicable law of incorporation;

● Corporate power to execute, deliver and perform obligations under Merger Agreement and no conflict;

● Authorized capital and outstanding securities;

● Due authorization of merger agreement and performance of obligations thereunder; Due execution and delivery of merger agreement; and

● Issuance of Resulting Issuer Common Shares pursuant to the merger agreement are exempt from prospectus and registration requirements of applicable securities laws.

**AMENDING AGREEMENT**

**THIS AMENDING AGREEMENT** (the **"Agreement")** is made as of the 26th day of August, 2021.

AMONG:

**1285896 B.C. LTD.,** a corporation incorporated under the laws of British Columbia

(the **"Purchaser")**

AND:

**URBAN MINING MERGER SUB, INC.,** a corporation incorporated under the laws of Delaware

**("Subco")**

AND:

**URBAN MINING INTERNATIONAL INC.,** a corporation incorporated under the laws of Delaware

(the **"Company")**

**WHEREAS** the Purchaser, the Company and Subco are parties to a merger agreement dated August 18, 2021 (the **"Merger Agreement");**

**AND WHEREAS** each of the Purchaser, Subco and the Company desire to amend the Merger Agreement as set forth in this Agreement;

**NOW THEREFORE** in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1. The definition of "Transaction" set forth in Section 1.1 of the Merger Agreement is hereby deleted in its entirety and all references to "Transaction" shall be replaced with "Acquisition".

2. Section 4.1(ee) is hereby amended to replace the two references to "Transaction" with "Going Public Transaction".

3. Section 9.1(d) of the Merger Agreement is hereby deleted in its entirety.

4. Section 9.2(e) of the Merger Agreement is hereby deleted in its entirety.

5. The following Section 8.2 shall be added to Article 8:

---

| | |
|:---|:---|
| **"8.2** | **Special Warrant Financing.** The Special Warrant Financing shall have been completed within thirty (30) days following Closing and the gross proceeds to Purchaser raised in connection with the Special Warrant Financing shall not be less than $4,300,000." |

---

6. The Merger Agreement and this Agreement shall together constitute and be read as one and the same written instrument. Except as otherwise amended by the foregoing, the provisions of the Merger Agreement shall be and continue in full force and effect and are hereby confirmed as of the date hereof.

7. This Agreement shall enure to the benefit of and be binding upon the parties and their respective successors and permitted assigns.

8. This Agreement may be executed in several counterparts (by original or facsimile or e-mail transmitted signature), each of which when so executed shall be deemed to be an original and all counterparts, if executed by each of the parties, shall constitute a valid and enforceable agreement among the parties.

9. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the conflict of law principles therein.

 ****

**[*Remainder of this page left blank intentionally*]**

**IN WITNESS WHEREOF** the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **1285896 B.C. LTD.** | **1285896 B.C. LTD.** |
| per: | /s/ Sean Bromley |
|  | Authorized Signatory |
| **URBAN MINING MERGER SUB, INC.** | **URBAN MINING MERGER SUB, INC.** |
| per: | /s/ Sean Bromley |
|  | Authorized Signatory |
| **URBAN MINING INTERNATIONAL INC.** | **URBAN MINING INTERNATIONAL INC.** |
| per: | /s/ Basil Botha |
|  | Authorized Signatory |

---

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_001.jpg)

## Exhibit 3.2

**Exhibit 3.2**

![](ex3-2_001.jpg)

![](ex3-2_002.jpg)

![](ex3-2_003.jpg)

![](ex3-2_004.jpg)

![](ex3-2_005.jpg)

![](ex3-2_006.jpg)

![](ex3-2_007.jpg)

![](ex3-2_008.jpg)

## Exhibit 3.3

**Exhibit 3.3**

Number: **BC1285896**

***BUSINESS CORPORATIONS ACT***

**(British Columbia)**

**ARTICLES**

**of**

**MODERN MINING TECHNOLOGY CORP.**

(the "Company")

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART 1** | **INTERPRETATION** | **1** |
| **PART 2** | **SHARES AND SHARE CERTIFICATES** | **2** |
| **PART 3** | **ISSUE OF SHARES** | **4** |
| **PART 4** | **SHARE REGISTERS** | **5** |
| **PART 5** | **SHARE TRANSFERS** | **5** |
| **PART 6** | **TRANSMISSION OF SHARES** | **6** |
| **PART 7** | **PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES** | **7** |
| **PART 8** | **BORROWING POWERS** | **7** |
| **PART 9** | **ALTERATIONS** | **8** |
| **PART 10** | **MEETINGS OF SHAREHOLDERS** | **9** |
| **PART 11** | **PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **11** |
| **PART 12** | **VOTES OF SHAREHOLDERS** | **15** |
| **PART 13** | **DIRECTORS** | **19** |
| **PART 14** | **ELECTION AND REMOVAL OF DIRECTORS** | **21** |
| **PART 15** | **ALTERNATE DIRECTORS** | **26** |
| **PART 16** | **POWERS AND DUTIES OF DIRECTORS** | **28** |
| **PART 17** | **INTERESTS OF DIRECTORS AND OFFICERS** | **28** |
| **PART 18** | **PROCEEDINGS OF DIRECTORS** | **30** |
| **PART 19** | **EXECUTIVE AND OTHER COMMITTEES** | **33** |
| **PART 20** | **OFFICERS** | **34** |
| **PART 21** | **INDEMNIFICATION** | **35** |
| **PART 22** | **DIVIDENDS** | **37** |
| **PART 23** | **ACCOUNTING RECORDS AND AUDITORS** | **39** |
| **PART 24** | **NOTICES** | **39** |
| **PART 25** | **SEAL** | **41** |
| **PART 26** | **PROHIBITIONS** | **42** |

---

i

Number: **BC1285896**

***BUSINESS CORPORATIONS ACT***

**(British Columbia)**

**ARTICLES**

**of**

**MODERN MINING TECHNOLOGY CORP.**

(the "Company")

**PART 1**

**INTERPRETATION**

**Definitions**

1.1 In these Articles, unless the context otherwise requires:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**board of directors**", "**directors**" and "**board**" mean the directors or sole director of the Company for the time being;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**legal personal representative**" means the personal or other legal representative of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**registered address**" of a shareholder means the shareholder's address as recorded in the central securities register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) "**seal**" means the seal of the Company, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) "**share**" means a share in the share structure of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**special majority**" means the majority of votes described in §11.2 which is required to pass a special resolution.

**Act and Interpretation Act Definitions Applicable**

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

**PART 2**

**SHARES AND SHARE CERTIFICATES**

**Authorized Share Structure**

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

**Form of Share Certificate**

2.2 Each share certificate issued by the Company must comply with, and be signed as required by, the Act.

**Shareholder Entitled to Certificate, Acknowledgment or Written Notice**

2.3 Unless the shares of which the shareholder is the registered owner are uncertificated shares, each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or

(b) a non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders' duly authorized agents will be sufficient delivery to all. If a shareholder is the registered owner of uncertificated shares, the Company must send to a holder of an uncertificated share a written notice containing the information required by the Act within a reasonable time after the issue or transfer of such share.

**Delivery by Mail**

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

**Replacement of Worn Out or Defaced Certificate or Acknowledgement**

2.5 If a share certificate or a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate is worn out or defaced, the Company must, on production of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as are deemed fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) cancel the share certificate or acknowledgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) issue a replacement share certificate or acknowledgment.

**Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment**

2.6 If a share certificate or a non-transferable written acknowledgment of a shareholder's right to obtain a share certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgment, as the case may be, must be issued to the person entitled to that share certificate or acknowledgment, if the requirements of the Act are satisfied, as the case may be, if the directors receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) proof satisfactory to it of the loss, theft or destruction; and

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

**Splitting Share Certificates**

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

**Certificate Fee**

2.8 There must be paid to the Company, in relation to the issue of any share certificate under §2.5, §2.6 or §2.7, the amount, if any, not exceeding the amount prescribed under the Act, determined by the directors.

**Recognition of Trusts**

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

**PART 3**

**ISSUE OF SHARES**

**Directors Authorized**

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

**Commissions and Discounts**

3.2 The Company may at any time pay a reasonable commission or allow a reasonable discount to any person in consideration of that person's purchase or agreement to purchase shares of the Company from the Company or any other person's procurement or agreement to procure purchasers for shares of the Company.

**Brokerage**

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

**Conditions of Issue**

3.4 Except as provided for by the Act, no share may be issued until it is fully paid. A share is fully paid when:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the value of the consideration received by the Company equals or exceeds the issue price set for the share under §3.1.

**Share Purchase Warrants and Rights**

**PART 4**

**SHARE REGISTERS**

**Central Securities Register**

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

**PART 5**

**SHARE TRANSFERS**

**Registering Transfers**

5.1 A transfer of a share must not be registered unless the Company or the transfer agent or registrar for the class or series of shares to be transferred has received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except as exempted by the Act, a written instrument of transfer in respect of the share has been received by the Company (which may be a separate document or endorsed on the share certificate for the shares transferred) made by the shareholder or other appropriate person or by an agent who has actual authority to act on behalf of that person;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other evidence, if any, as the Company or the transfer agent or registrar for the class or series of share to be transferred may require to prove the title of the transferor or the transferor's right to transfer the share, that the written instrument of transfer is genuine and the right of the transferee to have the transfer registered.

**Form of Instrument of Transfer**

5.2 The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form that may be approved by the directors from time to time or by the transfer agent or registrar for those shares.

**Transferor Remains Shareholder**

5.3 Except to the extent that the Act otherwise provides, the transferor of a share is deemed to remain the holder of it until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

**Signing of Instrument of Transfer**

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

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

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

**Enquiry as to Title Not Required**

5.5 Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares transferred, of any interest in such shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

**Transfer Fee**

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

**PART 6**

**TRANSMISSION OF SHARES**

**Legal Personal Representative Recognized on Death**

6.1 In case of the death of a shareholder, the legal personal representative of the shareholder, or in the case of shares registered in the shareholder's name and the name of another person in joint tenancy, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative of a shareholder, the Company shall receive the documentation required by the Act.

**Rights of Legal Personal Representative**

6.2 The legal personal representative of a shareholder has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Act and the directors have been deposited with the Company. This §6.2 does not apply in the case of the death of a shareholder with respect to shares registered in the name of the shareholder and the name of another person in joint tenancy.

**PART 7**

**PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES**

**Company Authorized to Purchase, Redeem or Otherwise Acquire Shares**

7.1 Subject to §7.2, to the special rights and restrictions attached to the shares of any class or series and to the Act, the Company may, if authorized by the directors, purchase, redeem or otherwise acquire any of its shares at the price and upon the terms determined by the directors.

**Purchase When Insolvent**

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

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

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

**Sale and Voting of Purchased Shares, Redeemed or Otherwise Acquired Shares**

7.3 If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

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

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

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

**Company Entitled to Purchase or Redeem Share Fractions**

7.4 The Company may, without prior notice to the holders, purchase, redeem or otherwise acquire for fair value any and all outstanding share fractions of any class or kind of shares in its authorized share structure as may exist at any time and from time to time. Upon the Company delivering the purchase funds and confirmation of purchase or redemption of the share fractions to the holders' registered or last known address, or if the Company has a transfer agent then to such agent for the benefit of and forwarding to such holders, the Company shall thereupon amend its central securities register to reflect the purchase or redemption of such share fractions and if the Company has a transfer agent, shall direct the transfer agent to amend the central securities register accordingly. Any holder of a share fraction, who upon receipt of the funds and confirmation of purchase or redemption of same, disputes the fair value paid for the fraction, shall have the right to apply to the court to request that it set the price and terms of payment and make consequential orders and give directions the court considers appropriate, as if the Company were the "acquiring person" as contemplated by Division 6, Compulsory Acquisitions, under the Act and the holder were an "offeree" subject to the provisions contained in such Division, *mutatis mutandis*.

**PART 8**

**BORROWING POWERS**

8.1 The Company, if authorized by the directors, may:

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

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

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

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

**PART 9**

**ALTERATIONS**

**Alteration of Authorized Share Structure**

9.1 Subject to §9.2 and the Act, the Company may by ordinary resolution (or a resolution of the directors in the case of §9.1(c) or §9.1(f):

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) otherwise alter its shares or authorized share structure when required or permitted to do so by the Act where it does not specify by a special resolution;

and, if applicable, alter its Notice of Articles and Articles accordingly.

**Special Rights and Restrictions**

9.2 Subject to the Act and in particular those provisions of the Act relating to the rights of holders of outstanding shares to vote if their rights are prejudiced or interfered with, the Company may by ordinary resolution:

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

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

and alter its Notice of Articles and Articles accordingly.

**Change of Name**

9.3 The Company may by directors resolution authorize an alteration of its Notice of Articles in order to change its name or adopt or change any translation of that name.

**Other Alterations**

9.4 If the Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by ordinary resolution alter these Articles.

**PART 10**

**MEETINGS OF SHAREHOLDERS**

**Annual General Meetings**

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

**Resolution Instead of Annual General Meeting**

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

**Calling of Meetings of Shareholders**

10.3 The directors may, at any time, call a meeting of shareholders.

**Notice for Meetings of Shareholders**

10.4 The Company must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate resolution, and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) if the Company is a public company, 21 days;

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

**Record Date for Notice**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) if the Company is a public company, 21 days;

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

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

**Record Date for Voting**

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

**Failure to Give Notice and Waiver of Notice**

10.7 The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that entitlement or may agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**Notice of Special Business at Meetings of Shareholders**

10.8 If a meeting of shareholders is to consider special business within the meaning of §11.1, the notice of meeting must:

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

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

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

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

**Place of Meetings**

10.9 In addition to any location in British Columbia, any general meeting may be held in any location outside British Columbia approved by a resolution of the directors.

**PART 11**

**PROCEEDINGS AT MEETINGS OF SHAREHOLDERS**

**Special Business**

11.1 At a meeting of shareholders, the following business is special business:

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

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

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

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

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

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

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

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

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

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

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

**Special Majority**

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

**Quorum**

11.3 Subject to the special rights and restrictions attached to the shares of any class or series of shares, and to §11.4, the quorum for the transaction of business at a meeting of shareholders is at least one person who is, or who represents by proxy, one or more shareholders who, in the aggregate, hold at least five percent of the issued shares entitled to be voted at the meeting.

**One Shareholder May Constitute Quorum**

11.4 If there is only one shareholder entitled to vote at a meeting of shareholders:

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

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

**Persons Entitled to Attend Meeting**

11.5 In addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the Act or these Articles to be present at the meeting; but if any of those persons does attend the meeting, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**Requirement of Quorum**

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

**Lack of Quorum**

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

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

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

**Lack of Quorum at Succeeding Meeting**

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

**Chair**

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

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

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

**Selection of Alternate Chair**

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

**Adjournments**

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

**Notice of Adjourned Meeting**

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

**Decisions by Show of Hands or Poll**

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

**Declaration of Result**

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

**Motion Need Not be Seconded**

11.15 No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**Casting Vote**

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

**Manner of Taking Poll**

11.17 Subject to §11.18, if a poll is duly demanded at a meeting of shareholders:

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

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

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

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

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

**Demand for Poll on Adjournment**

11.18 A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

**Chair Must Resolve Dispute**

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

**Casting of Votes**

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

**No Demand for Poll on Election of Chair**

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

**Demand for Poll Not to Prevent Continuance of Meeting**

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

**Retention of Ballots and Proxies**

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

**PART 12**

**VOTES OF SHAREHOLDERS**

**Number of Votes by Shareholder or by Shares**

12.1 Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under §12.3:

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

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

**Votes of Persons in Representative Capacity**

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

**Votes by Joint Holders**

12.3 If there are joint shareholders registered in respect of any share:

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

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

**Legal Personal Representatives as Joint Shareholders**

12.4 Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of §12.3, deemed to be joint shareholders registered in respect of that share.

**Representative of a Corporate Shareholder**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the meeting or any adjourned meeting, by the chair of
the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting;

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

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

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

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

**Proxy Provisions Do Not Apply to All Companies**

12.6 If and for so long as the Company is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, then §12.7 to §12.15 are not mandatory, however the directors of the Company are authorized to apply all or part of such sections or to adopt alternative procedures for proxy form, deposit and revocation procedures to the extent that the directors deem necessary in order to comply with securities laws applicable to the Company.

**Appointment of Proxy Holders**

12.7 Every shareholder of the Company entitled to vote at a meeting of shareholders may, by proxy, appoint one or more (but not more than two) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

**Alternate Proxy Holders**

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

**Proxy Holder Need Not Be Shareholder**

12.9 A proxy holder need not be a shareholder of the Company.

**Deposit of Proxy**

12.10 A proxy for a meeting of shareholders must:

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

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

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages, including through Internet or telephone voting or by email, if permitted by the notice calling the meeting or the information circular for the meeting.

**Validity of Proxy Vote**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**Form of Proxy**

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

[name of company]

(the "Company")

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

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name of the undersigned): <u>____________________</u>

---

| |
|:---|
| Signed [month, day, year] |
| [Signature of shareholder] |
| [Name of shareholder—printed] |

---

**Revocation of Proxy**

12.13 Subject to §12.14, every proxy may be revoked by an instrument in writing that is received:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**Revocation of Proxy Must Be Signed**

12.14 An instrument referred to in §12.13 must be signed as follows:

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

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

**Production of Evidence of Authority to Vote**

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

**PART 13**

**DIRECTORS**

**First Directors; Number of Directors**

13.1 The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the Act. The number of directors, excluding additional directors appointed under §14.8, is set at:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4.

**Change in Number of Directors**

13.2 If the number of directors is set under §13.1(b)(i) or §13.1(c)(i):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number then the directors, subject to §14.8, may appoint directors to fill those vacancies.

**Directors' Acts Valid Despite Vacancy**

13.3 An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**Qualifications of Directors**

13.4 A director is not required to hold a share as qualification for his or her office but must be qualified as required by the Act to become, act or continue to act as a director.

**Remuneration of Directors**

13.5 The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders.

**Reimbursement of Expenses of Directors**

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

**Special Remuneration for Directors**

13.7 If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, he or she may be paid remuneration fixed by the directors, or at the option of the directors, fixed by ordinary resolution, and such remuneration will be in addition to any other remuneration that he or she may be entitled to receive.

**Gratuity, Pension or Allowance on Retirement of Director**

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

**PART 14**

**ELECTION AND REMOVAL OF DIRECTORS**

**Election at Annual General Meeting**

14.1 At every annual general meeting and in every unanimous resolution contemplated by §10.2:

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

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

**Consent to be a Director**

14.2 No election, appointment or designation of an individual as a director is valid unless:

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

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

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

**Failure to Elect or Appoint Directors**

14.3 If:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by §10.2, to elect or appoint any directors; then each director then in office continues to hold office until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) when his or her successor is elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) when he or she otherwise ceases to hold office under the Act or these Articles.

**Places of Retiring Directors Not Filled**

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

**Directors May Fill Casual Vacancies**

14.5 Any casual vacancy occurring in the board of directors may be filled by the directors.

**Remaining Directors Power to Act**

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

**Shareholders May Fill Vacancies**

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

**Additional Directors**

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

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

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

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

**Ceasing to be a Director**

14.9 A director ceases to be a director when:

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

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

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

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

**Removal of Director by Shareholders**

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

**Removal of Director by Directors**

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

**Nomination of Directors**

14.12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject only to the Act, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Company. Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of shareholders (but only if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by or at the direction of the board or an authorized officer of the Company, including pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance
with the provisions of the Act or a requisition of the shareholders made in accordance with the provisions of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by any person (a "**Nominating Shareholder**") (A) who, at the close of business on the
date of the giving of the notice provided for below in this §14.12 and on the record date
for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such
meeting or who beneficially owns shares that are entitled to be voted at such meeting and (B) who complies with the notice procedures
set forth below in this §14.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, such person must be give

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) timely notice thereof in proper written form to the Corporate Secretary of the Company at the principal
executive offices of the Company in accordance with this §14.12.and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representation and agreement with respect to each candidate for nomination as required by, and within the time period specified
in §14.12(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be timely under §14.12(b)(i), a Nominating Shareholder's notice to the Corporate Secretary of the Company must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an annual meeting of shareholders, not less than 30 nor more than 65 days prior to the
date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for
a date that is less than 40 days after the date (the "**Notice Date**") on which the first public announcement of the date
of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the tenth (10th) day following the Notice
Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a special meeting (which is not also an annual meeting) of shareholders called for the
purpose of electing directors (whether or not called for other purposes), not later than the fifteenth (15th) day following the day on
which the first public announcement of the date of the special meeting of shareholders was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding the foregoing, the board may, in its sole discretion, waive any requirement in this §14.12(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To be in proper written form, a Nominating Shareholder's notice to the Corporate Secretary of the Company, under §14.12(b)(i) must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each person whom the Nominating Shareholder proposes to nominate for election as a director (A)
the name, age, business address and residence address of the person, (B) the principal occupation or employment of the person, (C) the
class or series and number of shares in the capital of the Company which are controlled or which are owned beneficially or of record by
the person as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available and shall
have occurred) and as of the date of such notice, (D) a statement as to whether such person would be "independent" of the
Company (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110 – *Audit Committees* of the Canadian Securities
Administrators, as such provisions may be amended from time to time) if elected as a director at such meeting and the reasons and basis
for such determination and (E) any other information relating to the person that would be required to be disclosed in a dissident's
proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to the Nominating Shareholder giving the notice, (A) any information relating to such Nominating Shareholder
that would be required to be made in a dissident's proxy circular in connection with solicitations of proxies for election of directors
pursuant to the Act and Applicable Securities Laws, and (B) the class or series and number of shares in the capital of the Company which
are controlled or which are owned beneficially or of record by the Nominating Shareholder as of the record date for the Meeting of Shareholders
(if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To be eligible to be a candidate for election as a director of the Company and to be duly nominated, a candidate must be nominated in the manner prescribed in this §14.12 and the candidate for nomination, whether nominated by the board or otherwise, must have previously delivered to the Corporate Secretary of the Company at the principal executive offices of the Company, not less than 5 days prior to the date of the Meeting of Shareholders, a written representation and agreement (in form provided by the Company) that such candidate for nomination, if elected as a director of the Company, will comply with all applicable corporate governance, conflict of interest, confidentiality, share ownership, majority voting and insider trading policies and other policies and guidelines of the Company applicable to directors and in effect during such person's term in office as a director (and, if requested by any candidate for nomination, the Corporate Secretary of the Company shall provide to such candidate for nomination all such policies and guidelines then in effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No person shall be eligible for election as a director of the Company unless nominated in accordance with the provisions of this §14.12; provided, however, that nothing in this §14.12 shall be deemed to preclude discussion by a shareholder (as distinct from nominating directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The chair of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) For purposes of this §14.12:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Affiliate** ", when used to indicate a relationship with a person, shall mean a person
that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such
specified person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Applicable Securities Laws**" means the *Securities Act* (British Columbia) and
the equivalent legislation in the other provinces and in the territories of Canada, as amended from time to time, the rules, regulations
and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins
and notices of the securities commissions and similar regulatory authorities of each of the applicable provinces and territories of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Associate** ", when used to indicate a relationship with a specified person, shall mean
(A) any corporation or trust of which such person owns beneficially, directly or indirectly, voting securities carrying more than 10%
of the voting rights attached to all voting securities of such corporation or trust for the time being outstanding, (B) any partner of
that person, (C) any trust or estate in which such person has a substantial beneficial interest or as to which such person serves as trustee
or in a similar capacity, (D) a spouse of such specified person, (E) any person of either sex with whom such specified person is living
in conjugal relationship outside marriage or (F) any relative of such specified person or of a person mentioned in clauses (D) or (E)
of this definition if that relative has the same residence as the specified person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Derivatives Contract**" shall mean a contract between two parties (the "Receiving
Party" and the "Counterparty") that is designed to expose the Receiving Party to economic benefits and risks that correspond
substantially to the ownership by the Receiving Party of a number of shares in the capital of the Company or securities convertible into
such shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the "Notional
Securities"), regardless of whether obligations under such contract are required or permitted to be settled through the delivery
of cash, shares in the capital of the Company or securities convertible into such shares or other property, without regard to any short
position under the same or any other Derivatives Contract. For the avoidance of doubt, interests in broad-based index options, broad-
based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate governmental
authority shall not be deemed to be Derivatives Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Meeting of Shareholders**" shall mean such annual shareholders meeting or special shareholders
meeting, whether general or not, at which one or more persons are nominated for election to the board by a Nominating Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**owned beneficially**" or "**owns beneficially**" means, in connection
with the ownership of shares in the capital of the Company by a person, (A) any such shares as to which such person or any of such person's
Affiliates or Associates owns at law or in equity, or has the right to acquire or become the owner at law or in equity, where such right
is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making
of any payment, upon the exercise of any conversion right, exchange right or purchase right attaching to any securities, or pursuant to
any agreement, arrangement, pledge or understanding whether or not in writing; (B) any such shares as to which such person or any of such
person's Affiliates or Associates has the right to vote, or the right to direct the voting, where such right is exercisable immediately
or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, pursuant
to any agreement, arrangement, pledge or understanding whether or not in writing; (C) any such shares which are beneficially owned, directly
or indirectly, by a Counterparty (or any of such Counterparty's Affiliates or Associates) under any Derivatives Contract (without
regard to any short or similar position under the same or any other Derivatives Contract) to which such person or any of such person's
Affiliates or Associates is a Receiving Party; provided, however that the number of shares that a person owns beneficially pursuant to
this clause (C) in connection with a particular Derivatives Contract shall not exceed the number of Notional Securities with respect to
such Derivatives Contract; provided, further, that the number of securities owned beneficially by each Counterparty (including their respective
Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause be deemed to include all securities that are
owned beneficially, directly or indirectly, by any other Counterparty (or any of such other Counterparty's Affiliates or Associates)
under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty's Affiliates or Associates) is
a Receiving Party and this proviso shall be applied to successive Counterparties as appropriate; and (D) any such shares which are owned
beneficially within the meaning of this definition by any other person with whom such person is acting jointly or in concert with respect
to the Company or any of its securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**public announcement**" shall mean disclosure in a press release reported by a national
news service in Canada, or in a document publicly filed by the Company or its agents under its profile on the System
of Electronic Document Analysis and Retrieval at www.sedar.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision to this §14.12, notice or any delivery given to the Corporate Secretary of the Company pursuant to this §14.12 may only be given by personal delivery, facsimile transmission or by email (provided that the Corporate Secretary of the Company has stipulated an email address for purposes of this notice, at such email address as stipulated from time to time), and shall be deemed to have been given and made only at the time it is served by personal delivery, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to the Corporate Secretary at the address of the principal executive offices of the Company; provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Vancouver time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In no event shall any adjournment or postponement of a Meeting of Shareholders or the announcement thereof commence a new time period for the giving of a Nominating Shareholder's notice as described in §14.12(c) or the delivery of a representation and agreement as described in §14.12(e).

**PART 15**

**ALTERNATE DIRECTORS**

**Appointment of Alternate Director**

15.1 Any director (an "appointor") may by notice in writing received by the Company appoint any person (an "appointee") who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to his or her appointor within a reasonable time after the notice of appointment is received by the Company.

**Notice of Meetings**

15.2 Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present.

**Alternate for More than One Director Attending Meetings**

15.3 A person may be appointed as an alternate director by more than one director, and an alternate director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will be counted in determining the quorum for a meeting of directors once for each of his or her appointors and, in the case of an appointee who is also a director, once more in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has a separate vote at a meeting of directors for each of his or her appointors and, in the case of an appointee who is also a director, an additional vote in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will be counted in determining the quorum for a meeting of a committee of directors once for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a directors, once more in that capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has a separate vote at a meeting of a committee of directors for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity.

**Consent Resolutions**

15.4 Every alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing.

**Alternate Director an Agent**

15.5 Every alternate director is deemed to be the agent of his or her appointor.

**Revocation or Amendment of Appointment of Alternate Director**

15.6 An appointor may at any time, by notice in writing received by the Company, revoke or amend the terms of the appointment of an alternate director appointed by him or her.

**Ceasing to be an Alternate Director**

15.7 The appointment of an alternate director ceases when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his or her appointor ceases to be a director and is not promptly re-elected or re- appointed;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the alternate director ceases to be qualified to act as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the term of his appointment expires, or his or her appointor revokes the appointment of the alternate directors.

**Remuneration and Expenses of Alternate Director**

15.8 The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct.

**PART 16**

**POWERS AND DUTIES OF DIRECTORS**

**Powers of Management**

16.1 The directors must, subject to the Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the shareholders of the Company. Notwithstanding the generality of the foregoing, the directors may set the remuneration of the auditor of the Company.

**Appointment of Attorney of Company**

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

**Remuneration of an Auditor**

16.3 The directors may from time to time set the remuneration of an auditor.

**PART 17**

**INTERESTS OF DIRECTORS AND OFFICERS**

**Obligation to Account for Profits**

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

**Restrictions on Voting by Reason of Interest**

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

**Interested Director Counted in Quorum**

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

**Disclosure of Conflict of Interest or Property**

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

**Director Holding Other Office in the Company**

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

**No Disqualification**

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

**Professional Services by Director or Officer**

17.7 Subject to the Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**Director or Officer in Other Corporations**

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

**PART 18**

**PROCEEDINGS OF DIRECTORS**

**Meetings of Directors**

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

**Voting at Meetings**

18.2 Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting has a second or casting vote.

**Chair of Meetings**

18.3 The following individual is entitled to preside as chair at a meeting of directors:

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

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

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

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

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

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

**Meetings by Telephone or Other Communications Medium**

18.4 A director may participate in a meeting of the directors or of any committee of the directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) in person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by telephone or by other communications medium if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other.

A director who participates in a meeting in a manner contemplated by this §18.4 is deemed for all purposes of the Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

**Calling of Meetings**

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

**Notice of Meetings**

18.6 Other than for meetings held at regular intervals as determined by the directors pursuant to §18.1, 48 hours' notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in §24.1 or orally or by telephone.

**When Notice Not Required**

18.7 It is not necessary to give notice of a meeting of the directors to a director if:

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

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

**Meeting Valid Despite Failure to Give Notice**

18.8 The accidental omission to give notice of any meeting of directors to, or the non- receipt of any notice by, any director, does not invalidate any proceedings at that meeting.

**Waiver of Notice of Meetings**

18.9 Any director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director. Attendance of a director or alternate director at a meeting of the directors is a waiver of notice of the meeting unless that director or alternate director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**Quorum**

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

**Validity of Acts Where Appointment Defective**

18.11 Subject to the Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**Consent Resolutions in Writing**

18.12 A resolution of the directors or of any committee of the directors may be passed without a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution.

A consent in writing under this Article 18 may be by signed document, fax, email or any other method of transmitting legibly recorded messages. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this §18.12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

**PART 19**

**EXECUTIVE AND OTHER COMMITTEES**

**Appointment and Powers of Executive Committee**

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

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

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

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

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

**Appointment and Powers of Other Committees**

19.2 The directors may, by resolution:

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

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

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

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

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

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

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

**Obligations of Committees**

19.3 Any committee appointed under §19.1 or §19.2, in the exercise of the powers delegated to it, must:

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

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

**Powers of Board**

19.4 The directors may, at any time, with respect to a committee appointed under §19.1 or §19.2:

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

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

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

**Committee Meetings**

19.5 Subject to §19.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under §19.1 or §19.2:

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

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

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

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

**PART 20**

**OFFICERS**

**Directors May Appoint Officers**

20.1 The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

**Functions, Duties and Powers of Officers**

20.2 The directors may, for each officer:

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

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

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

**Qualifications**

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

**Remuneration and Terms of Appointment**

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

**PART 21**

**INDEMNIFICATION**

**Definitions**

21.1 In this Part 21:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) "**eligible party**", in relation to a company, means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or was a director, alternate director or officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or was a director, alternate director or officer of another corporation

&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) at a time when the corporation is or was an affiliate of
the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) at the request of the Company; or

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

and includes, except in the definition of "eligible proceeding", and §163(1)(c) and (d) and §165 of the Act, the heirs and personal or other legal representatives of that individual;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**eligible proceeding**" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Company or an associated corporation

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**expenses**" has the meaning set out in the Act and includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**proceeding**" includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

**Mandatory Indemnification of Eligible Parties**

21.2 Subject to the Act, the Company must indemnify each eligible party and the heirs and legal personal representatives of each eligible party against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each eligible party is deemed to have contracted with the Company on the terms of the indemnity contained in this §21.2.

**Indemnification of Other Persons**

21.3 Subject to any restrictions in the Act, the Company may agree to indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that person for the Company.

**Authority to Advance Expenses**

21.4 The Company may advance expenses to an eligible party to the extent permitted by and in accordance with the Act.

**Non-Compliance with Act**

21.5 Subject to the Act, the failure of an eligible party of the Company to comply with the Act or these Articles or, if applicable, any former *Companies Act* or former Articles does not, of itself, invalidate any indemnity to which he or she is entitled under this Part 21.

**Company May Purchase Insurance**

21.6 The Company may purchase and maintain insurance for the benefit of any eligible party person (or his or her heirs or legal personal representatives of any eligible party) against any liability incurred by any eligible party.

**PART 22**

**DIVIDENDS**

**Payment of Dividends Subject to Special Rights**

22.1 The provisions of this Part 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**Declaration of Dividends**

22.2 Subject to the Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

**No Notice Required**

22.3 The directors need not give notice to any shareholder of any declaration under §22.2.

**Record Date**

22.4 The directors must set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months.

**Manner of Paying Dividend**

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

**Settlement of Difficulties**

22.6 If any difficulty arises in regard to a distribution under §22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

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

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

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

**When Dividend Payable**

22.7 Any dividend may be made payable on such date as is fixed by the directors.

**Dividends to be Paid in Accordance with Number of Shares**

22.8 All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**Receipt by Joint Shareholders**

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

**Dividend Bears No Interest**

22.10 No dividend bears interest against the Company.

**Fractional Dividends**

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

**Payment of Dividends**

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

**Capitalization of Retained Earnings or Surplus**

22.13 Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any retained earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the retained earnings or surplus so capitalized or any part thereof.

**PART 23**

**ACCOUNTING RECORDS AND AUDITORS**

**Recording of Financial Affairs**

23.1 The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Act.

**Inspection of Accounting Records**

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

**Remuneration of Auditor**

23.3 The directors may set the remuneration of the auditor of the Company.

**PART 24**

**NOTICES**

**Method of Giving Notice**

24.1 Unless the Act or these Articles provide otherwise, a notice, statement, report or other record required or permitted by the Act or these Articles to be sent by or to a person may be sent by:

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

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

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

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

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

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

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

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

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

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

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

**Deemed Receipt of Mailing**

24.2 A notice, statement, report or other record that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailed to a person by ordinary mail to the applicable address for that person referred to in §24.1 i is deemed to be received by the person to whom it was mailed on the day (Saturdays, Sundays and holidays excepted) following the date of mailing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faxed to a person to the fax number provided by that person referred to in §24.1 is deemed to be received by the person to whom it was faxed on the day it was faxed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) emailed to a person to the e-mail address provided by that person referred to in §24.1 is deemed to be received by the person to whom it was e-mailed on the day that it was emailed.

**Certificate of Sending**

24.3 A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf of the Company stating that a notice, statement, report or other record was sent in accordance with §24.1is conclusive evidence of that fact.

**Notice to Joint Shareholders**

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

**Notice to Legal Personal Representatives and Trustees**

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

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

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

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

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

**Undelivered Notices**

24.6 If on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to §24.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company in writing of his or her new address.

**PART 25**

**SEAL**

**Who May Attest Seal**

25.1 Except as provided in §25.2 and §25.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

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

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

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

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

**Sealing Copies**

25.2 For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite §25.1, the impression of the seal may be attested by the signature of any director or officer or the signature of any other person as may be determined by the directors.

**Mechanical Reproduction of Seal**

25.3 The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and such persons as are authorized under §25.1 to attest the Company's seal may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

**PART 26**

**PROHIBITIONS**

**Definitions**

26.1 In this PART 26:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a security of the Company convertible, directly or indirectly,
into a security described in §(a) or §(b);

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

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

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

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

**Application**

26.2 §26.3 does not apply to the Company if and for so long as it is a public company, a private company which is no longer eligible to use the private issuer exemption under the *Securities Act (*British Columbia), or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or a company to which the Statutory Reporting Company Provisions apply.

**Consent Required for Transfer of Shares or Designated Securities**

26.3 No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition

---

| | |
|:---|:---|
| **Full name and signature of Incorporator** | **Date of signing** |
| /s/ DANNY MATTHEWS |  |
| DANNY MATTHEWS | January 26, 2021 |

---

## Exhibit 4.1

**Exhibit 4.1**

**INDENTURE**

Made as of April 7, 2022

<br> Between

**MODERN MINING TECHNOLOGY CORP.**

(the "**Corporation**")

<br> and

**COMPUTERSHARE TRUST COMPANY OF CANADA**

(the "**Trustee**")

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| RECITALS | 1 |
| ARTICLE 1 – INTERPRETATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 Meaning of "Outstanding" | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.3 Interpretation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.4 Headings, etc. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.5 Time of Essence | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.6 Monetary References | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.7 Invalidity, etc. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.8 Language | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.9 Successors and Assigns | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.10 Severability | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.11 Entire Agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.12 Benefits of Indenture | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.13 Applicable Law and Attornment | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.14 Currency of Payment | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.15 Non-Business Days | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.16 Accounting Terms | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.17 Calculations | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.18 Schedules | 11 |
| ARTICLE 2 – THE DEBENTURES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 Issue of Global Debentures | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 Limit of Debentures | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 Terms of Debentures of any Series | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 Form of Debentures | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 Form and Terms of Initial Debentures | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 Certification and Delivery of Additional Debentures | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 Uncertificated Deposit | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 Execution of Debentures | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 Certification | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 Interim Debentures or Certificates | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 Mutilation, Loss, Theft or Destruction | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 Concerning Interest | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 Debentures to Rank Pari Passu | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14 Payments of Amounts Due on Maturity | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.15 Legends on the Debentures and Common Shares. | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.16 Payment of Interest | 28 |
| ARTICLE 3 – REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 Global Debentures or Book based Debentures | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 Fully Registered Debentures | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 Transferee Entitled to Registration | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 No Notice of Trusts | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 Registers Open for Inspection | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 Exchanges of Debentures | 35 |

---

(i) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 Closing of Registers | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8 Charges for Registration, Transfer and Exchange | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 Ownership of Debentures | 37.0 |
| ARTICLE 4 – PURCHASE OF DEBENTURES | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 Purchase of Debentures by the Corporation | 37.0 |
| ARTICLE 5 – SUBORDINATION OF DEBENTURES | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 Applicability of Article | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 Order of Payment | 38.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 Subrogation to Rights of Holders of Secured Indebtedness | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 Obligation to Pay Not Impaired | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 No Payment if Secured Indebtedness in Default | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 Payment on Debentures Permitted | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 Confirmation of Subordination | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8 Knowledge of Trustee | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9 Trustee May Hold Secured Indebtedness | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 Rights of Holders of Secured Indebtedness Not Impaired | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11 Altering the Secured Indebtedness | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12 Additional Indebtedness | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.13 Right of Debentureholder to Convert Not Impaired | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.14 Invalidated Payments | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.15 Contesting Security | 43.0 |
| ARTICLE 6 – CONVERSION OF DEBENTURES | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 Forced Conversion of Debentures | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 Effect of Conversion | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 Adjustment of Conversion Price | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 No Requirement to Issue Fractional Common Shares | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 Corporation to Reserve the Underlying Securities | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6 Cancellation of Converted Debentures | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7 Certificate as to Adjustment | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8 Notice of Special Matters | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9 Protection of Trustee | 50.0 |
| ARTICLE 7 – COVENANTS OF THE CORPORATION | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 To Pay Principal, Premium (if any) and Interest | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 To Pay Trustee's Remuneration | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 To Give Notice of Default | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 Preservation of Existence, etc. | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 Keeping of Books | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 Annual Certificate of Compliance | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 Performance of Covenants by Trustee | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 No Dividends on Common Shares if Event of Default | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 Withholding Matters | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 SEC Reporting Status | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 Stay, Extension and Usury Laws | 53.0 |
| ARTICLE 8 – DEFAULT | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 Events of Default | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 Notice of Events of Default | 56.0 |

---

(ii) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 Waiver of Default | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 Enforcement by the Trustee | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5 No Suits by Debentureholders | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6 Application of Monies by Trustee | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7 Notice of Payment by Trustee | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.8 Trustee May Demand Production of Debentures | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.9 Remedies Cumulative | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.10 Judgment Against the Corporation | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.11 Immunity of Directors, Officers and Others | 60.0 |
| ARTICLE 9 – SATISFACTION AND DISCHARGE | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 Cancellation and Destruction | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 Non-Presentation of Debentures | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 Repayment of Unclaimed Monies | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4 Discharge | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5 Satisfaction | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.6 Continuance of Rights, Duties and Obligations | 64.0 |
| ARTICLE 10 – SUCCESSORS | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 Corporation may Consolidate, etc., Only on Certain Terms | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 Successor Substituted | 66.0 |
| ARTICLE 11 – COMPULSORY ACQUISITION | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 Definitions In this Article: | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 Offer for Debentures | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 Offeror's Notice to Dissenting Shareholders | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 Delivery of Debenture Certificates. | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 Payment of Consideration to Trustee | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 Consideration to be held in Trust | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.7 Completion of Transfer of Debentures to Offeror | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.8 Communication of Offer to the Corporation | 69.0 |
| ARTICLE 12 – MEETINGS OF DEBENTUREHOLDERS | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1 Right to Convene Meeting | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2 Notice of Meetings | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.3 Chairman | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.4 Quorum | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.5 Power to Adjourn | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.6 Show of Hands | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.7 Poll | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.8 Voting | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.9 Proxies. | 72.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.10 Persons Entitled to Attend Meetings | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.11 Powers Exercisable by Extraordinary Resolution | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.12 Meaning of "Extraordinary Resolution" | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.13 Powers Cumulative | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.14 Minutes | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.15 Instruments in Writing | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.16 Binding Effect of Resolutions | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.17 Evidence of Rights Of Debentureholders | 77.0 |

---

(iii) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.18 Concerning Serial Meetings | 77 |
| ARTICLE 13 – NOTICES | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1 Notice to Corporation | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2 Notice to Debentureholders | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3 Notice to Trustee | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.4 Mail Service Interruption | 78 |
| ARTICLE 14 – CONCERNING THE TRUSTEE | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.1 Replacement of Trustee | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.2 Duties of Trustee | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.3 Reliance Upon Declarations, Opinions, etc. | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.4 Evidence and Authority to Trustee, Opinions, etc. | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.5 Officer's Certificates Evidence | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.6 Experts, Advisers and Agents | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.7 Trustee May Deal in Debentures | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.8 Investment of Monies Held by Trustee | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.9 Trustee Not Ordinarily Bound | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.10 Trustee Not Required to Give Security | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.11 Trustee Not Bound to Act on Trust's Request | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.12 Conditions Precedent to Trustee's Obligations to Act Hereunder | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.13 Authority to Carry on Business. | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.14 Compensation and Indemnity | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.15 Acceptance of Trust | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.16 Third Party Interests | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.17 Anti-Money Laundering | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.18 Privacy Laws | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.19 Force Majeure | 86 |
| ARTICLE 15 – SUPPLEMENTAL INDENTURES | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.1 Supplemental Indentures | 86 |
| ARTICLE 16 – EXECUTION AND FORMAL DATE | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.1 Execution | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.2 Formal Date | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule A – Form of Debenture | 1 |

---

(iv) **INDENTURE**

This agreement is made as of April 7, 2022 between

**MODERN MINING TECHNOLOGY CORP**.

a corporation existing under the laws of the Province of British Columbia and having its head office in the City of Vancouver, in the Province of British Columbia

(the "**Corporation**")

AND

**COMPUTERSHARE TRUST COMPANY OF CANADA**

a trust company existing under the laws of Canada and registered to carry on business in the Province of British Columbia

(the "**Trustee**")

**RECITALS**

The Corporation wishes to create and issue the Debentures (as herein defined) in the manner and subject to the terms and conditions of this Indenture;

**FOR VALUE RECEIVED**, the parties agree as follows:

**ARTICLE 1 – INTERPRETATION**

**Section 1.1 Definitions**

In this Indenture and in the Debentures, unless there is something in the subject matter or context inconsistent therewith, the expressions following shall have the following meanings, namely:

(1) "**1933 Act**" means the United States *Securities Act of 1933*, as amended, and the rules and regulations promulgated thereunder;

(2) "**90% Redemption Right**" has the meaning ascribed thereto in clause 2.5(7)(b);

(3) "**this Indenture**", "**this Convertible Debenture Indenture**", "**hereto**", "**herein**", "**hereby**", "**hereunder**", "**hereof**" and similar expressions refer to this Indenture and not to any particular Article, Section, subsection, clause, subdivision or other portion hereof and include any and every instrument supplemental or ancillary hereto;

(4) "**Additional Debentures**" means Debentures of any one or more series, other than the first series of Debentures, being the Initial Debentures, issued under this Indenture;

(5) "**Applicable Securities Legislation**" means applicable securities laws (including rules, regulations, policies and instruments) in each of the applicable provinces and territories of Canada;

(6) "**Auditors of the Corporation**" means an independent firm of chartered accountants duly appointed as auditors of the Corporation;

(7) "**Beneficial Holder**" means any Person who holds a beneficial interest in a Debenture that is represented by a Debenture Certificate or an Uncertificated Debenture registered in the name of such person's nominee;

(8) "**Board of Directors**" means the board of directors of the Corporation;

(9) "**Book based Debentures**" means Debentures issued under this Indenture in uncertificated form which are held only by way of book based (electronic) register maintained by the Trustee;

(10) "**Business Day**" means any day other than a Saturday, Sunday or a statutory or civic holiday, or any other day on which the Trustee at its offices in Vancouver, British Columbia, Calgary, Alberta or Toronto, Ontario, is not open for business, and shall be a day on which the Recognized Stock Exchange is open for business;

(11) "**Change of Control**" means: (a) any event as a result of or following which a Person or group of Persons acting jointly or in concert within the meaning of Applicable Securities Legislation, beneficially owns or exercises control or direction over an aggregate of more than 50% of the then outstanding Common Shares; or (b) the sale or other transfer of all or substantially all of the consolidated assets of the Corporation, unless the holders of voting securities of the Corporation immediately prior to such sale, merger, reorganization or other similar transaction hold securities representing 50% or more of the voting control or direction in the Corporation or the successor entity upon completion of such merged, reorganized or other continuing entity;

(12) "**Change of Control Notice**" has the meaning ascribed thereto in subsection 2.5(7);

(13) "**Change of Control Offer**" has the meaning ascribed thereto in subsection 2.5(7);

(14) "**Change of Control Purchase Date**" means the date upon which the Change of Control becomes effective;

(15) "**Common Shares**" means the common shares in the capital of the Corporation, as such common shares are constituted on the date of execution and delivery of this Indenture; provided that in the event of a change or a subdivision, revision, reduction, combination or consolidation thereof, any reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance or liquidation, dissolution or winding- up, or such successive changes, subdivisions, redivisions, reductions, combinations or consolidations, reclassifications, capital reorganizations, consolidations, amalgamations, arrangements, mergers, sales or conveyances or liquidations, dissolutions or windings-up, then, subject to adjustments, if any, having been made in accordance with the provisions of Section 6.3, "**Common Shares**" shall, as the context may require, mean the shares or other securities or property resulting from such change, subdivision, redivision, reduction, combination or consolidation, reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance or liquidation, dissolution or winding-up;

(16) "**Conversion Price**" means the dollar amount for which each Common Share or Unit, as applicable, may be issued from time to time upon the conversion of Debentures or any series of Debentures which are by their terms convertible in accordance with the provisions of Article 2;

(17) "**Corporation**" means Modern Mining Technology Corp. and includes any successor to or of the Corporation which shall have complied with the provisions of Article 10;

(18) "**Counsel**" means a barrister or solicitor or firm of barristers or solicitors retained or employed by the Trustee or retained or employed by the Corporation and reasonably acceptable to the Trustee;

(19) "**Current Market Price**" means the fair value of a Common Share as reasonably determined by the Board of Directors;

(20) "**Debenture Certificate**" means a certificate evidencing Debentures substantially in the form attached as Schedule A hereto;

(21) "**Debenture Liabilities**" has the meaning ascribed thereto in Section 5.1;

(22) "**Debentureholders**" or "**holders**" means the Persons for the time being entered in the register for Debentures as registered holders of Debentures or any transferees of such Persons by endorsement or delivery;

(23) "**Debentures**" means the debentures, notes or other evidence of indebtedness of the Corporation issued and certified hereunder, or deemed to be issued and certified hereunder, including, without limitation, the Initial Debentures, and for the time being outstanding, whether in definitive, uncertificated or interim form;

(24) "**Defeased Debentures**" has the meaning ascribed thereto in subsection 9.6(2);

(25) "**Depository**" **or** "**CDS**" means CDS Clearing and Depository Services Inc. and its successors in interest;

(26) "**Event of Default**" has the meaning ascribed thereto in Section 8.1;

(27) "**Extraordinary Resolution**" has the meaning ascribed thereto in Section 12.12;

(28) "**Forced Conversion Date**" has the meaning ascribed thereto in Section 2.5(5);

(29) "**Forced Conversion Notice**" has the meaning ascribed thereto in Section 2.5(5);

(30) "**Fully Registered Debentures**" means Debentures registered as to both principal and interest;

(31) "**Global Debenture**" means a Debenture that is issued to and registered in the name of the Depository, or its nominee, pursuant to Section 2.1 for the purpose of being held by or on behalf of the Depository as custodian for participants in the Depository's book-entry only registration system or uncertificated inventory system;

(32) "**Guarantees**" means any guarantee, undertaking to assume, endorse, contingently agree to purchase, or to provide funds for the payment of, or otherwise become liable in respect of, any indebtedness, liability or obligation of any Person;

(33) "**IFRS**" means International Financial Reporting Standards issued by the International Accounting Standards Board (including as further described in Section 1.16);

(34) "**Initial Debentures**" means the Debentures designated as "5.0% Unsecured Convertible Debentures" and described in Section 2.5;

(35) "**Internal Procedures**" means, in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register of Debentureholders (including without limitation, original issuance or registration of transfer of ownership), the Trustee's then- current internal procedures customary for such entry, change or deletion;

(36) "**IPO Price**" means the price per security of the Corporation's initial public offering in the event of a Public Listing;

(37) "**Issue Date**" means, in respect of a Debenture, the date on which such Debenture is issued;

(38) "**Material Subsidiary**" means any Subsidiary of the Corporation which has consolidated assets equal to or greater than 10% of the consolidated assets of the Corporation and its Subsidiaries;

(39) "**Maturity Account**" means an account or accounts required to be established by the Corporation (and which shall be maintained by and subject to the control of the Trustee) for each series of Debentures issued pursuant to and in accordance with this Indenture;

(40) "**Maturity Date**" means the date specified for maturity of any Debentures;

(41) "**Merger Event**" has the meaning ascribed thereto in Section 6.3(d);

(42) "**NI 62-104**" means National Instrument 62-104 — *Take-Over Bids and Issuer Bids*;

(43) "**Non-Recourse Debt**" means any indebtedness, liabilities or other obligations (including purchase money obligations), and Guarantees, indemnities, endorsements (other than endorsements for collection in the ordinary course of business) or other contingent obligations in respect of obligations of another Person and, in each case, incurred to finance the creation, development, construction or acquisition of real and tangible personal property (including fixtures) and any increases in or extensions, renewals or refunding of any such indebtedness, liabilities and obligations, provided that the recourse of the lender thereof or any agent, trustee, receiver or other Person acting on behalf of the lender in respect of such indebtedness, liabilities and obligations or any judgment in respect thereof is limited in all circumstances to the real and tangible personal property (including fixtures) created, developed, constructed or acquired in respect of which such indebtedness, liabilities and obligations have been incurred and to any receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected with such property (and, for certainty, shall include the shares or other ownership interests of a Subsidiary of the Corporation which holds only such property and other rights and collateral arising from or connected therewith) and to which the lender has recourse;

(44) "**Offer Price**" has the meaning ascribed thereto in subsection 2.5(7);

(45) "**Offering**" means the private placement of up to $5,000,000 aggregate principal amount of Initial Debentures;

(46) "**Offeror's Notice**" has the meaning ascribed thereto in Section 11.3;

(47) "**Officer's Certificate**" means a certificate of the Corporation signed by any authorized officer or director of the Corporation, in their capacity as an officer or director of the Corporation, and not in their personal capacity;

(48) "**Participant**" means a Person recognized by CDS as a participant in the uncertificated inventory system administered by CDS;

(49) "**Periodic Offering**" means an offering of Debentures of a series from time to time, the specific terms of which Debentures, including, without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Corporation upon the issuance of such Debentures from time to time;

(50) "**Person**" includes an individual, corporation, company, partnership, joint venture, association, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof (and for the purposes of the definition of "**Change of Control**", in addition to the foregoing, "**Person**" shall include any syndicate or group that would be deemed to be a "**Person**" under NI 62-104);

(51) "**Public Listing**" means the listing of the Common Shares on a Recognized Stock Exchange;

(52) "**Recognized Stock Exchange**" means the Canadian Securities Exchange, the TSX Venture Exchange, the Toronto Stock Exchange, the Neo Exchange Inc., the Nasdaq Stock Market or any United States stock exchange;

(53) "**Regulation S**" means Regulation S adopted by the SEC under the 1933 Act;

(54) "**Restricted Debentures**" means collectively the Restricted Uncertificated Debentures and Restricted Physical Debentures;

(55) "**Restricted Physical Debenture**" means a definitive Debenture that bears the U.S. Legend;

(56) "**Restricted Uncertificated Debenture**" means an Uncertificated Debenture that is deemed to bear the U.S. Legend;

(57) "**Rule 904 Declaration**" has the meaning ascribed thereto in Section 3.2(3)(a)(ii)(A);

(58) "**SEC**" has the meaning ascribed thereto in Section 7.10;

(59) "**Secured Creditor**" means a holder or holders of Secured Indebtedness and includes any representative or representatives, agent or agents or trustee or trustees of any such holder or holders;

(60) "**Secured Indebtedness**" means the principal of, the premium (if any) and interest and other obligations on secured indebtedness, statutory liens (other than statutory liens where the party is defending same in good faith), secured bank or other institutional indebtedness, and secured project indebtedness, in each case owing by the Corporation, or renewals, extensions and refunding of such indebtedness, including, without limitation: (a) obligations of the Corporation or its Subsidiaries under any swap, hedging or other similar contracts or arrangements; (b) all costs and expenses incurred by or on behalf of the holder of any Secured Indebtedness in enforcing payment or collection of any such Secured Indebtedness, including enforcing any security interest securing the same. "Secured Indebtedness" shall not include any indebtedness that would otherwise be Secured Indebtedness if it is expressly stated to be subordinate to or rank *pari passu* with the Debentures;

(61) "**Senior Security**" has the meaning ascribed thereto in Section 5.2(2)(a);

(62) "**Serial Meeting**" has the meaning ascribed thereto in clause 12.2(2)(a);

(63) "**Subsidiary**" has the meaning ascribed thereto in the *Securities Act* (British Columbia);

(64) "**Trustee**" means Computershare Trust Company of Canada, or its successor or successors for the time being as trustee hereunder;

(65) "**Uncertificated Debenture**" means any Debenture which is not issued as part of a Debenture Certificate;

(66) "**Underlying Securities**" means the Common Shares or Units issuable upon the forced conversion of the Debentures as set out in Section 2.5;

(67) "**United States**" or "**U.S.**" means the United States of America, its territories and possessions, any state of the United States, or any political subdivision thereof, and the District of Columbia;

(68) "**Units**" means the units of the Corporation, whereby each Unit will be comprised of one Common Share and one-half of one Warrant;

(69) "**U.S. Debentureholder**" is (a) any U.S. Person that purchased Debentures, (b) any person that purchased Debentures on behalf of any U.S. Person or any person in the United States, (c) any purchaser of Debentures that received an offer for the Debentures while in the United States, (d) any person that was in the United States at the time the purchaser's buy order was made or the subscription agreement for Debentures was executed or delivered;

(70) "**U.S. Legend**" has the meaning ascribed to such term in subsection 2.15(1);

(71) "**U.S. Person**" has the meaning ascribed to such term in Regulation S;

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

(73) "**Warrants**" means the Common Share purchase warrant of the Corporation of which one-half forms part of a Unit, whereby each Warrant will be exercisable for one Common Share at a price equal to a 218% premium to the IPO Price for a period of 24 months from the date of such Public Listing;

(74) "**Withholding Taxes**" has the meaning ascribed to it in Section 7.9; and

(75) "**Written Direction of the Corporation**" means an instrument in writing signed by any one officer or director of the Corporation.

**Section 1.2 Meaning of "Outstanding"**

Every Debenture certified and delivered by the Trustee or every Uncertificated Debenture authenticated by the Trustee by completing its internal procedures hereunder shall be deemed to be outstanding until it is cancelled, converted or redeemed or delivered to the Trustee for cancellation, conversion or redemption for monies and/or the Underlying Securities, as the case may be, or the payment thereof shall have been set aside under Section 9.2, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentures which have been partially redeemed, purchased or
converted shall be deemed to be outstanding only to the extent of the unredeemed, unpurchased or unconverted part of the principal amount
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when a new Debenture has been issued in substitution for a Debenture which has
been lost, stolen or destroyed, only one of such Debentures shall be counted for the purpose of determining the aggregate principal amount
of Debentures outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the purposes of any provision of this Indenture entitling holders of
 outstanding Debentures to vote, sign consents, requisitions or other instruments or take any other action under this Indenture, or
 to constitute a quorum of any meeting of Debentureholders, Debentures owned directly or indirectly, legally or equitably, by the
 Corporation shall be disregarded except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for the purpose of determining whether the Trustee shall be
protected in relying on any such vote, consent, requisition or other instrument or action, or on the holders of Debentures present or
represented at any meeting of Debentureholders, only the Debentures which the Trustee knows are so owned shall be so disregarded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Debentures so owned which have been pledged in good faith other than to the Corporation shall not be so
disregarded if the pledgee shall establish to the satisfaction of the Trustee the pledgee's right to vote such Debentures, sign
consents, requisitions or other instruments or take such other actions in his discretion free from the control of the Corporation or a
Subsidiary of the Corporation.

**Section 1.3 Interpretation**

In this Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number or masculine gender shall include the plural
number or the feminine or neuter genders, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all references to Articles and Schedules refer, unless otherwise specified, to
articles of and schedules to this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all references to Sections, subsections or clauses refer, unless otherwise specified, to Sections, subsections
or clauses of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words and terms denoting inclusiveness (such as "include" or "includes" or "including"),
whether or not so stated, are not limited by and do not imply limitation of their context or the words or phrases which precede or succeed
them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any agreement or other instrument in writing means such agreement or other instrument in
writing as amended, modified, replaced or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) unless otherwise indicated, reference to a statute shall be deemed to be a reference to such statute as
amended, re-enacted or replaced from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless otherwise indicated, time periods within which a payment is to be made or any other action is to
be taken hereunder shall be calculated by including the day on which the period commences and excluding the day on which the period ends.

**Section 1.4 Headings, etc.**

The division of this Indenture into Articles and Sections, the provision of a **Table of Contents** and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Debentures.

**Section 1.5 Time of Essence**

Time shall be of the essence of this Indenture.

**Section 1.6 Monetary References**

Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of the United States of America unless otherwise expressed.

**Section 1.7 Invalidity, etc.**

Any provision hereof which is prohibited or unenforceable shall be ineffective only to the extent of such prohibition or unenforceability, without invalidating the remaining provisions hereof.

**Section 1.8 Language**

Each of the parties hereto hereby acknowledges that it has consented to and requested that this Indenture and all documents relating hereto, including, without limiting the generality of the foregoing, the form of Debenture attached hereto as Schedule A, be drawn up in the English language only.

**Section 1.9 Successors and Assigns**

All covenants and agreements of the Corporation in this Indenture and the Debentures shall bind its successors and assigns, whether so expressed or not. All covenants and agreements of the Trustee in this Indenture shall bind its successors.

**Section 1.10 Severability**

In case any provision in this Indenture or in the Debentures shall be invalid, illegal or unenforceable, such provision shall be deemed to be severed herefrom or therefrom and the validity, legality and enforceability of the remaining provisions shall not in any way be affected, prejudiced or impaired thereby.

**Section 1.11 Entire Agreement**

This Indenture and all supplemental indentures and Schedules hereto and thereto, and the Debentures issued hereunder and thereunder, together constitute the entire agreement between the parties hereto with respect to the indebtedness created hereunder and thereunder and under the Debentures and supersedes as of the date hereof all prior memoranda, agreements, negotiations, discussions and term sheets, whether oral or written, with respect to the indebtedness created hereunder or thereunder and under the Debentures.

**Section 1.12 Benefits of Indenture**

Nothing in this Indenture or in the Debentures, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any paying agent, the holders of Debentures, the Secured Creditors (to the extent provided in Article 5 only), and (to the extent provided in Section 8.11) the holders of Common Shares, any benefit or any legal or equitable right, remedy or claim under this Indenture.

**Section 1.13 Applicable Law and Attornment**

This Indenture, any supplemental indenture and the Debentures shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts, with respect to any suit, action or proceedings relating to this Indenture, any supplemental indenture or any Debenture, the Corporation, the Trustee and each holder irrevocably submit and attorn to the non-exclusive jurisdiction of the courts of the Province of British Columbia.

**Section 1.14 Currency of Payment**

Unless otherwise indicated in a supplemental indenture with respect to any particular series of Debentures, all payments to be made under this Indenture or a supplemental indenture shall be made in United States dollars.

**Section 1.15 Non-Business Days**

Whenever any payment to be made hereunder shall be due, any period of time would begin or end, any calculation is to be made or any other action is to be taken on, or as of, or from a period ending on, a day other than a Business Day, such payment shall be made, such period of time shall begin or end, such calculation shall be made and such other action shall be taken, as the case may be, unless otherwise specifically provided herein, on or as of the next succeeding Business Day without any additional interest, cost or charge to the Corporation.

**Section 1.16 Accounting Terms**

Except as hereinafter provided or as otherwise indicated in this Indenture, all calculations required or permitted to be made hereunder pursuant to the terms of this Indenture shall be made in accordance with IFRS. For greater certainty, IFRS shall include any accounting standards that may from time to time be approved for general application by the Canadian Institute of Chartered Accountants.

**Section 1.17 Calculations**

The Corporation shall be responsible for making all calculations called for hereunder including, without limitation, calculations of Current Market Price. The Corporation shall make such calculations in good faith and, absent manifest error, the Corporation's calculations shall be final and binding on holders and the Trustee. The Corporation will provide a schedule of its calculations to the Trustee and the Trustee shall be entitled to rely conclusively on the accuracy of such calculations without independent verification.

**Section 1.18 Schedules**

(1) The following Schedules are incorporated into and form part of this Indenture:

Schedule A – Form of Debenture

(2) In the event of any inconsistency between the provisions of any Section of this Indenture and the provisions of the Schedules which form a part hereof, the provisions of this Indenture shall prevail to the extent of the inconsistency.

**ARTICLE 2 – THE DEBENTURES**

**Section 2.1 Issue of Global Debentures**

(1) The Corporation may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures, that may or may not be Book based Debentures, registered in the name of a Depository, or its nominee, designated by the Corporation in the Written Direction of the Corporation delivered to the Trustee at the time of issue of such Debentures, and in such event the Corporation shall execute and the Trustee shall certify and deliver one or more Global Debentures that are Book based Debentures that shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series
to be represented by one or more Global Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be released by the Trustee as instructed by the Corporation for further delivery to such Depository or pursuant to such Depository's
instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) bear a legend substantially to the following effect, or as may otherwise be required by the Depositary:

"THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE DATED AS OF THE 7TH DAY OF APRIL, 2022 BETWEEN MODERN MINING TECHNOLOGY CORP. AND COMPUTERSHARE TRUST COMPANY OF CANADA (THE "**INDENTURE**"). EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("**CDS**") TO MODERN MINING TECHNOLOGY CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE."

(2) The Depository must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the Applicable Securities Legislation of the jurisdiction where the Depository has its principal offices.

**Section 2.2 Limit of Debentures**

The aggregate principal amount of Debentures authorized to be issued under this Indenture is unlimited, but Debentures may be issued only upon and subject to the conditions and limitations herein set forth.

**Section 2.3 Terms of Debentures of any Series**

(1) The Debentures may be issued in one or more series. There shall be established herein or in or pursuant to one or more indentures supplemental hereto, prior to the initial issuance of Debentures of any particular series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of the Debentures of the series (which need not include the term
" **Debentures** "), which shall distinguish the Debentures of the series from the Debentures of all other series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any limit upon the aggregate principal amount of the Debentures of the series that
may be certified and delivered under this Indenture (except for Debentures certified and delivered upon registration of, transfer of,
amendment of, or in exchange for, or in lieu of, other Debentures of the series pursuant to Section 2.10, Section 2.11, Section 3.1 and
Section 3.6 and Articles 4 and 6);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date or dates on which the principal of the Debentures of the series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the rate or rates at which the Debentures of the series shall bear interest, if
any, the date or dates from which such interest shall accrue, on which such interest shall be payable and on which record date, if any,
shall be taken for the determination of holders to whom such interest shall be payable and/or the method or methods by which such rate
or rates or date or dates shall be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the place or places where the principal of and any interest on Debentures of the
series shall be payable or where any Debentures of the series may be surrendered for registration of transfer or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the right, if any, of the Corporation to redeem Debentures of the series, in whole
or in part, at its option and the period or periods within which, the price or prices at which and any terms and conditions upon which,
Debentures of the series may be so redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the obligation, if any, of the Corporation to redeem, purchase or repay Debentures
of the series pursuant to any mandatory redemption, sinking fund or analogous provisions or at the option of a holder thereof and the
price or prices at which, the period or periods within which, the date or dates on which, and any terms and conditions upon which, Debentures
of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if other than denominations of $10, $1,000 and any integral multiple thereof, the
denominations in which Debentures of the series shall be issuable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the provisions of this Indenture, any trustee, Depositories, authenticating
or paying agents, transfer agents or registrars or any other agents with respect to the Debentures of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other events of default or covenants with respect to the Debentures of the
series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whether and under what circumstances the Debentures of the series will be convertible into or exchangeable
for securities of any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the form and terms of the Debentures of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if applicable, that the Debentures of the series shall be issuable in certificated or uncertificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if other than Canadian currency, the currency in which the Debentures of the series are issuable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any other terms of the Debentures of the series (which terms shall not be inconsistent with the provisions
of this Indenture).

(2) All Debentures of any one series shall be substantially identical, except as may otherwise be established herein or by or pursuant to a resolution of the Board of Directors, Officer's Certificate or in an indenture supplemental hereto. All Debentures of any one series need not be issued at the same time and may be issued from time to time, including pursuant to a Periodic Offering, consistent with the terms of this Indenture, if so provided herein, by or pursuant to such resolution of the Board of Directors, Officer's Certificate, an indenture supplemental hereto.

**Section 2.4 Form of Debentures**

Except in respect of the Initial Debentures, the form of which is provided for herein, the Debentures of each series shall be substantially in such form or forms (not inconsistent with this Indenture) as shall be established herein or by or pursuant to one or more resolutions of the Board of Directors (or to the extent established pursuant to, rather than set forth in, a resolution of the Board of Directors, in an Officer's Certificate detailing such establishment) or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto or with any rules or regulations of any securities exchange or securities regulatory authority or to conform to general usage, all as may be determined by the directors or officers of the Corporation executing such Debentures on behalf of the Corporation, as conclusively evidenced by their execution of such Debentures.

**Section 2.5 Form and Terms of Initial Debentures**

(1) The first series of Debentures (the "**Initial Debentures**") authorized for issue immediately is limited to an aggregate principal amount of up to $5,000,000 and shall be designated as "5.0% Unsecured Convertible Debentures".

(2) The Initial Debentures shall be dated as of the Issue Date, and shall mature on April 7, 2025 (the "**Maturity Date**" for the Initial Debentures).

(3) The Initial Debentures shall bear interest from the Issue Date thereof at the rate of 5.0% per annum (based on a year of 360 days comprised of twelve 30-day months), payable only on the Maturity Date of the Initial Debentures or upon the exercise of the 90% Redemption Right pursuant to subsection 2.5(7), and after as well as before default, with interest on amounts in default or after maturity at the same rate, compounded semi-annually. Any payment required to be made on any day that is not a Business Day will be made on the next succeeding Business Day. The record date for the payment of interest on the Initial Debentures will be that date which is five Business Days prior to the Maturity Date.

(4) The Initial Debentures will be subordinated to all existing and future Secured Indebtedness of the Corporation in accordance with the provisions of Article 5. The Initial Debentures will rank *pari passu* with each other series of Debentures issued under this Indenture or under indentures supplemental to this Indenture (regardless of their actual date or terms of issue) and, except as prescribed by law, with all other existing and future unsecured indebtedness of the Corporation.

(5) Upon and subject to the provisions and conditions of Section 3.6, Section 3.7 and Article 6, the Initial Debentures may be converted into the Underlying Securities on the following terms and subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event the Corporation completes a Public Listing and
upon giving the Debentureholders advance written notice by way of a news release and concurrently providing a written notice to the Trustee
in accordance with Section 13.3 (the "**Forced Conversion Notice** "), the principal amount of the Initial Debentures and
all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) will, upon surrender of the Debenture
Certificate, automatically convert into the Underlying Securities at the following conversion price (the "**Conversion Price** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event the Corporation completes a Public Listing on
a Recognized Stock Exchange in Canada, the principal amount of the Initial Debentures and all accrued and unpaid interest thereon (less
any tax required by law to be deducted or withheld) will automatically convert into Units at the Conversion Price equal to a 20% discount
to the IPO Price and each Warrant (of which one-half forms part of the Unit) will be exercisable for one Common Share at a price equal
to a 218% premium to the IPO Price for a period of 24 months from the date of such Public Listing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event the Corporation completes a Public Listing on a Recognized Stock
Exchange in the United States, the principal amount of the Initial Debentures and all accrued and unpaid interest thereon (less any tax
required by law to be deducted or withheld) will automatically convert into Common Shares at a Conversion Price equal to the lesser of
(i) a 40% discount to the IPO Price; and (ii) $5.00 and such Common Shares issued shall be subject to a six month hold period from the
completion of such Public Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The effective date for the forced conversion (the "**Forced Conversion Date**") shall be the date the Corporation completes a Public Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Conversion Price for each Underlying Security to be issued upon the conversion
of Initial Debentures shall be as set out in subsection 2.5(b) and (c), as applicable. Except as provided below, no adjustment in the
number of the Underlying Securities to be issued upon conversion will be made for dividends or distributions on Common Shares issuable
upon conversion, the record date for the payment of which precedes the date upon which the holder becomes a holder of Common Shares in
accordance with Article 6, or for interest accrued on Initial Debentures surrendered. No fractional Underlying Securities will be issued,
and holders will receive a cash payment in satisfaction of any fractional interest based on the Current Market Price as of the date of
conversion, provided, however, the Corporation shall not be required to make any payment of less than $5.00. The Conversion Price applicable
to, and the Underlying Securities or other property receivable on the conversion of, the Initial Debentures is subject to adjustment pursuant
to the provisions of Section 6.3. The Conversion Price will not be adjusted for accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Initial Debenture becomes issuable after the Forced Conversion Date, such Initial Debenture shall
not be issued, and the Person that would otherwise have been entitled to receive such Initial Debenture shall instead receive the number
of Common Shares that such Person would be entitled to receive upon conversion of such Initial Debenture in accordance with this Indenture,
as adjusted in accordance with Section 6.3 (including, for greater certainty, in connection with any event occurring after the Forced
Conversion Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Initial Debenture in respect of which a holder has accepted a notice in respect
of a Change of Control Offer pursuant to the provisions of subsection 2.5(7) may be surrendered for conversion only if such notice is
withdrawn in accordance with this Indenture.

(6) The Initial Debentures shall be issued in denominations of $10, and integral multiples thereof and to CDS in denominations of $1,000 and integral multiples thereof. Each Initial Debenture and the certificate of the Trustee endorsed thereon shall be issued in substantially the form set out in Schedule A, with such insertions, omissions, substitutions or other variations as shall be required or permitted by this Indenture, and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto or with any rules or regulations of any securities exchange or securities regulatory authority or to conform with general usage, as more particularly specified by the Corporation in writing to the Trustee. Each Initial Debenture shall additionally bear such distinguishing letters and numbers as the Trustee shall approve. Notwithstanding the foregoing, an Initial Debenture may be in such other form or forms as may, from time to time, be, approved by a resolution of the Board of Directors, or as specified in an Officer's Certificate. The Initial Debentures may be engraved, lithographed, printed, mimeographed or typewritten or partly in one form and partly in another.

(7) Within 30 days prior to the consummation of a Change of Control, and subject to the provisions and conditions of this subsection 2.5(7), the Corporation shall, at the discretion of the holders of Initial Debentures, be obligated to offer to purchase or convert all of the Initial Debentures then outstanding. The terms and conditions of such obligation are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not less than 30 days prior to the consummation of a Change of Control **,** the Corporation shall deliver
to the Trustee, and the Trustee shall promptly deliver to the holders of the Initial Debentures, notice of the Change of Control (a "**Change of Control Notice**") specifying the date on which such Change of Control will occur and the circumstances or events giving rise
to such Change of Control, and the Debentureholders shall, in their sole discretion, have the right to require the Corporation to, either:
(i) purchase the Debentures at 105% of the principal amount thereof plus unpaid interest to the Maturity Date (the "**Offer Price** ");
or (ii) convert the Debentures at the Conversion Price (the "**Change of Control Offer** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If 90% or more in aggregate principal amount of Initial Debentures outstanding on
the date the Corporation provides the Change of Control Notice to holders of the Initial Debentures have been surrendered for purchase
pursuant to the Change of Control Offer on the expiration thereof, the Corporation has the right upon written notice provided to the Trustee
within 10 days following the expiration of the Change of Control Offer, to redeem all the Initial Debentures remaining outstanding on
the expiration of the Change of Control Offer at the Offer Price as at the Change of Control Purchase Date (the "**90% Redemption Right** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon receipt of notice that the Corporation has exercised or is exercising the
90% Redemption Right and is acquiring the remaining Initial Debentures, the Trustee shall promptly provide written notice to each Debentureholder
that did not previously accept the Change of Control Offer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation has exercised the 90% Redemption Right and is
purchasing all outstanding Initial Debentures effective on the expiry of the Change of Control Offer at the Offer Price, and shall include
a calculation of the amount payable to such holder as payment of the Offer Price as at the Change of Control Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each such holder must transfer their Initial Debentures to the Trustee on the same terms as those holders
that accepted the Change of Control Offer and must send their respective Initial Debentures, duly endorsed for transfer, to the Trustee
within 10 days after the sending of such notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the rights of such holder under the terms of the Initial Debentures and this Indenture cease effective
as of the date of expiry of the Change of Control Offer provided the Corporation has, on or before the time of notifying the Trustee of
the exercise of the 90% Redemption Right, paid the Offer Price to, or to the order of, the Trustee and thereafter the Initial Debentures
shall not be considered to be outstanding and the holder shall not have any right except to receive such holder's Offer Price upon
surrender and delivery of such holder's Initial Debentures in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation shall, on or before 11:00 a.m. (Vancouver time) on the Business
Day immediately prior to the Change of Control Purchase Date, deposit with the Trustee or any paying agent to the order of the Trustee,
such sums of money as may be sufficient to pay the Offer Price of the Initial Debentures to be purchased or redeemed by the Corporation
on the Change of Control Purchase Date (less any tax required by law to be deducted or withheld in respect of accrued and unpaid interest),
provided the Corporation may elect to satisfy this requirement by providing the Trustee with a wire transfer for such amounts required
under this clause 2.5(7)(d). The Corporation shall also deposit with the Trustee a sum of money sufficient to pay any charges or expenses
which may be incurred by the Trustee in connection with such purchase. Every such deposit shall be irrevocable. From the sums so deposited,
the Trustee shall pay or cause to be paid to the holders of such Initial Debentures, the Offer Price to which they are entitled (less
any tax required by law to be deducted or withheld in respect of accrued and unpaid interest) on the Corporation's purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that one or more of such Initial Debentures being purchased in accordance
with this subsection 2.5(7) becomes subject to purchase in part only, upon surrender of such Initial Debentures for payment of the Offer
Price, the Corporation shall execute and the Trustee shall certify or authenticate and deliver without charge to the holder thereof or
upon the holder's order, one or more new Initial Debentures for the portion of the principal amount of the Initial Debentures not
purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Initial Debentures for which holders have accepted the Change of Control Offer and Initial Debentures
which the Corporation has elected to redeem in accordance with this subsection 2.5(7) shall become due and payable at the Offer Price
on the Change of Control Purchase Date, in the same manner and with the same effect as if it were the date of maturity specified in such
Initial Debentures, anything therein or herein to the contrary notwithstanding, and from and after the Change of Control Purchase Date,
if the money necessary to purchase or redeem, or the Common Shares necessary to purchase or redeem, the Initial Debentures shall have
been deposited as provided in this subsection 2.5(7) and affidavits or other proofs satisfactory to the Trustee as to the publication
and/or mailing of such notices shall have been lodged with it, interest on the Initial Debentures shall cease. If any question shall arise
as to whether any notice has been
given as above provided and such deposit made, such question shall be decided by the Trustee whose decision shall be final and binding
upon all parties in interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In case the holder of any Initial Debenture to be purchased or redeemed in accordance
with this subsection 2.5(7) shall fail on or before the Change of Control Purchase Date to so surrender such holder's Initial Debenture
or shall not within such time accept payment of the monies payable, to take delivery of certificates representing such Common Shares issuable
in respect thereof, or give such receipt therefor, if any, as the Trustee may require, such monies may be set aside in trust, or such
certificates may be held in trust, without interest, either in the deposit department of the Trustee or in a chartered bank, and such
setting aside shall for all purposes be deemed a payment to the Debentureholder of the sum or the Common Shares so set aside and the Debentureholder
shall have no other right except to receive payment of the monies so paid and deposited, or take delivery of the certificates so deposited,
or both, upon surrender and delivery of such holder's Initial Debenture. In the event that any money or certificates representing
Common Shares required to be deposited hereunder with the Trustee or any depository or paying agent on account of principal, premium,
if any, or interest, if any, on Initial Debentures issued hereunder shall remain so deposited for a period of six years from the Change
of Control Purchase Date, then such monies, or certificates representing Common Shares, together with any accumulated interest thereon,
or any distributions paid thereon, shall at the end of such period be paid over or delivered over by the Trustee or such depository or
paying agent to the Corporation and the Trustee shall not be responsible to Debentureholders for any amounts owing to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject to the provisions above related to Initial Debentures purchased in part,
all Initial Debentures redeemed and paid under this subsection 2.5(7) shall forthwith be delivered to the Trustee and cancelled and no
Initial Debentures shall be issued in substitution therefor.

(8) The Initial Debentures shall be subject to escrow as required by Applicable Securities Legislation or stock exchange policies or any escrow conditions the Issuer with the consent of any underwriter that may assist in the Corporation's initial public offering may impose on the Initial Debentures and Underlying Securities. Any Initial Debentures or Underlying Securities required to be held in escrow will be released in accordance with Applicable Securities Legislation, stock exchange polices or the terms of the applicable escrow agreement. If any holder of any Debenture shall fail to execute and deliver an escrow agreement under this subsection, such holder shall be deemed to have surrendered the holder's Initial Debentures or Underlying Securities, as applicable, to the Corporation as a gift for cancellation and will receive no consideration for such cancellation.

**Section 2.6 Certification and Delivery of Additional Debentures**

The Corporation may from time to time request the Trustee to certify or authenticate and deliver Additional Debentures of any series by delivering to the Trustee the documents referred to below in this Section 2.6 whereupon the Trustee shall certify or authenticate such Debentures and cause the same to be delivered in accordance with the Written Direction of the Corporation referred to below or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by a Written Direction of the Corporation. The maturity date, issue date, interest rate (if any) and any other terms of the Debentures of such series shall be set forth in or determined by or pursuant to such Written Direction of the Corporation and procedures. In certifying or authenticating such Debentures, the Trustee shall be entitled to receive and shall be fully protected in relying upon, unless and until such documents have been superseded or revoked:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Officer's Certificate and/or executed supplemental indenture by or pursuant to which the form
and terms of such Additional Debentures were established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Written Direction of the Corporation requesting certification and delivery of
such Additional Debentures and setting forth delivery instructions, provided that, with respect to Debentures of a series subject to a
Periodic Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Written Direction of the Corporation may be delivered by the Corporation
to the Trustee prior to the delivery to the Trustee of such Additional Debentures of such series for certification and delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall certify or authenticate and deliver Additional Debentures of
such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount, if any,
established for such series, pursuant to a Written Direction of the Corporation or pursuant to procedures acceptable to the Trustee as
may be specified from time to time by a Written Direction of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the maturity date or dates, issue date or dates, interest rate or rates (if any) and any other terms of
Additional Debentures of such series shall be determined by an executed supplemental indenture or by Written Direction of the Corporation
or pursuant to such procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if provided for in such procedures, such Written Direction of the Corporation may authorize certification
and delivery pursuant to oral or electronic instructions from the Corporation which oral or electronic instructions shall be promptly
confirmed in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an opinion of Counsel, in form and substance satisfactory to the Trustee, acting
reasonably, to the effect that all requirements imposed by this Indenture and by law in connection with the proposed issue of Additional
Debentures have been complied with, subject to the delivery of certain documents
or instruments specified in such opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Officer's Certificate (which Officer's Certificate shall be in such
form that satisfies all applicable laws) certifying that the Corporation is not in default under this Indenture, that the terms and conditions
for the certification and delivery of Additional Debentures (including those set forth in Section 14.4), have been complied with subject
to the delivery of any documents or instruments specified in such Officer's Certificate and that no Event of Default exists or will
exist upon such certification and delivery.

**Section 2.7 Uncertificated Deposit**

(1) Subject to the provisions hereof, at the Corporation's option, Debentures may be issued and registered in the name of CDS or its nominee and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the deposit of which may be confirmed electronically by the Trustee to a particular
Participant through CDS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall be identified by a specific CUSIP/ISIN as requested by the Corporation from
CDS to identify each specific series of Debentures.

(2) If the Corporation issues Debentures in a uncertificated format, Beneficial Holders of such Debentures registered and deposited with CDS may receive Debenture Certificates in definitive form if required under securities law. Beneficial interests in Debentures registered and deposited with CDS will be represented through the uncertificated inventory system administered by CDS. Transfers of Debentures registered and deposited with CDS between Participants shall occur in accordance with the rules and procedures of CDS. Neither the Corporation nor the Trustee shall have any responsibility or liability for any aspects of the records relating to or payments made by CDS or its nominee, on account of the beneficial interests in Debentures registered and deposited with CDS. Nothing herein shall prevent the Beneficial Holders of Debentures registered and deposited with CDS from voting such Debentures using duly executed proxies or voting instruction forms.

(3) All references herein to actions by, notices given or payments made to Debentures shall, where Debentures are held through CDS, refer to actions taken by, or notices given or payments made to, CDS upon instruction from the Participants in accordance with its rules and procedures. For the purposes of any provision hereof requiring or permitting actions with the consent of or the direction of Debentureholders evidencing a specified percentage of the aggregate Debentures outstanding, such direction or consent may be given by Beneficial Holders acting through CDS and the Participants owning Debentures evidencing the requisite percentage of the Debentures. The rights of a Beneficial Holder whose Debentures are held established by law and agreements between such holders and CDS and the Participants upon instructions from the Participants. Each Trustee and the Corporation may deal with CDS for all purposes (including the making of payments) as the authorized representative of the respective Debentures and such dealing with CDS shall constitute satisfaction or performance, as applicable, of their respective obligations hereunder.

(4) For so long as Debentures are held through CDS, if any notice or other communication is required to be given to Debentureholders, the Trustee will give such notices and communications to CDS.

(5) If CDS resigns or is removed from its responsibility as Depository and the Trustee is unable or does not wish to locate a qualified successor, CDS shall provide the Trustee with instructions for registration of Debentures in the names and in the amounts specified by CDS and the Corporation shall issue and the Trustee shall certify or authenticate and deliver the aggregate number of Debentures then outstanding in the form of Debentures Certificates representing such Debentures.

(6) The rights of Beneficial Holders who hold securities entitlements in respect of the Debentures through uncertificated inventory system administered by CDS shall be limited to those established by applicable law and agreements between the Depository and the Participants and between such Participants and the Beneficial Holders who hold securities entitlements in respect of the Debentures through the uncertificated inventory system administered by CDS, and such rights must be exercised through a Participant in accordance with the rules and procedures of the Depository.

(7) Notwithstanding anything herein to the contrary, none of the Corporation nor the Trustee nor any agent thereof shall have any responsibility or liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the electronic records maintained by the Depository relating to any ownership
interests or other interests in the Debentures or the depository system maintained by the Depository, or payments made on account of any
ownership interest or any other interest of any Person in any Debenture represented by an electronic position in the uncertificated inventory
system administered by CDS (other than Depository or its nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for maintaining, supervising or reviewing any records of the Depository or any
Participant relating to any such interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any advice or representation made or given by the Depository or those contained
herein that relate to the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or
at the direction of any Participant.

(8) The Corporation may terminate the application of this Section 2.7 in its sole discretion in which case all Debentures shall be evidenced by Debenture Certificates registered in the name of a Person other than the Depository.

**Section 2.8 Execution of Debentures**

All Debentures shall be signed (either manually or by facsimile or other electronic signature) by any one authorized director or officer of the Corporation holding office at the time of signing. A facsimile or electronic signature upon a Debenture shall for all purposes of this Indenture be deemed to be the signature of the Person whose signature it purports to be. Notwithstanding that any Person whose signature, either manual or in facsimile or electronic form, appears on a Debenture as a director or officer may no longer hold such office at the date of the Debenture or at the date of the certification and delivery thereof, such Debenture shall be valid and binding upon the Corporation and entitled to the benefits of this Indenture.

**Section 2.9 Certification**

(1) No Debenture shall be issued or, if issued, shall be obligatory or shall entitle the holder to the benefits of this Indenture, until it has been certified or authenticated by or on behalf of the Trustee in accordance with this Indenture, the relevant supplemental indenture, or in some other manner approved by the Trustee. Such certification or authentication of any Debenture shall be conclusive evidence that such Debenture is duly issued, is a valid obligation of the Corporation and the holder is entitled to the benefits hereof. Debentures will be authenticated on a Written Direction of the Corporation.

(2) The certificate of the Trustee signed on the Debentures, or interim Debentures hereinafter mentioned, and the authentication of Uncertificated Debentures, shall not be construed as a representation or warranty by the Trustee as to the validity of this Indenture or of the Debentures or interim Debentures or as to the issuance of the Debentures or interim Debentures and the Trustee shall in no respect be liable or answerable for the use made of the Debentures or interim Debentures or any of them or the proceeds thereof. The certificate of the Trustee on the Debentures or interim Debentures, and the authentication of Uncertificated Debentures, shall, however, be a representation and warranty by the Trustee that the Debentures or interim Debentures have been duly certified by or on behalf of the Trustee pursuant to the provisions of this Indenture.

(3) The Trustee shall authenticate Uncertificated Debentures (whether upon original issuance, exchange, registration of transfer or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Debentures have been duly issued hereunder and that the holder or holders are entitled to the benefits of this Indenture. The register shall be final and conclusive evidence as to all matters relating to Uncertificated Debentures with respect to which this Indenture requires the Trustee to maintain records or accounts. In case of differences between the register at any time and any other time the register at the later time shall be controlling, absent manifest error and such Uncertificated Debentures are binding on the Corporation.

**Section 2.10 Interim Debentures or Certificates**

Pending the delivery of definitive Debentures of any series to the Trustee, the Corporation may issue and the Trustee certify or authenticate in lieu thereof interim Debentures in such forms and in such denominations and signed in such manner as provided herein, entitling the holders thereof to definitive Debentures of the series when the same are ready for delivery; or the Corporation may execute and the Trustee certify or authenticate a temporary Debenture for the whole principal amount of Debentures of the series then authorized to be issued hereunder and deliver the same to the Trustee and thereupon the Trustee may issue its own interim certificates in such form and in such amounts, not exceeding in the aggregate the principal amount of the temporary Debenture so delivered to it, as the Corporation and the Trustee may approve entitling the holders thereof to definitive Debentures of the series when the same are ready for delivery; and, when so issued and certified, such interim or temporary Debentures or interim certificates shall, for all purposes but without duplication, rank in respect of this Indenture equally with Debentures duly issued hereunder and, pending the exchange thereof for definitive Debentures, the holders of the interim or temporary Debentures or interim certificates shall be deemed without duplication to be Debentureholders and entitled to the benefit of this Indenture to the same extent and in the same manner as though the said exchange had actually been made. Forthwith after the Corporation shall have delivered the definitive Debentures to the Trustee, the Trustee shall cancel such temporary Debentures, if any, and shall call in for exchange all interim Debentures or certificates that shall have been issued and forthwith after such exchange shall cancel the same. No charge shall be made by the Corporation or the Trustee to the holders of such interim or temporary Debentures or interim certificates for the exchange thereof. All interest paid upon interim or temporary Debentures or interim certificates shall be noted thereon as a condition precedent to such payment unless paid by cheque to the registered holders thereof.

**Section 2.11 Mutilation, Loss, Theft or Destruction**

In case any of the Debenture Certificate issued hereunder shall become mutilated or be lost, stolen or destroyed, the Corporation, in its discretion, may issue, and thereupon the Trustee shall certify and deliver, a new Debenture Certificate upon surrender and cancellation of the mutilated Debenture Certificate, or in the case of a lost, stolen or destroyed Debenture, in lieu of and in substitution for the same, and the substituted Debenture shall be in a form approved by the Trustee and shall be entitled to the benefits of this Indenture and rank equally in accordance with its terms with all other Debentures issued or to be issued hereunder. In case of loss, theft or destruction the applicant for a substituted Debenture shall furnish to the Corporation and to the Trustee such evidence of the loss, theft or destruction of the Debenture as shall be satisfactory to them in their discretion and shall also furnish an indemnity and surety bond satisfactory to them in their discretion. The applicant shall pay all reasonable expenses incidental to the issuance of any substituted Debenture.

**Section 2.12 Concerning Interest**

(1) All Debentures issued hereunder, whether originally or upon exchange or in substitution for previously issued Debentures which are interest bearing, shall bear interest from and including their issue date.

(2) Unless otherwise specifically provided in the terms of the Debentures of any series, interest shall be computed on the basis of a year of 360 days comprised of twelve 30-day months. With respect to any series of Debentures, whenever interest is computed on the basis of a year (the "**deemed year**") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the *Interest Act* (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.

**Section 2.13 Debentures to Rank Pari Passu**

The Debentures will be direct unsecured obligations of the Corporation. Each Debenture of the same series of Debentures will rank *pari passu* with each other Debenture of the same series (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future unsecured indebtedness of the Corporation.

**Section 2.14 Payments of Amounts Due on Maturity**

Except as may otherwise be provided herein or in any supplemental indenture in respect of any series of Debentures, payments of amounts due upon maturity of the Debentures will be made in the following manner:

(1) The Corporation will establish and maintain with the Trustee a Maturity Account for each series of Debentures. Each such Maturity Account shall be maintained by and be subject to the control of the Trustee for the purposes of this Indenture.

(2) The Corporation shall deposit with the Trustee on or before 11:00 a.m. (Vancouver time) on the Business Day immediately prior to the Maturity Date such sums of money as may be sufficient to pay all the principal, premium (if any), and accrued and unpaid interest thereon up to but excluding the Maturity Date (less any tax required by law to be deducted or withheld), provided the Corporation may elect to satisfy this requirement by providing the Trustee with a wire for such amounts required under this Section 2.14. The Corporation shall also deposit with the Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Trustee in connection therewith. Every such deposit shall be irrevocable.

(3) The Trustee, on behalf of the Corporation, will pay to each Debentureholder entitled to receive payment the principal amount of and premium (if any) and accrued and unpaid interest on the Debenture, upon surrender of the Debenture at any branch of the Trustee designated for such purpose from time to time by the Corporation and the Trustee. The delivery of such funds to the Trustee for deposit to the applicable Maturity Account will satisfy and discharge the liability of the Corporation for the Debentures to which the delivery of funds relates to the extent of the amount delivered (plus the amount of any deducted or withheld as aforesaid) and such Debentures will thereafter to that extent not be considered as outstanding under this Indenture and such holder will have no other right in regard thereto other than to receive out of the money so delivered or made available the amount to which it is entitled.

**Section 2.15 Legends on the Debentures and Common Shares**

(1) The Debentures and the Underlying Securities issuable upon conversion of thereof have been and will not be registered under the 1933 Act or under any United States state securities laws. To the extent that any Debentures are offered and sold in the United States to U.S. Debentureholders in reliance on an exemption from the registration requirements under the 1933 Act, such Debentures and all Common Shares issuable on conversion thereof, shall be "restricted securities" within the meaning assigned to that term in Rule 144(a)(3) under the 1933 Act, and each Debenture Certificate representing Restricted Debentures issued to a U.S. Debentureholder shall bear or be deemed to bear the following legends (collectively, the "**U.S. Legend**") or such variations thereof as the Corporation may prescribed from time to time:

"THESE DEBENTURES AND THE SECURITIES DELIVERABLE UPON THE CONVERSION THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO MODERN MINING TECHNOLOGY CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

THESE DEBENTURES MAY NOT BE CONVERTED IN THE UNITED STATES, OR BY OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES, UNLESS THESE DEBENTURES AND THE COMMON SHARES ISSUABLE UPON CONVERSION THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.";

provided that, if the Debentures are being sold outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, and if the Corporation is a "foreign issuer" within the meaning of Regulation S at the time of issuance of the Debentures, this legend may be removed by the transferor providing a Rule 904 Declaration to the Trustee, and if required by the Trustee, including an opinion of counsel, of recognised standing reasonably satisfactory to the Corporation and the Trustee, that the proposed transfer may be effected without registration under the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prior to the issuance of any Debentures, the Corporation shall notify the Trustee, in writing, concerning which Debentures are to be issued as Restricted Debentures and which shall bear the legend contained in subsection 2.15(1). The Trustee will maintain a list of all registered holders from time to time of such legended Debentures which are included in the Restricted Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Debenture Certificates or other instruments representing the Debentures, and the stock certificates representing any Underlying Securities issued upon conversion of such Debentures, (if issued prior to the expiration of the applicable hold periods), if any, will bear the following legend in accordance with Applicable Securities Legislation:

**"UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) APRIL 7, 2022 AND (II) THE DATE THE ISSUER BECAME UNLESS PERMITTED A REPORTING ISUER IN ANY PROVINCE OR TERRITORY."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding any other provisions of this Indenture, in processing and registering transfers of Debentures, no duty or responsibility whatsoever shall rest upon the Trustee to determine the compliance by any transferor or transferee with the terms of the legend contained in subsections 2.15(1) or 2.15(3) or with the relevant securities laws or regulations, including, without limitation, Regulation S, and the Trustee shall be entitled to assume that all transfers are legal and proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Each Underlying Security issued upon conversion of Debentures represented by the Restricted Debentures shall be represented by a certificate with a restricted CUSIP or a U.S. restrictive legend in customary form at the Corporation may from time to time prescribe, and each certificate representing Underlying Securities issued upon conversion of Debentures bearing the U.S. Legend shall have imprinted or otherwise reproduced thereon such U.S. restrictive legend

**Section 2.16 Payment of Interest**

The following provisions shall apply to Debentures, except as otherwise provided in subsection 2.5(3) or specified in a resolution of the Board of Directors, an Officer's Certificate or a supplemental indenture relating to a particular series of Additional Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As interest becomes due on each Debenture (except, subject to certain exceptions set forth herein including
in subsection 2.5(3), on conversion or on redemption, when interest may at
the option of the Corporation be paid upon surrender of such Debenture), the Corporation, either directly or through the Trustee or any
agent of the Trustee, shall send or forward by prepaid ordinary mail, wire transfer of funds or such other means as may be agreed to by
the Trustee, payment of such interest (less any tax required by law to be deducted or withheld) to the order of the registered holder
of such Debenture appearing on the registers maintained by the Trustee at the close of business on the record date prior to the applicable
payment date and addressed to the holder at the holder's last address appearing on the register, unless such holder otherwise directs.
If payment is made by cheque, such cheque shall be forwarded at least three days prior to each date on which interest becomes due and
if payment is made by other means (such as electronic transfer of funds), provided that for any payment to be made by the Trustee, it
must receive confirmation of receipt of funds prior to being able to forward funds or cheques to holders and such payment shall be made
in a manner whereby the holder receives credit for such payment on the date such interest on such Debenture becomes due. The mailing of
such cheque or the making of such payment by other means shall, to the extent of the sum represented thereby, plus the amount of any tax
withheld as aforesaid, satisfy and discharge all liability for interest on such Debenture, unless in the case of payment by cheque, such
cheque is not paid at par on presentation. In the event of non-receipt of any cheque for or other payment of interest by the Person to
whom it is so sent as aforesaid, the Corporation will issue to such Person a replacement cheque or other payment for a like amount upon
being furnished with such evidence of non-receipt as it shall reasonably require and upon being indemnified to its satisfaction. Notwithstanding
the foregoing, if the Corporation is prevented by circumstances beyond its control (including, without limitation, any interruption in
mail service) from making payment of any interest due on each Debenture in the manner provided above, the Corporation may make payment
of such interest or make such interest available for payment in any other manner acceptable to the Trustee with the same effect as though
payment had been made in the manner provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All payments of interest on the Debenture shall be made by wire funds transfer
or certified cheque made payable (i) to the Trustee for payment to the Depository or its nominee by 10:00 a.m. MST on the Business Day
before the day interest is payable. None of the Corporation, the Trustee or any agent of the Trustee for any Debenture issued as an Uncertificated
Debenture will be liable or responsible to any Person for any aspect of the records related to or payments made on account of beneficial
interests in any Uncertificated Debenture or for maintaining, reviewing, or supervising any records relating to such beneficial interests.

**ARTICLE 3 – REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP**

**Section 3.1 Global Debentures or Book based Debentures**

(1) With respect to each series of Debentures issuable in whole or in part as one or more Global Debentures and/or as Book based Debentures, the Corporation shall cause to be kept by and at the principal offices of the Trustee in Calgary, Alberta, and by the Trustee or such other registrar as the Corporation, with the approval of the Trustee, may appoint at such other place or places, if any, as the Corporation may designate with the approval of the Trustee, a register in which shall be entered the name and address of the holder of each such Global Debenture as holder thereof and particulars of the Global Debenture held by it, and of all transfers thereof. If any Debentures of such series are at any time not Global Debentures, the provisions of Section 3.2 shall govern with respect to registrations and transfers of such Debentures.

(2) Notwithstanding any other provision of this Indenture, a Global Debenture may not be transferred by the registered holder thereof and accordingly, definitive Debenture Certificates may be issued to Beneficial Holders in the following circumstances or as otherwise specified in a resolution of the Directors, an Officer's Certificate or a supplemental indenture relating to a particular series of Additional Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Global Debentures may be transferred by a Depository to a nominee of such Depository
or by a nominee of a Depository to such Depository or to another nominee of such Depository or by a Depository or its nominee to a successor
Depository or its nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Global Debentures or Book based Debentures may be transferred at any time after
(i) the Depository for such Global Debentures, as the case may be, or the Corporation has notified the Trustee that the Depository is
unwilling or unable to continue as Depository for such Global Debentures, or (ii) the Depository ceases to be a clearing agency or otherwise
ceases to be eligible to be a Depository under Section 2.1(2), provided in each case that at the time of such transfer the Trustee and
the Corporation are unable to locate a qualified successor Depository for such Global Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Global Debentures may be transferred at any time after the Corporation has determined, in its sole discretion,
with the consent of the Trustee to terminate the book-entry only registration system or book based entry, as the case may be, in respect
of such Global Debentures or Book based Debentures and has communicated such determination to the Trustee in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Global Debentures may be transferred at any time after the Trustee has determined
that an Event of Default has occurred and is continuing with respect to the Debentures of the series issued as a Global Debenture, as
the case may be, provided that Beneficial Holders of the Debentures representing, in the aggregate, more than 25% of the aggregate principal
amount of the Debentures of such series advise the Depository in writing, through the Participants, that the continuation of the book-entry
only registration system or book based entry, as applicable, for such series of Debentures is no longer in their best interest and also
provided that at the time of such transfer the Debentureholders have not waived the Event of Default pursuant to Section 8.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Global Debentures may be transferred if required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Global Debentures may be transferred if the book-entry only registration system
or book based entry, as applicable, ceases to exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Global Debentures may be transferred and Debenture Certificates may be issued to Beneficial Holders if
requested, in writing, by a Beneficial Holder through the Participant through whom the beneficial interest in the Debenture Certificates
are held at the time of the request and in accordance with the agreements and policies between the Depositary and Participants.

(3) With respect to the Global Debentures, unless and until Debenture Certificates have been issued to Beneficial Holders of the Debentures pursuant to subsection Section 3.1(2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation and the Trustee may deal with the Depository for all purposes
(including paying interest on the Debentures) as the sole holder of such series of Debentures and the authorized representative of the
Beneficial Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights of the Beneficial Holders of the Debentures shall be exercised only through the Depository
and shall be limited to those established by law and agreements between such Beneficial Holders and the Depository or the Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Depository will make book-entry or book based, as applicable, transfers among the Participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whenever this Indenture requires or permits actions to be taken based upon instructions
or directions of Debentureholders evidencing a specified percentage of the outstanding Debentures, the Depository shall be deemed to be
counted in that percentage only to the extent that it has received instructions to such effect from the Beneficial Holders of the Debentures
or the Participants, and has delivered such instructions to the Trustee.

(4) Whenever a notice or other communication is required to be provided to Debentureholders, unless and until Debenture Certificates have been issued to Beneficial Holders of the Debentures pursuant to this Section 3.1, the Trustee shall provide all such notices and communications to the Depository for forwarding by the Depository to such Beneficial Holders in accordance with Applicable Securities Legislation. Upon the termination of the book-entry only registration system or book based entry, as applicable, on the occurrence of one of the conditions specified in Section 3.1(2) with respect to a series of Debentures issued hereunder, the Trustee shall notify all applicable Participants and Beneficial Holders, through the Depository, of the availability of Debenture Certificates. Upon surrender by the Depository of the Debenture Certificate(s) representing the Global Debentures and receipt of new registration instructions from the Depository, the Trustee shall deliver the Debenture Certificates for such Debentures to the holders thereof in accordance with the new registration instructions and thereafter, the registration and transfer of such Debentures will be governed by Section 3.2 and the remaining Sections of this Article 3, as applicable.

(5) Notwithstanding any other provisions of this Indenture or the Debentures, transfers and exchanges of Debentures and beneficial interests in Global Debentures shall be made in accordance the applicable rules and guidelines of the Securities Transfer Association of Canada.

(6) Notwithstanding any provisions made in this Indenture for the issuance, certification and authentication of Debentures in physical form as Additional Debentures, Debentures or Global Debentures, the Debentures issued under the terms of this Indenture may also be issued to the Depository in Book based form, uncertificated and appearing on the register of the Trustee as a book based entry. In the absence of any physical securities being created for certification by the Corporation and authentication by the Trustee both at the initial issuance of the Debentures and at the time of any subsequent additional issuance of Debentures pursuant to the terms of a supplemental indenture, confirmation of the due issuance and validity of any Debentures shall be based upon the comparison of the Debentures in quantity and description appearing under the relevant broker's or Participant's instant deposit request identification number to the quantity and description of Debentures as detailed in the Written Direction of the Corporation addressed to the Trustee and to the broker or Participant upon whose posting of the Book based Debentures to the book entry records of the Depository on a uncertificated basis on which both the Corporation and the Trustee shall depend. It is the responsibility of the Corporation to make the necessary arrangements with its brokers or Participants to obtain, in a timely manner, the necessary instant deposit request identification number to facilitate the issuance of Book based Debentures.

(7) In the establishment and maintenance of a Book based Debenture issue, the Trustee shall maintain such a record on its register for Debentures in book based form only. Transfers of Debentures appearing on the register of the Depository shall otherwise occur as provided for in this Indenture. The parties hereto further recognize that, notwithstanding the issuance of Book based Debentures, conversions of Debentures shall occur as contemplated by the terms of this Indenture but the Trustee is permitted to employ whatever reasonable means it may from time to time require in order to guarantee the unhindered (but subject to the terms and conditions hereof) conversion of such Debentures appearing on the register for Debentures in Book based form by making whatever arrangements are deemed necessary by it with the Depository.

(8) At the time of the execution of this Indenture, the parties hereto understand that no declarations or other paper certificates or documentation will be required in order to effect conversions of Debentures held by Persons in the United States. If at any time subsequent to the initial issuance of Debentures it is determined by the Depository, the Trustee, the Corporation or legal counsel that physical declarations or other paper documentation are required for conversions or otherwise, the parties hereto and the Debentureholders acknowledge that the Trustee may be obliged to require the Debentures held by such Persons converting their Debentures to be certificated rather than held in book based form.

**Section 3.2 Fully Registered Debentures**

(1) With respect to each series of Debentures issuable as Fully Registered Debentures, the Corporation shall cause to be kept by and at the principal office of the Trustee in Calgary, Alberta, and by the Trustee or such other registrar as the Corporation, with the approval of the Trustee, may appoint at such other place or places, if any, as may be specified in the Debentures of such series or as the Corporation may designate with the approval of the Trustee, a register in which shall be entered the names and addresses of the holders of Fully Registered Debentures and particulars of the Debentures held by them respectively and of all transfers of Fully Registered Debentures. Such registration shall be noted on the Debentures by the Trustee or other registrar unless a new Debenture shall be issued upon such transfer.

(2) No transfer of a Fully Registered Debenture shall be valid unless made on such register referred to in subsection 3.2(1) by the registered holder or such holder's executors, administrators or other legal representatives or an attorney duly appointed by an instrument in writing in form and executed in a manner satisfactory to the Trustee or other registrar upon surrender of the Debentures together with a duly executed form of transfer acceptable to the Trustee upon compliance with such other reasonable requirements as the Trustee or other registrar may prescribe, or unless the name of the transferee shall have been noted on the Debenture by the Trustee or other registrar.

(3) Notwithstanding any other provisions in this Indenture or the Debentures, transfers and exchanges of Restricted Debentures shall be made in accordance with this Section 3.2(3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Transfer and Exchange of Interests in a Restricted Uncertificated Debenture for Interests in an Unrestricted Uncertificated Debenture**. An interest in a Restricted Uncertificated Debenture may be exchanged by any holder thereof for an interest
in an Unrestricted Uncertificated Debenture or transferred to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Uncertificated Debenture if the Corporation and Trustee receive the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the holder of such Restricted Uncertificated Debenture proposes
to:

&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) exchange such Debenture for an Unrestricted Uncertificated Debenture
or an Unrestricted Physical Debenture, 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) transfer such Debenture to a Person who will be a U.S. Debentureholder and shall
take delivery thereof in the form of an Unrestricted Uncertificated Debenture or Unrestricted Physical Debenture,

in addition to such other documents as the Corporation and/or the Trustee may require, an opinion of counsel in form reasonably acceptable to the Corporation to the effect that such transfer or exchange is in compliance with the 1933 Act and all applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the holder of such Restricted Uncertificated Debenture proposes to transfer such Debenture to a Person
outside of the United States and will not be a U.S. Debentureholder and who shall take delivery thereof in the form of an Unrestricted
Physical Debenture or Unrestricted Uncertificated Debenture, in addition to such other documents as the Corporation and/or the Trustee
may require:

&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) a declaration in writing from such holder (a "**Rule 904 Declaration** ")
in such form that the Trustee or the Corporation may prescribe from time to time confirming that: (1) such transfer is being effected
pursuant to and in accordance with Rule 904 of Regulation S; (2) the holder is not an "affiliate" of the Corporation (as that
term is defined in Rule 405 under the 1933 Act), except solely by virtue of being an officer or director of the Corporation, a "distributor"
(as such term is defined in Rule 902 of Regulation S) or an affiliate of a distributor, (3) the offer was not made, and the transfer is
not being made, to a Person in the United States, and (x) at the time the buy order was originated, the transferee was outside the United
States or the holder and any Person acting on its behalf reasonably believed and believes that the transferee was outside the United States
or (y) the transaction was executed in, on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian
Securities Exchange or another "designated offshore securities market" (as such term is defined in Rule 902 of Regulation
S) and neither the holder nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States,
(4) neither the holder nor any affiliate of the holder nor any Person acting on any of their behalf has engaged or will engage in any
"directed selling efforts" (as such term is defined in Rule 902 of Regulation S) in the United States in connection with the
transfer, (5) the transfer is bona fide and not for the purpose of "washing off' the resale restrictions imposed because the
securities are "restricted securities" (as that term is defined in Rule 144(a)(3) under the 1933 Act), (F) the holder does
not intend to replace such securities with fungible unrestricted securities, and (6) the transaction is not part of a plan or scheme to
evade the registration requirements of the 1933 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if requested by the Corporation and/or the transfer agent at their discretion, an opinion of counsel in
form reasonably acceptable to them to the effect that such transfer is in compliance with the 1933 Act and all applicable state securities
laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Transfer of Restricted Physical Debenture for Restricted Physical Debenture or Restricted Uncertificated Debenture.** A
Restricted Physical Debenture may be transferred to a Person who takes delivery thereof in the form of a Restricted Physical Debenture
or a Restricted Uncertificated Debenture if the Corporation receives an opinion of counsel of recognised standing, in form and substance
reasonably satisfactory to the Corporation, to the effect that such transfer is in compliance with an available exemption from the registration
requirements of the 1933 Act and all applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Transfer and Exchange of Restricted Physical Debentures for Unrestricted Physical Debentures or Unrestricted Uncertificated Debentures.** A Restricted Physical Debenture may be exchanged by the holder thereof for an Unrestricted Physical Debenture
or transferred to a Person who takes delivery thereof in the form of an Unrestricted Physical Debenture if the Corporation receives the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the holder of such Restricted Physical Debenture proposes
to:

&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) exchange such Debenture for an Unrestricted Physical Debenture or an Unrestricted Uncertificated Debenture,
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) transfer such Debenture to a Person who will be a U.S. Debentureholder and shall take delivery thereof
in the form of an Unrestricted Uncertificated Debenture or an Unrestricted Physical Debenture,

in addition to such other documents as the Corporation and/or the Trustee may require, an opinion of counsel in form reasonably acceptable to the Corporation to the effect that such transfer or exchange is in compliance with the 1933 Act and all applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the holder of such Restricted Physical Debenture proposes to transfer such Debenture to a Person outside
of the United States and will not be a U.S. Debentureholder and who
shall take delivery thereof in the form of an Unrestricted Physical Debenture or Unrestricted Uncertificated Debenture, in addition to
such other documents as the Corporation and/or the Trustee may require;

&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) a Rule 904 Declaration; provided that the Corporation and/or the transfer agent
may in their discretion also require an opinion of counsel in form reasonably acceptable to them to the effect that such transfer is in
compliance with the 1933 Act and all applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if requested by the Corporation and/or the transfer agent at their discretion, an opinion of counsel in
form reasonably acceptable to them to the effect that such transfer is in compliance with the 1933 Act and all applicable state securities
laws.

**Section 3.3 Transferee Entitled to Registration**

The transferee of a Debenture shall be entitled, after the appropriate form of transfer is lodged with the Trustee or other registrar and upon compliance with all other conditions in that behalf required by this Indenture or by law, to be entered on the register as the owner of such Debenture free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous holder of such Debenture, save in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction. Upon surrender for registration of transfer of Debentures, the Corporation shall issue and thereupon the Trustee shall certify and deliver a new Debenture Certificate or authenticate and confirm the electronic deposit of Uncertificated Debentures of like tenor in the name of the designated transferee and register such transfer in accordance with Section 3.2. If less than all the Debentures evidenced by the Debenture Certificate(s) or Uncertificated Debentures so surrendered are transferred, the transferor shall be entitled to receive, in the same manner, a new Debenture Certificate or electronically deposited Uncertificated Debentures registered in the transferor's name evidencing the Debentures not transferred.

**Section 3.4 No Notice of Trusts**

**Section 3.5 Registers Open for Inspection**

The registers referred to in Section 3.1 and Section 3.2 shall at all reasonable times be open for inspection by the Corporation, the Trustee or any Debentureholder. Every registrar, including the Trustee, shall from time to time when requested so to do by the Corporation, in writing, furnish the Corporation with a list of names and addresses of holders of registered Debentures entered on the register kept by them and showing the principal amount and serial numbers of the Debentures held by each such holder, provided the Trustee shall be entitled to charge a reasonable fee to the Corporation to provide such a list.

**Section 3.6 Exchanges of Debentures**

(1) Subject to Section 3.1, Section 3.2, Section 3.6 and Section 3.7, Debentures in any authorized form or denomination, other than Uncertificated Debentures, may be exchanged for Debentures in any other authorized form or denomination, of the same series and date of maturity, bearing the same interest rate and of the same aggregate principal amount as the Debentures so exchanged.

(2) In respect of exchanges of Debentures permitted by subsection 3.6(1), Debentures of any series may be exchanged only at the principal offices of the Trustee in the city of Vancouver, British Columbia, or Toronto, Ontario, or at such other place or places, if any, as may be specified in the Debentures of such series and at such other place or places as may from time to time be designated by the Corporation with the approval of the Trustee. Any Debentures tendered for exchange shall be surrendered to the Trustee. The Corporation shall execute and the Trustee shall certify all Debentures necessary to carry out exchanges as aforesaid. All Debenture surrendered for exchange shall be cancelled.

(3) Debentures issued in exchange for Debentures which at the time of such issue have been selected or called for redemption at a later date shall be deemed to have been selected or called for redemption in the same manner and shall have noted thereon a statement to that effect.

**Section 3.7 Closing of Registers**

(1) Neither the Corporation nor the Trustee nor any registrar shall be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make transfers or exchanges of any Debentures on any day selected by the Trustee
for the redemption of such Debentures or during the ten preceding Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make exchanges of any Debentures which will have been selected or called for redemption
unless upon due presentation thereof for redemption such Debentures shall not be redeemed, as the register for the applicable series of
Debentures shall be closed in respect of such actions on such dates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make conversions of any Debentures on the Maturity Date.

(2) Subject to any restriction herein provided, the Corporation with the approval of the Trustee may at any time close any register for any series of Debentures, other than those kept at the principal offices of the Trustee in Vancouver, British Columbia, or Toronto, Ontario, and transfer the registration of any Debentures registered thereon to another register (which may be an existing register) and thereafter such Debentures shall be deemed to be registered on such other register. Notice of such transfer shall be given to the holders of such Debentures.

**Section 3.8 Charges for Registration, Transfer and Exchange**

For each Debenture exchanged, registered, transferred or discharged from registration, the Trustee or other registrar, except as otherwise herein provided, may make a reasonable charge for its services and in addition may charge a reasonable sum for each new Debenture issued (such amounts to be agreed upon from time to time by the Trustee and the Corporation), and payment of such charges and reimbursement of the Trustee or other registrar for any stamp taxes or governmental or other charges required to be paid shall be made by the party requesting such exchange, registration, transfer or discharge from registration as a condition precedent thereto. Notwithstanding the foregoing provisions, charges shall be made to a Debentureholder hereunder for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any exchange, registration, transfer or discharge from registration of any Debenture applied for
 within a period of two months from the date of the first delivery of Debentures of that series or, with respect to Debentures
 subject to a Periodic Offering, within a period of two months from
the date of delivery of any such Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any exchange of any interim or temporary Debenture or interim certificate that has been issued under Section 2.10 for a Debenture
Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any exchange of an Uncertificated Debenture as contemplated in Section 3.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any exchange or registration of Debentures representing the balance remaining after the partial redemption,
conversion, or transfer of outstanding Debentures.

**Section 3.9 Ownership of Debentures**

(1) Unless otherwise required by law, the Person in whose name any registered Debenture is registered shall for all purposes of this Indenture be and be deemed to be the owner thereof and payment of or on account of the principal of and premium, if any, on such Debenture and interest thereon shall be made to such registered holder.

(2) The registered holder for the time being of any registered Debenture shall be entitled to the principal, premium, if any, and/or interest evidenced by such instruments, respectively, free from all equities or rights of set-off or counterclaim between the Corporation and the original or any intermediate holder thereof and all persons may act accordingly and the receipt of any such registered holder for any such principal, premium or interest shall be a good discharge to the Trustee, any registrar and to the Corporation for the same and none shall be bound to inquire into the title of any such registered holder.

(3) Where Debentures are registered in more than one name, the principal, premium, if any, and interest from time to time payable in respect thereof may be paid to the order of all such holders, failing written instructions from them to the contrary, and the receipt of any one of such holders therefor shall be a valid discharge, to the Trustee, any registrar and to the Corporation.

(4) In the case of the death of one or more joint holders of any Debenture the principal, premium, if any, and interest from time to time payable thereon may be paid to the order of the survivor or survivors of such registered holders and the receipt of any such survivor or survivors therefor shall be a valid discharge to the Trustee and any registrar and to the Corporation.

**ARTICLE 4 – PURCHASE OF DEBENTURES**

**Section 4.1 Purchase of Debentures by the Corporation**

(1) Unless otherwise specifically provided with respect to a particular series of Debentures, the Corporation may, if it is not at the time in default hereunder, at any time and from time to time, purchase Debentures by tender or by contract, at any price. All Debentures so purchased will be delivered to the Trustee and shall be cancelled and no Debentures shall be issued in substitution therefor.

(2) If, upon an invitation for tenders, more Debentures are tendered at the same lowest price than the Corporation is prepared to accept, the Debentures to be purchased by the Corporation shall be selected by the Trustee on a pro rata basis from the Debentures tendered by each tendering Debentureholder who tendered at such lowest price. For this purpose the Trustee may make, and from time to time amend, regulations with respect to the manner in which Debentures may be so selected, and regulations so made shall be valid and binding upon all Debentureholders, notwithstanding the fact that as a result thereof one or more of such Debentures become subject to purchase in part only. The holder of a Debenture of which a part only is purchased, upon surrender of such Debenture for payment, shall be entitled to receive, without expense to such holder, one or more new Debentures for the unpurchased part so surrendered, and the Trustee shall certify or authenticate and deliver such new Debenture or Debentures upon receipt of the Debenture so surrendered or, with respect to an Uncertificated Debenture, the Depository shall electronically deposit the unpurchased part so surrendered.

**ARTICLE 5 – SUBORDINATION OF DEBENTURES**

**Section 5.1 Applicability of Article**

The indebtedness, liabilities and obligations of the Corporation hereunder (except as provided in Section 14.14) or under the Debentures, whether on account of principal, premium, if any, interest or otherwise, but excluding the issuance of Common Shares upon any conversion pursuant to Article 6, upon any purchase pursuant to Article 4, or at maturity pursuant to Section 2.14 (collectively, the "**Debenture Liabilities**"), shall be subordinated and postponed and subject in right of payment, to the extent and in the manner hereinafter set forth in the following Sections of this Article 5, to the full and final payment of all Secured Indebtedness, and each holder of any such Debenture by his acceptance thereof agrees to and shall be bound by the provisions of this Article 5.

**Section 5.2 Order of Payment**

(1) In the event of any insolvency or bankruptcy proceedings, or any receivership, liquidation, reorganization or other similar proceedings relative to the Corporation, or to its property or assets, or in the event of any proceedings for voluntary liquidation, dissolution or voluntary winding-up of the Corporation, whether or not involving insolvency or bankruptcy, or any marshalling of the assets and liabilities of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Secured Indebtedness shall first be paid in full, or provision made for such
payment, before any payment is made on account of Debenture Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any payment or distribution of assets of the Corporation, whether in cash, property or securities, to
which the holders of the Debentures or the Trustee on behalf of such holders would be entitled except for the provisions of this Article
5, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating agent
making such payment or distribution, directly
to the holders of Secured Indebtedness or their representative or representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing any of such Secured Indebtedness may have been issued, to the extent necessary to pay all Secured
Indebtedness in full after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Secured
Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Secured Creditors or a receiver or a receiver-manager of the Corporation or
of all or part of its assets or any other enforcement agent may sell, mortgage, or otherwise dispose of the Corporation's assets
in whole or in part, free and clear of all Debenture Liabilities and without the approval of the Debentureholders or the Trustee.

(2) The rights and priority of the Secured Indebtedness and the subordination pursuant hereto shall not be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the time, sequence or order of creating, granting, executing, delivering of, or
registering, perfecting or failing to register or perfect any security notice, caveat, financing statement or other notice in respect
of any security securing the Secured Indebtedness (the "**Senior Security** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time or order of the attachment, perfection or crystallization of any security constituted by the
Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taking of any collection, enforcement or realization proceedings pursuant
to the Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date of obtaining of any judgment or order of any bankruptcy court or any
court administering bankruptcy, insolvency or similar proceedings as to the entitlement of the Secured Creditors, or any of them or the
Debentureholders or any of them to any money or property of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the failure to exercise any power or remedy reserved to the Secured Creditors under
the Senior Security or to insist upon a strict compliance with any terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether any Senior Security is now perfected, hereafter ceases to be perfected,
is avoidable by any trustee in bankruptcy or like official or is otherwise set aside, invalidated or lapses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the date of giving or failing to give notice to or making demand upon the Corporation;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other matter whatsoever.

**Section 5.3 Subrogation to Rights of Holders of Secured Indebtedness**

(1) Subject to the prior payment in full of all Secured Indebtedness, the holders of the Debentures shall be subrogated to the rights of the holders of Secured Indebtedness to receive payments or distributions of assets of the Corporation to the extent of the application thereto of such payments or other assets which would have been received by the holders of the Debentures but for the provisions hereof until the principal of, premium, if any, and interest on the Debentures shall be paid in full, and no such payments or distributions to the holders of the Debentures of cash, property or securities, which otherwise would be payable or distributable to the holders of the Secured Indebtedness, shall, as between the Corporation, its creditors other than the holders of Secured Indebtedness, and the holders of Debentures, be deemed to be a payment by the Corporation to the holders of the Secured Indebtedness or on account of the Secured Indebtedness, it being understood that the provisions of this Article 5 are and are intended solely for the purpose of defining the relative rights of the holders of the Debentures, on the one hand, and the holders of Secured Indebtedness, on the other hand.

(2) The Trustee, for itself and on behalf of each of the Debentureholders, hereby waives any and all rights to require a Secured Creditor to pursue or exhaust any rights or remedies with respect to the Corporation or any property and assets subject to any Senior Security or in any other manner to require the marshalling of property, assets or security in connection with the exercise by the Secured Creditors of any rights, remedies or recourses available to them.

**Section 5.4 Obligation to Pay Not Impaired**

Nothing contained in this Article 5 or elsewhere in this Indenture or in the Debentures is intended to or shall impair, as between the Corporation, its creditors other than the holders of Secured Indebtedness, and the holders of the Debentures, the obligation of the Corporation, which is absolute and unconditional, to pay to the holders of the Debentures the principal of, premium, if any, and interest on the Debentures, as and when the same shall become due and payable in accordance with their terms, or affect the relative rights of the holders of the Debentures and creditors of the Corporation other than the holders of the Secured Indebtedness, nor shall anything herein or therein prevent the Trustee or the holder of any Debenture from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article 5 of the holders of Secured Indebtedness in respect of cash, property or securities.

**Section 5.5 No Payment if Secured Indebtedness in Default**

(1) Upon the maturity of any Secured Indebtedness by lapse of time, acceleration or otherwise, or any other enforcement of any Secured Indebtedness, then, except as provided in Section 5.8, all such Secured Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment is made on account of the Debenture Liabilities.

(2) In case of a circumstance constituting a default or event of default with respect to any Secured Indebtedness permitting (whether at that time or upon notice, lapse of time, or satisfaction of any other condition precedent) a Secured Creditor to demand payment or accelerate the maturity thereof where the notice of such default or event of default has been given by or on behalf of the holders of Secured Indebtedness to the Corporation or the Corporation otherwise has knowledge thereof, unless and until such default or event of default shall have been cured or waived or shall have ceased to exist, no payment (by purchase of Debentures or otherwise) shall be made by the Corporation (except as provided in Section 5.8) with respect to the Debenture Liabilities and neither the Trustee nor the holders of Debentures shall be entitled to demand, institute proceedings for the collection of (which shall, for certainty include proceedings related to an adjudication or declaration as to the insolvency or bankruptcy of the Corporation and other similar creditor proceedings), or receive any payment or benefit (including without limitation by set-off, combination of accounts or otherwise in any manner whatsoever) on account of the Debentures after the happening of such a default or event of default (except as provided in Section 5.8), and unless and until such default or event of default shall have been cured or waived or shall have ceased to exist, such payments shall be held in trust for the benefit of, and, if and when such Secured Indebtedness shall have become due and payable, shall be paid over to, the holders of the Secured Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing an amount of the Secured Indebtedness remaining unpaid until all such Secured Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Secured Indebtedness.

(3) The fact that any payment hereunder is prohibited by this Section 5.5 shall not prevent the failure to make such payment from being an Event of Default hereunder.

**Section 5.6 Payment on Debentures Permitted**

Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, shall affect the obligation of the Corporation to make, or prevent the Corporation from making, at any time except as prohibited by Sections 5.2 or 5.5, any payment of principal of or, premium, if any, or interest on the Debentures. The fact that any such payment is prohibited by Sections 5.2 or 5.5 shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 5 or elsewhere in this Indenture, or in any of the Debentures, shall prevent the conversion of the Debentures or, except as prohibited by Sections 5.2 or 5.5, the application by the Trustee of any monies deposited with the Trustee hereunder for the purpose, to the payment of or on account of the Debenture Liabilities.

**Section 5.7 Confirmation of Subordination**

Each holder of Debentures by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effect the subordination as provided in this Article 5 and appoints the Trustee his attorney-in-fact for any and all such purposes. Upon request of the Corporation, and upon being furnished an Officer's Certificate stating that one or more named Persons are Secured Creditors and specifying the amount and nature of the Secured Indebtedness of such Secured Creditor, the Trustee shall enter into a written agreement or agreements with the Corporation and the Person or Persons named in such Officer's Certificate providing that such Person or Persons are entitled to all the rights and benefits of this Article 5 as a Secured Creditor and for such other matters, such as an agreement not to amend the provisions of this Article 5 and the definitions herein without the consent of such Secured Creditor, as the Secured Creditor may reasonably request. Such agreement shall be conclusive evidence that the indebtedness specified therein is Secured Indebtedness, however, nothing herein shall impair the rights of any Secured Creditor who has not entered into such an agreement.

**Section 5.8 Knowledge of Trustee**

Notwithstanding the provisions of this Article 5 or any provision in this Indenture or in the Debentures contained, the Trustee will not be charged with knowledge of any Secured Indebtedness or of any default in the payment thereof, or of the existence of any Event of Default or any other fact that would prohibit the making of any payment of monies to or by the Trustee, or the taking of any other action by the Trustee, unless and until the Trustee has received written notice thereof from the Corporation, any Debentureholder or any Secured Creditor.

**Section 5.9 Trustee May Hold Secured Indebtedness**

The Trustee is entitled to all the rights set forth in this Article 5 with respect to any Secured Indebtedness at the time held by it, to the same extent as any other holder of Secured Indebtedness, and nothing in this Indenture deprives the Trustee of any of its rights as such holder.

**Section 5.10 Rights of Holders of Secured Indebtedness Not Impaired**

No right of any present or future holder of any Secured Indebtedness to enforce the subordination herein will at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Corporation or by any non-compliance by the Corporation with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or be otherwise charged with.

**Section 5.11 Altering the Secured Indebtedness**

The holders of the Secured Indebtedness have the right to extend, renew, modify or amend the terms of the Secured Indebtedness or any security therefor and to release, sell or exchange such security and otherwise to deal freely with the Corporation, all without notice to or consent of the Debentureholders or the Trustee and without affecting the liabilities and obligations of the parties to this Indenture or the Debentureholders.

**Section 5.12 Additional Indebtedness**

This Indenture does not restrict the Corporation from incurring additional indebtedness for borrowed money or other obligations or liabilities (including Secured Indebtedness) or mortgaging, pledging or charging its properties to secure any indebtedness or liabilities. Except for Secured Indebtedness, any additional indebtedness for borrowed money or other obligations or liabilities or other debts will be subordinated to the Debentures.

**Section 5.13 Right of Debentureholder to Convert Not Impaired**

The subordination of the Debentures to the Secured Indebtedness and the provisions of this Article 5 do not impair in any way the right of a Debentureholder to convert its Debentures pursuant to Article 6 provided that there is no continuing default or event under Secured Indebtedness or acceleration of Secured Indebtedness that has not been rescinded and provided that such conversion does not result in a payment that could reasonably be expected to cause a default or event of default under any Secured Indebtedness.

**Section 5.14 Invalidated Payments**

In the event that any of the Secured Indebtedness shall be paid in full and subsequently, for whatever reason, such formerly paid or satisfied Secured Indebtedness becomes unpaid or unsatisfied, the terms and conditions of this Article 5 shall be reinstated and the provisions of this Article shall again be operative until all Secured Indebtedness is repaid in full, provided that such reinstatement shall not give the Secured Creditors any rights or recourses against the Trustee or the Debentureholders for amounts paid to the Debentureholders subsequent to such payment or satisfaction in full and prior to such reinstatement.

**Section 5.15 Contesting Security**

The Trustee, for itself and on behalf of the Debentureholders, agrees that it shall not contest or bring into question the validity, perfection or enforceability of any of the Secured Indebtedness, the Senior Security or the relative priority of the Senior Security.

**ARTICLE 6 – CONVERSION OF DEBENTURES**

**Section 6.1 Forced Conversion of Debentures**

(1) Immediately, and upon receipt of the Forced Conversion Notice by the Trustee pursuant to Section 2.5(5), all Debentures will be automatically converted by the Trustee at the Forced Conversion Date for and on behalf of the holder thereof and the holder thereof shall, upon surrender of the Debenture Certificate, be deemed to have subscribed for the corresponding number of Underlying Securities issuable upon the conversion of such holder's Debentures.

(2) In the case of Uncertificated Debenture, the Corporation will direct the Depository to cause to be entered and issued, as the case may be, to the person or persons in whose name or names the Underlying Securities have been issued, a book entry only system customer confirmation. After the conversion contemplated above, Debenture Certificates will represent only the right of the registered holder thereof to receive the Underlying Securities to be issued upon conversion.

(3) The holder of any Debentures converted pursuant to Section 2.5(5) hereof shall have no rights hereunder except to be issued the Underlying Securities upon the conversion of the Debentures.

(4) The parties hereby irrevocably authorize and direct the Trustee to convert the Debentures pursuant to Section 2.5(5) hereof upon receipt of the Forced Conversion Notice.

**Section 6.2 Effect of Conversion**

Upon the conversion of any Debentures in accordance with Section 2.5(5), the securities thereby issuable will be issued, and the Person or Persons to whom such securities are to be issued will be the holder or holders of record thereof, on the Forced Conversion Date unless the transfer registers for the Underlying Securities are closed on that date, in which case the Underlying Securities will be deemed to have been issued and such Person or Persons will become the holder or holders of record thereof on the date on which such transfer registers are reopened, but the Underlying Securities will be issued on the basis of the number of the Underlying Securities to which such Person or Persons were entitled on the Forced Conversion Date.

**Section 6.3 Adjustment of Conversion Price**

The Conversion Price in effect at any date shall be subject to adjustment from time to time as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If and whenever at any time prior to the Maturity Date the Corporation shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subdivide or redivide the outstanding Common Shares into a greater number of shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce, combine or consolidate the outstanding Common Shares into a smaller number
of shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue Common Shares to the holders of all or substantially all of the outstanding
Common Shares by way of a dividend or distribution (other than the issue of Common Shares to holders of Common Shares who have elected
to receive dividends or distributions in the form of Common Shares in lieu of cash dividends or cash distributions paid in the ordinary
course on the Common Shares),

the Conversion Price in effect on the effective date of such subdivision, redivision, reduction, combination or consolidation or on the record date for such issue of Common Shares by way of a dividend or distribution, as the case may be, shall in the case of any of the events referred to in (i) and (iii) above be decreased in proportion to the number of outstanding Common Shares resulting from such subdivision, redivision or dividend, or shall, in the case of any of the events referred to in (ii) above, be increased in proportion to the number of outstanding Common Shares resulting from such reduction, combination or consolidation. Such adjustment shall be made successively whenever any event referred to in this subsection 6.3(a) shall occur. Any such issue of Common Shares by way of a dividend or distribution shall be deemed to have been made on the record date for the dividend or distribution for the purpose of calculating the number of outstanding Common Shares under subsections (c) and (d) of this Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If and whenever at any time prior to the Maturity Date the Corporation shall fix
a record date for the payment of a cash dividend or distribution to the holders of all or substantially all of the outstanding Common
Shares, the Conversion Price shall be adjusted immediately after such record date so that it shall be equal to the price determined by
multiplying the Conversion Price in effect on such record date by a fraction, of which the denominator shall be the Current Market Price
on such record date and of which the numerator shall be the Current Market Price on such record date minus the amount in cash per Common
Share distributed to holders of Common Shares. Such adjustment shall be made successively whenever such a record date is fixed. To the
extent that any such cash dividend or distribution is not paid, the Conversion Price shall be re- adjusted to the Conversion Price which
would then be in effect if such record date had not been fixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If and whenever at any time prior to the Maturity Date the Corporation shall fix
a record date for the issuance of options, rights or warrants to all or substantially all the holders of its outstanding Common Shares
entitling them, for a period expiring not more than 45 days after such record date, to subscribe for or purchase Common Shares (or securities
convertible into Common Shares) at a price per share (or having a conversion or exchange price per share) less than 95% of the Current
Market Price on such record date, the Conversion Price shall be adjusted immediately after such record date so that it shall equal the
price determined by multiplying the Conversion Price in effect on such record date by a fraction, of which the numerator shall be the
total number of Common Shares outstanding on such record date plus a number of Common Shares equal to the number arrived at by dividing
the aggregate price of the total number of additional Common Shares offered for subscription or purchase (or the aggregate conversion
or exchange price of the convertible securities so offered) by such Current Market Price, and of which the denominator shall be the total
number of Common Shares outstanding on such record date plus the total number of additional Common Shares offered for subscription or
purchase (or into which the convertible securities so offered are convertible). Such adjustment shall be made successively whenever such
a record date is fixed. To the extent that any such options, rights or warrants are not so issued or any such options, rights or warrants
are not exercised prior to the expiration thereof, the Conversion Price shall be re-adjusted to the Conversion Price which would then
be in effect if such record date had not been fixed or to the Conversion Price which would then be in effect based upon the number of
Common Shares (or securities convertible into Common Shares) actually issued upon the exercise of such options, rights or warrants were
included in such fraction, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If and whenever at any time prior to the Maturity Date, there is a reclassification
of the Common Shares or a capital reorganization of the Corporation other than as described in subsection 6.2(a) or a consolidation, amalgamation,
arrangement, binding share exchange, merger of the Corporation with or into any other Person or other entity or acquisition of the Corporation
or other combination pursuant to which the Common Shares are converted into or acquired for cash, securities or other property; or a sale
or conveyance of the property and assets of the Corporation as an entirety or substantially as an entirety to any other Person (other
than a direct or indirect wholly-owned subsidiary of the Corporation) or other entity or a liquidation, dissolution or winding-up of the
Corporation (any such event, a "**Merger Event** "), any holder of a Debenture who has not exercised its right of conversion
prior to the effective date of such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, share
exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, upon the exercise of such right thereafter,
shall be entitled to receive and shall accept, in lieu of the number of Common Shares then sought to be acquired by it, such amount of
cash or the number of shares or other securities or property of the Corporation or of the Person or other entity resulting from such merger,
amalgamation, arrangement, acquisition, combination or consolidation, or to which such sale or conveyance may be made or which holders
of Common Shares receive pursuant to such liquidation, dissolution or winding-up, as the case may be, that such holder of a Debenture
would have been entitled to receive on such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger,
share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, if, on the record date or the
effective date thereof, as the case may be, the holder had been the registered holder of the number of Common Shares sought to be acquired
by it and to which it was entitled to acquire upon the exercise of the conversion right, subject to subsection 6.2(k). If determined appropriate
by the Board of Directors, to give effect to or to evidence the provisions of this subsection 6.2(d), the Corporation, its successor,
or such purchasing Person or other entity, as the case may be, shall, prior to or contemporaneously with any such reclassification, capital
reorganization, consolidation, amalgamation, arrangement, merger, share exchange, acquisition, combination, sale or conveyance or liquidation,
dissolution or winding-up, enter into an indenture which shall provide, to the extent possible, for the application of the provisions
set forth in this Indenture with respect to the rights and interests thereafter of the holder of Debentures to the end that the provisions
set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any cash,
shares or other securities or property to which a holder of Debentures is entitled on the exercise of its acquisition rights thereafter.
Any indenture entered into between the Corporation and the Trustee pursuant to the provisions of this subsection 6.3(d) shall be a supplemental
indenture entered into pursuant to the provisions of Article 15. Any indenture entered into between the Corporation,
any successor to the Corporation or such purchasing Person or other entity and the Trustee shall provide for adjustments which shall be
as nearly equivalent as may be practicable to the adjustments provided in this subsection 6.3(d) and which shall apply to successive reclassifications,
capital reorganizations, amalgamations, consolidations, mergers, share exchanges, acquisitions, combinations, sales or conveyances. For
greater certainty, nothing in this subsection 6.3(d) shall affect or reduce the requirement for any Person to make a Change of Control
Offer, and notice of any transaction to which this subsection 6.3(d) applies shall be given in accordance with Section 6.7.

The Corporation shall not become a party to any Merger Event unless its terms are consistent with this subsection 6.3(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any issuer bid made by the Corporation or any of its Subsidiaries for all
 or any portion of Common Shares shall expire, then, if the issuer bid shall require the payment to shareholders of consideration per
 Common Share having a fair market value (determined as provided below) that exceeds the Current Market Price on the last date (the
 "**Expiration Date**") tenders could have been made pursuant to such issuer bid (as it may be amended) (the last time
 at which such tenders could have been made on the Expiration Date is hereinafter sometimes called the "**Expiration Time** "), the Conversion Price shall be adjusted so that the same shall equal the rate determined by multiplying the
 Conversion Price in effect immediately preceding the close of business on the Expiration Date by a fraction of which (i) the
 denominator shall be the sum of (A) the fair market value of the aggregate consideration (the fair market value as determined by the
 Board of Directors, whose determination shall be conclusive evidence of such fair market value and which shall be evidenced by an
 Officer's Certificate delivered to the Trustee) payable to shareholders based on the acceptance (up to any maximum specified
 in the terms of the issuer bid) of all Common Shares validly tendered and not withdrawn as of the Expiration Time (the Common Shares
 deemed so accepted, up to any such maximum, being referred to as the "**Purchased Common Shares**") and (B) the
 product of the number of Common Shares outstanding (less any Purchased Common Shares and excluding any Common Shares held in the
 treasury of the Corporation) at the Expiration Time and the Current Market Price on the Expiration Date and (ii) the numerator of
 which shall be the product of the number of Common Shares outstanding (including Purchased Common Shares but excluding any Common
 Shares held in the treasury of the Corporation) at the Expiration Time multiplied by the Current Market Price on the Expiration
 Date, such increase to become effective immediately preceding the opening of business on the day following the Expiration Date. In
 the event that the Corporation is obligated to purchase Common Shares pursuant to any such issuer bid, but the Corporation is
 permanently prevented by applicable law from effecting any or all such purchases or any or all such purchases are rescinded, the
 Conversion Price shall again be adjusted
to be the Conversion Price which would have been in effect based upon the number of Common Shares actually purchased, if any. If the application
of this subsection 6.2(e) to any issuer bid would result in a decrease in the Conversion Price, no adjustment shall be made for such
issuer bid under this subsection 6.2(e).

For purposes of this subsection 6.3(e), the term "**issuer bid**" shall mean an issuer bid under Applicable Securities Legislation or a take-over bid under Applicable Securities Legislation by a Subsidiary of the Corporation for the Common Shares and all references to "purchases" of Common Shares in issuer bids (and all similar references) shall mean and include the purchase of Common Shares in issuer bids and all references to "tendered Common Shares" (and all similar references) shall mean and include Common Shares tendered in issuer bids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The adjustments provided for in this Section 6.3 are cumulative and shall apply to successive subdivisions,
redivisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions
of this Section, provided that, notwithstanding any other provision of this Section, no adjustment of the Conversion Price shall be required
unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price then in effect; provided however,
that any adjustments which by reason of this subsection 6.3(f) are not required to be made shall be carried forward and taken into account
in any subsequent adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the purpose of calculating the number of Common Shares outstanding, Common
Shares owned by or for the benefit of the Corporation shall not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the event of any question arising with respect to the adjustments provided
in this Section 6.3, such question shall be conclusively determined by a firm of nationally recognized chartered accountants appointed
by the Corporation and acceptable to the Trustee (who may be the Auditors of the Corporation); such accountants shall have access to all
necessary records of the Corporation and such determination shall be binding upon the Corporation, the Trustee, and the Debentureholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In case the Corporation shall take any action affecting the Common Shares other
than action described in this Section 6.3, which in the opinion of the Board of Directors, would materially affect the rights of Debentureholders,
the Conversion Price shall be adjusted in such manner and at such time, by action of the Board of Directors, as the Board of Directors,
in their sole discretion may determine to be equitable in the circumstances. Failure of the directors to make such an adjustment shall
be conclusive evidence that they have determined that it is equitable to make no adjustment in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No adjustment in the Conversion Price shall be made in respect of any event described
in subsections 6.3(a), 6.3(b), 6.3(c), or 6.3(e) other than the events described in clauses 6.3(a)(i) or 6.3(a)(ii) if the holders of
the Debentures are entitled to participate in such event on the same terms mutatis mutandis as if they had converted their Debentures
prior to the effective date or record date, as the case may be, of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Except as stated above in this Section 6.3, no adjustment will be made in the Conversion Price for any
Debentures as a result of the issuance of Common Shares at less than the Current Market Price on the date of issuance or the then applicable
Conversion Price.

**Section 6.4 No Requirement to Issue Fractional Common Shares**

The Corporation shall not be required to issue fractional Common Shares upon the conversion of Debentures. If more than one Debenture shall be surrendered for conversion at one time by the same holder, the number of whole Common Shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of such Debentures and all accrued and unpaid interest thereon to be converted. If any fractional interest in a Common Share would, except for the provisions of this Section 6.4, be deliverable upon the conversion of any amount of Debentures, the Corporation shall, in lieu of delivering any certificate representing such fractional interest, make a cash payment to the holder of such Debenture of an amount equal to the fractional interest which would have been issuable multiplied by the Current Market Price, provided, however, the Corporation shall not be required to make any payment of less than $25.00.

**Section 6.5 Corporation to Reserve the Underlying Securities**

The Corporation covenants with the Trustee that it will at all times reserve and keep available out of its authorized Common Shares and Warrants (if the number thereof is or becomes limited), solely for the purpose of issue upon conversion of Debentures pursuant to Section 2.5(5) and conditionally allot to Debentureholders such number of Common Shares and Warrants as is equal to the maximum number of Common Shares and Warrants issuable upon the conversion of all outstanding Debentures from time to time. The Corporation covenants with the Trustee that all Common Shares which shall be so issuable shall be duly and validly issued as fully-paid and non-assessable.

**Section 6.6 Cancellation of Converted Debentures**

All Debentures converted under Section 2.5(5) shall be cancelled by the Trustee and no Debenture shall be issued in substitution for those converted.

**Section 6.7 Certificate as to Adjustment**

The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 6.3, deliver an Officer's Certificate to the Trustee specifying the nature of the event requiring the same and the amount of the adjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate and the amount of the adjustment specified therein shall be conclusively determined by a firm of nationally recognized chartered accountants appointed by the Corporation and acceptable to the Trustee (who may be the Auditors of the Corporation) and such advice or determination shall be conclusive and binding on all parties in interest. When so approved, the Corporation shall, except in respect of any subdivision, redivision, reduction, combination or consolidation of the Common Shares, forthwith give notice to the Debentureholders in the manner provided in Section 13.2 specifying the event requiring such adjustment or readjustment and the results thereof, including the resulting Conversion Price; provided that, if the Corporation has given notice under this Section 6.7 covering all the relevant facts in respect of such event and if the Trustee approves, no such notice need be given under this Section 6.7.

**Section 6.8 Notice of Special Matters**

(1) The Corporation covenants with the Trustee that so long as any Debenture remains outstanding, it will give notice to the Trustee, and to the Debentureholders in the manner provided in Section 13.2, of its intention to fix a record date for any event referred to in subsection 6.3(a), subsection Section 6.3(b), Section 6.3(c) or Section 6.3(d) (other than the subdivision, redivision, reduction, combination or consolidation of its Common Shares) which may give rise to an adjustment in the Conversion Price, and, in each case, such notice shall specify the particulars of such event and the record date and the effective date for such event; provided that the Corporation shall only be required to specify in such notice such particulars of such event as shall have been fixed and determined on the date on which such notice is given. Such notice shall be given not less than 14 days in each case prior to such applicable record date.

(2) In addition, the Corporation covenants with the Trustee that so long as any Debenture remains outstanding, it will give notice to the Trustee, and to the Debentureholders in the manner provided in Section 13.2, at least 30 days prior to the (i) effective date of any transaction referred to in Section 6.3(d) stating the consideration into which the Debentures will be convertible after the effective date of such transaction, and (ii) Expiration Date of any transaction referred to in subsection 6.3(e) stating the consideration paid per Common Share in such transaction.

**Section 6.9 Protection of Trustee**

The Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not at any time be under any duty or responsibility
to any Debentureholder to determine whether any facts exist which may require any adjustment in the Conversion Price, or with respect
to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not be accountable with respect to the validity or value (or the kind or
amount) of any Common Shares or of any shares or other securities or property which may at any time be issued or delivered upon the conversion
of any Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not be responsible for any failure of the Corporation to make any cash payment
or to issue, transfer or deliver Common Shares or share certificates upon the surrender of any Debenture for the purpose of conversion,
or to comply with any of the covenants contained in this Article.

**ARTICLE 7– COVENANTS OF THE CORPORATION**

The Corporation hereby covenants and agrees with the Trustee for the benefit of the Trustee and the Debentureholders, that so long as any Debentures remain outstanding:

**Section 7.1 To Pay Principal, Premium (if any) and Interest**

The Corporation will duly and punctually pay or cause to be paid to every Debentureholder the principal of, premium (if any) and interest accrued on the Debentures of which it is the holder on the dates, at the places and in the manner mentioned herein and in the Debentures.

**Section 7.2 To Pay Trustee's Remuneration**

The Corporation will pay the Trustee reasonable remuneration for its services as Trustee hereunder and will repay to the Trustee on demand all monies which shall have been paid by the Trustee in connection with the execution of the trusts hereby created and such monies including the Trustee's remuneration, shall be payable out of any funds coming into the possession of the Trustee in priority to payment of any principal of the Debentures or interest or premium thereon. Such remuneration shall continue to be payable until the trusts hereof be finally wound up and whether or not the trusts of this Indenture shall be in the course of administration by or under the direction of a court of competent jurisdiction.

**Section 7.3 To Give Notice of Default**

The Corporation shall notify the Trustee and the Debentureholders immediately upon becoming aware of the occurrence of any Event of Default.

**Section 7.4 Preservation of Existence, etc.**

Subject to the express provisions hereof, the Corporation will carry on and conduct its activities, and cause its Subsidiaries to carry on and conduct their businesses, in a business-like manner and in accordance with good business practices; and, subject to the express provisions hereof, it will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and rights.

**Section 7.5 Keeping of Books**

The Corporation will keep or cause to be kept proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Corporation and each Material Subsidiary in accordance with generally accepted accounting principles.

**Section 7.6 Annual Certificate of Compliance**

The Corporation shall deliver to the Trustee, within 120 days after the end of each calendar year, (and at any reasonable time upon demand by the Trustee) an Officer's Certificate as to the knowledge of such officers of the Corporation who execute the Officer's Certificate of the Corporation's compliance with all conditions and covenants in this Indenture certifying that after reasonable investigation and inquiry, the Corporation has complied with all covenants, conditions or other requirements contained in this Indenture, the non-compliance with which could, with the giving of notice, lapse of time or otherwise, constitute an Event of Default hereunder, or if such is not the case, setting forth with reasonable particulars the circumstances of any failure to comply and steps taken or proposed to be taken to eliminate such circumstances and remedy such Event of Default, as the case may be.

**Section 7.7 Performance of Covenants by Trustee**

If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Trustee may notify the Debentureholders of such failure on the part of the Corporation or may itself perform any of the covenants capable of being performed by it, but shall be under no obligation to do so or to notify the Debentureholders. All sums so expended or advanced by the Trustee shall be repayable by the Corporation as provided in Section 7.2. No such performance, expenditure or advance by the Trustee shall be deemed to relieve the Corporation of any default hereunder.

**Section 7.8 No Dividends on Common Shares if Event of Default**

The Corporation shall not declare or pay any dividend to the holders of Common Shares or any other securities representing equity interests in the Corporation after the occurrence of an Event of Default unless and until such default shall have been cured or waived or shall have ceased to exist.

**Section 7.9 Withholding Matters**

All payments made by or on behalf of the Corporation under or with respect to the Debentures (including, without limitation, any penalties, interest and other liabilities related thereto) will be made free and clear of and without withholding, or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other liabilities related hereto) imposed or levied by or on behalf of the Government of Canada or elsewhere, or of any province or territory thereof or by any authority or agency therein or thereof having power to tax ("**Withholding Taxes**"), unless the Corporation is required by law or the interpretation or administration thereof, to withhold or deduct any amounts for, or on account of Withholding Taxes. If the Corporation is so required to withhold or deduct any amount for, or on account of, Withholding Taxes from any payment made under or with respect to the Debentures, the Corporation shall deduct and withhold such Withholding Taxes from any payment to be made or with respect to the Debentures and, provided that the Corporation forthwith remits such amount to the relevant governmental authority or agency, the amount of any such deduction or withholding will be considered an amount paid in satisfaction of the Corporation's obligations under the Debentures. There is no obligation on the Corporation to gross-up or pay additional amounts to a holder of Debentures in respect of such deductions or withholdings. For greater certainty, if any amount is required to be deducted or withheld in respect of Withholding Taxes upon a conversion of a Debenture, the Corporation shall be entitled to liquidate such number of Common Shares (or other securities) issuable as a result of such conversion as shall be necessary in order to satisfy such requirement. The Corporation shall provide the Trustee with copies of receipts or other communications relating to the remittance of such withheld amount or the filing of any forms received from such government authority or agency promptly after receipt thereof.

**Section 7.10 SEC Reporting Status**

(1) The Corporation confirms that as at the date of execution of this Indenture it does not have a class of securities registered pursuant to Section 12 of the U.S. Securities Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act.

(2) The Corporation covenants that in the event that (a) any class of its securities shall become registered pursuant to Section 12 of the U.S. Securities Exchange Act or such Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act, or (b) any such registration or reporting obligation shall be terminated by such Corporation in accordance with the U.S. Securities Exchange Act, such Corporation shall promptly deliver to the Trustee an Officers' Certificate (in a form provided by the Trustee) notifying the Trustee of such registration or termination and such other information as the Trustee may require at the time. The Corporation acknowledges that the Trustee is relying upon the foregoing representation and covenants in order to meet certain U.S. Securities and Exchange Commission (the "**SEC**") obligations with respect to those clients who are filing with the SEC.

**Section 7.11 Stay, Extension and Usury Laws**

The Corporation covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Corporation from paying all or any portion of the principal of or accrued but unpaid interest on the Debentures as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, and the Corporation (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

**ARTICLE 8 – DEFAULT**

**Section 8.1 Events of Default**

(1) Each of the following events constitutes, and is herein sometimes referred to as, an "**Event of Default**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall fail to pay an installment of interest on any of the Debentures,
which failure continues for five Business Days after the date when due

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure to pay principal or premium (whether by way of payment of cash or delivery
of Common Shares), if any, when due on the Debentures whether at maturity, upon redemption or a Change of Control, by acceleration or
otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the delivery, when due, of all cash, Underlying Securities, and any
other consideration deliverable upon repayment or conversion of the Debentures, which failure continues for five Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) default in the observance or performance of any covenant or condition of the Indenture by the Corporation
and the failure to cure (or obtain a waiver for) such default for a period of 15 days after notice in writing has been given by the Trustee
or from holders of not less than 25% in aggregate principal amount of the Debentures to the Corporation specifying such default and requiring
the Corporation to rectify such default or obtain a waiver for same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Corporation ceases to carry on business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a decree or order of a Court having jurisdiction is entered adjudging the Corporation or any Material
Subsidiary a bankrupt or insolvent under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency or analogous
laws, or issuing sequestration or process of execution against, or against any substantial part of, the property of the Corporation or
any Material Subsidiary, or appointing a receiver of, or of any substantial part of, the property of the Corporation or any Material Subsidiary
or ordering the winding- up or liquidation of its affairs, and any such decree or order continues unstayed and in effect for a period
of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Corporation or any Material Subsidiary institutes proceedings to be adjudicated
a bankrupt or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against it under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency or analogous laws, or consents to the filing of any such petition or to
the appointment of a receiver of, or of any substantial part of, the property of the Corporation or any Material Subsidiary or makes a
general assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if a resolution is passed for the winding-up or liquidation of the Corporation
or any Material Subsidiary except in the course of carrying out or pursuant to a transaction in respect of which the conditions of Section
10.1 are duly observed and performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, after the date of this Indenture, any proceedings with respect to the Corporation
or any Material Subsidiary are taken with respect to a compromise or arrangement, with respect to creditors of the Corporation or any
Material Subsidiary generally, under the applicable legislation of any jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if an event of default occurs or exists under any indenture, agreement or other
instrument evidencing or governing indebtedness for borrowed money (other than Non-Recourse Debt) of the Corporation or any Material Subsidiary
and as a result of such event of default (i) indebtedness for borrowed money thereunder in excess of $500,000 (or the equivalent amount
in any other currency) has become due and payable before the date it would otherwise have been due and payable or (ii) the holders of
such indebtedness are entitled to commence, and have commenced, the enforcement of security they hold for such indebtedness (if any) or
the exercise of any other creditors' remedies to collect such indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if the Corporation fails to comply with Article 10 hereof;

then: (i) in each and every such event listed above, the Trustee may, in its discretion, but subject to the provisions of this Section, and shall, upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures then outstanding (or if the Event of Default shall exist only in respect of one or more series of the Debentures then outstanding, then upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures of such series then outstanding), subject to the provisions of Section 8.3, by notice in writing to the Corporation declare the principal of and interest and premium, if any, on all Debentures then outstanding and all other monies outstanding hereunder to be due and payable and the same shall thereupon forthwith become immediately due and payable (or, if the Event of Default shall exist only in respect of one or more series of the Debentures then outstanding, then the Trustee may declare due and payable the principal and interest and premium, if any, only with respect to such Debentures in respect of which there is an Event of Default) to the Trustee, and (ii) on the occurrence of an Event of Default under clauses 8.1(1)(f), 8.1(1)(g), 8.1(1)(h) or 8.1(1)(j), the principal of and interest and premium, if any, on all Debentures then outstanding hereunder and all other monies outstanding hereunder, shall automatically without any declaration or other act on the part of the Trustee or any Debentureholder become immediately due and payable to the Trustee and, in either case, upon such amounts becoming due and payable in either (i) or (ii) above, the Corporation shall forthwith pay to the Trustee for the benefit of the Debentureholders such principal, accrued and unpaid interest and premium, if any, and interest on amounts in default on such Debenture and all other monies outstanding hereunder, together with subsequent interest at the rate borne by the Debentures on such principal, interest, premium and such other monies from the date of such declaration or event until payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the manner mentioned in and according to the tenor of the Debentures. Such payment when made shall be deemed to have been made in discharge of the Corporation's obligations hereunder and any monies so received by the Trustee shall be applied in the manner provided in Section 8.6.

(2) For greater certainty, for the purposes of this Section 8.1, a series of Debentures shall be in default in respect of an Event of Default if such Event of Default relates to a default in the payment of principal, premium, if any, or interest on the Debentures of such series in which case references to Debentures in this Section 8.1 refer to Debentures of that particular series.

(3) For purposes of this Article 8, where the Event of Default refers to an Event of Default with respect to a particular series of Debentures as described in this Section 8.1, then this Article 8 shall apply *mutatis mutandis* to the Debentures of such series and references in this Article 8 to the Debentures shall mean Debentures of the particular series and references to the Debentureholders shall refer to the Debentureholders of the particular series, as applicable.

**Section 8.2 Notice of Events of Default**

If an Event of Default shall occur and be continuing the Trustee shall, within 30 days following an Event of Default or after it receives written notice of the occurrence of such Event of Default, give notice of such Event of Default to the Debentureholders in the manner provided in Section 12.2, provided that notwithstanding the foregoing, unless the Trustee shall have been requested to do so by the holders of at least 25% of the principal amount of the Debentures then outstanding, the Trustee shall not be required to give such notice if the Trustee in good faith shall have determined that the withholding of such notice is in the best interests of the Debentureholders and shall have so advised the Corporation in writing.

When notice of the occurrence of an Event of Default has been given and the Event of Default is thereafter cured, notice that the Event of Default is no longer continuing shall be given by the Trustee to the Debentureholders within 15 days after the Trustee becomes aware the Event of Default has been cured.

**Section 8.3 Waiver of Default**

(1) Upon the happening of any Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holders of the Debentures shall have the power (in addition to the powers
exercisable by Extraordinary Resolution as hereinafter provided) by requisition in writing by the holders of more than 66⅔% of
the principal amount of Debentures then outstanding, to instruct the Trustee to waive any Event of Default and to cancel any declaration
made by the Trustee pursuant to Section 8.1 and the Trustee shall thereupon
waive the Event of Default and cancel such declaration, or either, upon such terms and conditions as shall be prescribed in such requisition;
provided that notwithstanding the foregoing if the Event of Default has occurred by reason of the non-observance or non-performance by
the Corporation of any covenant applicable only to one or more series of Debentures, then the holders of more than 66⅔% of the
principal amount of the outstanding Debentures of that series shall be entitled to exercise the foregoing power and the Trustee shall
so act and it shall not be necessary to obtain a waiver from the holders of any other series of Debentures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee, so long as it has not become bound to declare the principal and interest
on the Debentures then outstanding to be due and payable, or to obtain or enforce payment of the same, shall have power to waive any Event
of Default if, in the Trustee's opinion, the same shall have been cured or adequate satisfaction made therefor, and in such event
to cancel any such declaration theretofore made by the Trustee in the exercise of its discretion, upon such terms and conditions as the
Trustee may deem advisable.

(2) No such act or omission either of the Trustee or of the Debentureholders shall extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

**Section 8.4 Enforcement by the Trustee**

(1) Subject to the provisions of Section 8.3 and to the provisions of any Extraordinary Resolution that may be passed by the Debentureholders, if the Corporation shall fail to pay to the Trustee, forthwith after the same shall have been declared to be due and payable under Section 8.1, the principal of and premium (if any) and interest on all Debentures then outstanding, together with any other amounts due hereunder, the Trustee may in its discretion and shall upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures then outstanding and upon being funded and indemnified to its reasonable satisfaction against all costs, expenses and liabilities to be incurred, proceed in its name as trustee hereunder to obtain or enforce payment of such principal of and premium (if any) and interest on all the Debentures then outstanding together with any other amounts due hereunder by such proceedings authorized by this Indenture or by law or equity as the Trustee in such request shall have been directed to take, or if such request contains no such direction, or if the Trustee shall act without such request, then by such proceedings authorized by this Indenture or by suit at law or in equity as the Trustee shall deem expedient.

(2) The Trustee shall be entitled and empowered, either in its own name or as Trustee of an express trust, or as attorney-in-fact for the holders of the Debentures, or in any one or more of such capacities, to file such proof of debt, amendment of proof of debt, claim, petition or other document as may be necessary or advisable in order to have the claims of the Trustee and of the holders of the Debentures allowed in any insolvency, bankruptcy, liquidation or other judicial proceedings relative to the Corporation or its creditors or relative to or affecting its property. The Trustee is hereby irrevocably appointed (and the successive respective holders of the Debentures by taking and holding the same shall be conclusively deemed to have so appointed the Trustee) the true and lawful attorney-in-fact of the respective holders of the Debentures with authority to make and file in the respective names of the holders of the Debentures or on behalf of the holders of the Debentures as a class, subject to deduction from any such claims of the amounts of any claims filed by any of the holders of the Debentures themselves, any proof of debt, amendment of proof of debt, claim, petition or other document in any such proceedings and to receive payment of any sums becoming distributable on account thereof, and to execute any such other papers and documents and to do and perform any and all such acts and things for and on behalf of such holders of the Debentures, as may be necessary or advisable in the opinion of the Trustee, in order to have the respective claims of the Trustee and of the holders of the Debentures against the Corporation or its property allowed in any such proceeding, and to receive payment of or on account of such claims; provided, however, that subject to Section 8.3, nothing contained in this Indenture shall be deemed to give to the Trustee, unless so authorized by Extraordinary Resolution, any right to accept or consent to any plan of reorganization or otherwise by action of any character in such proceeding to waive or change in any way any right of any Debentureholder.

(3) The Trustee shall also have the power at any time and from time to time to institute and to maintain such suits and proceedings as it may be advised shall be necessary or advisable to preserve and protect its interests and the interests of the Debentureholders.

(4) All rights of action hereunder may be enforced by the Trustee without the possession of any of the Debentures or the production thereof on the trial or other proceedings relating thereto.

(5) Any such suit or proceeding instituted by the Trustee shall be brought in the name of the Trustee as trustee of an express trust, and any recovery of judgment shall be for the rateable benefit of the holders of the Debentures subject to the provisions of this Indenture. In any proceeding brought by the Trustee (and also any proceeding in which a declaratory judgment of a court may be sought as to the interpretation or construction of any provision of this Indenture, to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Debentures, and it shall not be necessary to make any holders of the Debentures parties to any such proceeding.

**Section 8.5 No Suits by Debentureholders**

No holder of any Debenture shall have any right to institute any action, suit or proceeding at law or in equity for the purpose of enforcing payment of the principal of or interest on the Debentures or for the execution of any trust or power hereunder or for the appointment of a liquidator or receiver or for a receiving order under the *Bankruptcy and Insolvency Act* (Canada) or to have the Corporation wound up or to file or prove a claim in any liquidation or bankruptcy proceeding or for any other remedy hereunder, unless: (a) such holder shall previously have given to the Trustee written notice of the happening of an Event of Default hereunder; and (b) the Debentureholders by Extraordinary Resolution or by written instrument signed by the holders of at least 25% in principal amount of the Debentures then outstanding shall have made a request to the Trustee and the Trustee shall have been afforded reasonable opportunity either itself to proceed to exercise the powers hereinbefore granted or to institute an action, suit or proceeding in its name for such purpose; and (c) the Debentureholders or any of them shall have furnished to the Trustee, when so requested by the Trustee, sufficient funds and security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby; and (d) the Trustee shall have failed to act within a reasonable time after such notification, request and offer of indemnity and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to any such proceeding or for any other remedy hereunder by or on behalf of the holder of any Debentures.

**Section 8.6 Application of Monies by Trustee**

(1) Except as herein otherwise expressly provided, any monies received by the Trustee from the Corporation pursuant to the foregoing provisions of this Article 8, or as a result of legal or other proceedings or from any trustee in bankruptcy or liquidator of the Corporation, shall be applied, together with any other monies in the hands of the Trustee available for such purpose, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first, in payment or in reimbursement to the Trustee of its compensation, costs,
charges, expenses, borrowings, advances or other monies furnished or provided by or at the instance of the Trustee in or about the execution
of its trusts under, or otherwise in relation to, this Indenture, with interest thereon as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) second, but subject as hereinafter in this Section 8.6 provided, in payment, rateably
and proportionately to the holders of Debentures, of the principal of and premium (if any) and accrued and unpaid interest and interest
on amounts in default on the Debentures which shall then be outstanding in the priority of principal first and then premium and then accrued
and unpaid interest and interest on amounts in default unless otherwise directed by Extraordinary Resolution and in that case in such
order or priority as between principal, premium (if any) and interest as may be directed by such resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) third, in payment of the surplus, if any, of such monies to the Corporation or
its assigns;

provided, however, that no payment shall be made pursuant to clause 8.6(1)(b) above in respect of the principal, premium or interest on any Debenture held, directly or indirectly, by or for the benefit of the Corporation or any Subsidiary (other than any Debenture pledged for value and in good faith to a Person other than the Corporation or any Subsidiary but only to the extent of such person's interest therein) except subject to the prior payment in full of the principal, premium (if any) and interest (if any) on all Debentures which are not so held.

(2) The Trustee shall not be bound to apply or make any partial or interim payment of any monies coming into its hands if the amount so received by it, after reserving thereout such amount as the Trustee may think necessary to provide for the payments mentioned in subsection 8.6(1), is insufficient to make a distribution of at least 2% of the aggregate principal amount of the outstanding Debentures, but it may retain the money so received by it and invest or deposit the same as provided in Section 14.8 until the money or the investments representing the same, with the income derived therefrom, together with any other monies for the time being under its control shall be sufficient for the said purpose or until it shall consider it advisable to apply the same in the manner hereinbefore set forth. The foregoing shall, however, not apply to a final payment in distribution hereunder.

**Section 8.7 Notice of Payment by Trustee**

Not less than 15 days' notice shall be given in the manner provided in Section 13.2 by the Trustee to the Debentureholders of any payment to be made under this Article 8. Such notice shall state the time when and place where such payment is to be made and also the liability under this Indenture to which it is to be applied. After the day so fixed, unless payment shall have been duly demanded and have been refused, the Debentureholders will be entitled to interest only on the balance (if any) of the principal monies, premium (if any) and interest due (if any) to them, respectively, on the Debentures, after deduction of the respective amounts payable in respect thereof on the day so fixed.

**Section 8.8 Trustee May Demand Production of Debentures**

The Trustee shall have the right to demand production of the Debentures in respect of which any payment of principal, interest or premium required by this Article 8 is made and may cause to be endorsed on the same a memorandum of the amount so paid and the date of payment, but the Trustee may, in its discretion, dispense with such production and endorsement, upon such indemnity being given to it and to the Corporation as the Trustee shall deem sufficient.

**Section 8.9 Remedies Cumulative**

No remedy herein conferred upon or reserved to the Trustee, or upon or to the holders of Debentures is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now existing or hereafter to exist by law or by statute.

**Section 8.10 Judgment Against the Corporation**

The Corporation covenants and agrees with the Trustee that, in case of any judicial or other proceedings to enforce the rights of the Debentureholders, judgment may be rendered against it in favour of the Debentureholders or in favour of the Trustee, as trustee for the Debentureholders, for any amount which may remain due in respect of the Debentures and premium (if any) and the interest thereon and any other monies owing hereunder.

**Section 8.11 Immunity of Directors, Officers and Others**

The Debentureholders and the Trustee hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any past, present or future officer, director or employee of the Corporation or holder of Common Shares of the Corporation or of any successor for the payment of the principal of or premium or interest on any of the Debentures or on any covenant, agreement, representation or warranty by the Corporation contained herein or in the Debentures.

**ARTICLE 9 – SATISFACTION AND DISCHARGE**

**Section 9.1 Cancellation and Destruction**

All Debentures shall forthwith after payment thereof be delivered to the Trustee and cancelled by it. All Debentures cancelled or required to be cancelled under this or any other provision of this Indenture shall be destroyed by the Trustee and, if required by the Corporation, the Trustee shall furnish to it a destruction certificate setting out the designating numbers of the Debentures so destroyed.

**Section 9.2 Non-Presentation of Debentures**

In case the holder of any Debenture shall fail to present the same for payment on the date on which the principal of, premium (if any) or the interest thereon or represented thereby becomes payable either at maturity or otherwise or shall not accept payment on account thereof and give such receipt therefor, if any, as the Trustee may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall be entitled to pay or deliver to the Trustee and direct
it to set aside; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of monies in the hands of the Trustee which may or should be applied
to the payment of the Debentures, the Corporation shall be entitled to direct the Trustee to set aside; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the redemption was pursuant to notice given by the Trustee, the Trustee may
itself set aside;

the monies in trust to be paid to the holder of such Debenture upon due presentation or surrender thereof in accordance with the provisions of this Indenture; and thereupon the principal of, premium (if any) or the interest payable on or represented by each Debenture in respect whereof such monies have been set aside shall be deemed to have been paid and the holder thereof shall thereafter have no right in respect thereof except that of receiving delivery and payment of the monies so set aside by the Trustee upon due presentation and surrender thereof, subject always to the provisions of Section 9.3.

**Section 9.3 Repayment of Unclaimed Monies**

Subject to applicable law, any monies set aside under Section 9.2 and not claimed by and paid to holders of Debentures as provided in Section 9.2 within six years after the date of such setting aside shall be repaid and delivered to the Corporation by the Trustee and thereupon the Trustee shall be released from all further liability with respect to such monies and thereafter the holders of the Debentures in respect of which such monies were so repaid to the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the monies from the Corporation subject to any limitation provided by the laws of the Province of Ontario.

**Section 9.4 Discharge**

The Trustee shall at the written request of the Corporation release and discharge this Indenture and execute and deliver such instruments as it shall be advised by Counsel are requisite for that purpose and to release the Corporation from its covenants herein contained (other than the provisions relating to the indemnification of the Trustee), upon proof being given to the reasonable satisfaction of the Trustee that the principal of, premium (if any) and interest (including interest on amounts in default, if any), on all the Debentures and all other monies payable hereunder have been paid or satisfied or that all the Debentures having matured or having been duly called for redemption, payment of the principal of and interest (including interest on amounts in default, if any) on such Debentures and of all other monies payable hereunder has been duly and effectually provided for in accordance with the provisions hereof.

**Section 9.5 Satisfaction**

(1) The Corporation shall be deemed to have fully paid, satisfied and discharged all of the outstanding Debentures of any series and the Trustee, at the expense of the Corporation, shall execute and deliver proper instruments acknowledging the full payment, satisfaction and discharge of such Debentures, when, with respect to all of the outstanding Debentures or all of the outstanding Debentures of any series, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation has deposited or caused to be deposited with the Trustee as trust
funds or property in trust for the purpose of making payment on such Debentures, an amount in money sufficient to pay, satisfy and discharge
the entire amount of principal of, premium, if any, and interest, if any, to maturity, or any repayment date, or any Change of Control
Purchase Date, or upon conversion or otherwise as the case may be, of such Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation has deposited or caused to be deposited with the Trustee as trust
property in trust for the purpose of making payment on such Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Debentures are issued in Canadian dollars, such amount
in Canadian dollars of direct obligations of, or obligations the principal and interest of which are guaranteed by, the Government of
Canada; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Debentures are issued in a currency or currency unit other than Canadian dollars, cash in the currency
or currency unit in which the Debentures are payable and/or such amount in such currency or currency unit of direct obligations of, or
obligations the principal and interest of which are guaranteed by, the Government of Canada or the government that issued the currency
or currency unit in which the Debentures are payable;

as will be sufficient to pay and discharge the entire amount of principal of, premium, if any on, and accrued and unpaid interest to maturity or any repayment date, as the case may be, of all such Debentures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Debentures authenticated and delivered (other than (i) Debentures which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.11 and (ii) Debentures for whose payment
has been deposited in trust and thereafter repaid to the Corporation as provided in Section 9.3) have been delivered to the Trustee
for cancellation;

so long as in any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation has paid, caused to be paid or made provisions to the satisfaction of the Trustee for
the payment of all other sums payable or which may be payable with respect to all of such Debentures (together with all applicable expenses
of the Trustee in connection with the payment of such Debentures); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Corporation has delivered to the Trustee an Officer's Certificate stating
that all conditions precedent herein provided relating to the payment, satisfaction and discharge of all such Debentures have been complied
with.

Any deposits with the Trustee referred to in this Section 9.5 shall be irrevocable, subject to Section 9.6, and shall be made under the terms of an escrow and/or trust agreement in form and substance satisfactory to the Trustee and which provides for the due and punctual payment of the principal of, premium, if any, and interest on the Debentures being satisfied.

(2) Upon the satisfaction of the conditions set forth in this Section 9.5 with respect to all the outstanding Debentures, or all the outstanding Debentures of any series, as applicable, the terms and conditions of the Debentures, including the terms and conditions with respect thereto set forth in this Indenture (other than those contained in Article 2 and Article 4 and the provisions of Article 1 pertaining to Article 2 and Article 4) shall no longer be binding upon or applicable to the Corporation.

(3) Any funds or obligations deposited with the Trustee pursuant to this Section 9.5 shall be denominated in the currency or denomination of the Debentures in respect of which such deposit is made.

(4) If the Trustee is unable to apply any money or securities in accordance with this Section 9.5 by reason of any legal proceeding or any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Corporation's obligations under this Indenture and the affected Debentures shall be revived and reinstated as though no money or securities had been deposited pursuant to this Section 9.5 until such time as the Trustee is permitted to apply all such money or securities in accordance with this Section 9.5, provided that if the Corporation has made any payment in respect of principal of, premium, if any, or interest on Debentures or, as applicable, other amounts because of the reinstatement of its obligations, the Corporation shall be subrogated to the rights of the holders of such Debentures to receive such payment from the money or securities held by the Trustee.

**Section 9.6 Continuance of Rights, Duties and Obligations**

(1) Where trust funds or trust property have been deposited pursuant to Section 9.5, the holders of Debentures and the Corporation shall continue to have and be subject to their respective rights, duties and obligations under Article 2 and Article 4.

(2) In the event that, after the deposit of trust funds or trust property pursuant to Section 9.5 in respect of a series of Debentures (the "**Defeased Debentures**"), any holder of any of the Defeased Debentures from time to time converts its Debentures to Common Shares or other securities of the Corporation in accordance with Section 2.5 (in respect of Initial Debentures or the comparable provision of any other series of Debentures), Article 6 or any other provision of this Indenture, the Trustee shall upon receipt of a Written Direction of the Corporation return to the Corporation from time to time the proportionate amount of the trust funds or other trust property deposited with the Trustee pursuant to Section 9.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures so converted (which amount shall be based on the applicable principal amount of the Defeased Debentures and accrued and unpaid interest thereon being converted in relation to the aggregate outstanding principal amount of all the Defeased Debentures and all accrued and unpaid interest thereon).

(3) In the event that, after the deposit of trust funds or trust property pursuant to Section 9.5, the Corporation is required to make a Change of Control Offer to purchase any outstanding Debentures pursuant to subsection 2.5(7) (in respect of Initial Debentures or the comparable provision of any other series of Debentures), in relation to Initial Debentures or to make an offer to purchase Debentures pursuant to any other similar provisions relating to any other series of Debentures, the Corporation shall be entitled to use any trust money or trust property deposited with the Trustee pursuant to Section 9.5 for the purpose of paying to any holders of Defeased Debentures who have accepted any such offer of the Corporation the Offer Price payable to such holders in respect of such Change of Control Offer in respect of Initial Debentures (or the total offer price payable in respect of an offer relating to any other series of Debentures). Upon receipt of a Written Direction from the Corporation, the Trustee shall be entitled to pay to such holder from such trust money or trust property deposited with the Trustee pursuant to Section 9.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures held by such holders who have accepted any such offer to the Corporation (which amount shall be based on the applicable principal amount of the Defeased Debentures and accrued and unpaid interest thereon held by accepting offerees in relation to the aggregate outstanding principal amount of all the Defeased Debentures and all accrued and unpaid interest thereon).

**ARTICLE 10 – SUCCESSORS**

**Section 10.1 Corporation may Consolidate, etc., Only on Certain Terms**

(1) The Corporation may not, without the consent of the holders of the Debentures by Extraordinary Resolution hereunder, consolidate with or amalgamate or merge with or into any Person (other than a directly or indirectly wholly-owned Subsidiary of the Corporation) or sell, convey, transfer or lease all or substantially all of the properties and assets of the Corporation to another Person (other than a directly or indirectly wholly-owned Subsidiary of the Corporation) unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Person formed by such consolidation or into which the Corporation is amalgamated
or merged, or the Person which acquires by sale, conveyance, transfer or lease all or substantially all of the properties and assets of
the Corporation is a corporation, organized and existing under the laws of Canada or any province or territory thereof or the laws of
the United States or any state thereof and such corporation (if other than the Corporation or the continuing corporation resulting from
the amalgamation of the Corporation with another corporation under the laws of Canada or any province or territory thereof) expressly
assumes, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the obligations
of the Corporation under the Debentures and this Indenture and the performance or observance of every covenant and provision of this Indenture
and the Debentures required on the part of the Corporation to be performed or observed and the conversion rights shall be provided for
in accordance with Article 6, by supplemental indenture satisfactory in form to the Trustee, executed and delivered to the Trustee, by
the Person (if other than the Corporation or the continuing corporation resulting from the amalgamation of the Corporation with another
corporation under the laws of Canada or any province or territory thereof) formed by such consolidation or into which the Corporation
shall have been merged or by the Person which shall have acquired the Corporation's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after giving effect to such transaction, no Event of Default, and no event which,
after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Corporation or the continuing corporation resulting from the amalgamation
or merger of the Corporation with another Person under the laws of Canada or any province or territory thereof or the laws of the United
States or any state thereof will not be the resulting, continuing or surviving corporation, the Corporation shall have, at or prior to
the effective date of such consolidation, amalgamation, merger or sale, conveyance, transfer or lease, delivered to the Trustee an Officer's
Certificate and an opinion of Counsel, each stating that such consolidation, merger or transfer complies with this Article and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture complies with this Article, and that all conditions
precedent herein provided for relating to such transaction have been complied with.

(2) For purposes of the foregoing, the sale, conveyance, transfer or lease (in a single transaction or a series of related transactions) of the properties or assets of one or more Subsidiaries of the Corporation (other than to the Corporation or another wholly-owned Subsidiary of the Corporation), which, if such properties or assets were directly owned by the Corporation, would constitute all or substantially all of the properties and assets of the Corporation and its Subsidiaries, taken as a whole, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Corporation.

**Section 10.2 Successor Substituted**

Upon any consolidation of the Corporation with, or amalgamation or merger of the Corporation into, any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Corporation and its Subsidiaries, taken as a whole, in accordance with Section 10.1, the successor Person formed by such consolidation or into which the Corporation is amalgamated or merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Corporation under this Indenture with the same effect as if such successor Person had been named as the Corporation herein, and thereafter, except in the case of a lease, and except for obligations the predecessor Person may have under a supplemental indenture entered into pursuant to clause 10.1(1)(c), the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Debentures.

**ARTICLE 11– COMPULSORY ACQUISITION**

**Section 11.1 Definitions In this Article:**

(1) "**Affiliate**" and "**Associate**" shall have their respective meanings set forth in the

*Securities Act* (Ontario);

(2) "**Dissenting Debentureholders**" means a Debentureholder who does not accept an Offer referred to in Section 11.2 and includes any assignee of the Debenture of a Debentureholder to whom such an Offer is made, whether or not such assignee is recognized under this Indenture;

(3) "**Offer**" means an offer to acquire outstanding Debentures, which is a takeover bid for Debentures within the meaning ascribed thereto in NI 62-104, whereas of the date of the offer to acquire, the Debentures that are subject to the offer to acquire, together with the Offeror's Debentures, constitute in the aggregate 20% or more of the outstanding principal amount of the Debentures;

(4) "**offer to acquire**" includes an acceptance of an offer to sell;

(5) "**Offeror**" means a person, or two or more persons acting jointly or in concert, who make an Offer to acquire Debentures;

(6) "**Offeror's Debentures**" means Debentures beneficially owned, or over which control or direction is exercised, on the date of an Offer by the Offeror, any Affiliate or Associate of the Offeror or any Person or company acting jointly or in concert with the Offeror; and

(7) "**Offeror's Notice**" means the notice described in Section 11.3.

**Section 11.2 Offer for Debentures**

If an Offer for all of the outstanding Debentures (other than Debentures held by or on behalf of the Offeror or an Affiliate or Associate of the Offeror) is made and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within the time provided in the Offer for its acceptance or within 120 days after the date the Offer is
made, whichever period is the shorter, the Offer is accepted by Debentureholders representing at least 90% of the outstanding principal
amount of the Debentures, other than the Offeror's Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Offeror is bound to take up and pay for, or has taken up and paid for the
Debentures of the Debentureholders who accepted the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Offeror complies with Sections 11.3 and 11.5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Offer complies with applicable securities laws (including any applicable requirements
of the U.S. Securities Exchange Act).

the Offeror is entitled to acquire, and the Dissenting Debentureholders are required to sell to the Offeror, the Debentures held by the Dissenting Debentureholder for the same consideration per Debenture payable or paid, as the case may be, under the Offer.

**Section 11.3 Offeror's Notice to Dissenting Shareholders**

Where an Offeror is entitled to acquire Debentures held by Dissenting Debentureholders pursuant to Section 11.2 and the Offeror wishes to exercise such right, the Offeror shall send by registered mail within 30 days after the date of termination of the Offer a notice (the "**Offeror's Notice**") to each Dissenting Debentureholder stating that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentureholders holding at least 90% of the principal amount of all outstanding
Debentures, other than Offeror's Debentures, have accepted the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Offeror is bound to take up and pay for, or has taken up and paid for, the Debentures of the Debentureholders
who accepted the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dissenting Debentureholders must transfer their respective Debentures to the Offeror
on the terms on which the Offeror acquired the Debentures of the Debentureholders who accepted the Offer within 21 days after the date
of the sending of the Offeror's Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dissenting Debentureholders must send their respective Debenture certificate(s)
to the Trustee within 21 days after the date of the sending of the Offeror's Notice.

**Section 11.4 Delivery of Debenture Certificates**

A Dissenting Debentureholder to whom an Offeror's Notice is sent pursuant to Section 11.3 shall, within 21 days after the sending of the Offeror's Notice, send his or her Debenture certificate(s) to the Trustee duly endorsed for transfer.

**Section 11.5 Payment of Consideration to Trustee**

Within 21 days after the Offeror sends an Offeror's Notice pursuant to Section 11.3, the Offeror shall pay or transfer to the Trustee, or to such other Person as the Trustee may direct, the cash or other consideration that is payable to Dissenting Debentureholders pursuant to Section 11.2. The acquisition by the Offeror of all Debentures held by all Dissenting Debentureholders shall be effective as of the time of such payment or transfer.

**Section 11.6 Consideration to be held in Trust**

The Trustee, or the Person directed by the Trustee, shall hold in trust for the Dissenting Debentureholders the cash or other consideration they or it receives under Section 11.5. The Trustee, or such persons, shall deposit cash in a separate account in a Canadian chartered bank, or other body corporate, any of whose deposits are insured by the Canada Deposit Insurance Corporation, and shall place other consideration in the custody of a Canadian chartered bank or such other body corporate.

**Section 11.7 Completion of Transfer of Debentures to Offeror**

Within 30 days after the date of the sending of an Offeror's Notice pursuant to Section 11.3, the Trustee, if the Offeror has complied with Section 11.5, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) do all acts and things and execute and cause to be executed all instruments as
in the Trustee's opinion may be necessary or desirable to cause the transfer of the Debentures of the Dissenting Debentureholders
to the Offeror;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) send to each Dissenting Debentureholder who has complied with Section 11.4 the consideration to which
such Dissenting Debentureholder is entitled under this Article 11; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) send to each Dissenting Debentureholder who has not complied with Section 11.4 a notice stating that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) his or her Debentures have been transferred to the Offeror;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee or some other Person designated in such notice are holding in trust the consideration for
such Debentures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee, or such other Person, will send the consideration to such Dissenting Debentureholder as
soon as possible after receiving such Dissenting Debentureholder's Debenture Certificate(s)
or such other documents as the Trustee or such other Person may require in lieu thereof;

and the Trustee is hereby appointed the agent and attorney of the Dissenting Debentureholders for the purposes of giving effect to the foregoing provisions.

**Section 11.8 Communication of Offer to the Corporation**

An Offeror cannot make an Offer for Debentures unless, concurrent with the communication of the Offer to any Debentureholder, a copy of the Offer is provided to the Corporation.

**ARTICLE 12 – MEETINGS OF DEBENTUREHOLDERS**

**Section 12.1 Right to Convene Meeting**

The Trustee or the Corporation may at any time and from time to time, and the Trustee shall, on receipt of a Written Direction of the Corporation or a written request signed by the holders of not less than 25% of the principal amount of the Debentures then outstanding and upon receiving funding and being indemnified to its reasonable satisfaction by the Corporation or by the Debentureholders signing such request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Debentureholders. In the event of the Trustee failing, within 30 days after receipt of any such request and such funding of indemnity, to give notice convening a meeting, the Corporation or such Debentureholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Vancouver or at such other place as may be approved or determined by the Trustee.

**Section 12.2 Notice of Meetings**

(1) At least 21 days' notice of any meeting shall be given to the Debentureholders in the manner provided in Section 13.2 and a copy of such notice shall be sent by post to the Trustee, unless the meeting has been called by it. Such notice shall state the time when and the place where the meeting is to be held and shall state briefly the general nature of the business to be transacted thereat and it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Article. The accidental omission to give notice of a meeting to any holder of Debentures shall not invalidate any resolution passed at any such meeting. A holder may waive notice of a meeting either before or after the meeting.

(2) If the business to be transacted at any meeting by Extraordinary Resolution or otherwise, or any action to be taken or power exercised by instrument in writing under Section 12.15, especially affects the rights of holders of Debentures of one or more series in a manner or to an extent differing in any material way from that in or to which the rights of holders of Debentures of any other series are affected (determined as provided in subsections 12.2(3) and (4)), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a reference to such fact, indicating each series of Debentures
in the opinion of the Trustee so especially affected (hereinafter referred to as the "especially affected series") shall
be made in the notice of such meeting, and in any such case the meeting shall be and be deemed to be and is herein referred to as a "**Serial Meeting** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holders of Debentures of an especially affected series shall not be bound by any action taken at a
Serial Meeting or by instrument in writing under Section 12.15 unless in addition to compliance with the other provisions of this Article
12:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at such Serial Meeting: (A) there are Debentureholders present
in person or by proxy and representing at least 25% in principal amount of the Debentures then outstanding of such series, subject to
the provisions of this Article 12 as to quorum at adjourned meetings; and (B) the resolution is passed by the affirmative vote of the
holders of more than 50% (or in the case of an Extraordinary Resolution not less than 66⅔%) of the principal amount of the Debentures
of such series present in person or represented by proxy at such Serial Meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of action taken or power exercised by instrument in writing under Section 12.15, such instrument
is signed in one or more counterparts by the holders of not less than 66⅔% in principal amount of the Debentures of such series
then outstanding.

(3) Subject to subsection 12.2(4), the determination as to whether any business to be transacted at a meeting of Debentureholders, or any action to be taken or power to be exercised by instrument in writing under Section 12.15, especially affects the rights of the Debentureholders of one or more series in a manner or to an extent differing in any material way from that in or to which it affects the rights of Debentureholders of any other series (and is therefore an especially affected series) shall be determined by an opinion of Counsel, which shall be binding on all Debentureholders, the Trustee and the Corporation for all purposes hereof.

(4) A proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to extend the maturity of Debentures of any particular series or to reduce the principal amount thereof,
the rate of interest or redemption premium thereon or to impair any conversion right thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to modify or terminate any covenant or agreement which by its terms is effective
only so long as Debentures of a particular series are outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to reduce with respect to Debentureholders of any particular series any percentage
stated in this Section 12.2 or Sections 12.4, 12.12 and 12.15;

shall be deemed to especially affect the rights of the Debentureholders of such series in a manner differing in a material way from that in which it affects the rights of holders of Debentures of any other series, whether or not a similar extension, reduction, modification or termination is proposed with respect to Debentures of any or all other series.

**Section 12.3 Chairman**

Some person, who need not be a Debentureholder, nominated in writing by the Trustee shall be chairman of the meeting and if no Person is so nominated, or if the Person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, a majority of the Debentureholders present in person or by proxy shall choose some Person present to be chairman.

**Section 12.4 Quorum**

Subject to the provisions of Section 12.12, at any meeting of the Debentureholders a quorum shall consist of Debentureholders present in person or by proxy and representing at least 25% in principal amount of the outstanding Debentures and, if the meeting is a Serial Meeting, at least 25% of the Debentures then outstanding of each especially affected series. If a quorum of the Debentureholders shall not be present within 30 minutes from the time fixed for holding any meeting, the meeting, if summoned by the Debentureholders or pursuant to a request of the Debentureholders, shall be dissolved, but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day in which case it shall be adjourned to the next following Business Day thereafter) at the same time and place to the extent possible and no notice shall be required to be given in respect of such adjourned meeting. At the adjourned meeting, the Debentureholders present in person or by proxy shall, subject to the provisions of Section 12.12, constitute a quorum and may transact the business for which the meeting was originally convened notwithstanding that they may not represent 25% of the principal amount of the outstanding Debentures or of the Debentures then outstanding of each especially affected series. Any business may be brought before or dealt with at an adjourned meeting which might have been brought before or dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless the required quorum is present at the commencement of business.

**Section 12.5 Power to Adjourn**

The chairman of any meeting at which a quorum of the Debentureholders is present may, with the consent of the holders of a majority in principal amount of the Debentures represented thereat, adjourn any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

**Section 12.6 Show of Hands**

Every question submitted to a meeting shall, subject to Section 12.7, be decided in the first place by a majority of the votes given on a show of hands except that votes on Extraordinary Resolutions shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of the Debentures, if any, held by him.

**Section 12.7 Poll**

On every Extraordinary Resolution, and on any other question submitted to a meeting when demanded by the chairman or by one or more Debentureholders or proxies for Debentureholders, a poll shall be taken in such manner and either at once or after an adjournment as the chairman shall direct. Questions other than Extraordinary Resolutions shall, if a poll be taken, be decided by the votes of the holders of a majority in principal amount of the Debentures and of each especially affected series, if applicable, represented at the meeting and voted on the poll.

**Section 12.8 Voting**

On a show of hands every Person who is present and entitled to vote, whether as a Debentureholder or as proxy for one or more Debentureholders or both, shall have one vote. On a poll each Debentureholder present in person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote in respect of each $1.00 principal amount of Debentures of which he shall then be the holder. In the case of any Debenture denominated in a currency or currency unit other than Canadian dollars, the principal amount thereof for these purposes shall be computed in Canadian dollars on the basis of the conversion of the principal amount thereof at the applicable spot buying rate of exchange for such other currency or currency unit as reported by the Bank of Canada at the close of business on the Business Day next preceding the meeting. Any fractional amounts resulting from such conversion shall be rounded to the nearest $100. A proxy need not be a Debentureholder. In the case of joint holders of a Debenture, any one of them present in person or by proxy at the meeting may vote in the absence of the other or others but in case more than one of them be present in person or by proxy, they shall vote together in respect of the Debentures of which they are joint holders.

**Section 12.9 Proxies**

A Debentureholder may be present and vote at any meeting of Debentureholders by an authorized representative. The Corporation (in case it convenes the meeting) or the Trustee (in any other case) for the purpose of enabling the Debentureholders to be present and vote at any meeting without producing their Debentures, and of enabling them to be present and vote at any such meeting by proxy and of lodging instruments appointing such proxies at some place other than the place where the meeting is to be held, may from time to time make and vary such regulations as it shall think fit providing for and governing the form of the instrument appointing a proxy, which shall be in writing, and the manner in which the same shall be executed and the production of the authority of any Person signing on behalf of a Debentureholder.

Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be recognized at any meeting as the holders of any Debentures, or as entitled to vote or be present at the meeting in respect thereof, shall be Debentureholders and persons whom Debentureholders have by instrument in writing duly appointed as their proxies.

**Section 12.10 Persons Entitled to Attend Meetings**

The Corporation and the Trustee, by their respective officers and directors, the Auditors of the Corporation and the legal advisors of the Corporation, the Trustee or any Debentureholder may attend any meeting of the Debentureholders, but shall have no vote as such.

**Section 12.11 Powers Exercisable by Extraordinary Resolution**

(1) In addition to the powers conferred upon them by any other provisions of this Indenture or by law, a meeting of the Debentureholders shall have the following powers exercisable from time to time by Extraordinary Resolution (subject in the case of the matters in paragraphs (a)–(d) and (l) to the prior approval of the Recognized Stock Exchange on which the Common Shares are listed for trading, if the Common Shares are listed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) power to authorize the Trustee to grant extensions of time for payment of any principal, premium or interest
on the Debentures, whether or not the principal, premium, or interest, the payment of which is extended, is at the time due or overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) power to sanction any modification, abrogation, alteration, compromise or arrangement
of the rights of the Debentureholders or the Trustee (with its consent) against the Corporation, or against its property, whether such
rights arise under this Indenture or the Debentures or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) power to assent to any modification of or change in or addition to or omission
from the provisions contained in this Indenture or any Debenture which shall be agreed to by the Corporation and to authorize the Trustee
to concur in and execute any indenture supplemental hereto embodying any modification, change, addition or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) power to sanction any scheme for the reconstruction, reorganization or recapitalization
of the Corporation or for the consolidation, amalgamation, arrangement, combination or merger of the Corporation with any other Person
or for the sale, leasing, transfer or other disposition of all or substantially all of the undertaking, property and assets of the Corporation
or any part thereof, provided that no such sanction shall be necessary in respect of any such transaction if the provisions of Section
10.1 shall have been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) power to direct or authorize the Trustee to exercise any power, right, remedy or authority given to it
by this Indenture in any manner specified in any such Extraordinary Resolution or to refrain from exercising any such power, right, remedy
or authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) power to waive, and direct the Trustee to waive, any default hereunder and/or cancel any declaration made
by the Trustee pursuant to Section 8.1 either unconditionally or upon any condition specified in such Extraordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) power to restrain any Debentureholder from taking or instituting any suit, action or proceeding for the
purpose of enforcing payment of the principal, premium or interest on the Debentures, or for the execution of any trust or power hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) power to direct any Debentureholder who, as such, has brought any action, suit
or proceeding to stay or discontinue or otherwise deal with the same upon payment, if the taking of such suit, action or proceeding shall
have been permitted by Section 8.5, of the costs, charges and expenses reasonably and properly incurred by such Debentureholder in connection
therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) power to assent to any compromise or arrangement with any creditor or creditors or any class or classes
of creditors, whether secured or otherwise, and with holders of any shares or other securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) power to appoint a committee with power and authority (subject to such limitations,
if any, as may be prescribed in the resolution) to exercise, and to direct the Trustee to exercise, on behalf of the Debentureholders,
such of the powers of the Debentureholders as are exercisable by Extraordinary Resolution or other resolution as shall be included in
the resolution appointing the committee. The resolution making such appointment may provide for payment of the expenses and disbursements
of and compensation to such committee. Such committee shall consist of such number of persons as shall be prescribed in the resolution
appointing it and the members need not be themselves Debentureholders. Every such committee may elect its chairman and may make regulations
respecting its quorum, the calling of its meetings and the filling of vacancies occurring in its number and its procedure generally. Such
regulations may provide that the committee may act at a meeting at which a quorum is present or may act by minutes signed by the number
of members thereof necessary to constitute a quorum. All acts of any such committee within the authority delegated to it shall be binding
upon all Debentureholders. Neither the committee nor any member thereof shall be liable for any loss arising from or in connection with
any action taken or omitted to be taken by them in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) power to remove the Trustee from office and to appoint a new Trustee or Trustees
provided that no such removal shall be effective unless and until a new Trustee or Trustees shall have become bound by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) power to sanction the exchange of the Debentures for or the conversion thereof
into shares, bonds, debentures or other securities or obligations of the Corporation or of any other Person formed or to be formed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) power to authorize the distribution in specie of any shares or securities received pursuant to a transaction
authorized under the provisions of subsection 12.11(1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) power to amend, alter or repeal any Extraordinary Resolution previously passed
or sanctioned by the Debentureholders or by any committee appointed pursuant to clause 12.11(1)(j).

(2) Notwithstanding the foregoing provisions of this Section 12.11 none of such provisions shall in any manner allow or permit any amendment, modification, abrogation or addition to the provisions of Article 5 which could reasonably be expected to detrimentally affect the rights, remedies or recourse of the priority of the Secured Creditors.

**Section 12.12 Meaning of "Extraordinary Resolution"**

(1) The expression "**Extraordinary Resolution**" when used in this Indenture means, subject as hereinafter in this Article provided, a resolution proposed to be passed as an Extraordinary Resolution at a meeting of Debentureholders (including an adjourned meeting) duly convened for the purpose and held in accordance with the provisions of this Article at which the holders of not less than 25% of the principal amount of the Debentures then outstanding, and if the meeting is a Serial Meeting, at which holders of not less than 25% of the principal amount of the Debentures then outstanding of each especially affected series, are present in person or by proxy and passed by the favourable votes of the holders of not less than 66⅔% of the principal amount of the Debentures, and if the meeting is a Serial Meeting by the affirmative vote of the holders of not less than 66⅔% of each especially affected series, in each case present or represented by proxy at the meeting and voted upon on a poll on such resolution.

(2) If, at any such meeting, the holders of not less than 25% of the principal amount of the Debentures then outstanding and, if the meeting is a Serial Meeting, 25% of the principal amount of the Debentures then outstanding of each especially affected series, in each case are not present in person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by or on the requisition of Debentureholders, shall be dissolved but in any other case it shall stand adjourned to such date, being not less than 14 nor more than 60 days later, and to such place and time as may be appointed by the chairman. Not less than 10 days' notice shall be given of the time and place of such adjourned meeting in the manner provided in Section 13.2. Such notice shall state that at the adjourned meeting the Debentureholders present in person or by proxy shall form a quorum. At the adjourned meeting the Debentureholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed thereat by the affirmative vote of holders of not less than 66⅔% of the principal amount of the Debentures and, if the meeting is a Serial Meeting, by the affirmative vote of the holders of not less than 66⅔% of the principal amount of the Debentures of each especially affected series, in each case present or represented by proxy at the meeting and voted upon on a poll shall be an Extraordinary Resolution within the meaning of this Indenture, notwithstanding that the holders of not less than 25% in principal amount of the Debentures then outstanding, and if the meeting is a Serial Meeting, holders of not less than 25% of the principal amount of the Debentures then outstanding of each especially affected series, are not present in person or by proxy at such adjourned meeting.

(3) Votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary.

**Section 12.13 Powers Cumulative**

Any one or more of the powers in this Indenture stated to be exercisable by the Debentureholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers from time to time shall not be deemed to exhaust the rights of the Debentureholders to exercise the same or any other such power or powers thereafter from time to time.

**Section 12.14 Minutes**

Minutes of all resolutions and proceedings at every meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chairman of the meeting at which such resolutions were passed or proceedings had, or by the chairman of the next succeeding meeting of the Debentureholders, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed thereat or proceedings taken thereat to have been duly passed and taken.

**Section 12.15 Instruments in Writing**

All actions which may be taken and all powers that may be exercised by the Debentureholders at a meeting held as hereinbefore in this Article provided may also be taken and exercised by the holders of 66⅔% of the principal amount of all the Debentures outstanding and, if the meeting at which such actions might be taken would be a Serial Meeting, by the holders of 66⅔% of the principal amount of the Debentures then outstanding of each especially affected series, by an instrument in writing signed in one or more counterparts and the expression "**Extraordinary Resolution**" when used in this Indenture shall include an instrument so signed.

**Section 12.16 Binding Effect of Resolutions**

Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article at a meeting of Debentureholders shall be binding upon all the Debentureholders, whether present at or absent from such meeting, and every instrument in writing signed by Debentureholders in accordance with Section 12.15 shall be binding upon all the Debentureholders, whether signatories thereto or not, and each and every Debentureholder and the Trustee (subject to the provisions for its indemnity herein contained) shall be bound to give effect accordingly to every such resolution, Extraordinary Resolution and instrument in writing.

**Section 12.17 Evidence of Rights Of Debentureholders**

(1) Any request, direction, notice, consent or other instrument which this Indenture may require or permit to be signed or executed by the Debentureholders may be in any number of concurrent instruments of similar tenor signed or executed by such Debentureholders.

(2) The Trustee may, in its discretion, require proof of execution in cases where it deems proof desirable and may accept such proof as it shall consider proper.

**Section 12.18 Concerning Serial Meetings**

If in the opinion of Counsel any business to be transacted at any meeting, or any action to be taken or power to be exercised by instrument in writing under Section 12.15, does not adversely affect the rights of the holders of Debentures of one or more series, the provisions of this Article 12 shall apply as if the Debentures of such series were not outstanding and no notice of any such meeting need be given to the holders of Debentures of such series. Without limiting the generality of the foregoing, a proposal to modify or terminate any covenant or agreement which is effective only so long as Debentures of a particular series are outstanding shall be deemed not to adversely affect the rights of the holders of Debentures of any other series.

**ARTICLE 13 – NOTICES**

**Section 13.1 Notice to Corporation**

Any notice to the Corporation under the provisions of this Indenture shall be valid and effective if delivered to the Corporation at: Kuljit Basi, Attention: Chief Executive Officer, or if given by registered letter, postage prepaid, to such offices and so addressed and if mailed, shall be deemed to have been effectively given three days following the mailing thereof. The Corporation may from time to time notify the Trustee in writing of a change of address which thereafter, until changed by like notice, shall be the address of the Corporation for all purposes of this Indenture.

**Section 13.2 Notice to Debentureholders**

(1) All notices to be given hereunder with respect to the Debentures shall be deemed to be validly given to the holders thereof if sent by first class mail, postage prepaid, by letter or circular addressed to such holders at their post office addresses appearing in any of the registers hereinbefore mentioned and shall be deemed to have been effectively given three days following the day of mailing. Accidental error or omission in giving notice or accidental failure to mail notice to any Debentureholder or the inability of the Corporation to give or mail any notice due to anything beyond the reasonable control of the Corporation shall not invalidate any action or proceeding founded thereon.

(2) If any notice given in accordance with the foregoing paragraph would be unlikely to reach the Debentureholders to whom it is addressed in the ordinary course of post by reason of an interruption in mail service, whether at the place of dispatch or receipt or both, the Corporation shall give such notice by publication at least once in the city of Vancouver (or in such of those cities as, in the opinion of the Trustee, is sufficient in the particular circumstances), each such publication to be made in a daily newspaper of general circulation in the designated city.

(3) Any notice given to Debentureholders by publication shall be deemed to have been given on the day on which publication shall have been effected at least once in each of the newspapers in which publication was required.

(4) All notices with respect to any Debenture may be given to whichever one of the holders thereof (if more than one) is named first in the registers hereinbefore mentioned, and any notice so given shall be sufficient notice to all holders of any persons interested in such Debenture.

**Section 13.3 Notice to Trustee**

Any notice to the Trustee under the provisions of this Indenture shall be valid and effective if delivered, receipt confirmed, to the Trustee as follows:

Computershare Trust Company of Canada

800 - 324 8 Avenue SW

Calgary, Alberta T2P 2Z2

Attention: Manager, Corporate Trust

Email: corporatetrust.calgary@computershare.com

and shall be deemed to have been effectively given as of the date of such receipt confirmation or if given by registered letter, postage prepaid, to such office and so addressed and, if mailed, shall be deemed to have been effectively given three days following the mailing thereof.

**Section 13.4 Mail Service Interruption**

If by reason of any interruption of mail service, actual or threatened, any notice to be given to the Trustee would reasonably be unlikely to reach its destination by the time notice by mail is deemed to have been given pursuant to Section 13.3, such notice shall be valid and effective only if delivered at the appropriate address in accordance with Section 13.3.

**ARTICLE 14 – CONCERNING THE TRUSTEE**

**Section 14.1 Replacement of Trustee**

(1) The Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to the Corporation 90 days' notice in writing or such shorter notice as the Corporation may accept as sufficient. If at any time a material conflict of interest exists in the Trustee's role as a fiduciary hereunder the Trustee shall, within 30 days after ascertaining that such a material conflict of interest exists, either eliminate such material conflict of interest or resign in the manner and with the effect specified in this Section 14.1. The validity and enforceability of this Indenture and of the Debentures issued hereunder shall not be affected in any manner whatsoever by reason only that such a material conflict of interest exists. In the event of the Trustee resigning or being removed or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint a new Trustee unless a new Trustee has already been appointed by the Debentureholders. Failing such appointment by the Corporation, the retiring Trustee or any Debentureholder may apply to a Judge of the Ontario Superior Court of Justice, on such notice as such Judge may direct at the Corporation's expense, for the appointment of a new Trustee but any new Trustee so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Debentureholders and the appointment of such new Trustee shall be effective only upon such new Trustee becoming bound by this Indenture. Any new Trustee appointed under any provision of this Section 14.1 shall be a corporation authorized to carry on the business of a trust company in all of the Provinces of Canada. On any new appointment the new Trustee shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Trustee.

(2) Any company into which the Trustee may be merged or, with or to which it may be consolidated, amalgamated or sold, or any company resulting from any merger, consolidation, sale or amalgamation to which the Trustee shall be a party, or any company which shall purchase all or substantially all of the corporate trust book of business of the Trustee, shall be the successor trustee under this Indenture without the execution of any instrument or any further act. Nevertheless, upon the written request of the successor Trustee or of the Corporation, the Trustee ceasing to act shall execute and deliver an instrument assigning and transferring to such successor Trustee, upon the trusts herein expressed, all the rights, powers and trusts of the Trustee so ceasing to act, and, upon receipt by the Trustee of payment in full for any outstanding charges due to it, shall duly assign, transfer and deliver all property and money held by such Trustee to the successor Trustee so appointed in its place. Should any deed, conveyance or instrument in writing from the Corporation be required by any new Trustee for more fully and certainly vesting in and confirming to it such estates, properties, rights, powers and trusts, then any and all such deeds, conveyances and instruments in writing shall on request of said new Trustee, be made, executed, acknowledged and delivered by the Corporation.

**Section 14.2 Duties of Trustee**

In the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee shall act honestly and in good faith, with a view to the best interests of the Debentureholders, and shall exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances.

**Section 14.3 Reliance Upon Declarations, Opinions, etc.**

In the exercise of its rights, duties and obligations hereunder the Trustee may, if acting in good faith, rely, as to the truth of the statements and accuracy of the opinions expressed therein, upon statutory declarations, opinions, reports or certificates furnished pursuant to any covenant, condition or requirement of this Indenture or required by the Trustee to be furnished to it in the exercise of its rights and duties hereunder, if the Trustee examines such statutory declarations, opinions, reports or certificates and determines that they comply with Section 14.4, if applicable, and with any other applicable requirements of this Indenture. The Trustee may nevertheless, in its discretion, require further proof in cases where it deems further proof desirable. Without restricting the foregoing, the Trustee may rely on an opinion of Counsel satisfactory to the Trustee notwithstanding that it is delivered by a solicitor or firm which acts as solicitors for the Corporation.

**Section 14.4 Evidence and Authority to Trustee, Opinions, etc.**

(1) The Corporation shall furnish to the Trustee evidence of compliance with the conditions precedent provided for in this Indenture relating to any action or step required or permitted to be taken by the Corporation or the Trustee under this Indenture or as a result of any obligation imposed under this Indenture, including without limitation, the certification and delivery of Debentures hereunder, the satisfaction and discharge of this Indenture and the taking of any other action to be taken by the Trustee at the request of or on the application of the Corporation, forthwith if and when (a) such evidence is required by any other Section of this Indenture to be furnished to the Trustee in accordance with the terms of this Section 14.4, or (b) the Trustee, in the exercise of its rights and duties under this Indenture, gives the Corporation written notice requiring it to furnish such evidence in relation to any particular action or obligation specified in such notice.

(2) Such evidence shall consist of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate made by any two officers or directors of the Corporation, stating
that any such condition precedent has been complied with in accordance with the terms of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a condition precedent compliance with which is, by the terms of
this Indenture, made subject to review or examination by a solicitor, an opinion of Counsel that such condition precedent has been complied
with in accordance with the terms of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of any such condition precedent compliance with which is subject to review or examination
by auditors or accountants, an opinion or report of the Auditors of the Corporation whom the Trustee for such purposes hereby approves,
that such condition precedent has been complied with in accordance with the terms of this Indenture.

(3) Whenever such evidence relates to a matter other than the certificates and delivery of Debentures and the satisfaction and discharge of this Indenture, and except as otherwise specifically provided herein, such evidence may consist of a report or opinion of any solicitor, auditor, accountant, engineer or appraiser or any other Person whose qualifications give authority to a statement made by him, provided that if such report or opinion is furnished by a trustee, officer or employee of the Corporation it shall be in the form of a statutory declaration. Such evidence shall be, so far as appropriate, in accordance with the immediately preceding paragraph of this Section.

(4) Each statutory declaration, certificate, opinion or report with respect to compliance with a condition precedent provided for in the Indenture shall include (a) a statement by the Person giving the evidence that he has read and is familiar with those provisions of this Indenture relating to the condition precedent in question, (b) a brief statement of the nature and scope of the examination or investigation upon which the statements or opinions contained in such evidence are based, (c) a statement that, in the belief of the Person giving such evidence, he has made such examination or investigation as is necessary to enable him to make the statements or give the opinions contained or expressed therein, and (d) a statement whether in the opinion of such Person the conditions precedent in question have been complied with or satisfied.

(5) The Corporation shall furnish or cause to be furnished to the Trustee at any time if the Trustee reasonably so requires, its certificate that the Corporation has complied with all covenants, conditions or other requirements contained in this Indenture, the non-compliance with which would, with the giving of notice or the lapse of time, or both, or otherwise, constitute an Event of Default, or if such is not the case, specifying the covenant, condition or other requirement which has not been complied with and giving particulars of such non-compliance. The Corporation shall, whenever the Trustee so requires, furnish the Trustee with evidence by way of statutory declaration, opinion, report or certificate as specified by the Trustee as to any action or step required or permitted to be taken by the Corporation or as a result of any obligation imposed by this Indenture.

**Section 14.5 Officer's Certificates Evidence**

Except as otherwise specifically provided or prescribed by this Indenture, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, the Trustee, if acting in good faith, may rely upon an Officer's Certificate.

**Section 14.6 Experts, Advisers and Agents**

The Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ or retain and act and rely on the opinion or advice of or information obtained from any solicitor,
auditor, valuer, engineer, surveyor, appraiser or other expert, whether obtained by the Trustee or by the Corporation, or otherwise, and
shall not be liable for acting, or refusing to act, in good faith on any such opinion or advice and shall not be responsible for any misconduct
on the part of any of them and may pay proper and reasonable compensation for all such legal and other advice or assistance as aforesaid.
The reasonable costs of such services shall be added to and become part of the Trustee's remuneration hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) employ such agents and other assistants as it may reasonably require for the proper
discharge of its duties hereunder, and may pay reasonable remuneration for all services performed for it (and shall be entitled to receive
reasonable remuneration for all services performed by it) in the discharge of the trusts hereof and compensation for all
disbursements, costs and expenses made or incurred by it in the discharge of its duties hereunder and in the management of the trusts
hereof and any solicitors employed or consulted by the Trustee may, but need not be, solicitors for the Corporation.

**Section 14.7 Trustee May Deal in Debentures**

Subject to Section 14.2, the Trustee may, in its personal or other capacity, buy, sell, lend upon and deal in the Debentures and generally contract and enter into financial transactions with the Corporation or otherwise, without being liable to account for any profits made thereby.

**Section 14.8 Investment of Monies Held by Trustee**

Until released in accordance with this Agreement, monies held by the Trustee shall be kept segregated in the records of the Trustee and shall be deposited in one or more interest- bearing trust accounts to be maintained by the Trustee in the name of the Trustee at one or more banks having a Standard and Poors Issuer Credit rating of AA- or above (an "**Approved Bank**"). All amounts held by the Trustee pursuant to this Agreement shall be held by the Trustee pursuant to the term of this Agreement and shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Trustee pursuant to this Agreement are at the sole risk of Corporation and, without limiting the generality of the foregoing, the Trustee shall have no responsibility or liability for any diminution of the monies which may result from any deposit made with an Approved Bank pursuant to this Section 14.8, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default) and any credit or other losses on any deposit liquidated or sold prior to maturity. The parties hereto acknowledge and agree that the Trustee will have acted prudently in depositing the monies at any Approved Bank.

**Section 14.9 Trustee Not Ordinarily Bound**

Except as provided in Section 8.2 and as otherwise specifically provided herein, the Trustee shall not, subject to Section 14.2, be bound to give notice to any Person of the execution hereof, nor to do, observe or perform or see to the observance or performance by the Corporation of any of the obligations herein imposed upon the Corporation or of the covenants on the part of the Corporation herein contained, nor in any way to supervise or interfere with the conduct of the Corporation's business, unless the Trustee shall have been required to do so in writing by the holders of not less than 25% of the aggregate principal amount of the Debentures then outstanding or by any Extraordinary Resolution of the Debentureholders passed in accordance with the provisions contained in Article 12, and then only after it shall have been funded and indemnified to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all costs, charges, damages and expenses which it may incur by so doing.

**Section 14.10 Trustee Not Required to Give Security**

The Trustee shall not be required to give any bond or security in respect of the execution of the trusts and powers of this Indenture or otherwise in respect of the premises.

**Section 14.11 Trustee Not Bound to Act on Trust's Request**

Except as otherwise specifically provided in this Indenture, the Trustee shall not be bound to act in accordance with any direction or request of the Corporation until a duly authenticated copy of the instrument or resolution containing such direction or request shall have been delivered to the Trustee, and the Trustee shall be empowered to act upon any such copy purporting to be authenticated and believed by the Trustee to be genuine.

**Section 14.12 Conditions Precedent to Trustee's Obligations to Act Hereunder**

(1) The obligation of the Trustee to commence or continue any act, action or proceeding for the purpose of enforcing the rights of the Trustee and of the Debentureholders hereunder shall be conditional upon the Debentureholders furnishing when required by notice in writing by the Trustee, sufficient funds to commence or continue such act, action or proceeding and indemnity reasonably satisfactory to the Trustee to protect and hold harmless the Trustee against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof.

(2) None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers.

(3) The Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding require the Debentureholders at whose instance it is acting to deposit with the Trustee the Debentures held by them for which Debentures the Trustee shall issue receipts.

**Section 14.13 Authority to Carry on Business**

The Trustee represents to the Corporation that at the date of execution and delivery by it of this Indenture it is authorized to carry on the business of a trust company in each of the provinces and territories of Canada but if, notwithstanding the provisions of this Section 14.13, it ceases to be so authorized to carry on business, the validity and enforceability of this Indenture and the securities issued hereunder shall not be affected in any manner whatsoever by reason only of such event but the Trustee shall, within 90 days after ceasing to be authorized to carry on the business of a trust company in any of the provinces of Canada, either become so authorized or resign in the manner and with the effect specified in Section 14.1.

**Section 14.14 Compensation and Indemnity**

(1) The Corporation shall pay to the Trustee from time to time compensation for its services hereunder as agreed separately by the Corporation and the Trustee, and shall pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in the administration or execution of its duties under this Indenture (including the reasonable and documented compensation and disbursements of its Counsel and all other advisers and assistants not regularly in its employ), both before any default hereunder and thereafter until all duties of the Trustee under this Indenture shall be finally and fully performed. Any fees and expenses of the trustee in connection herewith shall be paid by the Corporation within 30 days of issuance of an invoice therefor and, if not so paid, shall bear interest at a rate per annum to the then-current rate of interest charged by the Trustee to its corporate clients. The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust.

(2) The Corporation hereby indemnifies and holds the Trustee and its affiliates, their successors and assigns, as well as its and their respective directors, officers, employees and agents, harmless from and against any and all claims, demands, assessments, interest, penalties, actions, suits, proceedings, liabilities, losses, damages, costs and expenses, including, without limiting the foregoing, expert, consultant and counsel fees and disbursements on a solicitor and client basis, arising from or in connection with any actions or omissions that the Trustee or they take pursuant to this Indenture, provided that the Corporation need not reimburse any cost or expense or indemnify against any loss or liability incurred by the Trustee through gross negligence or bad faith or fraud. This indemnity shall survive the resignation or removal of the Trustee and the termination or discharge of this Indenture.

(3) Notwithstanding any other provision of this Indenture, the Trustee shall not be liable for any (i) breach by any other party of the Applicable Securities Legislation, (ii) lost profits or (iii) punitive, consequential or special damages of any Person.

**Section 14.15 Acceptance of Trust**

The Trustee hereby accepts the trusts in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth and to hold all rights, privileges and benefits conferred hereby and by law in trust for the various persons who shall from time to time be Debentureholders, subject to all the terms and conditions herein set forth.

**Section 14.16 Third Party Interests**

Each party to this Indenture (in this paragraph referred to as a "representing party") hereby represents to the Trustee that any account to be opened by, or interest to be held by, the Trustee in connection with this Indenture, for or to the credit of such representing party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such representing party hereby agrees to complete, execute and deliver forthwith to the Trustee a declaration, in the Trustee's prescribed form or in such other form as may be satisfactory to it, as to the particulars of such third party.

**Section 14.17 Anti-Money Laundering**

The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, acting reasonably, determines that such act might cause it to be in noncompliance with any applicable anti-money laundering or anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, acting reasonably, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist or economic sanctions legislation, regulation or guideline, then it shall have the right to resign on 10 days' prior written notice sent to the Corporation provided that (i) the Trustee's written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to the Trustee's satisfaction within such 10-day period, then such resignation shall not be effective.

**Section 14.18 Privacy Laws**

The Corporation acknowledges that the Trustee may, in the course of providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide the services required under this Indenture and other services that may be requested from
time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to help the Trustee manage its servicing relationships with such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to meet the Trustee's legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if Social Insurance Numbers are collected by the Trustee, to perform tax reporting and to assist in
verification of an individual's identity for security purposes.

Each party acknowledges and agrees that the Trustee may receive, collect, use and disclose personal information provided to it or acquired by it in the course of this Indenture for the purposes described above and, generally, in the manner and on the terms described in its Privacy Code, which the Trustee shall make available on its website, www.computershare.com, or upon request, including revisions thereto. The Trustee may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.

Further, each party agrees that it shall not provide or cause to be provided to the Trustee any personal information relating to an individual who is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the aforementioned uses and disclosures.

**Section 14.19 Force Majeure**

Except for the payment obligations of the Corporation, neither party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section.

**ARTICLE 15– SUPPLEMENTAL INDENTURES**

**Section 15.1 Supplemental Indentures**

From time to time the Trustee and, when authorized by a resolution of the directors of Corporation, the Corporation, may, subject to the provisions hereof, as need be, and they shall when required by this Indenture, execute, acknowledge and deliver by their proper officers deeds or indentures supplemental hereto which thereafter shall form part hereof, for any one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing for the issuance of Additional Debentures under
this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adding to the covenants of the Corporation herein contained for the protection
of the Debentureholders, or of the Debentures of any series, or providing for events of default, in addition to those herein specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) making such provisions not inconsistent with this Indenture as may be necessary or desirable with respect
to matters or questions arising hereunder, including the making of any modifications in the form of the Debentures which do not affect
the substance thereof and which in the opinion of the Trustee relying on an opinion of Counsel will not be prejudicial to the interests
of the Debentureholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) evidencing the succession, or successive successions, of others to the Corporation
and the covenants of and obligations assumed by any such successor in accordance with the provisions of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) giving effect to any Extraordinary Resolution passed as provided in Article 12;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any other purpose not inconsistent with the terms of this Indenture.

Unless the supplemental indenture requires the consent or concurrence of Debentureholders or the holders of a particular series of Debentures, as the case may be, by Extraordinary Resolution, the consent or concurrence of Debentureholders or the holders of a particular series of Debentures, as the case may be, shall not be required in connection with the execution, acknowledgement or delivery of a supplemental indenture. The Corporation and the Trustee may amend any of the provisions of this Indenture related to matters of United States law or the issuance of Debentures into the United States in order to ensure that such issuances can be made in accordance with applicable law in the United States without the consent or approval of the Debentureholders. Further, the Corporation and the Trustee may without the consent or concurrence of the Debentureholders or the holders of a particular series of Debentures, as the case may be, by supplemental indenture or otherwise, make any changes or corrections in this Indenture which it shall have been advised by Counsel are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or clerical omissions or mistakes or manifest errors contained herein or in any indenture supplemental hereto or any Written Direction of the Corporation provided for the issue of Debentures, providing that in the opinion of the Trustee (relying upon an opinion of Counsel) the rights of the Debentureholders are in no way prejudiced thereby.

**ARTICLE 16– EXECUTION AND FORMAL DATE**

**Section 16.1 Execution**

This Indenture may be simultaneously executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

**Section 16.2 Formal Date**

For the purpose of convenience this Indenture may be referred to as bearing the formal date of April 7, 2022 irrespective of the actual date of execution hereof.

The parties have executed this Indenture.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Kuljit Basi | /s/ Kuljit Basi |
|  | Name: | Kuljit Basi |
|  | Title: | Chief Executive Officer |
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |
| By: | /s/ Luci Scholes | /s/ Luci Scholes |
|  | Name: | Luci Scholes |
|  | Title: | Professional, Corporate Trust |
| By: | /s/ Shannon Grover | /s/ Shannon Grover |
|  | Name: | Shannon Grover |
|  | Title: | Manager Corporate Trust |

---

**Schedule A – Form of Debenture**

**UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (I) APRIL 7, 2022 AND (II) THE DATE THE ISSUER BECAME UNLESS PERMITTED A REPORTING ISUER IN ANY PROVINCE OR TERRITORY**

**[If to a U.S Debentureholder, add:**

**"THESE DEBENTURES AND THE SECURITIES DELIVERABLE UPON THE CONVERSION THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO MODERN MINING TECHNOLOGY CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.**

**THESE DEBENTURES MAY NOT BE CONVERTED IN THE UNITED STATES, OR BY OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES, UNLESS THESE DEBENTURES AND THE COMMON SHARES ISSUABLE UPON CONVERSION THEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT."]**

**[If a Global Debenture, add:**

**THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE DATED AS OF THE 7TH DAY OF APRIL, 2022 BETWEEN MODERN MINING TECHNOLOGY CORP. AND COMPUTERSHARE TRUST COMPANY OF CANADA (THE "INDENTURE"). EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.**

**UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO MODERN MINING TECHNOLOGY CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED**

**BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES CERTIFICATE REPRESENTED BY THIS HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.]**

**CUSIP 607673AA8**

**ISIN CA607673AA81**

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| | |
|:---|:---|
| No. ● | Principal Amount $● |

---

**MODERN MINING TECHNOLOGY CORP.**

**(a corporation incorporated under the laws of British Columbia)**

**5.0% UNSECURED CONVERTIBLE DEBENTURE**

**DUE APRIL 7, 2025**

**MODERN MINING TECHNOLOGY CORP.** (the "**Corporation**") for value received hereby acknowledges itself indebted and, subject to the provisions of the debenture indenture (the "**Indenture**") dated as of April 7, 2022, between the Corporation and Computershare Trust Company of Canada (the "**Trustee**"), promises to pay to the registered holder hereof on April 7, 2025 or on such earlier date as the principal amount hereof may become due in accordance with the provisions of the Indenture (any such date, the "**Maturity Date**") the principal amount hereof in lawful money of the United States of America on presentation and surrender of this Initial Debenture at the office of the Trustee in Vancouver, British Columbia, Calgary, Alberta or Toronto, Ontario, in accordance with the terms of the Indenture and, subject as hereinafter provided, to pay interest on the principal amount hereof from, and including, the date hereof, at the rate of 5.0% per annum (based on a year of 360 days comprised of twelve 30-day months), in like money, in arrears in equal (less any tax required by law to be deducted or withheld) on the Maturity Date and, should the Corporation at any time make default in the payment of any principal, premium, if any, or interest, to pay interest on the amount in default at the same rate, in like money and on the same date.

This Initial Debenture is one of the 5.0% Unsecured Convertible Debentures (referred to herein as the "**Initial Debentures**") of the Corporation issued or issuable in one or more series under the provisions of the Indenture. The Initial Debentures authorized for issue immediately are limited to an aggregate principal amount of $5,000,000 in lawful money of the United States of America. Reference is hereby expressly made to the Indenture for a description of the terms and conditions upon which the Initial Debentures are or are to be issued and held and the rights and remedies of the holders of the Initial Debentures and of the Corporation and of the Trustee, all to the same effect as if the provisions of the Indenture were herein set forth to all of which provisions the holder of this Initial Debenture by acceptance hereof assents.

The Initial Debentures shall be issued in denominations of $10, and integral multiples thereof and to CDS in denominations of $1,000 and integral multiples thereof. Upon compliance with the provisions of the Indenture, Debentures of any denomination may be exchanged for an equal aggregate principal amount of Debentures in any other authorized denomination or denominations.

Subject to the provisions in the Indenture and without further action on the part of the Registered Holder, if after April 7, 2022, and prior to the Maturity Date, the Corporation completes a listing of its Common Shares on a Recognized Stock Exchange, the principal amount of the Initial Debentures and all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) to the Forced Conversion Date into the Underlying Securities at the Conversion Price upon delivering a written notice (the "**Forced Conversion Notice**") to the Trustee in accordance with the Indenture and to the Registered Holder by way of news release. The effective date for the forced conversion (the "**Forced Conversion Date**") shall be the date the common shares of the Corporation (the "**Common Shares**") are listed on such Recognized Stock Exchange, and on such Forced Conversion Date: (i) all of the principal amount of this Debenture and all accrued and unpaid interest thereon (less any tax required by law to be deducted or withheld) shall be deemed to be converted into securities of the Corporation at the then-applicable Conversion Price; and (ii) the registered holder hereof shall be entered in the books of the Corporation as at the Forced Conversion Date as the holder of the number of securities of the Corporation, as applicable, into which this Initial Debenture is convertible. For greater certainty, the Initial Debenture represented by this certificate may not be converted by the holder and may only be converted pursuant to the foregoing forced conversion.

On and after the Forced Conversion Date of the Initial Debentures represented by this Debenture Certificate, the holder will have no rights hereunder except to the Underlying Securities issued to such holder.

The Indenture makes provision for the adjustment of the Conversion Price in the events therein specified. No fractional Common Shares will be issued on any conversion but in lieu thereof, the Corporation will satisfy such fractional interest by a cash payment equal to the market price of such fractional interest determined in accordance with the Indenture.

Not less than 30 days prior to the consummation of: (i) any event as a result of or following which any person, or persons acting jointly or in concert directly or indirectly within the meaning of applicable securities legislation, beneficially owns or exercises control or direction over an aggregate of more than 50% of the outstanding Common Shares; or (ii) the sale or other transfer of all or substantially all of the consolidated assets of the Corporation, unless the holders of voting securities of the Corporation immediately prior to such sale, merger, reorganization or other similar transaction hold securities representing 50% or more of the voting control or direction in the Corporation or the successor entity upon completion of such merged, reorganized or other continuing entity (collectively, a "**Change of Control**"), the Corporation shall notify the holders of the Initial Debentures of the Change of Control, and the holders of the Initial Debentures shall, in their sole discretion, have the right to require the Corporation to, either: (i) purchase the Debentures at 105% of the principal amount thereof plus unpaid interest to the Maturity Date; or (ii) convert the Debentures at the Conversion Price (the "**Change of Control Offer**"). If 90% or more of the principal amount of all Debentures outstanding on the date the Corporation provides notice of a Change of Control to the Trustee have been tendered for purchase pursuant to the Change of Control Offer, the Corporation has the right to redeem all the remaining outstanding Initial Debentures on the same date and at the same price.

If an offer is made for the Initial Debentures which is a take-over bid for the Initial Debentures within the meaning of Applicable Securities Legislation and 90% or more of the principal amount of all the Initial Debentures (other than Initial Debentures held at the date of the offer by or on behalf of the Offeror, associates or affiliates of the Offeror or anyone acting jointly or in concert with the Offeror) are taken up and paid for by the Offeror, the Offeror will be entitled to acquire the Initial Debentures of those holders who did not accept the offer on the same terms as the Offeror acquired the first 90% of the principal amount of the Initial Debentures.

The indebtedness evidenced by this Initial Debenture, and by all other Initial Debentures now or hereafter certified and delivered under the Indenture, is a direct unsecured obligation of the Corporation, and is subordinated in right of payment, to the extent and in the manner provided in the Indenture, to the prior payment in full of all Secured Indebtedness, whether outstanding at the date of the Indenture or thereafter created, incurred, assumed or guaranteed.

These Initial Debentures and the Common Shares issuable upon conversion hereof have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or the securities laws of any state of the United States. The Initial Debentures may not be converted by or for the account or benefit of a U.S. person or a person in the United States absent an exemptrion from the registration requirements of the U.S. Securities Act and applicable state securities laws. In addition, the Initial Debentures and Common Shares may only be offered and sold to a U.S. person or a person in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. "**U.S. person**" and "**United States**" are as defined in Regulation S under the U.S. Securities Act.

The Indenture contains provisions whereby all holders of outstanding Debentures (or in certain circumstances, specific series of Debentures) will be bound resolutions passed at meetings of such holders held in accordance with such provisions, and instruments signed by the holders of a specified majority of outstanding Debentures (or specific series), which resolutions or instruments may have the effect of amending the terms of this Initial Debenture or the Indenture.

The Indenture contains provisions disclaiming any personal liability on the part of holders of Common Shares and officers, directors and employees of the Corporation in respect of any obligation or claim arising out of the Indenture or this Initial Debenture.

This Initial Debenture may only be transferred, upon compliance with the conditions prescribed in the Indenture, in one of the registers to be kept at the principal office of the Trustee in the City of Vancouver, the City of Toronto, and in such other place or places and/or by such other registrars (if any) as the Corporation with the approval of the Trustee may designate. No transfer of this Initial Debenture shall be valid unless made on the register by the registered holder hereof or his executors or administrators or other legal representatives, or his or their attorney duly appointed by an instrument in form and substance satisfactory to the Trustee or other registrar, and upon compliance with such reasonable requirements as the Trustee and/or other registrar may prescribe and upon surrender of this Initial Debenture for cancellation. Thereupon a new Initial Debenture or Initial Debentures in the same aggregate principal amount shall be issued to the transferee in exchange hereof.

This Initial Debenture shall not become obligatory for any purpose until it shall have been certified by the Trustee under the Indenture.

Capitalized words or expressions used in this Initial Debenture shall, unless otherwise defined herein, have the meaning ascribed thereto in the Indenture. In the event of any inconsistency between the terms of this Initial Debenture and the Indenture, the terms of the Indenture shall govern.

**IN WITNESS WHEREOF MODERN MINING TECHNOLOGY CORP.** has caused this Debenture to be signed by its authorized representative as of April 7, 2022.

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| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: |  |
|  | Kuljit Basi |
|  | Chief Executive Officer |

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**TRUSTEE'S CERTIFICATE**

This Initial Debenture is one of the 5.0% Unsecured Convertible Debentures due April 7, 2025 referred to in the Indenture within mentioned.

Dated:

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| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |
| By: |  |
|  | Name: |
|  | Title: |

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**REGISTRATION PANEL**

(No writing hereon except by Trustee or other registrar)

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| | | |
|:---|:---|:---|
| **Date of Registration** | **In Whose Name Registered** | **Signature of Trustee or Registrar** |

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**FORM OF ASSIGNMENT**

**FOR VALUE RECEIVED**, the undersigned hereby sells, assigns and transfers unto <u>____________</u>, whose address and social insurance number, if applicable, are set forth below, this Initial Debenture (or $____________ principal amount hereof<sup>\*</sup>) of **MODERN MINING TECHNOLOGY CORP.** standing in the name(s) of the undersigned in the register maintained by the Corporation with respect to such Initial Debenture and does hereby irrevocably authorize and direct the Trustee to transfer such Initial Debenture in such register, with full power of substitution in the premises.

Dated: __________________________________________________________________________________________

Address of Transferee: _____________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Street Address, City, Province and Postal Code)

Social Insurance Number of Transferee, if applicable: <u>__________________________</u>

\* If less than the full principal amount of the within Initial Debenture is to be transferred, indicate in the space provided the principal amount (which must be $10, $1,000 or an integral multiple thereof, unless you hold an Initial Debenture in a non-integral multiple of $10 or $1,000 by reason of your having exercised your right to exchange upon the making of a Change of Control Offer, in which case such Initial Debenture is transferable only in its entirety) to be transferred.

☐ **If the undersigned holder is transferring the Initial Debenture to, or for the account or benefit of, a U.S. Person or a person in the United States, please check this box. IF THIS BOX IS CHECKED, THE TRANSFEROR MUST COMPLETE AND DELIVER AN OPINION OF COUNSEL WHICH WILL NOT BE SUFFICIENT UNLESS IT IS IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION AND TRUSTEE) OR SUCH OTHER EVIDENCE REASONABLY SATISFACTORY TO THE CORPORATION AND TRUSTEE TO THE EFFECT THAT WITH RESPECT TO THE INITIAL DEBENTURES TO BE TRANSFERRED HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.**

Certificates will not be registered or delivered to an address in the United States unless the above box is checked.

If the box above is checked, holders are encouraged to consult with the Corporation and the Trustee in advance to determine that the legal opinion tendered in connection with the transfer will be satisfactory in form and substance to the Corporation and the Trustee.

"United States" and "U.S. Person" are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

**REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below).**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ☐ **Gift** | ☐ **Estate** | ☐ **Private Sale** | ☐ | **Other (or no change in ownership)** |

---

---

| | | |
|:---|:---|:---|
| **Date of Event (Date of gift, death or sale):** | **Value per Debenture on the date of event:** | **Value per Debenture on the date of event:** |
| ![](ex4-1_001.jpg) | ![](ex4-1_002.jpg) | ☐ **CAD <u>OR</u> ☐ USD** |

---

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR "SIGNATURE & AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a "SIGNATURE & AUTHORITY TO SIGN GUARANTEE" Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.

The registered holder of this Initial Debenture is responsible for the payment of any documentary, stamp or other transfer taxes that may be payable in respect of the transfer of this Debenture.

---

| | |
|:---|:---|
| Signature of Guarantor: |  |
| Authorized Officer | Signature of transferring registered holder |
| Name of Institution |  |

---

## Exhibit 4.2

**Exhibit 4.2**

**INVESTOR RIGHTS AGREEMENT**

**MODERN MINING TECHNOLOGY CORP.**

**and**

**JEET BASI** 

**(as representative of the holders of Warrants)**

**July 13, 2022**

**INVESTOR RIGHTS AGREEMENT**

This Investor Rights Agreement (this "**Agreement**") is made the 12th day of January, 2018.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**

(the "**Company**")

- and -

**JEET BASI**

(the "**Warrantholder Representative**")

**WHEREAS** Urban Mining International Inc. ("**Urban Mining**"), the Company's wholly-owned subsidiary, and certain investors (the "**Investors**") entered into subscription agreements whereby such investors purchased an aggregate of 49,500,000 warrants (the "**Urban Mining Warrants**") to acquire common shares of Urban Mining;

**AND WHEREAS** on August 31, 2021, the Company acquired all the issued and outstanding shares of Urban Mining pursuant to a Merger Agreement and Plan of Reorganization dated August 18, 2021 (the "**Merger Agreement**") among the Company, Urban Mining and Urban Mining Merger Sub, Inc.,

**AND WHEREAS** pursuant to the terms of the Merger Agreement, the Company issued common share purchase warrants (the "**Warrants**") in exchange for the Urban Mining Warrants resulting in an issuance of an aggregate of 16,500,000 Warrants, on the same terms and conditions of the Urban Mining Warrants;

**AND WHEREAS** the Company has agreed to grant the Investors certain additional rights as set out herein;

**AND WHEREAS** the Investors have agreed that Jeet Basi shall act as a representative of the Investors;

**THIS AGREEMENT WITNESSES THAT** in consideration of the respective covenants and agreements of the Parties herein contained and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each Party), the Parties agree as follows:

**Article 1<br> INTERPRETATION**

**1.1** **Defined Terms** 

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

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

"**Affiliate**" has the meaning ascribed to such term in the Act, as in effect on the date of this Agreement;

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

"**Business Day**" means any day, other than (i) a Saturday, Sunday or statutory holiday in the Province of British Columbia; and (ii) a day on which banks are generally closed in the Province of British Columbia;

"**Common Shares**" means the common shares in the capital of the Company issued and outstanding from time to time and includes any common shares that may be issued hereafter;

"**Exchange**" means the New York Stock Exchange, the NYSE American or the National Association of Securities Dealers Automated Quotations, Toronto Stock Exchange, TSX Venture Exchange, or such other stock exchange in Canada or the United States where the Common Shares may be listed from time to time;

"**Parties**" means the parties to this Agreement and "**Party**" means one of them; and

"**Warrants**" has the meaning set out in the recitals hereto.

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all dollar amounts refer to Canadian dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all references to a percentage ownership of shares shall be calculated on a non-diluted basis, unless otherwise indicated;

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

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

**1.3** **Entire Agreement** 

This Agreement constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as provided in the aforesaid agreements.

**1.4** **Time of Essence** 

Time shall be of the essence of this Agreement.

**1.5** **Governing Law and Submission to Jurisdiction** 

This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the Parties shall be governed by, the laws of the Province of British Columbia and the federal laws of Canada applicable in that province.

Each of the Parties irrevocably and unconditionally (i) submits to the exclusive jurisdiction of the courts of the Province of British Columbia in the City of Vancouver over any action or proceeding arising out of or relating to this Agreement, (ii) waives any objection that it might otherwise be entitled to assert to the jurisdiction of such courts and (iii) agrees not to assert that such courts are not a convenient forum for the determination of any such action or proceeding.

**1.6** **Severability** 

If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties hereto as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.

**Article 2<br> VOTING RIGHT**

**2.1** **Grant of Voting Right** 

The Company agrees that each Investor (directly or through an Affiliate) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote, as a separate class, on any matter at any meetings of shareholders of the Company. Each Warrant entitles the holder thereof to one vote per Warrant.

**Article 3<br> MISCELLANEOUS**

**3.1** **Nomination of Director(s)** 

The Warrantholder Representative shall be entitled to nominate three (3) directors to the Board, provided that each director nominee shall be a Canadian resident and shall meet the requirements of applicable corporate, securities and other laws, including the rules of the Exchange, if applicable. If permitted by applicable law and, if applicable, Exchange rules, the Company shall appoint such director(s) to the Board. In respect of any meeting of shareholders at which directors are to be elected, the Company shall take all actions necessary and advisable to ensure that (i) proxies are solicited by or on behalf of the Company in favour of the election of the director nominees nominated in accordance with this Section 3.1 and (ii) every such nominee is endorsed and recommended in the applicable management information circular and other proxy solicitation materials provided by or on behalf of the Company to shareholders. The Company shall take all other commercially reasonable actions necessary to permit the election or appointment to the Board of such nominees. The Company shall notify the Representative when such thresholds are achieved, and at least 20 Business Days prior to the dissemination of materials for an annual meeting of shareholders, to allow the Representative to identify its nominees (which the Representative shall provide to the Company at least five (5) Business Days prior to the dissemination of such materials).

**3.2** **Termination** 

This Agreement shall terminate on the earlier of (i) the date that Investors and its Affiliates does not own, directly or indirectly, any Warrants and (ii) the expiry date of the Warrants.

**3.3** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered in person, transmitted by e-mail or similar means of recorded electronic communication or sent by registered mail, charges prepaid, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Representative:

[●]

Email: [●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of the Company:

Modern Mining Technology Corp.<br> 1500-1055 West Georgia Street

Vancouver, British Columbia

V6E 4N7

Attention: [●]<br> Email: [●]

With a copy to:

McMillan LLP

1500-1055 West Georgia Street

Vancouver, British Columbia Attention:

Desmond Balakrishnan

Email: desmond.balakrishnan@mcmillan.ca

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such notice or other communication shall be deemed to have been given and received on the day on which it was delivered or transmitted (or, if such day is not a Business Day or if delivery or transmission is made on a Business Day after 5:00 p.m. local time at the place of receipt, then on the next following Business Day) or, if mailed, on the third Business Day following the date of mailing; provided, however, that if at the time of mailing or within three Business Days thereafter there is or occurs a labour dispute or other event which might reasonably be expected to disrupt the delivery of documents by mail, any notice or other communication hereunder shall be delivered or transmitted by means of recorded electronic communication as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Party may at any time change its address for service from time to time by giving notice to the other Party in accordance with this Section 3.3.

**3.4** **Amendments and Waivers** 

No amendment or waiver of any provision of this Agreement shall be binding on any Party unless consented to in writing by such Party. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.

**3.5** **Assignment** 

No Party may assign any of its rights or benefits under this Agreement, or delegate any of its duties or obligations, except with the prior written consent of the other Parties, such consent to be in their sole discretion. Notwithstanding the forgoing, the Parties agree that Investor may assign this Agreement to an Affiliate provided that Investor agrees to remain bound by the terms of this Agreement.

**3.6** **Successors and Assigns** 

This Agreement shall enure to the benefit of and shall be binding on and enforceable by and against the Parties and their respective successors or heirs, executors, administrators and other legal personal representatives, and permitted assigns.

**3.7** **Expenses** 

Except as otherwise expressly provided in this Agreement, each Party will pay for its own costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement and the transactions contemplated herein, including the fees and expenses of legal counsel, financial advisors, accountants, consultants and other professional advisors.

**3.8** **Further Assurances** 

Each of the Parties hereto shall, from time to time hereafter and upon any reasonable request of the other, promptly do, execute, deliver or cause to be done, executed and delivered all further acts, documents and things as may be required or necessary for the purposes of giving effect to this Agreement.

**3.9** **Right to Injunctive Relief** 

The Parties agree that any breach of the terms of this Agreement by any of the Parties may result in immediate and irreparable injury and damage to the other Parties which may not be adequately compensated by damages. The Parties therefore also agree that in the event of any such breach or any anticipated or threatened breach by the defaulting Party, the other Parties shall be entitled to seek equitable relief, including by way of temporary or permanent injunction or specific performance, in addition to any other remedies (including damages) to which such other Parties may be entitled at law or in equity.

**3.10** **Counterparts** 

This Agreement may be executed and delivered in any number of counterparts, by facsimile copy, by electronic or digital signature or by other written acknowledgement of consent and agreement to be legally bound by its terms. Each counterpart when executed and delivered will be considered an original but all counterparts taken together constitute one and the same instrument.

**[Remainder of page intentionally left blank]** 

IN WITNESS WHEREOF this Agreement has been executed by the Parties on the date first above written.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Jeet Basi | /s/ Jeet Basi |
|  | Name: | Jeet Basi |
|  | Title: | Chief Executive Officer |
| /s/ Jeet Basi | /s/ Jeet Basi | /s/ Jeet Basi |
| **Jeet Basi** | **Jeet Basi** | **Jeet Basi** |

---

INVESTOR RIGHTS AGREEMENT

## Exhibit 4.3

**Exhibit 4.3**

**INVESTOR RIGHTS AGREEMENT**

**MODERN MINING TECHNOLOGY CORP.**

**and**

**JEET BASI** 

**(as representative of the holders of Convertible Debentures)**

**August 31, 2022**

<br> **INVESTOR RIGHTS AGREEMENT**

This Investor Rights Agreement (this "**Agreement**") is made the 31<sup>st</sup> day of August, 2022.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**

(the "**Company**")

- and -

**JEET BASI**

(the "**Convertible Debenture Holder Representative**")

**WHEREAS** Urban Mining International Inc. ("**Urban Mining**"), the Company's wholly-owned subsidiary, and certain investors (the "**Investors**") entered into subscription agreements whereby such investors purchased an aggregate of $3,122,722.50 USD principal amount of convertible debentures convertible into common shares of the Company (the "**Convertible Debentures")**;

**AND WHEREAS** on August 31, 2021, the Company acquired all the issued and outstanding shares of Urban Mining pursuant to a Merger Agreement and Plan of Reorganization dated August 18, 2021 (the "**Merger Agreement**") among the Company, Urban Mining and Urban Mining Merger Sub, Inc.;

**AND WHEREAS** the Company issued unsecured Convertible Debentures in the principal amount of $3,122,752.50 USD convertible into common shares of the Company at a price equal to a 40% discount to the initial public offering price in the event of a listing on a U.S. Exchange;

**AND WHEREAS** the Company has agreed to grant the Investors certain additional rights as set out herein;

**AND WHEREAS** the Investors have agreed that Jeet Basi shall act as a representative of the Investors;

**THIS AGREEMENT WITNESSES THAT** in consideration of the respective covenants and agreements of the Parties herein contained and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each Party), the Parties agree as follows:

**Article 1<br> INTERPRETATION**

**1.1** **Defined Terms** 

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

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

"**Affiliate**" has the meaning ascribed to such term in the Act, as in effect on the date of this Agreement;

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

"**Business Day**" means any day, other than (i) a Saturday, Sunday or statutory holiday in the Province of British Columbia; and (ii) a day on which banks are generally closed in the Province of British Columbia;

"**Common Shares**" means the common shares in the capital of the Company issued and outstanding from time to time and includes any common shares that may be issued hereafter;

"**Convertible Debentures**" has the meaning set out in the recitals hereto;

"**Exchange**" means the New York Stock Exchange, the NYSE American or the National Association of Securities Dealers Automated Quotations, Toronto Stock Exchange, TSX Venture Exchange, or such other stock exchange in Canada or the United States where the Common Shares may be listed from time to time; and

"**Parties**" means the parties to this Agreement and "**Party**" means one of them.

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all dollar amounts refer to Canadian dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all references to a percentage ownership of shares shall be calculated on a non-diluted basis, unless
otherwise indicated;

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

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

**1.3** **Entire Agreement** 

This Agreement constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter hereof except as provided in the aforesaid agreements.

**1.4** **Time of Essence** 

Time shall be of the essence of this Agreement.

**1.5** **Governing Law and Submission to Jurisdiction** 

This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the Parties shall be governed by, the laws of the Province of British Columbia and the federal laws of Canada applicable in that province.

Each of the Parties irrevocably and unconditionally (i) submits to the exclusive jurisdiction of the courts of the Province of British Columbia in the City of Vancouver over any action or proceeding arising out of or relating to this Agreement, (ii) waives any objection that it might otherwise be entitled to assert to the jurisdiction of such courts and (iii) agrees not to assert that such courts are not a convenient forum for the determination of any such action or proceeding.

**1.6** **Severability** 

If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties hereto as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.

**Article 2<br> VOTING RIGHT**

**2.1** **Grant of Voting Right** 

The Company agrees that each Investor (directly or through an Affiliate) shall be entitled to receive notice of and to attend any meeting of the shareholders of the Company and to vote on any matter at any meetings of shareholders of the Company on the basis that each $2.40 USD of Convertible Debentures will be equal to one common share, entitling the holder thereof to one vote.

**Article 3<br> MISCELLANEOUS**

**3.1** **Termination** 

This Agreement shall terminate on the earlier of (i) the date that Investors and its Affiliates does not own, directly or indirectly, any Warrants and (ii) the expiry date of the Warrants.

**3.2** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice or other communication required or permitted to be given hereunder shall be in writing and
shall be delivered in person, transmitted by e-mail or similar means of recorded electronic communication or sent by registered mail,
charges prepaid, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Convertible Debenture Holder Representative:

Jeet Basi

Email: jbasi@modernmining.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of the Company:

Modern Mining Technology Corp.<br> 1500-1055 West Georgia Street

Vancouver, British Columbia

V6E 4N7

Attention: Tom Fenton, Corporate Secretary<br> Email: tfenton@airdberlis.com

With a copy to:

McMillan LLP

1500-1055 West Georgia Street

Vancouver, British Columbia Attention:

Desmond Balakrishnan<br> Email: desmond.balakrishnan@mcmillan.ca

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such notice or other communication shall be deemed to have been given and received on the day on which
it was delivered or transmitted (or, if such day is not a Business Day or if delivery or transmission is made on a Business Day after
5:00 p.m. local time at the place of receipt, then on the next following Business Day) or, if mailed, on the third Business Day following
the date of mailing; provided, however, that if at the time of mailing or within three Business Days thereafter there is or occurs a labour
dispute or other event which might reasonably be expected to disrupt the delivery of documents by mail, any notice or other communication
hereunder shall be delivered or transmitted by means of recorded electronic communication as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Party may at any time change its address for service from time to time by giving notice to the other
Party in accordance with this Section 3.3.

**3.3** **Amendments and Waivers** 

No amendment or waiver of any provision of this Agreement shall be binding on any Party unless consented to in writing by such Party. No waiver of any provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.

**3.4** **Assignment** 

No Party may assign any of its rights or benefits under this Agreement, or delegate any of its duties or obligations, except with the prior written consent of the other Parties, such consent to be in their sole discretion. Notwithstanding the forgoing, the Parties agree that Investor may assign this Agreement to an Affiliate provided that Investor agrees to remain bound by the terms of this Agreement.

**3.5** **Successors and Assigns** 

This Agreement shall enure to the benefit of and shall be binding on and enforceable by and against the Parties and their respective successors or heirs, executors, administrators and other legal personal representatives, and permitted assigns.

**3.6** **Expenses** 

Except as otherwise expressly provided in this Agreement, each Party will pay for its own costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement and the transactions contemplated herein, including the fees and expenses of legal counsel, financial advisors, accountants, consultants and other professional advisors.

**3.7** **Further Assurances** 

Each of the Parties hereto shall, from time to time hereafter and upon any reasonable request of the other, promptly do, execute, deliver or cause to be done, executed and delivered all further acts, documents and things as may be required or necessary for the purposes of giving effect to this Agreement.

**3.8** **Right to Injunctive Relief** 

The Parties agree that any breach of the terms of this Agreement by any of the Parties may result in immediate and irreparable injury and damage to the other Parties which may not be adequately compensated by damages. The Parties therefore also agree that in the event of any such breach or any anticipated or threatened breach by the defaulting Party, the other Parties shall be entitled to seek equitable relief, including by way of temporary or permanent injunction or specific performance, in addition to any other remedies (including damages) to which such other Parties may be entitled at law or in equity.

**3.9** **Counterparts** 

This Agreement may be executed and delivered in any number of counterparts, by facsimile copy, by electronic or digital signature or by other written acknowledgement of consent and agreement to be legally bound by its terms. Each counterpart when executed and delivered will be considered an original but all counterparts taken together constitute one and the same instrument.

**[Remainder of page intentionally left blank]**

IN WITNESS WHEREOF this Agreement has been executed by the Parties on the date first above written.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Jeet Basi | /s/ Jeet Basi |
|  | Name: | Jeet Basi |
|  | Title: | Chief Executive Officer |
| /s/ Jeet Basi | /s/ Jeet Basi | /s/ Jeet Basi |
| **Jeet Basi** | **Jeet Basi** | **Jeet Basi** |

---

INVESTOR RIGHTS AGREEMENT

## Exhibit 4.4

**Exhibit 4.4**

**INVESTOR RIGHTS AMENDING AGREEMENT**

This Investor Rights Amending Agreement (this "**Agreement**") is made the 3rd day of November, 2022.

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**

(the "**Company**")

- and -

**JEET BASI**

(the "**Warrantholder Representative**")

**WHEREAS** the Company entered into an Investor Rights Agreement (the "**Original Agreement**") dated July 31, 2022 with the Warrantholder Representative, as representative for the Investors, to grant the Investors certain rights as set out therein;

**AND WHEREAS** the Company and the Warrantholder Representative desire to amend the Original Agreement to provide that the Original Agreement shall terminate in the event the Company completes an initial public offering of its common shares on a U.S. stock exchange;

**THIS AGREEMENT WITNESSES THAT** in consideration of the respective covenants and agreements of the Parties herein contained and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each Party), the Parties agree as follows:

**1.1** **Defined Terms** 

For the purposes of this Agreement, unless otherwise defined, all terms shall have the respective meanings ascribed thereto in the Original Agreement.

**1.2** **Amendment** 

The Original Agreement is hereby amended to delete Paragraph 3.2 in its entirety, and replace it with the following:

**3.2** **Termination** 

This Agreement shall terminate on the earliest of (i) the date that Investors and its Affiliates does not own, directly or indirectly, any Warrants (ii) the expiry date of the Warrants, and (iii) immediately prior to the completion by the Company of an initial public offering of its common shares and listing on a U.S stock exchange.

**1.3** **Original Agreement Still in Effect** 

The Original Agreement and this Agreement shall together constitute and be read as one and the same written instrument. Except as otherwise amended by the foregoing, the provisions of the Original Agreement shall be and continue in full force and effect and are hereby confirmed as of the date hereof.

**1.4** **Governing Law** 

This Agreement shall be interpreted and enforced in accordance with, and the respective rights and obligations of the Parties shall be governed by, the laws of the Province of British Columbia and the federal laws of Canada applicable in that province.

**1.5** **Successors and Assigns** 

This Agreement shall enure to the benefit of and shall be binding on and enforceable by and against the Parties and their respective successors or heirs, executors, administrators and other legal personal representatives, and permitted assigns.

**1.6** **Counterparts** 

This Agreement may be executed and delivered in any number of counterparts, by facsimile copy, by electronic or digital signature or by other written acknowledgement of consent and agreement to be legally bound by its terms. Each counterpart when executed and delivered will be considered an original but all counterparts taken together constitute one and the same instrument.

**[Remainder of page intentionally left blank]**

IN WITNESS WHEREOF this Agreement has been executed by the Parties on the date first above written.

---

| | | |
|:---|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Jeet Basi | /s/ Jeet Basi |
|  | Name: | Jeet Basi |
|  | Title: | Chief Executive Officer |
| /s/ Jeet Basi | /s/ Jeet Basi | /s/ Jeet Basi |
| **JEET BASI** | **JEET BASI** | **JEET BASI** |

---

INVESTOR RIGHTS AMENDING AGREEMENT

## Exhibit 10.1

**Exhibit 10.1**

**MODERN MINING TECHNOLOGY CORP.**

**2022 EQUITY INCENTIVE PLAN**

**ADOPTED BY THE BOARD OF DIRECTORS: MAY 19, 2022**

**1. GENERAL.**

**(a) Eligible Award Recipients**. Employees, Officers, Directors and Consultants are eligible to receive Awards.

**(b) Available Awards**. The Plan provides for the grant of the following types of Awards: (i) Stock Options, and (ii) Restricted Share Unit Awards.

**(c) Purpose**. The Plan, through the grant of Awards, is intended to help the Corporation secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Corporation and any Affiliate and provide a means by which the eligible recipients may benefit from increases in value of the Common Shares.

2. ADMINISTRATION.

**(a) Administration by the Board**. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c).

 **(b) Powers of the Board**. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To determine (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive cash or Common Shares under the Award; (E) the number of Common Shares subject to, or the cash value of, an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Award fully effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) To settle all controversies regarding the Plan and Awards granted under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To accelerate, in whole or in part, the time at which an Award may be exercised or vest (or the time at which cash or Common Shares may be issued in settlement thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or an Award Agreement, suspension or termination of the Plan will not impair a Participant's rights under the Participant's then-outstanding Award without the Participant's written consent except as provided in subsection (viii) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or bringing the Plan or Awards granted under the Plan into compliance with the requirements for Incentive Stock Options or ensuring that they are exempt from, or compliant with, the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. If required by applicable law or listing requirements, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Corporation will seek shareholder approval of any amendment of the Plan that (A) materially increases the number of Common Shares available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially reduces the price at which Common Shares may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Awards available for issuance under the Plan. Except as otherwise provided in the Plan or an Award Agreement, no amendment of the Plan will materially impair a Participant's rights under an outstanding Award without the Participant's written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To submit any amendment to the Plan for shareholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of (A) Section 422 of the Code regarding Incentive Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; *provided however,* that a Participant's rights under any Award will not be impaired by any such amendment unless (A) the Corporation requests the consent of the affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant's rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant's rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Awards without the affected Participant's consent (A) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws or listing requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Corporation and that are not in conflict with the provisions of the Plan or Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Officers, Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price of any outstanding Award; (B) the cancellation of any outstanding Award and the grant in substitution therefor of a new (1) Option, (2) Restricted Share Unit Award, and/or (3) Other Award, determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different number of Common Shares as the cancelled Award and (y) granted under the Plan or another equity or compensatory plan of the Corporation; or (C) any other action that is treated as a repricing under generally accepted accounting principles.

(c) Delegation to Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **General**. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

**(d) Delegation to an Officer**. The Board may delegate to one or more Officers the authority to do one or both of the following: (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Awards) and, to the extent permitted by applicable law, the terms of such Awards, and (ii) determine the number of Common Shares to be subject to such Awards granted to such Employees; *provided, however*, that the Board resolutions regarding such delegation will specify the total number of Common Shares that may be subject to the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards will be granted on the form of Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the Market Value pursuant to Section 14(w)(i)B below.

**(e) Effect of Board's Decision**. All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

3. SHARES SUBJECT TO THE PLAN.

**(a) Share Reserve**. Subject to Section 9(a) relating to Capitalization Adjustments and any subsequent amendment to this Plan, the aggregate number of shares reserved for issuance pursuant to Awards granted under this Plan, including any options granted under previous stock option plans outstanding as of the date of this Plan, shall not exceed 20% of the Corporation's total issued and outstanding Common Shares from time to time. This Plan is considered an "evergreen" plan, since the shares covered by Awards which have been exercised or terminated shall be available for subsequent grants under the Plan and the number of Awards available to grant increases as the number of issued and outstanding Shares increases.

**(b)** To the extent any Awards (or portion(s) thereof) under this Plan are exercised, terminate or are cancelled for any reason prior to exercise in full, any shares subject to such Awards (or portion(s) thereof) shall be added back to the number of shares reserved for issuance under this Plan and will again become available for issuance pursuant to the exercise of Awards granted under this Plan.

**(c)** Any shares issued by the Corporation through the assumption or substitution of outstanding stock options or other equity-based awards from an acquired company shall not reduce the number of Shares available for issuance pursuant to the exercise of Awards granted under this Plan.

**(d)** For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of Common Shares that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of SAR Awards or any Other Award not involving, whether by election or otherwise, the issuance of Common Shares to the Participant.

**(e) Reversion of Shares to the Share Reserve**. If an Award or any portion thereof (i) expires or otherwise terminates without all of the shares covered by such Award having been issued or (ii) is settled in cash (*i.e.*, the Participant receives cash rather than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of Common Shares that may be available for issuance under the Plan. If any Common Shares issued pursuant to an Award are forfeited back to or repurchased by the Corporation because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any shares reacquired by the Corporation in satisfaction of tax withholding obligations on an Award or as consideration for the exercise or purchase price of an Award will again become available for issuance under the Plan.

 **(f) Source of Shares**. The shares issuable under the Plan will be shares of authorized but unissued Common Shares.

4. ELIGIBILITY.

**(a) Eligibility for Specific Awards**. Incentive Stock Options may be granted only to applicable employees of the Corporation or a "parent corporation" or "subsidiary corporation" thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Awards other than Incentive Stock Options may be granted to Employees, Officers, Directors and Consultants.

**(b) Ten Percent Shareholders**. A Ten Percent Shareholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least 110% of the Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant.

5. PROVISIONS RELATING TO OPTIONS AND STOCK APPRECIATION RIGHTS.

Each Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive Stock Options or Non-Incentive Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for Common Shares purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Non-Incentive Stock Option. The provisions of separate Options or SARs need not be identical; *provided, however*, that each Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions:

**(a) Term**. Subject to the provisions of Section 4(b) regarding Ten Percent Shareholders, no Option or SAR will be exercisable after the expiration of 10 years from the date of its grant or such shorter period specified in the Award Agreement.

**(b) Exercise Price**. Subject to the provisions of Section 4(b) regarding Ten Percent Shareholders, the exercise or strike price of each Option or SAR will be not less than 100% of the Market Value of the Common Shares subject to the Option or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Market Value of the Common Shares subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction; provided that such grant is permitted under applicable Securities Laws and Stock Exchange Rules and, to the extent relevant to the Participant, is made in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in Common Share equivalents.

**(c) Purchase Price for Options**. The purchase price of Common Shares acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Corporation to use a particular method of payment. The permitted methods of payment are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) by cash, certified cheque, bank draft or money order payable to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if an Option is a Non-Incentive Stock Option, by a "net exercise" arrangement pursuant to which the Corporation will reduce the number of Common Shares issuable upon exercise by the largest whole number of shares with a Market Value that does not exceed the aggregate exercise price; *provided, however*, that the Corporation will accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Common Shares will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the "net exercise," (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Agreement.

**(d) Exercise and Payment of a SAR**. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Corporation in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Market Value (on the date of the exercise of the SAR) of a number of Common Shares equal to the number of Common Share equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the number of Common Share equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution may be paid in Common Shares, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Award Agreement evidencing such SAR.

**(e) Transferability of Options and SARs**. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Corporation or as otherwise expressly consented to by the Board, Options and SARs shall not be assignable, transferable or negotiable (whether by operation of law or otherwise) and may not be assigned or transferred other than by will or the laws of descent and distribution.

**(f) Vesting Generally**. The total number of Common Shares subject to an Option or SAR may vest and therefore become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to any Option or SAR provisions governing the minimum number of Common Shares as to which an Option or SAR may be exercised.

**(g) Termination of Continuous Service**. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Corporation, if a Participant's Continuous Service terminates (other than for Cause and other than upon the Participant's death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the date ninety (90) days following the termination of the Participant's Continuous Service (or such longer or shorter period specified in the applicable Award Agreement, which period will not be less than 30 days if necessary to comply with applicable laws unless such termination is for Cause) and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR will terminate.

**(h) Disability of Participant**. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Corporation, if a Participant's Continuous Service terminates as a result of the Participant's Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months following such termination of Continuous Service (or such longer or shorter period specified in the Award Agreement, which period will not be less than six months if necessary to comply with applicable laws unless such termination is for Cause), and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate.

**(i) Death of Participant**. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Corporation, if (i) a Participant's Continuous Service terminates as a result of the Participant's death, or (ii) the Participant dies within the period (if any) specified in the Award Agreement for exercisability after the termination of the Participant's Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant's estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant's death, but only within the period ending on the earlier of (i) the date 12 months following the date of death (or such longer or shorter period specified in the Award Agreement, which period will not be less than six months if necessary to comply with applicable laws unless such termination is for Cause), and (ii) the expiration of the term of such Option or SAR as set forth in the Award Agreement. If, after the Participant's death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.

**(j) Termination for Cause**. Except as explicitly provided otherwise in a Participant's Award Agreement or other individual written agreement between the Corporation or any Affiliate and the Participant, if a Participant's Continuous Service is terminated for Cause, the Option or SAR will terminate immediately upon such Participant's termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the date of such termination of Continuous Service.

**(k) Non-Exempt Employees**. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any Common Shares until at least six months following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non- exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant's retirement (as such term may be defined in the Participant's Award Agreement, in another agreement between the Participant and the Corporation, or, if no such definition, in accordance with the Corporation's then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Award will be exempt from the employee's regular rate of pay, the provisions of this Section will apply to all Awards and are hereby incorporated by reference into such Award Agreements.

**(l) Right of Repurchase**. Subject to the "Repurchase Limitation" and any applicable Securities Laws and Stock Exchange Rules, the Option or SAR may include a provision whereby the Corporation may elect to repurchase all or any part of the vested Common Shares acquired by the Participant pursuant to the exercise of the Option or SAR.

**(m) Right of First Refusal**. Subject to any applicable Securities Laws and Stock Exchange Rules, the Option or SAR may include a provision whereby the Corporation may elect to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the Common Shares received upon the exercise of the Option. Such right of first refusal will be subject to the "Repurchase Limitation". Except as expressly provided in this Section or in the Award Agreement, such right of first refusal will otherwise comply with any applicable provisions of the bylaws of the Corporation.

6. PROVISIONS OF AWARDS OTHER THAN OPTIONS AND SARS.

**(a) Restricted Share Unit Awards**. Each Restricted Share Unit Award Agreement will be in such form and will contain such terms and conditions as the will Board deem appropriate. The terms and conditions of Restricted Share Unit Award Agreements may change from time to time, and the terms and conditions of separate Restricted Share Unit Award Agreements need not be identical. Each Restricted Share Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Consideration**. At the time of grant of a Restricted Share Unit Award, the Board will determine the consideration, if any, to be paid by the Participant upon delivery of each Common Share subject to the Restricted Share Unit Award. The consideration to be paid (if any) by the Participant for each Common Share subject to a Restricted Share Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Vesting**. At the time of the grant of a Restricted Share Unit Award, the Board may impose such restrictions on or conditions to the vesting of the Restricted Share Unit Award as it, in its sole discretion, deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Payment**. A Restricted Share Unit Award may be settled by the delivery of Common Shares, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Share Unit Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Additional Restrictions**. At the time of the grant of a Restricted Share Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the delivery of the Common Shares (or their cash equivalent) subject to a Restricted Share Unit Award to a time after the vesting of such Restricted Share Unit Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Dividend Equivalents**. Dividend equivalents may be credited in respect of Common Shares covered by a Restricted Share Unit Award, as determined by the Board and contained in the Restricted Share Unit Award Agreement. At the sole discretion of the Board, such dividend equivalents may be converted into additional Common Shares covered by the Restricted Share Unit Award in such manner as determined by the Board. Any additional shares covered by the Restricted Share Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Share Unit Award Agreement to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Termination of Participant's Continuous Service**. Except as otherwise provided in the applicable Restricted Share Unit Award Agreement, such portion of the Restricted Share Unit Award that has not vested will be forfeited upon the Participant's termination of Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Compliance with Section 409A of the Code**. Notwithstanding anything to the contrary set forth herein, any Restricted Share Unit Award granted under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions so that such Restricted Share Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions, if any, shall be determined by the Board and contained in the Restricted Share Unit Award Agreement evidencing such Restricted Share Unit Award. For example, such restrictions may include, without limitation, a requirement that any Common Share that is to be issued in a year following the year in which the Restricted Share Unit Award vests must be issued in accordance with a fixed pre-determined schedule.

**(b) Other Awards**. Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Common Shares, including the appreciation in value thereof may be granted either alone or in addition to Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Awards will be granted, the number of Common Shares (or the cash equivalent thereof) to be granted pursuant to such Other Awards and all other terms and conditions of such Other Awards.

7. COVENANTS OF THE COMPANY.

**(a) Availability of Shares**. The Corporation will keep available at all times the number of Common Shares reasonably required to satisfy then- outstanding Awards.

**(b) Securities Law Compliance**. The Corporation will seek to obtain from each securities commission or other regulatory body having jurisdiction over the Plan, as necessary, such authority as may be required to grant Awards and to issue and sell Common Shares upon exercise or vesting of the Awards; *provided, however,* that this undertaking will not require the Corporation to register or qualify by prospectus under applicable Securities Laws, the Plan, any Award or any Common Shares issued or issuable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Corporation is unable to obtain from any such regulatory commission or agency the authority that counsel for the Corporation deems necessary or advisable for the lawful issuance and sale of Common Shares under the Plan, the Corporation will be relieved from any liability for failure to issue and sell Common Shares upon exercise or vesting of such Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Shares pursuant to the Award if such grant or issuance would be in violation of any applicable securities law.

**(c) No Obligation to Notify or Minimize Taxes**. The Corporation will have no duty or obligation to any Participant to advise such holder as to the tax treatment or time or manner of exercising such Award. Furthermore, the Corporation will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Corporation has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award.

8. MISCELLANEOUS.

**(a) Use of Proceeds from Sales of Common Shares**. Proceeds from the sale of Common Shares pursuant to Awards will constitute general funds of the Corporation.

**(b) Corporate Action Constituting Grant of Awards**. Corporate action constituting a grant by the Corporation of an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents.

**(c) Shareholder Rights**. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Common Shares subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of Common Shares under, the Award pursuant to its terms, and (ii) the issuance of the Common Shares subject to the Award has been entered into the books and records of the Corporation.

**(d) No Employment or Other Service Rights**. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Corporation or an Affiliate in the capacity in effect at the time the Award was granted or will affect the right of the Corporation or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant's agreement with the Corporation or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Corporation or an Affiliate, and any applicable provisions of the corporate law of the state of foreign jurisdiction in which the Corporation or the Affiliate is domiciled or incorporated, as the case may be.

**(e) Change in Time Commitment**. In the event a Participant's regular level of time commitment in the performance of his or her services for the Corporation and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Corporation and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended.

**(f) Incentive Stock Option Limitations**. To the extent that the aggregate Market Value (determined at the time of grant) of Common Shares with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Corporation and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Non-Incentive Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

**(g) Investment Assurances**. The Corporation may require a Participant, as a condition of exercising or acquiring Common Shares under any Award, (i) to give written assurances satisfactory to the Corporation as to the Participant's knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Corporation who is knowledgeable and experienced in financial and business matters and that the Participant is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Award; and (ii) to give written assurances satisfactory to the Corporation stating that the Participant is acquiring Common Shares subject to the Award for the Participant's own account and not with any present intention of selling or otherwise distributing the Common Shares. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if as to any particular requirement, a determination is made by counsel for the Corporation that such requirement need not be met in the circumstances under the then applicable Securities Laws. The Corporation may, upon advice of counsel to the Corporation, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable Securities Laws, including, but not limited to, legends restricting the transfer of the Common Shares.

**(h) Withholding Obligations**. Unless prohibited by the terms of an Award Agreement, the Corporation may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding Common Shares from the Common Shares issued or otherwise issuable to the Participant in connection with the Award; *provided, however*, that no Common Shares are withheld with a value exceeding the maximum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Award as a liability for financial accounting purposes); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Award Agreement.

**(i) Deferrals**. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Corporation. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant's termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law.

**(j) Clawback/Recovery**. All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Corporation is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Corporation's securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired Common Shares or other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntary terminate employment upon a "resignation for good reason," or for a "constructive termination" or any similar term under any plan of or agreement with the Corporation.

**(k) Compliance with Section 409A of the Code**. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the Common Shares are publicly traded, and if a Participant holding an Award that constitutes "deferred compensation" under Section 409A of the Code is a "specified employee" for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a "separation from service" (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant's "separation from service" or, if earlier, the date of the Participant's death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump-sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.

**(l) Repurchase Limitation**. The terms of any repurchase right will be specified in the Award Agreement. Subject to any applicable Securities Laws and Stock Exchange Rules, the repurchase price for vested Common Shares will be the Market Value of the Common Shares on the date of repurchase. Subject to any applicable Securities Laws and Stock Exchange Rules, the repurchase price for unvested Common Shares will be the lower of (i) the Market Value of the Common Shares on the date of repurchase or (ii) their original purchase price. However, the Corporation will not exercise its repurchase right until at least six months (or such longer or shorter period of time necessary to avoid classification of the Award as a liability for financial accounting purposes) have elapsed following delivery of Common Shares subject to the Award, unless otherwise specifically provided by the Board.

9. ADJUSTMENTS UPON CHANGES IN COMMON SHARES; OTHER CORPORATE EVENTS.

**(a) Capitalization Adjustments**. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), and (ii) the class(es) and number of securities and price per share subject to outstanding Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive.

**(b) Dissolution or Liquidation**. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Corporation, all outstanding Awards (other than Awards consisting of vested and outstanding Common Shares not subject to a forfeiture condition or the Corporation's right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the Common Shares subject to the Corporation's repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Corporation notwithstanding the fact that the holder of such Award is providing Continuous Service, *provided, however,* that the Board may, in its sole discretion, cause some or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

**(c) Corporate Transaction**. The following provisions will apply to Awards in the event of a Corporate Transaction unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Corporation or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award. In the event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Awards, contingent upon the closing or completion of the Corporate Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) to assume or continue the Award or to substitute a similar stock award for the Award (including, but not limited to, an award to acquire the same consideration paid to the shareholders of the Corporation pursuant to the Corporate Transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arrange for the assignment of any reacquisition or repurchase rights held by the Corporation in respect of Common Shares issued pursuant to the Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) accelerate the vesting, in whole or in part, of the Award (and, if applicable, the time at which the Award may be exercised) to a date prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five days prior to the effective date of the Corporate Transaction), with such Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; *provided, however*, that the Board may require Participants to complete and deliver to the Corporation a notice of exercise before the effective date of a Corporate Transaction, which exercise is contingent upon the effectiveness of such Corporate Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Corporation with respect to the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Corporate Transaction, in exchange for such cash consideration (including no consideration) as the Board, in its sole discretion, may consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant would have received upon the exercise of the Award immediately prior to the effective time of the Corporate Transaction, over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may be zero ($0) if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders of the Corporation's Common Shares in connection with the Corporate Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

The Board need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of an Award.

**(d) Change in Control**. An Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Award Agreement for such Award or as may be provided in any other written agreement between the Corporation or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.

10. PLAN TERM; EARLIER TERMINATION OR SUSPENSION OF THE PLAN.

**(a) Plan Term**. The Board may suspend or terminate the Plan at any time. No Incentive Stock Option will be granted after the tenth anniversary of the earlier of (i) the Adoption Date, or (ii) the date the Plan is approved by the shareholders of the Corporation. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

**(b) No Impairment of Rights**. Suspension or termination of the Plan will not impair rights and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan.

11. ASSIGNMENT OF RIGHTS.

Any and all rights under Awards and Award Agreements shall not be assignable, transferable or negotiable (whether by operation of law or otherwise) by the Participant and may not be assigned or transferred other than by transmission by will or the laws of descent and distribution.

12. EFFECTIVE DATE OF PLAN.

This Plan, as amended and restated, will become effective on the Effective Date.

13. CHOICE OF LAW.

The laws of the Province of British Columbia will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that province's conflict of laws rules.

14. DEFINITIONS.

As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

**(a)** "***Adoption Date***" means May 19, 2022, which is the date the Plan was adopted by the Board.

**(b)** "***Affiliate***" means, at the time of determination, any "affiliate" of the Corporation, as such term is defined in the *Business Corporations Act* (Brutish Columbia).

**(c)** "***Award***" means any right to receive Common Shares granted under the Plan, including an Incentive Stock Option, a Non-Incentive Stock Option, a Restricted Share Unit Award or any Other Award.

 **(d)** "***Award Agreement***" means a written agreement between the Corporation and a Participant evidencing the terms and conditions of an Award.

**(e)** "***Award Agreement***" means a written agreement between the Corporation and a Participant evidencing the terms and conditions of an Award grant. Each Award Agreement will be subject to the terms and conditions of the Plan.

 **(f)** "***Board***" means the Board of Directors of the Corporation.

 **(g)** "***Capital Stock***" means each and every class of common stock of the Corporation, regardless of the number of votes per share.

**(h)** "***Capitalization Adjustment***" means any change that is made in, or other events that occur with respect to, the Common Shares subject to the Plan or subject to any Award after the Adoption Date without the receipt of consideration by the Corporation through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure, or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Corporation will not be treated as a Capitalization Adjustment.

**(i)** "***Cause***" will have the meaning ascribed to such term in any written agreement between the Participant and the Corporation defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant's commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of Canada, the United States or any province or state thereof; (ii) such Participant's attempted commission of, or participation in, a fraud or act of dishonesty against the Corporation; (iii) such Participant's intentional, material violation of any contract or agreement between the Participant and the Corporation or of any statutory duty owed to the Corporation; (iv) such Participant's unauthorized use or disclosure of the Corporation's confidential information or trade secrets; or (v) such Participant's gross misconduct. The determination that a termination of the Participant's Continuous Service is either for Cause or without Cause will be made by the Corporation, in its sole discretion. Any determination by the Corporation that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Corporation or such Participant for any other purpose.

 **(j)** "***Change of Control***" means the occurrence of one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any change in the holding, direct or indirect, of shares in the capital of the Company as a result of which a person or group of persons acting jointly or in concert, or person associated or affiliated with any such person or group within the meaning of the *Securities Act* (British Columbia), becomes the beneficial owner, directly or indirectly, of shares and/or other securities in excess of the number which, directly or following conversion thereof, would entitle the holders thereof to cast more than 50% of the votes attaching to all shares of the Company which may be cast to elect directors of the Company (the "**Company Voting Securities**"); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change of Control by virtue of any of the following acquisitions of Company Voting Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. by the Company or any subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. by any employee benefit plan sponsored or maintained by the Company or any subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. by any underwriter temporarily holding securities pursuant to an offering of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. pursuant to a Non-Qualifying Transaction (as defined in paragraph (ii)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. from
the Company pursuant to a transaction (other than one described in paragraph (iii)), if a majority of the directors approve a resolution
providing expressly that the acquisition pursuant to this clause E shall not constitute a Change of Control under this paragraph (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a merger, consolidation, share exchange or similar form of corporate transaction involving the Company or any of its subsidiaries (a "**Business Combination**"), unless immediately following such Business Combination:

&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. Company Voting Securities that were outstanding immediately prior to the consummation of such Business Combination (or, if applicable, securities into or for which such Company Voting Securities were converted or exchanged pursuant to such Business Combination) represent more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors or trustees ("**voting power**") of (1) the entity resulting from such Business Combination (the "**Surviving Entity**"), or (2) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Entity (the "**Parent Entity**"); 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. no person (other than any employee benefit plan sponsored or maintained by the Surviving Entity or the Parent Entity) is the beneficial owner, directly or indirectly, of 50% or more of the voting power of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity);

(any Business Combination which satisfies all of the criteria specified in A, B and C above shall be deemed to be a "**Non-Qualifying Transaction**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the approval by the Board or shareholders of the Company of a complete liquidation or dissolution of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a sale or other disposition of all or substantially all of the property or assets of the Company, other than to an affiliate within the meaning of the *Securities Act* (British Columbia) or pursuant to a Non-Qualifying Transaction.

 **(k)** "***Code***" means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 **(l)** "***Committee***" means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 **(m)** "***Common Shares***" means the class of Common Shares of the Corporation.

**(n)** "***Consultant***" means any person, including an advisor, who is engaged by the Corporation or an Affiliate to render consulting or advisory services pursuant to a written consulting agreement, and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a "Consultant" for purposes of the Plan.

**(o)** "***Continuous Service***" means that the Participant's service with the Corporation or an Affiliate, whether as an Employee, Officer, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Corporation or an Affiliate as an Employee, Officer, Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant's service with the Corporation or an Affiliate, will not terminate a Participant's Continuous Service; *provided, however*, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant's Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. To the extent permitted by law, the Board or the chief executive officer of the Corporation, in that party's sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Corporation, an Affiliate, or their successors. In addition, to the extent required for exemption from or compliance with Section 409A of the Code, the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of "separation from service" as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder).

**(p)** "***Corporate Transaction***" means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Corporation and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) a sale or other disposition of more than 50% of the outstanding securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) a merger, consolidation or similar transaction following which the Corporation is not the surviving corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a merger, consolidation or similar transaction following which the Corporation is the surviving corporation but the Common Shares outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 **(q)** "***Corporation***" means Modern Mining Technology Corp., a British Columbia business corporation.

 **(r)** "***Director***" means a member of the Board.

**(s)** "***Disability***" means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve (12) months, and will be determined by the Board on the basis of such medical evidence as the Board deems reasonable under the circumstances.

**(t)** "***Effective Date***" means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved by the Corporation's shareholders, and (ii) the date this Plan is adopted by the Board.

 **(u)** "***Employee***" means any person employed by the Corporation or an Affiliate.

 **(v)** "***Entity***" means a corporation, partnership, limited liability company or other entity.

 **(w)** "***Market Value***" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) as of the date of grant of an Award, the value of the Common Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If the Common Shares are listed on the Stock Exchange or traded on any other established market, the Market Value of a Common Share will be, unless otherwise determined by the Board, the greater of the closing market prices of the underlying securities on (a) the trading day prior to the date of grant of the Award; and (b) the date of grant of the stock options, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In the absence of such markets for the Common Shares, the Market Value will be determined by the Board in good faith and in a manner that complies with Section 409A of the Code or, in the case of Incentive Stock Options, in compliance with Section 422 of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) as of any other relevant date, the value of the Common Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If the Common Shares are listed on the Stock Exchange or traded on any other established market, the Market Value of a Common Share will be, unless otherwise determined by the Board, the closing market price of the underlying securities on the trading day prior to such relevant date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In the absence of such markets for the Common Shares, the Market Value will be determined by the Board in good faith and in a manner that complies with Section 409A of the Code or, in the case of Incentive Stock Options, in compliance with Section 422 of the Code.

**(x)** "***Incentive Stock Option***" means an option granted pursuant to Section 5 of the Plan that is intended to be, and that qualifies as, an "incentive stock option" within the meaning of Section 422 of the Code.

**(y)** "***Insider***" has the meaning given to such term in the Stock Exchange Rules, or if the Common Shares are not listed or posted for trading on the Stock Exchange, the meaning given under Securities Laws.

**(z)** "***Non-Incentive Stock Option***" means an option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option, including an Incentive Stock Option granted to a person not subject to taxation on income under the laws of the United States.

**(aa)** "***Officer***" means a person who is an officer of the Corporation.

**(bb)** "***Option***" means an Incentive Stock Option or a Non-Incentive Stock Option to purchase Common Shares granted pursuant to the Plan.

**(cc)** "***Option Agreement***" means a written agreement between the Corporation and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

**(dd)** "***Optionholder***" means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

**(ee)** "***Other Award***" means an award based in whole or in part by reference to the Common Shares which is granted pursuant to the terms and conditions of Section 6(b).

**(ff)** "***Other Award Agreement***" means a written agreement between the Corporation and a holder of an Other Award evidencing the terms and conditions of an Other Award grant. Each Other Award Agreement will be subject to the terms and conditions of the Plan.

**(gg)** "***Own***," "***Owned***," "***Owner***," "***Ownership***" A person or Entity will be deemed to "Own," to have "Owned," to be the "Owner" of, or to have acquired "Ownership" of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

**(hh)** "***Participant***" means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

**(ii)** "***Plan***" means this Modern Mining Technology Corp. 2022 Equity Incentive Plan.

**(jj)** "***Restricted Share Unit Award***" means a right to receive Common Shares which is granted pursuant to the terms and conditions of Section 11.

**(kk)** "***Restricted Share Unit Award Agreement***" means a written agreement between the Corporation and a holder of a Restricted Share Unit Award evidencing the terms and conditions of a Restricted Share Unit Award grant. Each Restricted Share Unit Award Agreement will be subject to the terms and conditions of the Plan.

**(ll)** "**Securities Laws**" means securities legislation, securities regulation and securities rules, as amended, and the policies, notices, instruments and blanket orders in force from time to time that govern or are applicable to the Corporation or to which it is subject;

**(mm)** "***Stock Appreciation Right***" or "***SAR***" means a right to receive the appreciation on Common Shares that is granted pursuant to the terms and conditions of Section 5.

**(nn)** "***Stock Appreciation Right Agreement***" means a written agreement between the Corporation and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be subject to the terms and conditions of the Plan.

**(oo)** "***Stock Exchange***" means the Nasdaq Stock Market.

**(pp)** "***Stock Exchange Rules***" means the applicable rules and policies of the Stock Exchange, as such rules and policies may be amended, supplemented or replaced from time to time

**(qq)** "***Subsidiary***" has the meaning given to it under the *Business Corporations Act* (British Columbia).

**(rr)** "***Ten Percent Shareholder***" means a person, who is subject to taxation on income under the laws of the United States, and who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of shares of the Corporation or any Affiliate.

## Exhibit 10.2

**Exhibit 10.2**

**FORM OF INDEMNITY AGREEMENT**

**DATED** effective as of the _____ day of ____________, 2022

**BETWEEN:**

**MODERN MINING TECHNOLOGY CORP.**, a corporation existing under the laws of the Province of British Columbia

(the "**Indemnifier**")

- and -

**[ ]**, an individual residing in [ ]

(the "**Indemnified Party**").

**WHEREAS** the Indemnified Party is a director and/or officer of the Indemnifier;

**AND WHEREAS**, in accordance with the provisions of the *Business Corporations Act* (British Columbia) (the "**Act**") and Part 21 of the Articles of the Indemnifier, it is desired that the Indemnifier indemnifies the Indemnified Party in certain circumstances in respect of liability which the Indemnified Party may incur as a result of such Indemnified Party acting as a director and/or officer of Indemnifier;

**NOW THEREFORE, IN CONSIDERATION OF** the premises and mutual covenants herein contained, and in consideration of the sum of One ($1.00) Dollar paid by the Indemnified Party to the Corporation (the receipt of which is hereby acknowledged) and the Indemnified Party acting and/or agreeing to continue to act as a director and/or officer of the Corporation or as a director and/or officer of an entity of which the Corporation is or was a shareholder or creditor (each, an "**Affiliate**"), the Corporation and the Indemnified Party do hereby covenant and agree as follows:

1. Agreement to Serve

The Indemnified Party agrees to serve or continue to serve as a director or officer of the Corporation or as a director or officer of an Affiliate (in the case of an officer of the Corporation or Affiliate officer, at the will of the Corporation or Affiliate, as applicable, or under a separate contract, if any such contract exists or shall hereafter exist), honestly and in good faith with a view to the best interests of the Corporation or an Affiliate so long as he is duly elected and qualified in accordance with the provisions of the Act, the constating documents of the Corporation or Affiliate, as applicable, provided, however, that (i) the Indemnified Party may at any time and for any reason resign from such position (subject to any contractual obligations which the Indemnified Party shall have assumed apart from this Agreement), and (ii) neither the Corporation nor any Affiliate shall have any obligation under this Agreement to continue the Indemnified Party in any such position.

2. Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the full extent allowed by law, the Corporation agrees to indemnify and save harmless the Indemnified
Party, his estate, executors, administrators, legal representatives and lawful heirs, from and against any and all costs, charges or expenses
(including, but not limited to, an amount paid to settle any action or to satisfy any judgment, legal fees on a solicitor and client basis,
other professional fees, out-of-pocket expenses for attending proceedings including discoveries, trials, hearings and meetings, and any
amount for which he is liable by reason of any statutory provision whether civil, criminal or otherwise) (collectively, hereinafter referred
to as "**Costs, Charges and Expenses** "), suffered or incurred by the Indemnified Party, his estate, executors, administrators,
legal representatives and lawful heirs, directly or indirectly, as a result or by reason of the Indemnified Party being or having been
a director or officer of the Corporation or Affiliate or by reason of any action taken by the Indemnified Party in his capacity as a director
or officer of the Corporation or Affiliate, provided that such costs, charges or expenses were not suffered or incurred as a result of
the Indemnified Party's own fraud, dishonesty, wilful neglect or wilful default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to and without limitation of Section 2(a) of this Agreement, the Corporation agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except in respect of an action by or on behalf of the Corporation or an Affiliate to procure a judgment
in its favour, to indemnify the Indemnified Party, his estate, executors, administrators, legal representatives and lawful heirs, from
and against all Costs, Charges and Expenses reasonably incurred by him in respect of any civil, criminal or administrative action or proceeding
to which he is made a party (including actions, proceedings, investigations, inquiries or hearings in which the Indemnified Party is compelled
by the authorities or requested by the Corporation or Affiliate to participate, whether or not charges have been laid against the Corporation,
Affiliate or Indemnified Party), by reason of being or having been a director or officer of the Corporation or Affiliate, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) he acted honestly and in good faith with a view to the best interests of the Corporation or the Affiliate,
as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a criminal or administrative action, proceeding, investigation, inquiry or hearing that
is enforced by monetary penalty, he had reasonable grounds for believing that his conduct was lawful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to indemnify the Indemnified Party and his estate, executors, administrators, legal representatives and
lawful heirs from and against all Costs, Charges and Expenses of any action by or on behalf of the Corporation or Affiliate to procure
a judgment in its favour, to which he is made a party by reason of being or having been a director or officer of the Corporation or Affiliate,
if the Indemnified Party has fulfilled the conditions set forth in Subsections 2(b)(i)(A) and (B) of this Agreement and if the Corporation
or the Affiliate, as the case may be, obtains the approval of the Court (as defined in the Act) to grant such indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event that the approval of the Court is required to effect any indemnification granted hereunder,
the Corporation agrees to make application for and use its best effort to obtain the Court's approval to such indemnification provided
that the Indemnified Party has fulfilled the conditions set forth in Subsections 2(b)(i)(A) and (B) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in addition to and without limitation of Subsections 2(b)(i) and (ii) of this Agreement, to indemnify
the Indemnified Party and his estate, executors, administrators, legal representatives and lawful heirs against all Costs, Charges and
Expenses reasonably incurred by him in respect of the defence of any actual or threatened civil, criminal or administrative action or
proceeding to which he is made a party or threatened to be made a party, (including actions, proceedings, investigations, inquiries or
hearings in which the Indemnified Party is compelled by the authorities or requested by the Corporation or Affiliate to participate, whether
or not charges have been laid against the Corporation, Affiliate or Indemnified Party), by reason of being or having been a director or
officer of the Corporation or Affiliate if the Indemnified Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) was substantially successful on the merits in his defence of the action, proceeding, investigation, inquiry
or hearing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) fulfils the conditions set out in Subsections 2(b)(i) (A) and (B) of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) is fairly and reasonably entitled to indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for the purposes of this Agreement including, without limitation, Section 2 hereof, the termination of
any such civil, criminal or administrative action, proceeding, investigation, inquiry or hearing, by judgment, order, settlement, conviction
or similar or other result, shall not, of itself, create a presumption either that the Indemnified Party did not act honestly or in good
faith with a view to the best interests of the Corporation or Affiliate or that, in the case of a criminal or administrative action, proceeding,
investigation, inquiry or hearing that is enforced by a monetary penalty, the Indemnified Party did not have reasonable grounds for believing
that his conduct was lawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The intention of this Agreement is to provide the Indemnified Party indemnification to the fullest extent
permitted by law and without limiting the generality of the foregoing and notwithstanding anything contained herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) nothing in this Agreement shall be interpreted, by implication or otherwise, in limitation of the scope
of the indemnification provided in Subsections 2(a) and (b) hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subsection 2(b) is intended to provide indemnification to the Indemnified Party that is not specifically
prohibited by a court of competent jurisdiction and to the fullest extent permitted by the Act, as applicable, and, in the event that
the Act, as applicable, is amended to permit a broader scope of indemnification (including, without limitation, the deletion or limiting
of one or more of the provisos to the applicability of indemnification), Subsection 2(b) shall be deemed to be amended concurrently with
the amendment to the Act, as applicable, so as to provide such broader indemnification.

3. Prepaid Expenses

All Costs, Charges and Expenses reasonably incurred by the Indemnified Party and covered hereunder shall, if requested by the Indemnified Party within a reasonable time, be paid by the Corporation immediately, with the understanding and agreement being herein made that, in the event it is ultimately determined as provided hereunder that the Indemnified Party was not entitled to be so indemnified, or was not entitled to be fully so indemnified, the Indemnified Party shall indemnify and hold harmless the Corporation, and pay to the Corporation forthwith after such ultimate determination, such amount or the appropriate portion thereof, so paid. In the event of dispute, the Corporation or Indemnified Party, at the Corporation's expense, shall make application to the Court to approve the indemnity.

4. Other Rights and Remedies

Indemnification and immediate payment of incurred Costs, Charges and Expenses as provided by this Agreement shall not be deemed to derogate from or exclude any other rights to which the Indemnified Party may be entitled under any provision of the Act or otherwise at law, the articles or other governing documents of the Corporation or Affiliate, this Agreement, any vote of shareholders, unitholders or partners, as the case may be, of the Corporation or Affiliate, or otherwise, both as to matters arising out of his capacity as a director or officer of the Corporation or Affiliate, or as to matters arising out of another capacity with the Corporation or Affiliate while being a director or officer of the Corporation or Affiliate, and shall continue for one year after the Indemnified Party has ceased to be a director or officer of the Corporation or Affiliate.

5. Limitation of Actions and Release of Claims

No legal action shall be brought and no cause of action shall be asserted by or on behalf of the Corporation against the Indemnified Party, his estate, executors, administrators, legal representatives or lawful heirs after the expiration of two years from the date the Indemnified Party ceased (for any reason) to be a director or officer of the Corporation or Affiliate and the Corporation agrees that any claim or cause of action of the Corporation shall be extinguished and the Indemnified Party, his estate, executors, administrators, legal representatives and lawful heirs deemed released therefrom absolutely unless asserted by the commencement of legal action in a court of competent jurisdiction within such two-year period.

6. No Presumption as to Absence of Good Faith

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of any claim for indemnification pursuant to this Agreement, the Indemnified Party shall be
presumed to have acted honestly and in good faith and with a view to the best interests of the Corporation or Affiliate, as applicable,
and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, to have had reasonable grounds
for believing that his conduct was lawful, unless proven otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Determination of any civil, criminal or administrative action or proceeding by judgment, order, settlement
or conviction, or upon a plea of "nolo contendere" or its equivalent, shall not, of itself, create any presumption for the
purposes of this Agreement that the Indemnified Party did not act honestly and in good faith with a view to the best interests of the
Corporation or Affiliate, as applicable, and in the case of a criminal or administrative action or proceeding that is enforced by monetary
penalty, that he did not have reasonable grounds for believing that his conduct was lawful, unless the judgment or order of the court
shall specifically find otherwise.

7. Notice of Proceedings

The Indemnified Party agrees to give notice to the Corporation as soon as is reasonably practical after being served with any statement of claim, writ, notice of motion, indictment or other document commencing or continuing any civil, criminal or administrative action, proceeding, investigation, inquiry or hearing to which the Indemnified Party, is a party, whether or not charges have been laid against the Corporation, an Affiliate or the Indemnified Party, by reason of being or having been a director or officer of the Corporation or Affiliate and the Corporation agrees to give notice to the Indemnified Party in writing as soon as is reasonably practical after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) being served with any such statement of claim, writ, notice of motion, indictment or other document commencing
or continuing any civil, criminal or administrative action, proceeding, investigation, inquiry or hearing to which the Indemnified Party
is a party; whether or not charges have been laid against the Corporation, an Affiliate or the Indemnified Party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receiving notice of any such civil, criminal or administrative action, proceeding, investigation, inquiry
or hearing to which the Indemnified Party is a party, whether or not charges have been laid against the Corporation, an Affiliate or the
Indemnified Party,

provided, however, that the failure of the Indemnified Party to give such notice to the Corporation shall not adversely affect the Indemnified Party's rights under this Agreement except to the extent that the Corporation or Affiliate shall have been materially prejudiced as a direct result of such failure.

8. Right to Retain Counsel

The Corporation agrees to promptly retain counsel who shall be reasonably satisfactory to the Indemnified Party to represent the Indemnified Party. In any such matter the Indemnified Party shall have the right to retain other counsel to act on his behalf, provided that the fees and disbursements of such other counsel shall be paid by the Indemnified Party unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Indemnified Party and the Corporation shall have mutually agreed to the retention of such other counsel,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the parties to any such civil, criminal or administrative action, proceeding, investigation, inquiry or
hearing (including any added third, or interpleaded parties) include the Corporation and the Indemnified Party and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests between them (including the availability
of different defences) in which event the Corporation and Affiliate, jointly and severally agree to pay the fees and disbursements of
such counsel.

9. Investigation by Corporation and Affiliate

The Corporation and/or Affiliate may conduct any investigation it considers appropriate of any proceedings, including discoveries, trials, hearings and meetings, and will pay all costs of that investigation.

10. Indemnified Party to Cooperate

The Indemnified Party agrees to give the Corporation and Affiliate such information and cooperation as the Corporation and Affiliate may reasonably require from time to time in respect of all matters hereunder.

11. Settlement

The parties will act reasonably in pursuing the settlement of any proceeding. The Corporation and/or an Affiliate may not negotiate or effect a settlement of claims against the Indemnified Party without the consent of the Indemnified Party, acting reasonably. The Indemnified Party may negotiate and effect a settlement without the consent of the Corporation and/or an Affiliate but the Corporation and/or an Affiliate will not be liable for indemnification under this Agreement with respect to any settlement negotiated without its prior written consent, which consent will not be unreasonably withheld or delayed.

12. Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation agrees to purchase and maintain or cause to be purchased and maintained, while the Indemnified
Party remains a director or officer of the Corporation or an Affiliate and for a minimum of six years thereafter, insurance for the benefit
of the Indemnified Party against any liability incurred by him in his capacity as a director and/or officer of the Corporation or Affiliate
on terms no less favourable in terms of coverage and amounts, to the extent permitted by law and available on reasonable commercial terms,
than such insurance maintained by the Corporation or any other entity on the Corporation's behalf on the date hereof; provided that
such insurance shall not apply where the liability relates to his failure to act honestly and in good faith with a view to the best interests
of the Corporation or Affiliate, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation agrees to provide evidence to the Indemnified Party on an annual basis (on the anniversary
date of this Agreement) during the term for which the Corporation is obligated to maintain such insurance under the terms hereof, that
it has the insurance required under the terms of this Agreement and that it has paid the applicable premium(s) for such insurance and
shall, upon request of the Indemnified Party, provide the Indemnified Party with a copy of the relevant insurance policy within 14 days
of such request. If the Indemnified Party is not provided with evidence that the Corporation has such insurance or that it has paid the
applicable premium, the Indemnified Party shall be entitled to purchase the required insurance and the Corporation agrees to indemnify
and save harmless the Indemnified Party, his estate, executors, administrators and lawful heirs for all expenses incurred by or on behalf
of the Indemnified Party to obtain such insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event an insurable event occurs, the Indemnified Party will be indemnified promptly as agreed hereto
regardless of whether the Corporation has received the insurance proceeds. The Indemnified Party is entitled to full indemnification as
agreed hereto notwithstanding any deductible amounts or policy limits contained in any such insurance policy.

13. Arbitration

All disputes, disagreements, controversies or claims arising out of or relating to this Agreement, including, without limitation, with respect to its formation, execution, validity, application, interpretation, performance, breach, termination or enforcement will be determined by arbitration before a single arbitrator under the *Arbitration Act* (British Columbia). The arbitrator will determine, based on the outcome of the arbitration, the breakdown between the Corporation and/or Affiliate and the Indemnified Party of the costs for conducting the arbitration.

14. Taxes Payable

The Corporation agrees to reimburse the Indemnified Party for the net amount of tax payable by the Indemnified Party under the taxing laws of any jurisdiction provided that such net taxes payable are directly a result of the payment or reimbursement of the Costs, Charges and Expenses under this Agreement, including this clause, constituting a taxable benefit to the Indemnified Party.

15. Effective Time

This Agreement shall be effective as and from the first day that the Indemnified Party became or becomes a director and/or officer of the Corporation or commenced or commences to serve as an officer or director of an Affiliate.

16. Notices

Unless otherwise permitted by this Agreement, all notices or other communications to be given hereunder shall be delivered by hand, courier, ordinary prepaid mail, facsimile or electronic mail; and, if delivered by hand, shall be deemed to have been given on the delivery date, if delivered by ordinary prepaid mail shall be deemed to have been given on the fifth day following the delivery date and, if sent by facsimile or electronic mail, on the date of transmission if sent before 5:00 p.m. (local time where the notice is received) on a business day or, if such day is not a business day, on the first business day following the date of transmission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Indemnified Party, at: [ ]

[ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Corporation, at:

Modern Mining Technology Corp.<br> 1055 West Georgia Street, 1500 Royal Centre<br> Vancouver, BC V5E 4N7

Attention: Chief Executive<br> Officer Email: jbasi@modernmining.com

or to such other address as each party may from time to time notify the other of in writing.

If the Corporation receives notice from any other source of any matter which the Indemnified Party would otherwise be obligated hereunder to give notice of to the Corporation, then the Indemnified Party shall be relieved of his obligation hereunder to give notice to the Corporation, provided the Corporation has not suffered any material damage from the failure of the Indemnified Party to give notice as herein required.

17. Severability

If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without
limitation, all portions of any paragraph of this Agreement containing such provisions held to be invalid, illegal or unenforceable, that
are not of themselves in whole invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the fullest possible extent, the provisions of this Agreement (including, without limitations, all
portions of any paragraphs of this Agreement containing any such provisions held to be invalid, illegal or unenforceable, that are not
of themselves in whole invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
which is held to be invalid, illegal or unenforceable.

18. Governing Law

The parties hereto agree that this agreement shall be construed and enforced in accordance with the laws in force in the Province of British Columbia.

19. Modification and Waiver

No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

20. Entire Agreement

This Agreement shall supersede and replace any and all prior agreements (except any written agreement of employment between the Corporation and the Indemnified Party, which shall remain in full force and effect, except to the extent augmented or amended hereby), between the parties hereto respecting the matters set forth herein, and shall constitute the entire agreement between the parties hereto in respect of the matters set forth herein.

21. Successors and Assigns

This Agreement shall be binding upon and enure to the benefit of the Corporation and their respective successors and assigns and to the Indemnified Party and his estate, executors, administrators, legal representatives and lawful heirs.

22. Counterparts

This Agreement may be executed and delivered by the parties in one or more counterparts, each of which when so executed and delivered will be an original, and those counterparts will together constitute one and the same instrument.

23. Successor Legislation

Any references herein to any enactment shall be deemed to be references to such enactment as the same may be amended or replaced from time to time and, in the event that the Corporation is continued, incorporated, amalgamated, arranged under or otherwise becomes governed by an enactment other than the Act, then all references herein to the Act shall be deemed to be references to such enactment as the same may be amended or replaced from time to time.

**[Remainder of page intentionally blank]**

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement as at the date first above written.

**MODERN MINING TECHNOLOGY CORP.**

By:   <br> Name: Kuljit Basi <br> Title: Chief Executive Officer

---

| | | |
|:---|:---|:---|
| |)))) | |
| Witness Name: |)) | **[Director / Executive Officer Name]** |

---

## Exhibit 10.3

**Exhibit 10.3**

**INTEREST BEARING PROMISSORY NOTE**

---

| | |
|:---|:---|
| **Principal:** US$28,000.00 | **DUE ON MATURITY DATE** |

---

**FOR VALUE RECEIVED**, the undersigned hereby acknowledges itself indebted and promises to pay to or to the order of Basil Roy Botha (the **"Holder"**) the principal sum of US$28,000.00 (the "**Principal**") in lawful money of the United States at the head office of the Holder, which sum shall be payable on the *earlier* of: (i) the date on which the undersigned (or its affiliate) completes the Going Public Transaction. and (ii) November 01, 2021 (such earlier date, herein referred to as the "**Maturity Date**").

Interest shall be payable on the Principal of this promissory note at the rate of **one percent (1%)** per month, compounded monthly. Interest as aforesaid shall accrue and be payable both before and after the Maturity Date, default and judgment, with interest on overdue interest at the aforesaid rate.

The undersigned may prepay the Principal in whole or in part at any time or from time to time without notice, penalty or bonus. All payments received under this promissory note shall be applied first in satisfaction of any accrued but unpaid interest and then against any outstanding Principal.

The undersigned hereby waives the benefits of division and discussion, demand and presentment for payment, notice of non-payment, protest and notice of protest of this promissory note.

This promissory note shall be governed by the laws of the Province of British Columbia and the laws of Canada applicable hereof and shall not be changed, modified, discharged or cancelled orally or in any manner other than by agreement in writing signed by the Holder, its successors or assigns.

**IN WITNESS WHEREOF** the undersigned has executed this promissory note as of the 15 day of July, 2021.

---

| | |
|:---|:---|
| **URBAN MINING INTERNATIONAL INC.** | **URBAN MINING INTERNATIONAL INC.** |
| Per: | /s/ Mark Zorko |
|  | Mark Zorko |
|  | Authorized Signing Officer |

---

## Exhibit 10.4

**Exhibit 10.4**

**US$34,000.00 to Urban Mining International.**

**Term Sheet**

March 29, 2021

---

| | |
|:---|:---|
| Lender: | Basil Botha and Alpha Resources Management Inc. (the "Lender") |
| Borrower: | Urban Mining Intl.,. (the "Borrower") |
| Loan Interest: | Interest bearing loan of US$34,000.00 (the "Loan") is one (%) a month compounded. The exchange rate that was used to buy US$ is 1.27 |
| Maturity Date: | The Loan will become due and payable in full on June 30, 2021 (the Due Date"). |
| Closing | March 29, 2021 |

---

This Term Sheet represents the current understanding of the parties with respect to the subject matter herein and constitutes a legally binding agreement.

This Term Sheet may be executed in counterparts, which together will constitute one document. Electronic signatures shall have the same legal effect as original signatures.

---

| | |
|:---|:---|
| **Urban Mining International** |  |
| **SIGNED AND DELIVERED)** |  |
| in the presence of |  |
| /s/ Patricia Zorko | /s/ Mark Zorko |
| Witness | Mark Zorko |
| **Basil Botha and Alpha Resources Management Inc** |  |
| **SIGNED AND DELIVERED)** |  |
| in the presence of |  |
| /s/ Tom Klaimanee | /s/ Basil Botha |
| Witness | Basil Botha |

---

## Exhibit 10.5

**Exhibit 10.5**

**US$16,049.66 to Urban Mining International.**

**Term Sheet**

March 15, 2021

---

| | |
|:---|:---|
| Lender: | Basil Botha. (the "Lender") |
| Borrower: | Urban Mining Intl.,. (the "Borrower") |
| Loan Interest: | Interest bearing loan of US$16,049.66 (the "Loan") is one (%) a month compounded. |
| Maturity Date: | The Loan will become due and payable in full on June 30, 2021 (the Due Date"). |
| Closing | March 15, 2021 |

---

This Term Sheet represents the current understanding of the parties with respect to the subject matter herein and constitutes a legally binding agreement.

This Term Sheet may be executed in counterparts, which together will constitute one document. Electronic signatures shall have the same legal effect as original signatures.

---

| | |
|:---|:---|
| **Urban Mining International** |  |
| **SIGNED AND DELIVERED)** |  |
| in the presence of |  |
| /s/ Patricia Zorko | /s/ Mark Zorko |
| Witness | Mark Zorko |
| **Basil Botha** |  |
| **SIGNED AND DELIVERED)** |  |
| in the presence of |  |
| /s/ Tom Klaimanee | /s/ Basil Botha |
| Witness | Basil Botha |

---

## Exhibit 10.6

**Exhibit 10.6**

**COMMON SHARE SUBSCRIPTION AGREEMENT**

---

| | |
|:---|:---|
| **TO:** | **Modern Mining Technology Corp.** **(the "Issuer")** |
| **FROM:** | **[Subscriber Name]** |
|  | **(Subscriber Name)** |
| **RE:** | **Purchase of Common Shares of the Issuer at US$0.50 Per Common Share** |

---

---

| | |
|:---|:---|
| **REFERENCE DATE:** | **[ ], 2021** |

---

**THIS DOCUMENT CONTAINS A NUMBER OF FORMS REQUIRED BY SECURITIES LEGISLATION AND POLICY, SOME OF WHICH YOU MUST COMPLETE AND OTHERS NOT DEPENDING ON SEVERAL FACTORS. PLEASE READ THE FOLLOWING GUIDE CAREFULLY AS IT WILL ASSIST YOU IN COMPLETING THIS SUBSCRIPTION AGREEMENT CORRECTLY.**

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| | |
|:---|:---|
| **STEP 1** | **Enter the number of Common Shares you are purchasing, and your name, address and telephone number and sign this document on the execution page on page 21.** |
| **STEP 2** | **Please complete the Registration and Delivery Instructions on page 22 if your Common Shares are to be registered or delivered differently from your name and address on page 21.** |
| **STEP 3** | **All Subscribers must complete "Information Regarding the Subscriber" appearing on page 5.** |
| **STEP 4** | **If you are an "Accredited Investor" as defined in National Instrument 45-106 or *Securities Act* (Ontario) (generally a high net worth or high income investor), you must complete and sign Schedule A – "Accredited Investor Certificate" and Appendix 2 attached to Schedule A if you are an individual. All individual subscribers who indicated paragraph (j), (k) or (l) in Part 1 of Schedule A must complete the "Accredited Investor Questionnaire" in Appendix 3 attached to Schedule A.** |
| **STEP 5** | **If you are a resident in an International Jurisdiction other than in the United States, please review Section 7 for an exemption available to you. Please complete and sign Schedule A – "Accredited Investor Certificate" if you are an "Accredited Investor" and Appendix 2 attached to Schedule A if you are an individual. All individual subscribers who indicated paragraph (j), (k) or (l) in Part 1 of Schedule A must complete the "Accredited Investor Questionnaire" in Appendix 3 attached to Schedule A.** |
| **STEP 6** | **Subscribers resident in Canada, and who are not "Accredited Investors" but who are officers, directors, employees, family, close friends or business associates thereof, must complete and sign Schedule B – "Family, Friends and Business Associates Certifications", and, if applicable, if you are a resident of Ontario, you must complete and sign Appendix 1 attached to the Schedule B and, if applicable, if you are a resident of Saskatchewan, you must complete and sign Appendix 2 – "Form 45-106F5 - Risk Acknowledgement" attached to the Schedule B.** |
| **STEP 7** | **If you are subscribing in the United States or are a U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) you must be a U.S. fiduciary excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S or an "Accredited Investor" under U.S. law – please complete and sign Schedule C – "U.S. Purchaser Certificate".** |

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Please deliver completed forms by courier or email to McMillan LLP at Suite 1500 – 1055 West Georgia Street, Vancouver, BC V6E 4N7 Attention: Marina Tran; (marina.tran@mcmillan.ca). Payment of the aggregate purchase price must be set by wire in accordance with the payment instructions set forth on the next page and **complete and sign the Acknowledgment starting on page 3**. Unless otherwise stated, all monetary amounts herein are in Canadian dollars.

**<u>Acknowledgement</u>**

Each of the Subscriber and any third party paying the subscription funds hereunder (the "**Subscription Funds**") to McMillan LLP on behalf of the Subscriber (a "**Third Party Payor**"), acknowledges and agrees that the Subscription Funds are being delivered to McMillan LLP ("**McMillan**") to be held in trust pending the Closing (as hereinafter defined) of the Offering and hereby agree as follows:

1. this
 Acknowledgement is incorporated into and forms part of the Subscription Agreement to which
 it is attached;

2. the
 Subscription Funds are being advanced in connection with an irrevocable subscription to purchase
 securities of the Issuer and McMillan is irrevocably authorized and directed to hold the
 Subscription Funds in trust and pay the Subscription Funds to the Issuer on receiving notice
 of Closing of the Offering from the Issuer without further notice to or direction from the
 Subscriber or the Third Party Payor, if any;

3. in
 the event that McMillan does not receive notice from the Issuer of the Closing of the Offering
 within 90 days of receipt of the Subscription Funds, or in the event that the Issuer provides
 notice to McMillan that the Offering has been terminated, McMillan is irrevocably authorized
 and directed to return the Subscription Funds to the Subscriber without further notice to
 or direction from the Subscriber or the Third Party Payor, if any, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) for
Subscription Funds that were received by wire transfer or electronic funds transfer, McMillan will return the Subscription Funds (less
any applicable bank charges or fees) by wire transfer to the bank account from which the Subscription Funds were received; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 Subscription Funds that were received by certified cheque or bank draft, McMillan will issue
 a trust cheque in the amount of the Subscription Funds (less any applicable bank charges
 or fees) in the name of the Subscriber, or if funds were received from a Third Party Payor
 in the name of the Third Party Payor, and will deliver such trust cheque to the address of
 the Subscriber or Third Party Payor, as the case may be, provided in the Subscription Agreement;

4. funds
 paid in any currency other than Canadian dollars may be converted to Canadian dollars by
 McMillan, and neither McMillan or the Issuer is responsible for any loss resulting from such
 currency conversion;

5. if
 the Subscription Funds were paid by a Third Party Payor, the Third Party Payor confirms that
 such Subscription Funds were paid on behalf of the Subscriber to be applied towards the Subscriber's
 purchase of securities pursuant to the Subscription Agreement;

6. McMillan
 has no duty or responsibility except as expressly set forth in this Acknowledgement in respect
 of the Subscription Funds, and no implied duty or obligation may be read into this Acknowledgement
 or the Subscription Agreement against it;

7. McMillan
 is not liable for any action it takes or omits to take in good faith and in the exercise
 of its own best judgment, for any error in judgment made in good faith or for any mistake
 of fact or law, unless it is proved that McMillan acted fraudulently, intentionally in bad
 faith, or in gross negligence;

8. McMillan
 may rely on, and is protected in acting upon, any judgment, order, notice, demand, direction,
 certificate or other instrument, paper or document which it may receive in connection with
 its duties under this Acknowledgement and which McMillan believes in good faith to be genuine
 and signed or presented by the proper persons, and may accept them as sufficient evidence
 of the facts stated in them. McMillan is in no way bound to call for further evidence (whether
 as to due execution, validity or effectiveness, or the jurisdiction of any court, or as to
 the truth of any fact), and is not responsible for any loss occasioned by its failing to
 do so;

9. in
 the following circumstances, McMillan may, but is not required to: (i) refrain from taking
 any action under this Acknowledgement until it is jointly directed in writing by the Issuer,
 the Subscriber and the Third Party Payor (if any), or by an order of a court of competent
 jurisdiction from which no further appeal may be taken; or (ii) deposit the Subscription
 Funds with a court of competent jurisdiction in the Province of British Columbia:

&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 McMillan is uncertain as to its duties or rights under the Subscription Agreement (including
 this Acknowledgement);

&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 McMillan receives any instruction, claim or demand from any person relating to any matter
 under the Subscription Agreement (including this Acknowledgement) which, in McMillan's opinion,
 is in conflict with this Acknowledgement; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 any of the parties to the Subscription Agreement, including McMillan, disagree about the
 interpretation of the Subscription Agreement (including this Acknowledgement), the release
 of the Subscription Funds under the Subscription Agreement (including this Acknowledgement)
 or about the rights and obligations of McMillan or the propriety of an action contemplated
 by McMillan under this Acknowledgement;

10. upon
 McMillan depositing the Subscription Funds with a court in accordance with the Subscription
 Agreement (including this Acknowledgement), McMillan will be released from its duties and
 obligations under the Subscription Agreement (including this Acknowledgement);

11. the
 provisions of the Subscription Agreement (including this Acknowledgement) relating to the
 protection of McMillan survive such release of the Subscription Funds;

12. the
 Issuer and the Subscriber shall jointly and severally indemnify and save harmless McMillan
 of and from, and shall pay for, all actions, proceedings, losses, liabilities, costs, claims,
 damages, expenses (including legal fees and expenses on a solicitor and its own client basis)
 and demands that McMillan incurs or sustains in respect of any matter or thing it does pursuant
 to or in connection with the Subscription Agreement (including this Acknowledgement), or
 otherwise arising in connection with its receipt and handling of the Subscription Funds,
 except insofar as the same arose through McMillan's fraud, intentional bad faith or
 gross negligence;

13. McMillan
 has acted and/or may continue to act as legal counsel to the Issuer with respect to various
 matters, including the Closing of the Offering pursuant to the Subscription Agreement, and
 the instruments and transactions arising therefrom and McMillan will not, by virtue of holding
 the Subscription Funds in trust, be disqualified from continuing to act for or represent
 the Issuer in connection with any other matter and otherwise, including in any matter adverse
 to the Subscriber or the Third Party Payor;

14. McMillan
 is not acting as legal counsel to the Subscriber or the Third Party Payor (if any) and the
 Subscriber and the Third Party Payor (if any) acknowledge that each has been advised to seek
 the advice of its independent legal counsel in connection with the execution of this Acknowledgement;
 and

15. McMillan
 is a third-party beneficiary of the Subscription Agreement (including this Acknowledgement)
 and is entitled to enforce the provisions of the Subscription Agreement (including this Acknowledgement)
 in favour of McMillan against each of the Subscriber, the Third Party Payor and the Issuer.

**Acknowledged and agreed by:**<br>

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| | |
|:---|:---|
| **Subscriber:** | **Third Party Payor (if applicable):** |
| (Name of Subscriber – please print) | (Name of Third Party Payor – please print) |
| (Authorized Signature of Subscriber) | (Authorized Signature of Third Party Payor) |
| (Official Capacity or Title if not an individual) | (Official Capacity or Title if not an individual) |

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**INFORMATION REGARDING THE SUBSCRIBER**

**Please check the appropriate box (and complete the required information, if applicable) in each section:**

1. **Security [ ]**. Prior to purchasing the securities under this Subscription Agreement, the Subscriber
 and all persons acting jointly and in concert with the Subscriber currently own, directly
 or indirectly, or exercise control or direction over (provide additional detail as applicable):

☐ _________________ common shares of the Issuer and/or the following other kinds of shares and convertible securities (including but not limited to convertible debt, warrants and options) entitling the Subscriber to acquire additional common shares or other kinds of shares of the Issuer:

☐ No shares of the Issuer or securities convertible into shares of the Issuer.

2. **Insider Status**. The Subscriber either:

☐ Is an "Insider" of the Issuer by virtue of being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
director or senior officer of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 director or senior officer of a company that is an Insider or subsidiary of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 person that beneficially owns or controls, directly or indirectly, voting shares of the Issuer
 carrying more than 10% of the voting rights attached to all the Issuer's outstanding
 voting shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Issuer itself if it holds any of its own securities.

☐ Is not an Insider of the Issuer.

3. **Registrant status**. The Subscriber either:

☐ is a person registered or required to be registered under the *Securities Act* (British Columbia) or other Canadian securities regulations;

☐ is not a person registered or required to be registered under the *Securities Act* (British Columbia) or other Canadian securities regulations.

**THE ISSUER IS A CORPORATION EXISTING UNDER THE LAWS OF THE PROVINCE OF BRITISH COLUMBIA. THE ISSUER IS NEITHER A REPORTING COMPANY UNDER THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (THE "EXCHANGE ACT"), NOR A "REPORTING ISSUER" IN ANY JURISDICTION OF CANADA AS THAT TERM IS DEFINED UNDER APPLICABLE SECURITIES LAWS IN CANADA. NO SECURITIES OF THE ISSUER ARE LISTED ON ANY STOCK EXCHANGE OR QUOTED ON ANY QUOTATION OR TRADE REPORTING SYSTEM. THERE IS NO ASSURANCE THAT THE ISSUER WILL BECOME A REPORTING COMPANY UNDER THE EXCHANGE ACT OR A "REPORTING ISSUER" IN CANADA, OR THAT THERE WILL EVER BE A MARKET FOR SECURITIES OF THE ISSUER. THE SECURITIES OF THE ISSUER SUBSCRIBED FOR HEREUNDER MAY BE SUBJECT TO INDEFINITE RESALE RESTRICTIONS UNDER APPLICABLE SECURITIES LAWS. INVESTORS ARE URGED TO CONSULT WITH THEIR PROFESSIONAL ADVISORS WITH RESPECT TO RESALE RESTRICTIONS APPLICABLE TO SECURITIES OF THE ISSUER.**

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| | |
|:---|:---|
| **Re:** | **<u>Purchase of Common Shares Exempt from Prospectus Requirements</u>** |

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1. Definitions

1.1 (a) "**Accredited Investor**" means a Subscriber resident in Canada who is an accredited investor as defined in Section 1.1 of NI 45-106
 or under the *Securities Act* (Ontario) if the Subscriber is a resident in Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Securities Laws**" means the securities legislation having application and the rules, policies, notices and orders issued by applicable securities regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Closing**" means a completion of an issue and sale by the Issuer and the purchase by the Subscriber of the Common Shares pursuant to this Subscription Agreement on the Closing Date. Closings may occur on one or more dates as the Issuer may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Closing Date**" means the date of Closing, as determined Issuer in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Common Share**" means a common share without par value in the capital of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**consultant**" means, for an issuer, a person, other than an employee, executive officer, or director of the issuer or of a related entity of the issuer, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is engaged to provide services to the issuer or a related entity of the issuer, other than services provided in relation to a distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides the services under a written contract with the issuer or a related entity of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) spends or will spend a significant amount of time and attention on the affairs and business of the issuer or a related entity of the issuer

and includes, for an individual consultant, a corporation of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is an employee or partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Employee, Executive Officer, Director and Consultant Exemptions**" means the exemption from the prospectus requirements found in Section 2.24 of NI 45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Exemptions**" means the exemptions from the registration and prospectus or equivalent requirements under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"Family, Friends and Business Associates Exemptions**" means the exemptions from the prospectus requirements found in Sections 2.5 – 2.7 of NI 45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**fully managed**" in relation to an account, means that the Subscriber has the discretion as to the account as contemplated by Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**International Jurisdiction**" means a country other than Canada or the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**material**" means material in relation to the Issuer and any subsidiary considered on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**material change**" means any change in the business, operations, assets, liabilities, ownership or capital of the Issuer and any subsidiary considered on a consolidated basis that would reasonably be expected to have a significant effect on the market price or value of the Issuer's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**material fact**" means any fact that significantly affects or would reasonably be expected to have a significant effect on the market price or value of the Issuer's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Minimum Investment Amount Exemption**" means the exemption from the prospectus requirements under Applicable Securities Laws for subscriptions made by non-individual Subscriber of CDN$150,000 paid in cash at the time of Closing and which does not require the Subscriber to be an Accredited Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**misrepresentation**" is as defined under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**NI 45-106**" means National Instrument 45-106 – *Prospectus Exemptions* in the form adopted by the securities commissions in all provinces and territories of Canada (a copy is available online at www.bcsc.bc.ca);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Offering**" means the sale by the Issuer of Common Shares on the terms set forth in this Subscription Agreement. There is no minimum aggregate Offering and the Issuer reserves the right to decrease or increase the size of the Offering at its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**permitted assign**" means, for a person that is an employee, executive officer, director or consultant of the Issuer or of a related entity of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a trustee, custodian, or administrator acting on behalf of, or for the benefit of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a holding entity of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an RRSP or a RRIF of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a spouse of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a trustee, custodian, or administrator acting on behalf of, or for the benefit of the spouse of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a holding entity of the spouse of the person, 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;(vii) an RRSP or a RRIF of the spouse of the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**person**" means and includes any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, government, governmental agency or board or commission or authority, and any other form of entity or organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Regulation D**" means Regulation D under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Regulation S**" means Regulation S under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Schedules**" means the schedules attached hereto and forming part hereof and comprising of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Accredited Investor Certificate;

(ii) B Family, Friends and Business Associates Certifications; and

(iii) C U.S. Purchaser Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Subscriber**" means the person or persons named as a Subscriber on the execution page of this Subscription Agreement and if more than one person is so named, means all of them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Subscription Agreement"** or **"Agreement**" means this subscription agreement between the Subscriber and the Issuer, including all Schedules incorporated by reference, as it may be amended or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**TSX-V**" means the TSX Venture Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**U.S. Person**" means a U.S. Person as defined in Regulation S (the definition of which includes, but is not limited to, (i) any natural person resident in the United States, (ii) any partnership or corporation organized or incorporated under the laws of the United States, (iii) any partnership or corporation organized outside of the United States by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organized, or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts, and (iv) any estate or trust of which any executor or administrator or trustee is a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**U.S. Purchaser**" is (a) any "U.S. Person" as defined in Regulation S, (b) any person purchasing the Common Shares on behalf of any "U.S. Person" or any person in the United States, (c) any person who receives or received an offer of the Common Shares while in the United States, or (d) any person who is or was in the United States at the time the Subscriber's buy order was made or this Agreement was executed or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**U.S. Securities Act**" means the *Securities Act of 1933*, as amended, of the United States of America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**United States**" means the United States of America, its territories, any State of the United States and the District of Columbia;

1.2 Words
 and phrases which are used in this Subscription Agreement and all Schedules thereto and which are defined in NI 45-106 will have
 the meaning ascribed thereto in NI 45-106, unless otherwise specifically defined in Section 1.1 of this Subscription Agreement.

2. Prospectus Exempt Subscription Commitment

2.1 The Subscriber (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) hereby irrevocably subscribes for and agrees to purchase from the Issuer, subject to the terms and conditions set forth herein, that number of Common Shares set out above the Subscriber's name on the execution page of this Subscription Agreement. Subject to the terms hereof, this Subscription Agreement will be deemed to have been made and be effective only upon its acceptance by the Issuer.

2.2 The Subscriber (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) acknowledges and agrees that the Issuer reserves the right, in its absolute discretion, to reject this subscription for Common Shares, in whole or in part, at any time prior to the Closing Date notwithstanding prior receipt by the Subscriber of a notice of acceptance of this subscription. Upon the Issuer's acceptance of this subscription, this Subscription Agreement will constitute an agreement for the purchase by the Subscriber from the Issuer, and for the Issuer to issue and sell to the Subscriber, the number of Common Shares set out on the execution page hereof and on the terms and conditions set out herein. If this subscription is rejected in whole, any cheques or other forms of payment delivered to the Issuer representing payment for the Common Shares subscribed for herein will be promptly returned to the Subscriber without interest or deduction. If this subscription is accepted only in part, a cheque representing any refund for that portion of the subscription for the Common Shares which is not accepted will be promptly delivered to the Subscriber by the Issuer without interest or deduction. The Subscriber agrees the Issuer may treat the subscription proceeds as an interest-free loan and use such proceeds from time to time in its discretion until the earlier of the Closing Date or the date that the Issuer rejects the subscription.

3. Description of Common Shares

3.1 The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) that there is no minimum number of Common Shares that must be purchased as a condition to closing the Offering and therefore the subscription amount tendered herewith may be releasable to the Issuer on the Closing Date notwithstanding the number of Common Shares issued pursuant to the Offering.

3.2 The Common Shares shall be subject to escrow as required by Applicable Securities Laws or stock exchange policies or any escrow conditions the Issuer may impose on the Common Shares. Any Securities required to be held in escrow will be released in accordance with Applicable Securities Laws, stock exchange polices or the terms of an escrow agreement. Subscriber acknowledges and agrees that if the Subscriber is required to execute and deliver an escrow agreement, the Subscriber shall execute and deliver such escrow agreement, failing which the Subscriber shall be deemed to have surrendered the Subscriber's Common Shares to the Issuer as a gift for cancellation and will receive no consideration for such cancellation.

4. Closing

4.1 Prior to Closing, the Subscriber will deliver to the offices of the Issuer aggregate subscription funds and subscription documents completed in accordance with the instructions on the face page of this Agreement, or arrange for electronic transfer of certified funds. Alternatively, the Subscriber will deliver certified funds to the Issuer against concurrent delivery by the Issuer of certificates representing the Common Shares. On request by the Issuer, the Subscriber agrees to complete and deliver any other documents, questionnaires, notices and undertakings as may possibly be required by regulatory authorities, stock exchanges and Applicable Securities Laws to complete the transactions contemplated by this Agreement. Closing will occur on the Closing Date at which time certificates representing the Common Shares will be available against payment of funds for delivery to the Subscriber, as the Subscriber will instruct. The Subscriber hereby waives receiving any prior notice of Closing.

5. Privacy Legislation

5.1 The Subscriber acknowledges and consents to the fact that the Issuer is collecting the Subscriber's (and any beneficial purchaser for which the Subscriber is contracting hereunder) personal information (as that term is defined under applicable privacy legislation, including, without limitation, the *Personal Information Protection and Electronic Documents Act* (Canada) and any other applicable similar replacement or supplemental provincial or federal legislation or laws in effect from time to time) for the purpose of completing the Subscriber's subscription. The Subscriber acknowledges and consents to the Issuer retaining the personal information for so long as permitted or required by applicable law or business practices. The Subscriber further acknowledges and consents to the fact that the Issuer may be required by Applicable Securities Laws, stock exchange rules and/or Investment Industry Regulatory Organization of Canada rules to provide regulatory authorities any personal information provided by the Subscriber respecting itself (and any beneficial purchaser for which the Subscriber is contracting hereunder). The Subscriber represents and warrants that it has the authority to provide the consents and acknowledgements set out in this paragraph on behalf of all beneficial purchasers for which the Subscriber is contracting. In addition to the foregoing, the Subscriber agrees and acknowledges that the Issuer may use and disclose the Subscriber's personal information, or that of each beneficial purchaser for whom the Subscriber are contracting hereunder, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for internal use with respect to managing the relationships between and contractual obligations of the Issuer and the Subscriber or any beneficial purchaser for whom the Subscriber is contracting hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for use and disclosure to the Issuer's transfer agent and registrar;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure to securities regulatory authorities (including the TSX-V, the Nasdaq Stock Market or any stock exchange) and other regulatory bodies with jurisdiction with respect to reports of trade and similar regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) disclosure to a governmental or other authority (including the TSX-V, the Nasdaq Stock Market or any stock exchange) to which the disclosure is required by court order or subpoena compelling such disclosure and where there is no reasonable alternative to such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) disclosure to professional advisers of the Issuer in connection with the performance of their professional services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) disclosure to any person where such disclosure is necessary for legitimate business reasons and is made with the Subscriber's prior written consent;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for use and disclosure as otherwise required or permitted by law.

If the Subscriber is resident in a jurisdiction of Canada, the Subscriber acknowledges that the Subscriber (a) has been notified by the Issuer of the delivery to the securities regulatory authorities in the Qualifying Jurisdictions of the information pertaining to the Subscriber as set out in Form 45-106F1- *Report of Exempt Distribution*; that this information is being collected by such securities regulatory authorities under the authority granted in securities legislation; that this information is being collected for the purposes of the administration and enforcement of the securities legislation of the local jurisdiction; and of the title, business address and business telephone of the public official in the local jurisdiction, as set out in Form 45-106F1- Report of Exempt Distribution, who can answer questions about such securities regulatory authorities' indirect collection of the information, and (b) has authorized the indirect collection of the information by such securities regulatory authorities. The contact information for such securities regulatory authorities are attached as Schedule D.

6. Subscriber's Acknowledgements – Regarding Risk, Restrictions, Independent Advice and Advancement of Subscription Proceeds to the Issuer

6.1 The Subscriber represents and warrants and acknowledges and agrees with the Issuer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber acknowledges that: (i) the Common Shares are not listed on the TSX-V, the Nasdaq Stock Market or on any other stock exchange, and there is no trading market for these securities; (ii) the Subscriber has no present need for liquidity in its or his investment in the Issuer, and is in a financial position to bear the economic risk of the Common Shares for an indefinite period of time and to withstand a complete loss of its or his investment in the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no prospectus has been filed by the Issuer with any securities commission or similar authority, in connection with the issuance of the Common Shares, and the issuance and the sale of the Common Shares is subject to such sale being exempt from the prospectus/registration requirements under Applicable Securities Laws and accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber is restricted from using certain of the civil remedies available under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber may not receive information that might otherwise be required to be provided to it under such legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer is relieved from certain obligations that would otherwise apply under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber (or others for whom the Subscriber is contracting hereunder) has been advised to consult its own legal advisors with respect to the merits and risks of an investment in the Common Shares and with respect to applicable resale restrictions and it (or others for whom it is contracting hereunder) is solely responsible (and the Issuer is in no way responsible) for compliance with applicable resale restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the offer made by this Subscription Agreement is irrevocable (subject to the right of the Issuer to terminate this Subscription Agreement) and requires acceptance by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) this Subscription Agreement is not enforceable by the Subscriber unless it has been accepted by the Issuer and the Subscriber waives any requirement on the Issuer's behalf to communicate immediately its acceptance of this Subscription Agreement to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Subscriber has relied only upon publicly available information relating to the Issuer and not upon any verbal or written representation as to fact, and the Subscriber acknowledges that the Issuer has not made any written representations, warranties or covenants in respect of such publicly available information, except as set forth in this Subscription Agreement. Without limiting the generality of the foregoing, except as may be provided herein, no person has made any written or oral representation to the Subscriber that any person will re-sell or re-purchase the Common Shares, or refund any of the purchase price of the Common Shares, or that the Common Shares will be listed on any exchange or quoted on any quotation and trade reporting system, or that application has been or will be made to list any such security on any exchange or quote the security on any quotation and trade reporting system, and no person has given any undertaking to the Subscriber relating to the future value or price of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Common Shares are speculative investments which involve a substantial degree of risk and the Subscriber may lose its entire investment in the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Subscriber is sophisticated in financial investments, has had access to and has received all such information concerning the Issuer that the Subscriber has considered necessary in connection with the Subscriber's investment decision and the Subscriber will not receive an offering memorandum or similar disclosure document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no agency, governmental authority, regulatory body, stock exchange or other entity has made any finding or determination as to the merit for investment of, nor have any such agencies or governmental authorities made any recommendation or endorsement with respect to, the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber acknowledges that the Issuer may complete additional financings in the future which may have a dilutive effect on existing shareholders at such time, including the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Issuer will rely on the representations and warranties made herein or otherwise provided by the Subscriber to the Issuer in completing the sale and issue of the Common Shares to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Subscriber and, if applicable, the beneficial purchaser, is not subscribing for the Common Shares as a result of any form of general solicitation or general advertising, including advertisements, articles, notices or other communication published in any newspaper, magazine or similar media or broadcast over radio, television or internet or any seminar or meeting whose attendees have been invited by general solicitation or general advertising; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the funds representing the aggregate subscription price for the Subscriber's Common Shares, which will be advanced by the Subscriber hereunder, will not represent proceeds of crime for the purposes of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and the Subscriber acknowledges that the Issuer may in the future be required by law to disclose the Subscriber's name and other information relating to this Subscription Agreement and the Subscriber's subscription hereunder, on a confidential basis, pursuant to such Act. To the best of its knowledge: (a) none of the subscription funds to be provided by the Subscriber (i) have been or will be derived from or related to any activity that is deemed criminal under the law of Canada, the United States of America, or any other jurisdiction, or (ii) are being tendered on behalf of a person or entity who has not been identified to the Subscriber; and (b) the Subscriber shall promptly notify the Issuer if the Subscriber discovers that any of such representations ceases to be true, and to provide the Issuer with appropriate information in connection therewith.

6.2 The Subscriber hereby acknowledges and agrees that the subscription proceeds, together with all subscription documents completed in the manner described herein, subject to any statutory rights of the Subscriber, will be provided to the Issuer prior to the Closing Date. All subscription proceeds provided to the Issuer as contemplated herein may be used by the Issuer forthwith and from time to time in its sole discretion and will form an interest-free loan from the Subscriber to the Issuer and in the event that the Closing fails to occur, for any reason, the Subscriber will be deemed to have loaned the subscription proceeds to the Issuer, repayable on demand.

7. Subscriber's Exemption Status

7.1 The Subscriber, by its execution of this Subscription Agreement, hereby further represents, warrants to, and covenants with, the Issuer (which representations, warranties and covenants will survive the Closing of the Offering) that the Subscriber is purchasing the Common Shares as principal for its own account or for the account or benefit of the beneficial owner disclosed on the execution page of this Subscription Agreement, and not with a view to the resale or distribution of the Common Shares, and one of the following Exemptions applies to the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Family, Friends and Business Associates Exemptions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber is a resident of a Province or Territory of Canada other than Ontario, and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a spouse, parent, grandparent, brother, sister, child or grandchild of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a parent, grandparent, brother, sister, child or grandchild of the spouse of a director, executive officer or control person of the Issuer or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a close personal friend of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a close business associate of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a founder of the Issuer or a spouse, parent, grandparent, brother, sister, child, grandchild , close personal friend or close business associate of a founder of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) a parent, grandparent, brother, sister, child or grandchild of a spouse of a founder of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, persons described in paragraphs (A) to (G), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) a trust or estate of which all of the beneficiaries or a majority of the trustees or executors are persons described in paragraphs (A) to (G);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Subscriber is a resident of Saskatchewan, the Subscriber must complete and sign the Form - 45-106F5 – *Risk Acknowledgement Saskatchewan Close Personal Friends and Close Business Associates* attached hereto as Appendix 2 to Schedule B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Subscriber is a resident of Ontario and is not an investment fund, and has concurrently executed and delivered a Form 45-106F12 – *Risk Acknowledgement Form for Family, Friends and Business Associates* in the form attached as Appendix 1 to Schedule B and signed by all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) an executive officer of the Issuer other than the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if the purchaser is a person referred to under paragraph 7.1(a)(i)(B), the director, executive officer or control person of the issuer or an affiliate of the issuer who has the specified relationship with the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if the purchaser is a person referred to under paragraph 7.1(a)(i)(C), the director, executive officer or control person of the issuer or an affiliate of the issuer whose spouse has the specified relationship with the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if the purchaser is a person referred to under paragraph 7.1(a)(i)(D) or (i)(E), the director, executive officer or control person of the issuer or an affiliate of the issuer who is a close personal friend or a close business associate of the purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the founder of the Issuer, if the purchaser is a person referred to in paragraph 7.1(a)(i)(F) and (i)(G) other than the founder of the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Subscriber has concurrently executed and delivered a certificate in the form attached as Schedule B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Employee, Executive Officer, Director and Consultant Exemptions*

The Subscriber is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an employee, executive officer, director or consultant of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an employee, executive officer, director or consultant of a related entity of the Issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a permitted assign of a person referred to in paragraphs (i) or (ii)

and the Subscriber's purchase is voluntary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Minimum Amount Exemption*

The Subscriber is not an individual and the aggregate acquisition cost of purchasing the Common Shares will not be less than CDN$150,000 paid in cash at the time of purchase, and the Subscriber has not been created or used solely to purchase or hold the Common Shares in reliance on this Exemption; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Accredited Investor Exemption*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber is an "Accredited Investor" and the Subscriber has properly completed and duly executed the Accredited Investor Certificate attached to this Subscription Agreement as Schedule A indicating the means by which the Subscriber is an Accredited Investor and confirms the truth and accuracy of all statements made by the Subscriber in such certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Subscriber is an individual, the Subscriber has concurrently executed and delivered Form 45-106F9 – *Form for Individual Accredited Investors* in the form attached as Appendix 2 to Schedule A hereto.

**7.2 Subscriber Outside of Canada and the United States**

If the Subscriber is resident in an International Jurisdiction (excluding, for greater certainty, the United States), the Subscriber certifies in particular that it is not resident in British Columbia, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber further certifies that it qualifies for any one or more of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Family, Friends and Business Associates Exemptions described in paragraph 7.1(a), and the Subscriber has executed and delivered the Family, Friends and Business Associates Certifications in the form attached as Schedule B attached hereto,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Employee, Executive Officer, Director and Consultant Exemptions described in paragraph 7.1(b),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Minimum Investment Amount Exemption described in paragraph 7.1(c), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Accredited Investor Exemption described in paragraph 7.1(d), and the Subscriber has: (A) completed and executed an Accredited Investor Certificate in the form attached as Schedule A, and (B) if applicable, completed and executed a Form 45-106F9 – *Form for Individual Accredited Investors* in the form attached as Appendix 2 to Schedule A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber represents, warrants, acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no securities commission or similar regulatory authority has reviewed or passed on the merits of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is no government or other insurance covering the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are risks associated with the purchase of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there are restrictions on the Subscriber's ability to resell the Common Shares and it is the responsibility of the Subscriber to determine what those restrictions are and to comply with them before selling the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscriber is knowledgeable of securities legislation having application or jurisdiction over the Subscriber and the Offering (other than the laws of Canada and the United States) which would apply to this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Issuer is offering and selling the Common Shares and the Subscriber is purchasing the Common Shares pursuant to exemptions from the prospectus and similar requirements under the applicable securities laws of the International Jurisdiction or, if such is not applicable, the Issuer is permitted to offer and sell the Common Shares and the Subscriber is permitted to purchase the Common Shares under the applicable securities laws of such International Jurisdiction without the need to rely on exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the applicable securities laws of the International Jurisdiction do not require the Issuer to prepare and/or file any documents or be subject to ongoing reporting requirements or seek any approvals of any kind whatsoever in respect of the offer and sale of the Common Shares to the Subscriber from any regulatory authority of any kind whatsoever in the International Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Common Shares are being acquired for investment only and not with a view to resale and distribution within the International Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Subscriber will, if requested by the Issuer, deliver to the Issuer a certificate or opinion of local counsel from the International Jurisdiction which will confirm the matters referred to in subparagraphs (vi) above to the satisfaction of the Issuer, acting reasonably.

**7.3 Additional Representations and Acknowledgements Applicable to U.S. Purchasers**.

If the Subscriber is a U.S. Purchaser, the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) represents and warrants that the Subscriber is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a discretionary or similar account (other than an estate or trust) that is excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S under the U.S. Securities Act and is held on behalf of a person that is not a U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States; **or**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a U.S. Person or is located in the United States and is an "accredited investor" as defined in Regulation D of the U.S. Securities Act (a "**U.S. Accredited Investor**"), and is acquiring the Common Shares for its own account or for the account of a U.S. Accredited Investor as to which it exercises sole investment discretion, to be held for investment only and not with a view to any resale, distribution or other disposition of the Common Shares in violation of United States securities laws or applicable state securities laws; and

**IN EITHER CASE, the Subscriber has properly completed and duly executed a U.S. Purchaser Certificate attached to this Subscription Agreement as Schedule C**, and confirms the truth and accuracy of all statements made by the Subscriber in such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no securities commission or similar regulatory authority has reviewed or passed on the merits of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is no government or other insurance covering the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are risks associated with the purchase of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there are restrictions on the Subscriber's ability to resell the Common Shares and it is the responsibility of the Subscriber to determine what those restrictions are and to comply with them before selling the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Issuer is relying on an exemption from the requirements to provide the Subscriber with a prospectus and to sell the Common Shares through a person registered to sell the Common Shares under Applicable Securities Laws and, as a consequence of acquiring securities pursuant to this exemption, certain protections, rights and remedies provided by Applicable Securities Laws, including statutory rights of rescission or damages, will not be available to the Subscriber.

**7.4 Other General Representations Applicable to All Subscribers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber has no knowledge of a "material fact" or "material change", as those terms are defined herein, in respect of the affairs of the Issuer that has not been generally disclosed to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber (and, if applicable, any beneficial purchaser for whom it is acting) is resident in the jurisdiction set out under the heading "Name and Address of Subscriber" on the execution page of this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber is of legal age and has the legal capacity and competence to enter into and execute this Subscription Agreement and to take all actions required pursuant hereto and, if the Subscriber is a corporation, it is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others have been obtained to authorize execution of this Subscription Agreement on behalf of the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the entering into of this Subscription Agreement and the transactions contemplated hereby do not result in the violation of any of the terms and provisions of any law applicable to, or the constating documents of, the Subscriber or of any agreement, written or oral, to which the Subscriber may be a party or by which the Subscriber is or may be bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Subscriber has duly and validly authorized, executed and delivered this Subscription Agreement and understands it is intended to constitute a valid and binding agreement of the Subscriber enforceable against the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in connection with the Subscriber's investment in the Common Shares, the Subscriber has not relied upon the Issuer for investment, legal or tax advice, and has, in all cases sought the advice of the Subscriber's own personal investment advisor, legal counsel and tax advisers or has waived its rights thereto and the Subscriber is either experienced in or knowledgeable with regard to the affairs of the Issuer, or either alone or with its professional advisors is capable, by reason of knowledge and experience in financial and business matters in general, and investments in particular, of evaluating the merits and risks of an investment in the Common Shares and is able to bear the economic risk of the investment and it can otherwise be reasonably assumed to have the capacity to protect its own interest in connection with the investment in the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no person has made to the Subscriber any written or oral representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that any person will resell or repurchase the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that any person will refund the purchase price for the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the future price or value of the Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Common Shares will be listed and posted for trading on a stock exchange or that application has been made to list and post the Common Shares for trading on a stock exchange;

**Not a person in the United States or a U.S. Person**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Unless the Subscriber completes the U.S. Purchaser Certificate included herein as Schedule C (in which case the Subscriber represents, warrants and covenants to the Issuer as to the accuracy of all matters set out therein) in connection with a purchase of the Common Shares made in reliance on Regulation D, the Subscriber represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Common Shares are not being acquired, directly or indirectly, for the account or benefit of a U.S. Person or a person in the United States and the Subscriber does not have any agreement or understanding (either written or oral) with any U.S. Person or a person in the United States respecting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the transfer or assignment of any rights or interests in any of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the division of profits, losses, fees, commissions, or any financial stake in connection with this Subscription Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the voting of the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber has no intention to distribute either directly or indirectly any of the Common Shares in the United States or to U.S. Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subscriber represents that the current structure of this transaction and all transactions and activities contemplated hereunder is not a scheme to avoid the registration requirements of the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Subscriber is a not a "U.S. Person" and is not purchasing the Common Shares for the account or benefit of any U.S. Person or a person in the United States or for offering, resale or delivery for the account or benefit of any U.S. Person or a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscriber was outside the United States at the time of execution and delivery of this Subscription Agreement within the meaning of Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no offers to sell the Common Shares were made by any person to the Subscriber while the Subscriber was in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Subscriber acknowledges that the Common Shares have not been registered under the U.S. Securities Act, and may not be offered or sold in the United States or to a U.S. Person unless an exemption from such registration requirements is available. The Subscriber understands that the Issuer has no obligation or present intention of filing a registration statement under the U.S. Securities Act in respect of the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Subscriber will not engage in any directed selling efforts (as defined by Regulation S under the U.S. Securities Act) in the United States in respect of the Common Shares, which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of conditioning the market in the United States for the resale of the Common Shares.

**Compliance with Resale Laws**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber will comply with Applicable Securities Laws and, if applicable, Rule 904 of Regulation S concerning the resale of the Common Shares and all related restrictions (and the Issuer is not in any way responsible for such compliance) and will speak and consult with its own legal advisors with respect to such compliance;

**Own Expense**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber acknowledges and agrees that all costs and expenses incurred by the Subscriber (including any fees and disbursements of any special counsel or other advisors retained by the Subscriber) relating to the purchase of the Common Shares will be borne by the Subscriber; and

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the foregoing acknowledgements are made by the Subscriber with the intent that they be relied upon by the Issuer in determining its suitability as a purchaser of the Common Shares, and the Subscriber hereby agrees to indemnify the Issuer against all losses, claims, costs, expenses and damages or liabilities which the Issuer may suffer or incur as a result of reliance thereon.

8. The Issuer's Representations

8.1 The Issuer represents and warrants to the Subscriber that, as of the date of this Subscription Agreement and at Closing hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer and any subsidiaries are valid and subsisting corporations duly incorporated and in good standing under the laws of the jurisdictions in which they are incorporated, continued or amalgamated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer has complied, or will comply, with all applicable corporate and securities laws and regulations in connection with the offer, sale and issuance of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no offering memorandum has been or will be provided to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the creation, issuance and sale of the Common Shares by the Issuer does not and will not conflict with and does not and will not result in a breach of any of the terms, conditions or provisions of its constating documents or any agreement or instrument to which the Issuer is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Common Shares will, at the time of issue, be duly allotted, validly issued, fully paid and non-assessable and will be free of all liens, charges and encumbrances and the Issuer will reserve sufficient Common Shares in the treasury of the Issuer to enable it to issue the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Subscription Agreement, when accepted, will have been duly authorized by all necessary corporate action on the part of the Issuer and, subject to acceptance by the Issuer, will constitute a valid obligation of the Issuer legally binding upon it and enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither the Issuer nor any of its subsidiaries is a party to any actions, suits or proceedings which could materially affect its business or financial condition, and to the best of the Issuer's knowledge no such actions, suits or proceedings have been threatened as at the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no order ceasing or suspending trading in the securities of the Issuer nor prohibiting sale of such securities has been issued to the Issuer or its directors, officers or promoters and to the best of the Issuer's knowledge no investigations or proceedings for such purposes are pending or threatened.

9. Covenants of the Issuer

9.1 The Issuer hereby covenants with each Subscriber that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) offer, sell, issue and deliver the Common Shares pursuant to exemptions from the prospectus filing, registration or qualification requirements of Applicable Securities Laws and otherwise fulfil all legal requirements required to be fulfilled by the Issuer, including without limitation, compliance with all Applicable Securities Laws in connection with the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use its commercial reasonable efforts to obtain all necessary approvals for this Offering.

10. Contractual Right of Action for Rescission

10.1 The Subscriber acknowledges that it is purchasing the Common Shares issued hereunder pursuant to an exemption which does not require delivery to the Subscriber of an offering memorandum, that it will not receive any offering memorandum in connection with this Subscription Agreement and therefore is not entitled to contractual rights of action or rescission.

11. Resale Restrictions and Legending of Common Shares

11.1 The Subscriber acknowledges that any resale of the Common Shares will be subject to resale restrictions contained in the Applicable Securities Laws applicable to the Issuer, the Subscriber or any proposed transferee. Subscribers with a Canadian or international address will receive a certificate bearing the following legends imprinted thereon:

"Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is four months plus one day after the later of (i) the Closing Date, and (ii) the date the Issuer became a reporting issuer in any province or territory."

11.2 If Subscriber is a U.S. Person or is located in the United States, in addition to the legends set forth in paragraph 11.1 above, the certificates representing the Common Shares will bear a U.S. restrictive legend set forth in Schedule C hereto.

11.3 The Subscriber is aware that the Common Shares have not been and will not be registered under the U.S. Securities Act or the securities laws of any state and that the Common Shares may not be offered or sold in the United States without registration under the U.S. Securities Act or compliance with requirements of an exemption from registration and the applicable laws of all applicable states and acknowledges that the Issuer has no present intention of filing a registration statement under the U.S. Securities Act in respect of the Common Shares.

12. General

12.1 Time is of the essence hereof.

12.2 Neither this Subscription Agreement nor any provision hereof will be modified, changed, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

12.3 The parties hereto will execute and deliver all such further documents and instruments and do all such acts and things as may either before or after the execution of this Subscription Agreement be reasonably required to carry out the full intent and meaning of this Subscription Agreement.

12.4 This Subscription Agreement will be subject to, governed by and construed in accordance with the laws of British Columbia and the laws of Canada as applicable therein and the Subscriber hereby irrevocably attorns to the jurisdiction of the Courts situate therein.

12.5 This Subscription Agreement may not be assigned by any party hereto.

12.6 The Issuer will be entitled to rely on delivery of a facsimile copy of this Subscription Agreement, and acceptance by the Issuer of a facsimile copy of this Subscription Agreement will create a legal, valid and binding agreement between the Subscriber and the Issuer in accordance with its terms.

12.7 This Subscription Agreement may be signed by the parties in as many counterparts as may be deemed necessary, each of which so signed will be deemed to be an original, and all such counterparts together will constitute one and the same instrument.

12.8 This Subscription Agreement is deemed to be entered into on the acceptance date by Issuer, notwithstanding its actual date of execution by the Subscriber.

12.9 This Subscription Agreement, including, without limitation, the representations, warranties, acknowledgements and covenants contained herein, will survive and continue in full force and effect and be binding upon the parties notwithstanding the completion of the purchase of the Common Shares by the Subscriber pursuant hereto and the completion of the issue of the Common Shares and any subsequent disposition by the Subscriber of the Common Shares.

12.10 The invalidity or unenforceability of any particular provision of this Subscription Agreement will not affect or limit the validity or enforceability of the remaining provisions of this Subscription Agreement.

12.11 The parties hereto acknowledge and confirm that they have requested that this Subscription Agreement as well as all notices and other documents contemplated hereby be drawn up in the English language. Les parties aux présentes reconnaissent et confirment qu'elles on convenu que la présente convention de souscription ainsi que tous les avis et documents qui s'y rattachent soient rédigés dans la langue anglaise uniquement.

12.12 Except as expressly provided in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided for herein, this Subscription Agreement contains the entire agreement between the parties with respect to the sale of the Common Shares and there are no other terms, conditions, representations or warranties, whether expressed, implied, oral or written, by statute, by common law, by the Issuer, by the Subscriber, or by anyone else. In the event that execution pages are delivered to the Issuer without this entire Agreement, the Issuer is entitled to assume that the Subscriber, and each beneficial purchaser for whom it is acting, has accepted all of the terms and conditions contained in the parts of this Subscription Agreement that are not returned, without amendment or modification.

[Execution Page Follows]

**IN WITNESS WHEREOF** the Subscriber has duly executed this Subscription Agreement as of the date first above mentioned.

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| | |
|:---|:---|
| Total Number of Common Shares Purchased: | **Common Shares @US$0.50** |
| Total Purchase Price: | $|

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| |
|:---|
| **Name, Address and Telephone Number** |
| (Name of Subscriber - Please type or print) |
| (Signature and, if applicable, Office) |
| (Address of Subscriber) |
| (City, Province, Postal Code and Country of Subscriber) |
| (Telephone number) |
| (Email Address of Subscriber) |

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**If the Subscriber is signing as agent or other person, please complete below with the name, address and telephone number of the beneficial owner of the Common Shares purchased. OR if the Subscriber is a corporation, please complete below with the name, address and telephone number of the beneficial owner of the Subscriber:**

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| |
|:---|
| (Name of Subscriber - Please type or print) |
| (Signature and, if applicable, Office) |
| (Address of Subscriber) |
| (City, Province, Postal Code and Country of Subscriber) |
| (Telephone Number) |
| (Email Address of Subscriber) |

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**REGISTRATION AND DELIVERY INSTRUCTIONS**

1. **Registration** - registration of a single certificate representing the Common Shares which are to be
 delivered at Closing should be made as follows: **(Registration must reflect legal ownership in accordance with Subscriber's disclosure made on the execution page and must be in the form required by Subscriber's broker.)** 

<br> (name of registered holder) (name of beneficial holder & account reference, if applicable)

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| | |
|:---|:---|
|  | (address) |
| 2. | **Delivery** - please deliver the Common Share Certificate to the following street address (include contact name and contact telephone number): |
|  | (address) |

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<br> (contact name) (contact telephone number)

**A C C E P T A N C E**

The above-mentioned Subscription Agreement is hereby accepted and the terms hereof agreed to by the Issuer and the Subscriber.

**DATED** at Vancouver, British Columbia, the ____ day of ______________, 2021.

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| | |
|:---|:---|
| **Modern Mining Technology Corp.** | **Modern Mining Technology Corp.** |
| Per: | |
|  | Authorized Signing Officer |

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**Schedule A**

**ACCREDITED INVESTOR CERTIFICATE<br> (To be completed by Accredited Investors only)**

**Part 1: Accredited Investor (defined in NI 45-106):**

The undersigned (the "**Subscriber**") hereby confirms and certifies to Modern Mining Technology Corp. (the "**Issuer**") that the Subscriber is purchasing the Common Shares and that the Subscriber is an "Accredited Investor" as defined in NI 45-106, and in Ontario, as defined in Section 73.3 of the Securities Act (Ontario) as supplemented by the definition in NI 45-106 includes:

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| | |
|:---|:---|
| (a) | except in Ontario, a Canadian financial institution or an authorized foreign bank listed in Schedule III of the *Bank Act* (Canada), |
| (a.1) | in Ontario, a financial institution described in paragraph 1, 2 or 3 of subsection 73.1 (1) of the Securities Act (Ontario), |
| (b) | except in Ontario, the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada), |
| (b.1) | in Ontario, the Business Development Bank of Canada, |
| (c) | except in Ontario, a subsidiary of any person referred to in paragraph (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, |
| (c.1) | in Ontario, a subsidiary of any person or company referred to in clause (a.1) or (b.1), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, |
| (d) | except in Ontario, a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, |
|  | **Jurisdiction(s) registered**:<u> </u> |
|  | **Categories of registration**:<u> </u> |
| (d.1) | in Ontario, a person or company registered under the securities legislation of a province or territory of Canada as an adviser or dealer, except as otherwise prescribed by the regulations, |
|  | **Jurisdiction(s) registered**:<u> </u> |
|  | **Categories of registration**:<u> </u> |
| (e) | an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d), |
|  | **Jurisdiction(s) registered**:<u> </u> |
|  | **Categories of registration**:<u> </u> |
| (e.1) | an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador), |
| (f) | except in Ontario, the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada, |

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- A1 -

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| | |
|:---|:---|
| (f.1) | in Ontario, the Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly owned entity of the Government of Canada or of the government of a province or territory of Canada, |
| (g) | a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec, |
| (h) | any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government, |
| (i) | except in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a jurisdiction of Canada, |
|  | **Jurisdiction(s) registered**:<u> </u> |
|  | **Categories of registration**:<u> </u> |
| (i.1) | in Ontario, a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a province or territory of Canada, |
|  | **Jurisdiction(s) registered**:<u> </u> |
|  | **Categories of registration**:<u> </u> |
| (j) | an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes, but net of any related liabilities, exceeds $1,000,000, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX II TO THIS SCHEDULE A** |
| (j.1) | an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |
| (k) | an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |
| (l) | an individual who, either alone or with a spouse, has net assets of at least $5,000,000,<br>**IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |
| (m) | a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements, |
|  | **Type of entity**:<u> </u> |
|  | **Jurisdiction and date of formation**:<u> </u> |
| (n) | an investment fund that distributes or has distributed its securities only to |
| (i) | a person that is or was an accredited investor at the time of the distribution, |

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- A2 -

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| | | |
|:---|:---|:---|
|  | (ii) | a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] or 2.19 [Additional investment in investment funds] of NI 45-106, or |
|  | (iii) | a person described in paragraph (i) or (ii) immediately above that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI 45-106, |
| (o) | an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Quebec, the securities regulatory authority, has issued a receipt, | an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Quebec, the securities regulatory authority, has issued a receipt, |
| (p) | a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be, | a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be, |
|  | **Jurisdiction(s) registered**:<u> </u> R**egistration number(s)**:<u> </u> | **Jurisdiction(s) registered**:<u> </u> R**egistration number(s)**:<u> </u> |
| (q) | a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, | a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, |
|  | **Jurisdiction(s) registered**:<u> </u> | **Jurisdiction(s) registered**:<u> </u> |
|  | **Categories of registration**:<u> </u> | **Categories of registration**:<u> </u> |
| (r) | a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded, | a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded, |
|  | **Registration number(s) assigned to subscriber:**<u> </u> | **Registration number(s) assigned to subscriber:**<u> </u> |
|  | **Name of eligibility advisor or registered advisor:**<u> </u> | **Name of eligibility advisor or registered advisor:**<u> </u> |
|  | **Jurisdiction(s) registered**:<u> </u> | **Jurisdiction(s) registered**:<u> </u> |
|  | **Categories of registration:** <u> </u> | **Categories of registration:** <u> </u> |
| (s) | an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) [and in Ontario, paragraphs (a.1) to (d.1) or paragraph (i.1)] in form and function, | an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) [and in Ontario, paragraphs (a.1) to (d.1) or paragraph (i.1)] in form and function, |
|  | **Jurisdiction organized**:<u> </u> **Type of entity**:<u> </u> | **Jurisdiction organized**:<u> </u> **Type of entity**:<u> </u> |
| (t) | a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors, | a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors, |
|  | **If this is applicable, each owner of interest must complete and submit its own copy of this Accredited Investor Certificate**, | **If this is applicable, each owner of interest must complete and submit its own copy of this Accredited Investor Certificate**, |
|  | **Name(s) of owners of interest:<u> </u>** | **Name(s) of owners of interest:<u> </u>** |
|  | **Type of entity (if applicable):** <u> </u> | **Type of entity (if applicable):** <u> </u> |
|  | **Categories of accredited investor:** <u> </u> | **Categories of accredited investor:** <u> </u> |

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- A3 -

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| | |
|:---|:---|
| (u) | an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, |
|  | **Name of advisor**:<u> </u> |
|  | **Jurisdiction(s) registered**:<u> </u> |
|  | **Categories of registration:**<u> </u> |
|  | **Basis of exemption:** <u> </u> |
| (v) | a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Quebec, the regulator as an accredited investor, |
|  | **Jurisdiction(s) recognized or designated**:<u> </u> |
| (v.1) | in Ontario, a person or company that is recognized or designated by the Commission as an accredited investor, |
|  | **Jurisdiction(s) recognized or designated**:<u> </u> |
| (w) | a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse. |
|  | **Name(s) of settlor:<u> </u>** |
|  | **Name(s) of trustees:<u> </u>** |
|  | **Categories of accredited investor:<u> </u>** |
|  | **Categories of beneficiaries:<u> </u>** |

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**and for purposes hereof, words and phrases which are used in this Accredited Investor Certificate and which are defined in NI 45-106 will have the meaning ascribed thereto in NI 45-106. Certain definitions that are relevant to qualifications as an "Accredited Investor" are attached hereto as Appendix I. You must review these definitions carefully.**

EXECUTED by the Subscriber at _____________________, this ________ day of ___________________, 2021.

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| | |
|:---|:---|
| **If a corporation, partnership or other entity:** | **If an Individual:** |
| *Signature of Authorized Signatory* | *Signature* |
| *Name and Position of Signatory* | *Print Name* |
| *Name of Purchasing Entity* | *Jurisdiction of Residence* |
| *Jurisdiction of Residence* |  |

---

- A4 -

**APPENDIX I TO SCHEDULE A**

**DEFINITIONS RELEVANT TO QUALIFICATIONS AS AN ACCREDITED INVESTOR**

(a) ***"Canadian financial institution"*** means

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an association governed by the *Cooperative Credit Associations Act* (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of the *Cooperative Credit Associations Act* (Canada), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

(b) ***"control person"*** has the meaning ascribed to that term in securities legislation except in Manitoba, Ontario, Quebec, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, the Northwest Territories and Nunavut where "control person" means any person that holds or is one of a combination of persons that hold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a sufficient number of any of the securities of an issuer so as to affect materially the control of the issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) more than 20% of the outstanding voting securities of an issuer except where there is evidence showing that the holding of those securities does not affect materially the control of that issuer;

(c) ***"eligibility adviser"*** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person that is registered as an investment dealer or in an equivalent category of registration under the securities legislation of the jurisdiction of a purchaser and authorized to give advice with respect to the type of security being distributed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in Saskatchewan or Manitoba, also means a lawyer who is a practising member in good standing with a law society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of chartered accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or public accountant must not:

&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) have a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders or control persons, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) have acted for or been retained personally or otherwise as an employee, executive officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control persons within the previous 12 months;

(d) ***"executive officer"*** means, for an issuer, an individual who is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a chair, vice-chair or president,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a vice-president in charge of a principal business unit, division or function including sales, finance or production,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an officer of the issuer or any of its subsidiaries and who performs a policy-making function in respect of the issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) performing a policy-making function in respect of the issuer;

(e) ***"financial assets"*** means cash, securities or a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation;

(f) ***"founder"*** means*,* in respect of an issuer, a person who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acting alone, in conjunction or in concert with one or more persons, directly or indirectly, takes the initiative in founding, organizing or substantially reorganizing the business of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the time of the trade is actively involved in the business of the issuer;

(g) ***"fully managed account"*** means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction;

(h) ***"investment fund"*** has the meaning ascribed thereto in National Instrument 81-106 - *Investment Fund Continuous Disclosure* except in Ontario where "investment fund" means a mutual fund or anon-redeemable fund;

- A5 -

(i) ***"person"*** includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated or not, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an individual or other person in that person's capacity as a trustee, executor, administrator or personal or other legal representative;

except in Ontario where "person" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a partnership,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an unincorporated association,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an unincorporated syndicate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an unincorporated organization,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) an executor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an administrator, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a legal representative;

(j) ***"related liabilities"*** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) liabilities that are secured by financial assets.

(k) ***"spouse"*** means, an individual who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada), from the other individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is living with another individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same gender, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in Alberta, is an individual referred to in paragraph (i) or (ii) immediately above or is an adult interdependent partner within the meaning of the *Adult Interdependent Relationships Act* (Alberta); and

(l) ***"subsidiary"*** means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary;

***Affiliated Entities and Control***

 ****

*For the purposes of Part 1:*

 

1. An issuer is considered to be an affiliate of another issuer if one of them is a subsidiary of the other, or if each of them is controlled by the same person.

2 A person (first person) is considered to control another person (second person) if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) the first person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of the directors of the second person, unless the first person holds the voting securities only to secure an obligation,*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) the second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests in the partnership, or*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) the second person is a limited partnership and the general partner of the limited partnership is the first person.*

 

- A6 -

 

*For the purposes of Part 2:*

 

1. A
 company shall be deemed to be an affiliate of another company if one of them is a subsidiary
 of the other, or if both are subsidiaries of the same company or if each of them is controlled
 by the same person or company.

2. A
 company shall be deemed to be controlled by another person or company or by two or more companies
 if,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) voting
 securities of the first-mentioned company carrying more than 50 per cent of the votes for
 the election of directors or held, otherwise than by way of security only, by or for the
 benefit of the other person or company or by or for the benefit of the other companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 votes carried by such securities are entitled, if exercised, to elect a majority of the board
 of directors of the first-mentioned company.

All monetary references are in Canadian Dollars

- A7 -

**APPENDIX 2 TO SCHEDULE A**

**Form 45-106F9**

***Form for Individual Accredited Investors***

 **

&nbsp;&nbsp;**WARNING!**<br> **This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.**<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;&nbsp;**1. About your investment** | &nbsp;&nbsp;&nbsp;**1. About your investment** | &nbsp;&nbsp;&nbsp;**1. About your investment** |
| &nbsp;&nbsp;Type of securities:<br>**Common Shares of the Issuer at US$0.50 Per Common Share**  | &nbsp;&nbsp;Issuer:<br>**Modern Mining Technology Corp.** | &nbsp;&nbsp;Issuer:<br>**Modern Mining Technology Corp.** |
| &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| &nbsp;&nbsp;&nbsp;**2. Risk acknowledgement** | &nbsp;&nbsp;&nbsp;**2. Risk acknowledgement** | &nbsp;&nbsp;&nbsp;**2. Risk acknowledgement** |
| &nbsp;&nbsp;This investment is risky. Initial that you understand that: | &nbsp;&nbsp;This investment is risky. Initial that you understand that: | &nbsp;&nbsp;**Your initials** |
| &nbsp;&nbsp;**Risk of loss** – You could lose your entire investment of $2006.50 | &nbsp;&nbsp;**Risk of loss** – You could lose your entire investment of $2006.50 |  |
| &nbsp;&nbsp;**Liquidity risk** – You may not be able to sell your investment quickly – or at all. | &nbsp;&nbsp;**Liquidity risk** – You may not be able to sell your investment quickly – or at all. |  |
| &nbsp;&nbsp;**Lack of information** – You may receive little or no information about your investment. | &nbsp;&nbsp;**Lack of information** – You may receive little or no information about your investment. |  |
| &nbsp;&nbsp;**Lack of advice –** You may not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investments. To check whether the salesperson is registered, go to www.aretheyregistered.ca. | &nbsp;&nbsp;**Lack of advice –** You may not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investments. To check whether the salesperson is registered, go to www.aretheyregistered.ca. |  |
| &nbsp;&nbsp;&nbsp;**3. Accredited investor status** | &nbsp;&nbsp;&nbsp;**3. Accredited investor status** | &nbsp;&nbsp;&nbsp;**3. Accredited investor status** |
| &nbsp;&nbsp;You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | &nbsp;&nbsp;You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | &nbsp;&nbsp;**Your initials** |
| &nbsp;&nbsp;&nbsp;● Your net income before taxes was more than $200,000 in each for the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) | &nbsp;&nbsp;&nbsp;● Your net income before taxes was more than $200,000 in each for the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) |  |
| &nbsp;&nbsp;&nbsp;● Your net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year. | &nbsp;&nbsp;&nbsp;● Your net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year. |  |

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- A8 -

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;● Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities. | &nbsp;&nbsp;&nbsp;● Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities. |
| &nbsp;&nbsp;&nbsp;● Either alone or with your spouse, you may have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.) | &nbsp;&nbsp;&nbsp;● Either alone or with your spouse, you may have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.) |
| &nbsp;&nbsp;&nbsp;**4. Your name and signature** | &nbsp;&nbsp;&nbsp;**4. Your name and signature** |
| &nbsp;&nbsp;By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. | &nbsp;&nbsp;By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. |
| &nbsp;&nbsp;First and last name (please print): | &nbsp;&nbsp;First and last name (please print): |
| &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |
| &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY SALESPERSON** | &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY SALESPERSON** |
| &nbsp;&nbsp;&nbsp;**5. Salesperson information** | &nbsp;&nbsp;&nbsp;**5. Salesperson information** |
| &nbsp;&nbsp;[*Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement*.] | &nbsp;&nbsp;[*Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement*.] |
| &nbsp;&nbsp;First and last name of salesperson (please print): | &nbsp;&nbsp;First and last name of salesperson (please print): |
| &nbsp;&nbsp;Telephone: | &nbsp;&nbsp;Email: |
| &nbsp;&nbsp;Name of firm (if registered): | &nbsp;&nbsp;Name of firm (if registered): |
| &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;&nbsp;**6. For more information about this investment** | &nbsp;&nbsp;&nbsp;**6. For more information about this investment** |
| &nbsp;&nbsp;Please contact:<br>Modern Mining Technology Corp.****<br> 1177 Hastings Street West, Suite 2288,<br> Vancouver, British Columbia V6E 2K3, Canada<br> <u>Attention:</u> Alnesh Mohan<br>Email: alnesh.mohan@quantumllp.com<br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www. securities-administrators.ca** | &nbsp;&nbsp;Please contact:<br>Modern Mining Technology Corp.****<br> 1177 Hastings Street West, Suite 2288,<br> Vancouver, British Columbia V6E 2K3, Canada<br> <u>Attention:</u> Alnesh Mohan<br>Email: alnesh.mohan@quantumllp.com<br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www. securities-administrators.ca** |

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- A9 -

**SCHEDULE B**

**<u>FAMILY, FRIENDS AND BUSINESS ASSOCIATES CERTIFICATIONS</u><br> (To be completed by Officers, Directors, Employees, Family, Close Friends<br> and Business Associates Only)**

---

| | |
|:---|:---|
| **TO:** | **Modern Mining Technology Corp.** |

---

In connection with the purchase of Common Shares of Modern Mining Technology Corp. (the "**Issuer**") by the undersigned Subscriber, or if applicable, the principal on whose behalf the undersigned is purchasing as agent, the Subscriber hereby represents, warrants, covenants and ratifies to the Issuer that:

1. The Subscriber is resident in or is subject to the laws of a Province of Canada other than Ontario;

2. The Subscriber is purchasing the Common Shares as principal for its own account;

3. It is **(please initial):**

---

| | |
|:---|:---|
| ___(a) | a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer; or |
| ___ (b) | a spouse, parent, grandparent, brother, sister, child or grandchild of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer; or |
| ___ (c) | a parent, grandparent, brother, sister, child or grandchild of the spouse of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer; or |
| ___ (d) | a close personal friend (by reason of the fact that you have directly known such individual well enough and for a sufficient period of time and in a sufficiently close relationship (where such relationship is direct and extends beyond being a relative or a member of the same organization, association or religious group or a client, customer or former client or customer or being a close personal friend of a close personal friend of such individual) to be in a position to assess the capabilities and the trustworthiness of such individual) of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer; or |
| ___ (e) | a close business associate (by reason of the fact that you have had direct sufficient prior business dealings with such individual (where such relationship is direct and extends beyond being a client, customer or former client or customer or being a close business associate of a close business associate of such individual) to be in a position to assess the capabilities and trustworthiness of such individual) of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer, or |
| ___ (f) | a founder of the Issuer or a spouse, parent, grandparent, brother, sister, child, grandchild, close personal friend (by reason of the fact that you have directly known such individual well enough and for a sufficient period of time and in a sufficiently close relationship (where such relationship is direct and extends beyond being a relative or a member of the same organization, association or religious group or a client, customer or former client or customer or being a close personal friend of a close personal friend of such individual) to be in a position to assess the capabilities and the trustworthiness of such individual) or close business associate (by reason of the fact that you have had direct sufficient prior business dealings with such individual (where such relationship is direct and extends beyond being a client, customer or former client or customer or being a close business associate of a close business associate of such individual) to be in a position to assess the capabilities and trustworthiness of such individual) of a founder of the Issuer, or |
| ___ (g) | a parent, grandparent, brother, sister, child or grandchild of a spouse of a founder of the Issuer, or |
| ___ (h) | a person or company of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, persons or companies described in subsections 3(a) to 3(g) above; or |

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- B1 -

---

| | | |
|:---|:---|:---|
| ___ | (i) | _________ a trust or estate of which all of the beneficiaries or a majority of the trustees are persons or companies described in subsections 3(a) to 3(g) above; or |

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---

| |
|:---|
| **Please complete the following details of whose relationship is if you have checked any one of items 3(b)to 3(i) above:** |
| (insert name of applicable person) |
| Length of Relationship |
| Details of Relationship |
| Prior Business Dealings, if applicable |

---

4. The Subscriber represents and warrants that the above representations and warranties will be true and correct both as of the execution of this certificate and as of the closing time of the purchase and sale of the Common Shares and acknowledges that they will survive the completion of the issue of the Common Shares.

5. For the purposes hereof, words and phrases used in this representation letter and which are defined in NI 45-106 will have the meaning ascribed thereto in NI 45-106.

6. The undersigned acknowledges that the foregoing representations and warranties are made by the undersigned with the intent that they be relied upon in determining the suitability of the Subscriber as a purchaser of the Common Shares and that this Schedule B is incorporated into and forms part of the Subscription Agreement and the undersigned undertakes to immediately notify the Issuer of any change in any statement or other information relating to the Subscriber set forth herein which takes place prior to the closing time of the purchase and sale of the Common Shares.

Dated: _______________________, 20_____.

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| | |
|:---|:---|
| Print name of Subscriber | Print name of Subscriber |
| By: |  |
|  | Signature |
|  | Print name of Signatory |
|  | (if different from Subscriber) |
|  | Title |

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- B2 -

**Appendix 1 to Schedule B**

**(To be completed by residents of Ontario only)**

**Form 45-106F12**

***Risk Acknowledgement Form for Family, Friend and Business Associate Investors***

 **

&nbsp;&nbsp; **WARNING!**<br> **This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.**<br>

 ****

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| | |
|:---|:---|
| &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY ISSUER** | &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY ISSUER** |
| &nbsp;&nbsp;&nbsp;**1. About your investment** | &nbsp;&nbsp;&nbsp;**1. About your investment** |
| &nbsp;&nbsp; Type of securities:<br>**Common Shares of the Issuer at US$0.50 Per Common Share** <br>| &nbsp;&nbsp; Issuer:<br>**Modern Mining Technology Corp.** |
| &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| &nbsp;&nbsp;&nbsp;**2. Risk acknowledgement** | &nbsp;&nbsp;&nbsp;**2. Risk acknowledgement** |
| &nbsp;&nbsp;This investment is risky. Initial that you understand that: | &nbsp;&nbsp; **Your initials**<br>|
| &nbsp;&nbsp;**Risk of loss** – You could lose your entire investment of $________. |  |
| &nbsp;&nbsp;**Liquidity risk** – You may not be able to sell your investment quickly – or at all. |  |
| &nbsp;&nbsp;**Lack of information** – You may receive little or no information about your investment. The information you receive may be limited to the information provided to you by the family member, friend or close business associate specified in section 3 of this form. |  |
| &nbsp;&nbsp;&nbsp;**3. Family, friend or business associate status** | &nbsp;&nbsp;&nbsp;**3. Family, friend or business associate status** |
| &nbsp;&nbsp;You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you: | &nbsp;&nbsp; **Your initials**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) You are:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [*check all applicable boxes*]<br>☐ a director of the issuer or an affiliate of the issuer<br>☐ an executive officer of the issuer or an affiliate of the issuer<br>☐ a control person of the issuer or an affiliate of the issuer  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) You are:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [*check all applicable boxes*]<br>☐ a director of the issuer or an affiliate of the issuer<br>☐ an executive officer of the issuer or an affiliate of the issuer<br>☐ a control person of the issuer or an affiliate of the issuer  |

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- B3 -

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ a founder of the issuer<br>OR<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [*check all applicable boxes*]<br>☐ a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, (i) individuals listed in (1) above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1) above<br>☐ a truest or estate of which all of the beneficiaries or a majority of the trustees or executors are (i) individuals listed in (1) above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1) above | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 founder of the issuer<br>OR<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [*check all applicable boxes*]<br>☐ a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, (i) individuals listed in (1) above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1) above<br>☐ a truest or estate of which all of the beneficiaries or a majority of the trustees or executors are (i) individuals listed in (1) above and/or (ii) family members, close personal friends or close business associates of individuals listed in (1) above |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) You are a family member of ________________________, who holds the following position at the issuer or an affiliate of the issue: ______________________________.<br>You are the ____________________________ of that person or that person's spouse. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) You are a family member of ________________________, who holds the following position at the issuer or an affiliate of the issue: ______________________________.<br>You are the ____________________________ of that person or that person's spouse. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) You are a close personal friend of _________________________, who holds the following position at the issuer or an affiliate of the issuer: _____________________.<br>You have known that person for _______ years. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) You are a close personal friend of _________________________, who holds the following position at the issuer or an affiliate of the issuer: _____________________.<br>You have known that person for _______ years. |
| &nbsp;&nbsp;&nbsp;**4. Your name and signature** | &nbsp;&nbsp;&nbsp;**4. Your name and signature** |
| &nbsp;&nbsp;<br> By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. You also confirm that you are eligible to make this investment because you are a family member, close personal friend or close business associate of that person identified in section 5 of this form. | &nbsp;&nbsp;<br> By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. You also confirm that you are eligible to make this investment because you are a family member, close personal friend or close business associate of that person identified in section 5 of this form. |
| &nbsp;&nbsp;First and last name (please print): | &nbsp;&nbsp;First and last name (please print): |
| &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |
| &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY PERSON WHO CLAIMS THE PERSONAL RELATIONSHIP, IF APPLICABLE** | &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY PERSON WHO CLAIMS THE PERSONAL RELATIONSHIP, IF APPLICABLE** |
| &nbsp;&nbsp;&nbsp;**5. Contact person at the issuer or an affiliate of the issuer** | &nbsp;&nbsp;&nbsp;**5. Contact person at the issuer or an affiliate of the issuer** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [*Instruction: To be completed by the director, executive officer, control person or founder with whom the purchaser has a close personal relationship indicated under sections 3B, C or D of this form.*]<br>By signing this for, you confirm that you have, or your spouse has, the following relationship with the purchaser: *[check the box that applies]*<br>☐ family relationship as set out in section 3B of this form<br>☐ close personal friendship as set out in section 3C of this form<br>☐ close business associate relationship as set out in section 3D of this form | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [*Instruction: To be completed by the director, executive officer, control person or founder with whom the purchaser has a close personal relationship indicated under sections 3B, C or D of this form.*]<br>By signing this for, you confirm that you have, or your spouse has, the following relationship with the purchaser: *[check the box that applies]*<br>☐ family relationship as set out in section 3B of this form<br>☐ close personal friendship as set out in section 3C of this form<br>☐ close business associate relationship as set out in section 3D of this form |

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- B4 -

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| | |
|:---|:---|
| &nbsp;&nbsp;First and last name of contact person (please print): | &nbsp;&nbsp;First and last name of contact person (please print): |
| &nbsp;&nbsp;Position with the issuer or affiliate of the issuer (director, executive officer, control person or founder): | &nbsp;&nbsp;Position with the issuer or affiliate of the issuer (director, executive officer, control person or founder): |
| &nbsp;&nbsp;Telephone: | &nbsp;&nbsp;Email: |
| &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |
| &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER** | &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER** |
| &nbsp;&nbsp;&nbsp;**6. For more information about this investment** | &nbsp;&nbsp;&nbsp;**6. For more information about this investment** |
| &nbsp;&nbsp; Please contact:<br>Modern Mining Technology Corp.****<br> 1177 Hastings Street West, Suite 2288,<br> Vancouver, British Columbia V6E 2K3, Canada<br> <u>Attention:</u> Alnesh Mohan<br>Email: Alnesh.mohan@quantumllp.com<br> **For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www. securities-administrators.ca** | &nbsp;&nbsp; Please contact:<br>Modern Mining Technology Corp.****<br> 1177 Hastings Street West, Suite 2288,<br> Vancouver, British Columbia V6E 2K3, Canada<br> <u>Attention:</u> Alnesh Mohan<br>Email: Alnesh.mohan@quantumllp.com<br> **For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www. securities-administrators.ca** |
| &nbsp;&nbsp; Signature of executive officer of issuer (other than the purchaser): | &nbsp;&nbsp; Date: |

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- B5 -

**Appendix 2 to Schedule B**

**FORM 45-106F5<br> (To be completed by Residents of Saskatchewan Only)**

**Risk Acknowledgement**

**Saskatchewan Close Personal Friends and Close Business Associates**

I acknowledge that this is a risky investment:

● I am investing entirely at my own risk.

● No securities regulatory authority or regulator has evaluated or endorsed the merits of these securities.

● The person selling me these securities is not registered with a securities regulatory authority or regulator and has no duty to tell me whether this investment is suitable for me.

● I will not be able to sell these securities except in limited circumstances. I may never be able to sell these securities

● I could lose all the money I invest.

● I do not have a 2-day right to cancel my purchase of these securities or the statutory rights of action for misrepresentation I would have if I were purchasing the securities under a prospectus. I do have a 2-day right to cancel my purchase of these securities if I receive an amended offering document.

I am investing $____________ [total consideration] in total; this includes any amount I am obliged to pay in future.

I am a **close** personal friend or **close** business associate of ____________ [state name], who is a ____________ [state title ______ founder, director, executive officer or control person] of ____________ [state name of issuer or its affiliate – if an affiliate state "an affiliate of the issuer" and give the issuer's name].

I acknowledge that I am purchasing based on my close relationship with ____________ [state name of founder, director, executive officer or control person] whom I know well enough and for a sufficient period of time to be able to assess her/his capabilities and trustworthiness.

**I acknowledge that this is a risky investment and that I could lose all the money I invest.**

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| | |
|:---|:---|
| Date | Signature of Purchaser |
|  | Print name of Purchaser |

---

Sign 2 copies of this document. Keep one copy for your records.

**You are buying Exempt Market Securities**

They are called *exempt market securities* because two parts of securities law do not apply to them. If an issuer wants to sell *exempt market securities* to you:

● the issuer does not have to give you a prospectus (a document that describes the investment in detail and gives you some legal protections), and

● the securities do not have to be sold by an investment dealer registered with a securities regulatory authority or regulator.

There are restrictions on your ability to resell *exempt market securities*. Exempt market securities are more risky than other securities.

- B6 -

**You may not receive any written information about the issuer or its business**

If you have any questions about the issuer or its business, ask for written clarification before you purchase the securities. You should consult your own professional advisers before investing in the securities.

**You will not receive advice** 

Unless you consult your own professional advisers, you will not get professional advice about whether the investment is suitable for you.

For more information on the exempt market, refer to the Saskatchewan Financial Services Commission's website at http://www.sfsc.gov.sk.ca.

*[Instruction: The purchaser must sign 2 copies of this form. The purchaser and the issuer must each receive a signed copy.]*

- B7 -

**SCHEDULE C**

**U.S. Purchaser CERTIFICATE<br> (To be completed by U.S. Purchasers)**

A **"U.S. <u>Purchaser</u>**" is (a) any "U.S. Person" as defined in Regulation S, (b) any person purchasing the Common Shares on behalf of any "U.S. Person" or any person in the United States, (c) any person who receives or received an offer of the Common Shares while in the United States, or (d) any person who is or was in the United States at the time the Subscriber's buy order was made or this Agreement was executed or delivered.

1. In addition to the covenants, representations and warranties contained in the Subscription Agreement to which this Schedule C is attached, the Subscriber covenants, represents and warrants to Modern Mining Technology Corp. (the "**Issuer**") that ***<u>(please place your initials on the appropriate line(s) with respect to (a) or (b)):</u>***:

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| | |
|:---|:---|
| Initials _______ | (a) it is a discretionary or similar account (other than an estate or trust) that is excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S and is held on behalf of a person that is not a U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States; **OR** |
| Initials _______ | (b) it is an "accredited investor" as defined in Rule 501(a) of Regulation D by virtue of satisfying one or more of the categories indicated in Section 3 below. |

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2. If the Subscriber has initialled box 1(b) above, the Subscriber further covenants, represents and warrants to the Issuer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it understands that the Common Shares have not been and will not be registered under the U.S. Securities Act or under the securities laws of any state of the United States, that the offer and sale contemplated hereby is being made in reliance on the exemption from registration provided by Rule 506(b) of Regulation D, that as such the Common Shares will be "restricted securities" within the meaning of Rule 144 under the U.S. Securities Act, and the Subscriber is familiar with such rule and understands the resale limitations imposed thereby and the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it acknowledges that it has not purchased the Common Shares as a result of any form of general solicitation or general advertising, including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio, television or the Internet, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it understands and agrees that there may be material tax consequences to the Subscriber of an acquisition, disposition or exercise of any of the securities. The Issuer gives no opinion and makes no representation with respect to the tax consequences to the Subscriber under United States, state, local or foreign tax law of the undersigned's acquisition or disposition of such securities. In particular, no determination has been made whether the Issuer will be a "passive foreign investment company" within the meaning of Section 1297 of the *United States Internal Revenue Code*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it understands and agrees that the financial statements of the Issuer have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differ in some respects from United States generally accepted accounting principles, and thus may not be comparable to financial statements of United States companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it understands and acknowledges that upon the issuance thereof, and until such time as the same is no longer required under the applicable requirements of the U.S. Securities Act or applicable state securities laws and regulations, the certificates representing the Common Shares will bear a legend in substantially the following form:

- C1 -

**"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF CLAUSE (A) OR (D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT."**

provided, that if the Common Shares are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S, the legends set forth above in this Section 2(e) may be removed by providing a declaration to the registrar and transfer agent of the Issuer, as set forth in Appendix "A" attached hereto (or in such other form as the Issuer may prescribe from time to time); and provided, further, that, if the Common Shares are being sold otherwise than in accordance with Rule 904 of Regulation S and other than to the Issuer, the legends may be removed by delivery to the registrar and transfer agent and the Issuer of an opinion of counsel of recognized standing in form and substance satisfactory to the Issuer that such legends are no longer required under applicable requirements of the U.S. Securities Act or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it consents to the Issuer making a notation on its records or giving instruction to the registrar and transfer agent of the Issuer in order to implement the restrictions on transfer set forth and described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) it understands and acknowledges that the Issuer is not obligated to remain a "foreign issuer";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if an individual, it is a resident of the state or other jurisdiction listed in its address on the execution page of the Subscription Agreement, or if the Subscriber is not an individual, the office of the Subscriber at which the Subscriber received and accepted the offer to purchase the Issuer's Common Shares is the address listed on the execution page of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Common Shares and it is able to bear the economic risk of loss of its entire investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Issuer has provided to it the opportunity to ask questions and receive answers concerning the terms and conditions of the offering and it has had access to such information concerning the Issuer as it has considered necessary or appropriate in connection with its investment decision to acquire the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) it is acquiring the Common Shares for its own account, for investment purposes only and not with a view to any resale, distribution or other disposition of the Common Shares in violation of the United States securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if it decides to offer, sell or otherwise transfer any of the Common Shares, it will not offer, sell or otherwise transfer any of such Common Shares directly or indirectly, unless

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the sale is to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale is made outside the United States in a transaction meeting the requirements of Rule 904 of Regulation S and in compliance with applicable local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the sale is made pursuant to the exemption from the registration requirements under the

U.S. Securities Act provided by Rule 144 thereunder, if available, and in accordance with any applicable state securities or "Blue Sky" laws; or

- C2 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) the Common Shares are sold in a transaction that does not require registration under the U.S. Securities Act or any applicable state laws and regulations governing the offer and sale of securities;

and, in the case of clauses (iii) or (iv) above, it has prior to such sale furnished to the Issuer an opinion of counsel or other evidence of exemption in form and substance reasonably satisfactory to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it understands that the Issuer is not obligated to file and has no present intention of filing with the U.S. Securities and Exchange Commission or with any state securities administrators any registration statement in respect of resales of the Common Shares in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the funds representing the purchase price which will be advanced by the Subscriber to the Issuer hereunder will not represent proceeds of crime for the purposes of the United States Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the "**PATRIOT Act**"), and the Subscriber acknowledges that the Issuer may in the future be required by law to disclose the Subscriber's name and other information relating to the subscription agreement and the Subscriber's subscription hereunder, on a confidential basis, pursuant to the PATRIOT Act. No portion of the purchase price to be provided by the Subscriber (i) has been or will be derived from or related to any activity that is deemed criminal under the laws of the United States of America, or any other jurisdiction, or (ii) is being tendered on behalf of a person or entity who has not been identified to or by the Subscriber, and it shall promptly notify the Issuer if the Subscriber discovers that any of such representations ceases to be true and provide the Issuer with appropriate information in connection therewith.

3. If
 the Subscriber has initialled box 1(b) above, the Subscriber further covenants, represents
 and warrants to the Issuer that  ***<u>(please place your initials on the appropriate line(s) 1 through 24 below):</u>*** 

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| | |
|:---|:---|
| Category 1. | A bank, as defined in Section 3(a)(2) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or |
| Category 2. | A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or |
| Category 3. | A broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934, as amended; or |
| Category 4. | An investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state; or |
| Category 5. | An investment adviser relying on the exemption from registering with the United States Securities and Exchange Commission (the "**Commission**") under section 203(l) or (m) of the Investment Advisers Act of 1940; or |
| Category 6. | An insurance company as defined in Section 2(a)(13) of the U.S. Securities Act; or |
| Category 7. | An investment company registered under the United States Investment Company Act of 1940; or |
| Category 8. | A business development company as defined in Section 2(a)(48) of the United States Investment Company Act of 1940; or |
| Category 9. | A small business investment company licensed by the U.S. Small Business Administration under Section 301 (c) or (d) of the United States Small Business Investment Act of 1958; or |

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- C3 -

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| | |
|:---|:---|
| Category 10. | A rural business investment company as defined in section 384A of the Consolidated Farm and Rural Development Act; or |
| Category 11. | A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with total assets in excess of US$5,000,000; or |
| Category 12. | An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974 in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are U.S. Accredited Investors; or |
| Category 13. | A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940; or |
| Category 14. | An organization described in Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, a corporation, a limited liability company, a Massachusetts or similar business trust, a partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of US$5,000,000; or |
| Category 15. | Any director or executive officer of the Issuer; or |
| Category 16. | A natural person (including an IRA (Individual Retirement Account) owned by such person) whose individual net worth, or joint net worth with that person's spouse or spousal equivalent (being a cohabitant occupying a relationship generally equivalent to that of a spouse), excluding the value of that person's primary residence net of any mortgage obligation secured by the property, exceeds US$1,000,000 (**note:** for the purposes of calculating net worth: (i) the person's primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of the securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale of the securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); (iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability; (iv) for the purposes of calculating joint net worth of the person and that person's spouse or spousal equivalent, (A)joint net worth can be the aggregate net worth of the investor and spouse or spousal equivalent, and (B) assets need not be held jointly to be included in the calculation; and (v) reliance by the person and that person's spouse or spousal equivalent on the joint net worth standard does not require that the securities be purchased jointly); or |
| Category 17. | A natural person (including an IRA (Individual Retirement Account) owned by such person) who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or |
| Category 18. | A trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the U.S. Securities Act; or |

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- C4 -

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| | |
|:---|:---|
| Category 18a. | A revocable trust which may be revoked or amended by its settlors (creators), each of whom is a U.S. Accredited Investor (**note:** if this category is selected, you must furnish a supplementary representation letter from each settlor confirming how such settlor qualifies as a U.S. Accredited Investor); or |
| Category 19. | Any entity in which all of the equity owners meet the requirements of at least one of the above categories. |
|  | ***If you checked Category 19, please indicate the name and category of U.S Accredited Investor (by reference to the applicable number in this section 2(e)) of each equity owner:*** |

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| | |
|:---|:---|
| &nbsp;&nbsp;<br> **Name of Equity Owner** | &nbsp;&nbsp;**Category of U.S. Accredited Investor** |

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| | |
|:---|:---|
|  | **Note**: It is permissible to look through various forms of equity ownership to natural persons in determining the U.S. Accredited Investor status of entities under this category. If those natural persons are themselves U.S. Accredited Investors, and if all other equity owners of the entity seeking U.S. Accredited Investor status are U.S. Accredited Investors, then this category will be available. |
| Category 20. | An entity, of a type not listed in Categories 1-14, 18 or 19, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of US$5,000,000 (**note:** for the purposes of this Category 20, "investments is defined in Rule 2a51-1(b) under the Investment Company Act of 1940); or |
| Category 21. | A natural person holding in good standing one or more of the following professional certifications or designations or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for U.S. Accredited Investor status, including an IRA (Individual Retirement Account) owned by such person: The General Securities Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), and the Licensed Investment Adviser Representative (Series 65); or |
| Category 22. | [Reserved] or |
| Category 23. | A "family office," as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940: (i) with assets under management in excess of US$5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person (a "**Knowledgeable Family Office Administrator**") who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; or |
| Category 24. | A "family client," as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, of a family office meeting the requirements set forth in Category 23 above and whose prospective investment in the Issuer is directed by such family office with the involvement of the Knowledgeable Family Office Administrator. |

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- C5 -

**ONLY U.S. PURCHASERS NEED TO COMPLETE AND SIGN**

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| | | |
|:---|:---|:---|
| Dated: | ____________________ | Signed: |
| | | Print the name of Subscriber |
| | | Print official capacity or title, if applicable |
| | | Print name of individual whose signature appears above if different than the name of the Subscriber printed above. |

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- C6 -

**APPENDIX "A" TO<br> U.S. PURCHASER CERTIFICATE**

**Form of Declaration for Removal of Legend**

TO: Registrar and transfer agent for the shares of Modern Mining Technology Corp. (the "**Issuer**")

The undersigned (A) acknowledges that the sale of the ____________common shares in the capital of the Issuer represented by certificate number _______________, to which this declaration relates, is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and (B) certifies that (1) the undersigned is not an "affiliate" (as defined in Rule 405 under the U.S. Securities Act) of the Issuer (except solely by virtue of being an officer or director of the Issuer) or a "distributor", as defined in Regulation S, or an affiliate of a "distributor"; (2) the offer of such securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of the TSX Venture Exchange or a designated offshore securities market within the meaning of Rule 902(b) of Regulation S under the U.S. Securities Act, and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged in any directed selling efforts in connection with the offer and sale of such securities; (4) the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the securities are "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act); (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of Regulation S under the U.S. Securities Act with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or a scheme to evade the registration provisions of the U.S. Securities Act. Unless otherwise specified, terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

Dated: ____________________________

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| |
|:---|
| **X** |
| Signature of individual (if Seller **is** an individual) |
| **X** |
| Authorized signatory (if Seller is **not** an individual) |
| Name of Seller (**please print**) |
| Name of authorized signatory (**please print**) |
| Official capacity of authorized signatory (**please print**) |

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- C7 -

**Affirmation by Seller's Broker-Dealer<br> (Required for sales pursuant to Section (B)(2)(b) above)**

We have read the representations of our customer ____________________ (the "**Seller**") contained in the foregoing Declaration for Removal of Legend, dated _____________, 20__, with regard to the sale, for such Seller's account, of _________________ common shares (the "**Securities**") of the Issuer represented by certificate number ______________. We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), on behalf of the Seller. In that connection, we hereby represent to you as follows:

(1) no
 offer to sell Securities was made to a person in the United States;

(2) the
 sale of the Securities was executed in, on or through the facilities of the Toronto Stock
 Exchange, the TSX Venture Exchange or another designated offshore securities market (as defined
 in Rule 902(b) of Regulation S under the U.S. Securities Act), and, to the best of our knowledge,
 the sale was not pre-arranged with a buyer in the United States;

(3) no
 "directed selling efforts" were made in the United States by the undersigned,
 any affiliate of the undersigned, or any person acting on behalf of the undersigned; and

(4) we
 have done no more than execute the order or orders to sell the Securities as agent for the
 Seller and will receive no more than the usual and customary broker's commission that
 would be received by a person executing such transaction as agent.

For purposes of these representations: "**affiliate**" means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the undersigned; "**directed selling efforts**" means any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the Securities (including, but not be limited to, the solicitation of offers to purchase the Securities from persons in the United States); and "**United States**" means the United States of America, its territories or possessions, any State of the United States, and the District of Columbia.

Legal counsel to the Issuer shall be entitled to rely upon the representations, warranties and covenants contained herein to the same extent as if this affirmation had been addressed to them.

  <br> Name of Firm

By:   <br> Authorized Signatory

- C8 -

**SCHEDULE D**

**CONTACT INFORMATION**

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| | |
|:---|:---|
| **Alberta Securities Commission**<br> Suite 600, 250—5<sup>th</sup> Street SW<br> Calgary, Alberta T2P 0R4<br> Telephone: (403) 297-6454<br> Toll free in Canada: 1-877-355-0585<br> Facsimile: (403) 297-2082 | **British Columbia Securities Commission**<br> P.O. Box 10142, Pacific Centre<br> 701 West Georgia Street<br> Vancouver, British Columbia V7Y 1L2<br> Inquiries: (604) 899-6854<br> Toll free in Canada: 1-800-373-6393<br> Facsimile: (604) 899-6581<br> Email: inquiries@bcsc.bc.ca |
| **The Manitoba Securities Commission**<br> 500-400 St. Mary Avenue<br> Winnipeg, Manitoba R3C 4K5<br> Telephone: (204) 945-2548<br> Toll free in Manitoba: 1-800-655-5244<br> Facsimile: (204) 945-0330 | **Financial and Consumer Services Commission<br> (New Brunswick)**<br> 85 Charlotte Street, Suite 300<br> Saint John, New Brunswick E2L 2J2<br> Telephone: (506) 658-3060<br> Toll free in Canada: 1-866-933-2222<br> Facsimile: (506) 658-3059<br> Email: info@fcnb.ca |
| **Government of Newfoundland and Labrador<br> Financial Services Regulation Division**<br> P.O. Box 8700<br> Confederation Building<br> 2<sup>nd</sup> Floor, West Block<br> Prince Philip Drive<br> St. John's, Newfoundland and Labrador A1B 4J6<br> Attention: Director of Securities<br> Telephone: (709) 729-4189<br> Facsimile: (709) 729-6187 | **Government of the Northwest Territories<br> Office of the Superintendent of Securities**<br> P.O. Box 1320<br> Yellowknife, Northwest Territories X1A 2L9<br> Attention: Deputy Superintendent, Legal & Enforcement<br> Telephone: (867) 920-8984<br> Facsimile: (867) 873-0243 |
| **Nova Scotia Securities Commission**<br> Suite 400, 5251 Duke Street<br> Duke Tower<br> P.O. Box 458<br> Halifax, Nova Scotia B3J 2P8<br> Telephone: (902) 424-7768<br> Facsimile: (902) 424-4625 | **Government of Nunavut<br> Department of Justice**<br> Legal Registries Division<br> P.O. Box 1000, Station 570<br> 1<sup>st</sup> Floor, Brown Building<br> Iqaluit, Nunavut X0A 0H0<br> Telephone: (867) 975-6590<br> Facsimile: (867) 975-6594 |
| **Ontario Securities Commission**<br> 20 Queen Street West, 22<sup>nd</sup> Floor<br> Toronto, Ontario M5H 3S8<br> Telephone: (416) 593-8314<br> Toll free in Canada: 1-877-785-1555<br> Facsimile: (416) 593-8122<br> Email: exemptmarketfilings@osc.gov.on.ca<br> Public official contact regarding indirect collection of information: Inquiries Officer | **Prince Edward Island Securities Office**<br> 95 Rochford Street, 4<sup>th</sup> Floor Shaw Building<br> P.O. Box 2000<br> Charlottetown, Prince Edward Island C1A 7N8<br> Telephone: (902) 368-4569<br> Facsimile: (902) 368-5283 |

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- D1 -

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| | |
|:---|:---|
| **Autorité des marchés financiers**<br> 800, Square Victoria, 22e étage<br> C.P. 246, Tour de la Bourse<br> Montréal, Québec H4Z 1G3<br> Telephone: (514) 395-0337 or 1-877-525-0337<br> Facsimile: (514) 864-6381 (For privacy requests only)<br> Email: financementdessocietes@lautorite.qc.ca<br> (For corporate finance issuers);<br> fonds_dinvestissement@lautorite.qc.ca (for investment fund issuers) | **Financial and Consumer Affairs Authority of Saskatchewan**<br> Suite 601—1919 Saskatchewan Drive<br> Regina, Saskatchewan S4P 4H2<br> Telephone: (306) 787-5879<br> Facsimile: (306) 787-5899 |
| **Government of Yukon<br> Department of Community Services**<br> Law Centre, 3<sup>rd</sup> Floor<br> 2130 Second Avenue<br> Whitehorse, Yukon Y1A 5H6<br> Telephone: (867) 667-5314<br> Facsimile: (867) 393-6251 |  |

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- D2 -

## Exhibit 10.7

**Exhibit 10.7**

**WARRANT SUBSCRIPTION AGREEMENT**

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| | |
|:---|:---|
| **TO:** | **Urban Mining International Inc. (the "Issuer")** |
| **FROM:** |  |
|  | **(Subscriber Name)** |
| **RE:** | **Purchase of Warrants of the Issuer at CDN$0.0035 Per Warrant** |

---

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| | |
|:---|:---|
| **REFERENCE DATE:** | **[ ], 2021** |

---

**THIS DOCUMENT CONTAINS A NUMBER OF FORMS REQUIRED BY SECURITIES LEGISLATION AND POLICY, SOME OF WHICH YOU MUST COMPLETE AND OTHERS NOT DEPENDING ON SEVERAL FACTORS. PLEASE READ THE FOLLOWING GUIDE CAREFULLY AS IT WILL ASSIST YOU IN COMPLETING THIS SUBSCRIPTION AGREEMENT CORRECTLY.**

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| | |
|:---|:---|
| **STEP 1** | **All subscribers must enter the number of Warrants you are purchasing, and your name, address, telephone number and email address and sign this document on the execution page on 18.** |
| **STEP 2** | **Please complete the Registration and Delivery Instructions on page 18 if your Warrants are to be registered or delivered differently from your name and address on page 17.** |
| **STEP 3** | **All Subscribers must complete "Information Regarding the Subscriber" appearing on page 3.** |
| **STEP 4** | **If you are an "Accredited Investor" as defined in National Instrument 45-106 or *SECURITIES ACT* (Ontario) (generally a high net worth or high income investor), you must complete and sign Schedule A – "Accredited Investor Certificate" and the Appendix 2 attached to Schedule A if you are an individual.** |
| **STEP 5** | **Subscribers resident in Canada, and who are not "Accredited Investors" but who are officers, directors, employees, family, close friends or business associates thereof, must complete and sign Schedule B – "Family, Friends and Business Associates Certifications", and those in Ontario must also complete Appendix 1 attached to the Schedule B.** |
| **STEP 6** | **If you are a resident of Saskatchewan that is a close personal friend or a close business associate of a director, executive officer or a control person of the Issuer or of an affiliate of the Issuer, you must complete and sign Schedule C – "Form 45-106F5 - Risk Acknowledgement".** |
| **STEP 7** | **If you are subscribing in the United States or are a U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) you must be a U.S. fiduciary excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S or an "Accredited Investor" under U.S. law – please complete and sign Schedule D – "U.S. Purchaser Certificate".** |

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Please send completed subscription agreements and subscription funds to Aird & Berlis LLP (attention: rsanders@airdberlis.com and tfenton@airdberlis.com) in accordance with the instructions on page 2. All monetary amounts herein are in Canadian dollars.

**Documents and funds to be received no later than June 30, 2021.**

**INFORMATION REGARDING THE SUBSCRIBER**

**Please check the appropriate box (and complete the required information, if applicable) in each section:**

1. **Security Holdings**. Prior to giving effect to the securities being subscribed for under this Subscription Agreement,
 the Subscriber and all persons acting jointly and in concert with the Subscriber currently own, directly
 or indirectly, or exercise control or direction over (provide additional detail as applicable):

☐ _________________ Shares (as defined herein) of the Issuer (as defined herein) and/or the following other kinds of shares and convertible securities (including but not limited to convertible debt, warrants and options) entitling the Subscriber to acquire additional Shares or other kinds of shares of the Issuer:

☐ No shares of the Issuer or securities convertible into shares of the Issuer.

2. **Insider Status**.
 The Subscriber either:

☐ Is an "Insider" of the Issuer by virtue of being:

(a) a director
 or senior officer of the Issuer;

(b) a director or senior officer of a company
 that is an Insider or subsidiary of the Issuer;

(c) a person that beneficially owns or controls,
 directly or indirectly, voting shares of the Issuer carrying more than 10% of the voting rights attached to all the Issuer's
 outstanding voting shares; or

(d) the Issuer itself if it holds any of its
 own securities.

☐ Is not an Insider of the Issuer.

**Re: <u>Purchase of CDN$0.0035 Warrants Exempt from Prospectus Requirements</u>**

**1. Definitions**

1.1 (a) "**Accredited Investor**" means a Subscriber resident in Canada who is an accredited investor as defined in Section 1.1 of NI 45-106 or under the *Securities Act* (Ontario) if the Subscriber is a resident in Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Securities Laws**" means the securities legislation having application and the rules, policies, notices and orders issued by applicable securities regulatory authorities, having application over this Offering and the Issuer in the Qualifying Jurisdictions and in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**consultant**" means, for an issuer, a person, other than an employee, executive officer, or director of the issuer or of a related entity of the issuer, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is engaged to provide services to the issuer or a related entity of the issuer, other than services provided in relation to a distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides the services under a written contract with the issuer or a related entity of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) spends or will spend a significant amount of time and attention on the affairs and business of the issuer or a related entity of the issuer

and includes, for an individual consultant, a corporation of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is an employee or partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Closing**" means a completion of an issue and sale by the Issuer and the purchase by the Subscriber of the Warrants pursuant to this Subscription Agreement on the Closing Date. Closings may occur on one or more dates as the Issuer may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Closing Date**" means on or around July 5, 2021 or as the Issuer may determine at its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Employee, Executive Officer, Director and Consultant Exemptions**" means the exemption from the prospectus requirements found in Section 2.24 of NI 45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Exemptions**" means the exemptions from the registration and prospectus or equivalent requirements under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Family, Friends and Business Associates Exemptions**" means the exemptions from the prospectus requirements found in Sections 2.5 – 2.7 of NI 45-106;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**fully managed**" in relation to an account, means that the Subscriber has the discretion as to the account as contemplated by Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Issuer**" means Urban Mining International Inc., a corporation existing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**material**" means material in relation to the Issuer and any subsidiary considered on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**NI 45-106**" means National Instrument 45-106 – Prospectus and Registration Exemptions in the form adopted by the securities commissions in all provinces and territories of Canada (a copy is available online at www.bcsc.bc.ca);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Offering**" means the sale by the Issuer of up to 48,000,000 Warrants at a price of $0.0035 per Warrant on the terms set forth in this Subscription Agreement. There is no minimum aggregate Offering and the Issuer reserves the right to decrease or increase the size of the Offering at its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**permitted assign**" means, for a person that is an employee, executive officer, director or consultant of the Issuer or of a related entity of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a trustee, custodian, or administrator acting on behalf of, or for the benefit of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a holding entity of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an RRSP or a RRIF of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a spouse of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a trustee, custodian, or administrator acting on behalf of, or for the benefit of the spouse of the person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a holding entity of the spouse of the person, 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;(vii) an RRSP or a RRIF of the spouse of the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**person**" means and includes any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, government, governmental agency or board or commission or authority, and any other form of entity or organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Public Listing**" has the meaning ascribed to such term in Section 6.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Qualifying Jurisdictions**" means British Columbia, Alberta and Ontario and certain other jurisdictions referred to in National Instrument 45-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Regulation D**" means Regulation D under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Regulation S**" means Regulation S under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Schedules**" means the schedules attached hereto and forming part hereof and comprising of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Accredited Investor Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) B Family, Friends and Business Associates Certifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) C Form 45-106F5 – Saskatchewan Risk Acknowledgement Form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) D U.S. Purchaser Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Securities**" means, collectively, the Warrants and Warrant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Share**" means a share of common stock in the capital of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Subscriber**" means the person or persons named as a Subscriber on the execution page of this Subscription Agreement and if more than one person is so named, means all of them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Subscription Agreement"** or **"Agreement**" means this subscription agreement between the Subscriber and the Issuer, including all Schedules incorporated by reference, as it may be amended or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Warrant Share**" means a Share to be issued upon exercise of a Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**U.S. Person**" means a U.S. Person as defined in Regulation S (the definition of which includes, but is not limited to, (i) any natural person resident in the United States, (ii) any partnership or corporation organized or incorporated under the laws of the United States, (iii) any partnership or corporation organized outside of the United States by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organized, or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts, and (iv) any estate or trust of which any executor or administrator or trustee is a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**U.S. Purchaser**" is (a) any "U.S. Person" as defined in Regulation S, (b) any person purchasing the Warrants on behalf of any "U.S. Person" or any person in the United States, (c) any person who receives or received an offer of the Warrants while in the United States, or (d) any person who is or was in the United States at the time the Subscriber's buy order was made or this Agreement was executed or delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**U.S. Securities Act**" means the *Securities Act of 1933*, as amended, of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**United States**" means the United States of America, its territories, any State of the United States and the District of Columbia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Warrant**" means a transferable share purchase warrant to be issued by the Issuer with additional terms described in Section 3.

1.2 Words and phrases which are used in this Subscription Agreement and all Schedules thereto and which are defined in NI 45-106 will have the meaning ascribed thereto in NI 45-106, unless otherwise specifically defined in Section 1.1 of this Subscription Agreement.

**2. Prospectus Exempt Subscription Commitment**

2.1 The Subscriber (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) hereby irrevocably subscribes for and agrees to purchase from the Issuer, subject to the terms and conditions set forth herein, that number of Warrants set out above the Subscriber's name on the execution page of this Subscription Agreement at the price of CDN$0.0035 per Warrant. Subject to the terms hereof, this Subscription Agreement will be deemed to have been made and be effective only upon its acceptance by the Issuer.

2.2 The Subscriber (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) acknowledges and agrees that the Issuer reserves the right, in its absolute discretion, to reject this subscription for Warrants, in whole or in part, at any time prior to the Closing Date notwithstanding prior receipt by the Subscriber of a notice of acceptance of this subscription. Upon the Issuer's acceptance of this subscription, this Subscription Agreement will constitute an agreement for the purchase by the Subscriber from the Issuer, and for the Issuer to issue and sell to the Subscriber, the number of Warrants set out on the execution page hereof and on the terms and conditions set out herein. If this subscription is rejected in whole, any cheques or other forms of payment delivered to the Issuer representing payment for the Warrants subscribed for herein will be promptly returned to the Subscriber without interest or deduction. If this subscription is accepted only in part, a cheque representing any refund for that portion of the subscription for the Warrants which is not accepted will be promptly delivered to the Subscriber by the Issuer without interest or deduction.

**3. Description of Securities**

3.1 The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) that there is no minimum number of Warrants that must be subscribed for under the Offering for the Offering to close and therefore the subscription amount tendered herewith may be releasable to the Issuer on the Closing Date notwithstanding the number of Warrants issued pursuant to the Offering.

3.2 The Subscriber further acknowledges (on its own behalf and, if applicable, on behalf of each person on whose behalf the Subscriber is contracting) that, subject to Applicable Securities Laws, the Issuer may pay a commission or finder's fee in connection with the Subscriber's subscription for Warrants hereunder.

3.3 Each Warrant shall entitle the holder to purchase one Warrant Share at a price of CDN$0.0833 for a period of three (3) years following the date of the Public Listing. The Warrants will not be exercisable until completion of the Public Listing.

3.4 The Warrants will be governed by the terms and conditions set out in the certificate representing the Warrants delivered to the Subscriber at Closing. The certificate representing the Warrants will contain, among other things, provision for the appropriate adjustment in a class, number and exercise price of the Warrant Shares upon the occurrence of certain events, including any subdivision, consolidation or re-classification of the Shares or payments of stock dividends or upon the merger or re-organization of the Issuer.

**4. Closing**

4.1 Prior to Closing, the Subscriber will deliver to the offices of the Issuer aggregate subscription funds and subscription documents completed in accordance with the instructions on the face page of this Agreement, or arrange for electronic transfer of certified funds. Alternatively, the Subscriber will deliver certified funds to the Issuer against concurrent delivery by the Issuer of certificates representing the Warrants. On request by the Issuer, the Subscriber agrees to complete and deliver any other documents, questionnaires, notices and undertakings as may possibly be required by regulatory authorities, stock exchanges and Applicable Securities Laws to complete the transactions contemplated by this Agreement. Closing will occur on the Closing Date at which time certificates representing the Warrants will be available against payment of funds for delivery to the Subscriber as the Subscriber will instruct. The Subscriber hereby waives receiving any prior notice of Closing.

4.2 Closing is subject to certain conditions including the shareholders' approval of pursuing the Public Listing, termination of any shareholders' agreements and the entering into of voting support agreement with respect to the Public Listing.

**5. Privacy Legislation**

5.1 The Subscriber acknowledges and consents to the fact that the Issuer is collecting the Subscriber's (and any beneficial purchaser for which the Subscriber is contracting hereunder) personal information (as that term is defined under applicable privacy legislation, including, without limitation, the *Personal Information Protection and Electronic Documents Act* (Canada) and any other applicable similar replacement or supplemental provincial or federal legislation or laws in effect from time to time) for the purpose of completing the Subscriber's subscription. The Subscriber acknowledges and consents to the Issuer retaining the personal information for so long as permitted or required by applicable law or business practices. The Subscriber further acknowledges and consents to the fact that the Issuer may be required by Applicable Securities Laws, stock exchange rules and/or Investment Industry Regulatory Organization of Canada rules to provide regulatory authorities any personal information provided by the Subscriber respecting itself (and any beneficial purchaser for which the Subscriber is contracting hereunder) . The Subscriber represents and warrants that it has the authority to provide the consents and acknowledgements set out in this paragraph on behalf of all beneficial purchasers for which the Subscriber is contracting. In addition to the foregoing, the Subscriber agrees and acknowledges that the Issuer may use and disclose the Subscriber's personal information, or that of each beneficial purchaser for whom the Subscriber are contracting hereunder, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for internal use with respect to managing the relationships between and contractual obligations of the Issuer and the Subscriber or any beneficial purchaser for whom the Subscriber is contracting hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for use and disclosure to the Issuer's transfer agent and registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for use and disclosure for income tax related purposes, including without limitation, where required by law, disclosure to Internal Revenue Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure to securities regulatory authorities and other regulatory bodies with jurisdiction with respect to reports of trade and similar regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) disclosure to a governmental or other authority to which the disclosure is required by court order or subpoena compelling such disclosure and where there is no reasonable alternative to such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) disclosure to professional advisers of the Issuer in connection with the performance of their professional services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) disclosure to any person where such disclosure is necessary for legitimate business reasons and is made with the Subscriber's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) disclosure to a court determining the rights of the parties under this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for use and disclosure as otherwise required or permitted by law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber further acknowledges and agrees that the stock exchanges collect personal information in forms submitted by the Issuer, which will include personal information regarding the Subscriber. The Subscriber agrees that the stock exchanges may use and publish this information in the manner provided for in their policies.

5.2 The Subscriber (on its own behalf and, if applicable, on behalf of any person to whose benefit theSubscriber is subscribing) acknowledges that the Subscriber has been notified by the Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the delivery of the personal information to all applicable securities regulatory authorities or regulators; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the personal information is being collected by the securities regulatory authority or regulator under the authority granted in Applicable Securities Laws for the purposes of the administration and enforcement of Applicable Securities Laws.

**6. Subscriber's Acknowledgements – Regarding Risk, Restrictions, Independent Advice and Advancement of Subscription Proceeds to the Issuer**

6. 1 The Subscriber represents and warrants and acknowledges and agrees with (on its own behalf and, if applicable, on behalf of each beneficial purchaser for whom the Subscriber is contracting hereunder) the Issuer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its decision to execute this Subscription Agreement and purchase the Securities agreed to be purchased hereunder has not been based upon any oral or written representation as to fact or otherwise made by or on behalf of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no prospectus or registration statement has been filed by the Issuer with any securities commission or similar authority, in connection with the issuance of the Securities, and the issuance and the sale of the Securities is subject to such sale being exempt from the prospectus/registration requirements under Applicable Securities Laws and accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber is restricted from using certain of the civil remedies available under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber may not receive information that might otherwise be required to be provided to it under such legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer is relieved from certain obligations that would otherwise apply under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber (or others for whom the Subscriber is contracting hereunder) has been advised to consult its own legal advisors with respect to the merits and risks of an investment in the Securities and with respect to applicable resale restrictions and it (or others for whom it is contracting hereunder) is solely responsible (and the Issuer is in no way responsible) for compliance with applicable resale restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the knowledge of the Subscriber, the sale of the Securities was not accompanied by any advertisement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the offer made by this Subscription Agreement is irrevocable (subject to the right of the Issuer to terminate this Subscription Agreement) and requires acceptance by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Subscription Agreement is not enforceable by the Subscriber unless it has been accepted by the Issuer and the Subscriber waives any requirement on the Issuer's behalf to communicate immediately its acceptance of this Subscription Agreement to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Securities are speculative investments which involve a substantial degree of risk and the Subscriber may lose its entire investment in the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Subscriber is sophisticated in financial investments, has had access to and has received all such information concerning the Issuer that the Subscriber has considered necessary in connection with the Subscriber's investment decision and the Subscriber will not receive an offering memorandum or similar disclosure document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the subscription proceeds will be available to the Issuer on Closing and this subscription is not conditional on any other subscription completing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no agency, governmental authority, regulatory body, stock exchange or other entity has made any finding or determination as to the merit for investment of, nor have any such agencies or governmental authorities made any recommendation or endorsement with respect to, the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Subscriber acknowledges that the Issuer may complete additional financings in the future which may have a dilutive effect on existing shareholders at such time, including the Subscriber; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Issuer will rely on the representations and warranties made herein or otherwise provided by the Subscriber to the Issuer in completing the sale and issue of the Warrants to the Subscriber.

6.2 If the Issuer completes an initial public offering of its Shares or a reverse takeover or any other similar going -public transaction ("**Public Listing**"), the Shares may be required to be pooled or escrowed, either at the request of the Company's selling agent or underwriter in a Public Listing, or pursuant to applicable stock exchange rules or securities legislation as amended from time to time and regulations and rules prescribed thereto, pursuant to the policies of the applicable securities commissions, pursuant to the policies of a stock exchange or trading system on which the Issuer may seek to list its securities, or any other securities regulatory body having jurisdiction. The Subscriber agrees to sign any such pooling or escrow agreement and abide by any such restrictions as may be so imposed. In furtherance of this covenant, the Subscriber hereby irrevocably appoints the Chief Executive Officer or any director of the Issuer as his or her attorney-in-fact to approve and sign a pooling or escrow agreement on behalf of the Subscriber to provide for pooling or escrow of the Shares, as the case may be.

6.3 The Subscriber hereby acknowledges and agrees that the subscription proceeds, together with all subscription documents completed in the manner described herein, subject to any statutory rights of the Subscriber, will be provided to the Issuer prior to the Closing Date. All subscription proceeds provided to the Issuer as contemplated herein may be used by the Issuer forthwith and from time to time in its sole discretion and will form an interest-free loan from the Subscriber to the Issuer and in the event that the Closing fails to occur, for any reason, the Subscriber will be deemed to have loaned the purchase funds to the Issuer, repayable on demand.

6.4 The Subscriber irrevocably agrees that no Shares may be acquired by the Subscriber on the exercise of the Warrants and no Shares shall be issued by the Issuer on the exercise of the Warrants if, as a result of the issuance of such Shares, the Subscriber, together with any Person acting jointly or in concert with the Subscriber (the "Joint Actors"), would in the aggregate beneficially own, or exercise control or direction over, ten percent (10%) or more of the total issued and outstanding Shares of the Issuer, calculated on a partially diluted basis, immediately after giving effect to such exercise. For greater certainty, the rights represented by the certificate representing the Warrants will not be exercisable by the Subscriber, in whole or in part, and the Issuer will not give effect to any such exercise, if, after giving effect to such exercise: (a) the Subscriber would be or be deemed to be an "Insider" of the Issuer, as such term is defined under the *Securities Act* (British Columbia); or (b) the Subscriber, together with its Joint Actors, would be required to issue a news release and file a report pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. If the Subscriber becomes an Insider of the Issuer through the acquisition of Shares by means other than the exercise of the Warrants, this clause will no longer have effect.

The Subscriber (on its own behalf and, if applicable, on behalf of each Disclosed Beneficial Purchaser on whose behalf it is contracting) irrevocably acknowledges and agrees that certificates representing the Warrants will include a legend substantially in the following form:

"AS PER SECTION \* OF THE TERMS AND CONDITIONS OF THE WARRANT CERTIFICATE, THE HOLDER ACKNOWLEDGES AND AGREES THAT THE WARRANTS REPRESENTED HEREBY ARE SUBJECT TO A RESTRICTION ON EXERCISE PURSUANT TO WHICH THE HOLDER MAY NOT EXERCISE ANY AMOUNT OF SUCH WARRANTS WHICH WOULD IN THE AGGREGATE RESULT IN THE HOLDER, TOGETHER WITH ANY PERSON ACTING JOINTLY OR IN CONCERT WITH THE HOLDER, HAVING ACTUAL OR DEEMED BENEFICIAL OWNERSHIP, CONTROL OR DIRECTION OVER, DIRECTLY OR INDIRECTLY, 10% OR MORE OF THE COMPANY'S OUTSTANDING VOTING SECURITIES. THE HOLDER FURTHER ACKNOWLEDGES AND AGREES THAT THE COMPANY BE AND IS HEREBY ENTITLED TO IGNORE ANY EXERCISE REQUEST FROM THE HOLDER WHICH THE COMPANY REASONABLY BELIEVES WOULD VIOLATE THE FOREGOING RESTRICTIONS"

The Subscriber irrevocably agrees that the foregoing restrictions on exercise and legend requirements will also be applicable to the Warrants issuable upon exercise of the Warrants.

**7. Subscriber's Exemption Status**

7.1 The Subscriber, by its execution of this Subscription Agreement, hereby further represents, warrants to, and covenants with, the Issuer (which representations, warranties and covenants will survive the Closing of the Offering) that the Subscriber is purchasing the Warrants as principal for its own account, it is purchasing such Warrants not for the benefit of any other person, and not with a view to the resale or distribution of the Warrants and one of the following Exemptions applies to the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Family, Friends and Business Associates Exemptions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber is a resident of a Province or Territory of Canada other than Ontario, and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a spouse, parent, grandparent, brother, sister, child or grandchild of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a parent, grandparent, brother, sister, child or grandchild of the spouse of a director, executive officer or control person of the Issuer or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a close personal friend of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a close business associate of a director, executive officer or control person of the Issuer, or of an affiliate of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a founder of the Issuer or a spouse, parent, grandparent, brother, sister, child, grandchild , close personal friend or close business associate of a founder of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) a parent, grandparent, brother, sister, child or grandchild of a spouse of a founder of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, persons described in paragraphs (A) to (G), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) a trust or estate of which all of the beneficiaries or a majority of the trustees or executors are persons described in paragraphs (A) to (G);

If the Subscriber is a resident of Saskatchewan, the Subscriber must complete and sign the Risk Acknowledgement Form - 45-106F5 attached hereto as Schedule C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Subscriber is a resident of Ontario and is not an investment fund, you have concurrently executed and delivered a Form 45-106F12 – *Risk Acknowledgement Form for Family, Friends and Business Associates* in the form attached as Appendix 1 to Schedule B and signed by all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) an executive officer of the Issuer other than the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if the purchaser is a person referred to under paragraph 7.1(a)(i)(B), the director, executive officer or control person of the issuer or an affiliate of the issuer who has the specified relationship with the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if the purchaser is a person referred to under paragraph 7.1(a)(i)(C), the director, executive officer or control person of the issuer or an affiliate of the issuer whose spouse has the specified relationship with the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if the purchaser is a person referred to under paragraph 7.1(a)(i)(D) or (i)(E), the director, executive officer or control person of the issuer or an affiliate of the issuer who is a close personal friend or a close business associate of the purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the founder of the Issuer, if the purchaser is a person referred to in paragraph 7.1(a)(i)(F) and (i)(G) other than the founder of the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) you have concurrently executed and delivered a certificate in the form attached as Schedule B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Employee, Executive Officer, Director and Consultant Exemptions* The Subscriber is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an employee, executive officer, director or consultant of the Issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an employee, executive officer, director or consultant of a related entity of the Issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a permitted assign of a person referred to in paragraphs (i) or (ii)

and the Subscriber's purchase is voluntary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Minimum Amount Exemption*

**You are not an individual** and the aggregate acquisition cost of purchasing the Warrants will not be less than CDN$150,000 paid in cash at the time of purchase, and the Subscriber has not been created or used solely to purchase or hold the Warrants in reliance on this Exemption; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Accredited Investor Exemption*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscriber is an "Accredited Investor" and the Subscriber has properly completed and duly executed the Accredited Investor Certificate attached to this Subscription Agreement as Schedule A indicating the means by which the Subscriber is an Accredited Investor and confirms the truth and accuracy of all statements made by the Subscriber in such certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If **you are an individual**, you have concurrently executed and delivered Form 45-106F9 – Form for Individual Accredited Investors in the form attached as Appendix 2 to Schedule A hereto.

**7.2 Additional Representations Applicable to U.S. Purchasers**. If the Subscriber is a U.S. Purchaser (as defined in Schedule "D"), the Subscriber represents and warrants **either**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber is a discretionary or similar account (other than an estate or trust) that is excluded from the definition of "U.S. Person" pursuant to Rule 902(k)(2)(i) of Regulation S under the U.S. Securities Act and is held on behalf of a person that is not a U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is, or is acting for the account or benefit of, a U.S. Person or located in the United States and is an "accredited investor" as defined in Regulation D of the U.S. Securities Act (a "**U.S. Accredited Investor**"), and is acquiring the Warrants for its own account or for the account or benefit of a U.S. Accredited Investor as to which it exercises sole investment discretion, to be held for investment only and not with a view to any resale, distribution or other disposition of the Warrants in violation of United States securities laws or applicable state securities laws; and

**IN EITHER CASE, the Subscriber has properly completed and duly executed a U.S. Purchaser Certificate attached to this Subscription Agreement as Schedule D**, and confirms the truth and accuracy of all statements made by the Subscriber in such certificate.

**7.3 Other General Representations Applicable to All Subscribers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber (and, if applicable, any beneficial purchaser for whom it is acting) is resident in the jurisdiction set out under the heading "Name and Address of Subscriber" on the execution page of this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber is of legal age and has the legal capacity and competence to enter into and execute this Subscription Agreement and to take all actions required pursuant hereto and, if the Subscriber is a corporation, it is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others have been obtained to authorize execution of this Subscription Agreement on behalf of the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the entering into of this Subscription Agreement and the transactions contemplated hereby do not result in the violation of any of the terms and provisions of any law applicable to, or the constating documents of, the Subscriber or of any agreement, written or oral, to which the Subscriber may be a party or by which the Subscriber is or may be bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Subscriber has duly and validly authorized, executed and delivered this Subscription Agreement and understands it is intended to constitute a valid and binding agreement of the Subscriber enforceable against the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in connection with the Subscriber's investment in the Warrants, the Subscriber has not relied upon the Issuer for investment, legal or tax advice, and has, in all cases sought the advice of the Subscriber's own personal investment advisor, legal counsel and tax advisers or has waived its rights thereto and the Subscriber is either experienced in or knowledgeable with regard to the affairs of the Issuer, or either alone or with its professional advisors is capable, by reason of knowledge and experience in financial and business matters in general, and investments in particular, of evaluating the merits and risks of an investment in the Warrants and is able to bear the economic risk of the investment and it can otherwise be reasonably assumed to have the capacity to protect its own interest in connection with the investment in the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no person has made to the Subscriber any written or oral representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that any person will resell or repurchase the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that any person will refund the purchase price for the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the future price or value of the Warrants; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Warrants will be listed and posted for trading on a stock exchange or that application has been made to list and post the Warrants for trading on a stock exchange;

**Not a person in the United States or a U.S. Person**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless the Subscriber completes the U.S. Purchaser Certificate included herein as Schedule D (in which case the Subscriber represents, warrants and covenants to the Issuer as to the accuracy of all matters set out therein) in connection with a purchase of the Securities made in reliance on Regulation D, the Subscriber represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Securities are not being acquired, directly or indirectly, for the account or benefit of a U.S. Person or a person in the United States and the Subscriber does not have any agreement or understanding (either written or oral) with any U.S. Person or a person in the United States respecting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the transfer or assignment of any rights or interests in any of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the division of profits, losses, fees, commissions, or any financial stake in connection with this Subscription Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the voting of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber has no intention to distribute either directly or indirectly any of the Securities in the United States or to U.S. Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Subscriber represents that the current structure of this transaction and all transactions and activities contemplated hereunder is not a scheme to avoid the registration requirements of the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Subscriber is a not a "U.S. Person" and is not purchasing the Securities for the account or benefit of any U.S. Person or a person in the United States, or for offering, resale or delivery for the account or benefit of any U.S. Person or a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscriber was outside the United States at the time of execution and delivery of this Subscription Agreement within the meaning of Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no offers to sell the Securities were made by any person to the Subscriber while the Subscriber was in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Subscriber acknowledges that the Securities have not been and will not be registered under the U.S. Securities Act or the securities laws of any state of the United States, and that the Securities may not be offered or sold in the United States, or to or for the account or benefit of a U.S. Person or a person in the United States, unless an exemption from such registration requirements is available. The Subscriber understands that the Issuer has no obligation or present intention of filing a registration statement under the U.S. Securities Act in respect of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Subscriber will not engage in any directed selling efforts (as defined by Regulation S under the U.S. Securities Act) in the United States in respect of the Securities, which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of conditioning the market in the United States for the resale of the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Subscriber acknowledges that any person who exercises a Warrant will be required to provide to the Issuer either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) written certification that it is not a U.S. Person and that such Warrant is not being exercised within the United States or on behalf of, or for the account or benefit of; a U.S. Person or a person in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a written opinion of counsel or other evidence satisfactory to the Issuer to the effect that the Warrant Shares have been registered under the U.S. Securities Act and applicable state securities laws or are exempt from registration thereunder;

**Compliance with Resale Laws**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Subscriber will comply with Applicable Securities Laws and, if applicable, Rule 904 of Regulation S concerning the resale of the Securities and all related restrictions (and the Issuer is not in any way responsible for such compliance) and will speak and consult with its own legal advisors with respect to such compliance;

**Own Expense**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber acknowledges and agrees that all costs and expenses incurred by the Subscriber (including any fees and disbursements of any special counsel or other advisors retained by the Subscriber) relating to the purchase of the Warrants will be borne by the Subscriber;

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The foregoing acknowledgements are made by the Subscriber with the intent that they be relied upon by the Issuer in determining its suitability as a purchaser of the Warrants, and the Subscriber hereby agrees to indemnify the Issuer against all losses, claims, costs, expenses and damages or liabilities which the Issuer may suffer or incur as a result of reliance thereon.

**8. The Issuer's Representations**

8.1 The Issuer represents and warrants to the Subscriber that, as of the date of this Subscription Agreement and at Closing hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer and any subsidiaries are valid and subsisting corporations duly incorporated and in good standing under the laws of the jurisdictions in which they are incorporated, continued or amalgamated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer has complied, or will comply, with all applicable corporate and securities laws and regulations in connection with the offer, sale and issuance of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no offering memorandum has been or will be provided to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the creation, issuance and sale of the Securities by the Issuer does not and will not conflict with and does not and will not result in a breach of any of the terms, conditions or provisions of its constating documents or any agreement or instrument to which the Issuer is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Securities will, at the time of issue, be duly allotted, validly issued, fully paid and non-assessable and will be free of all liens, charges and encumbrances and the Issuer will reserve sufficient shares in the treasury of the Issuer to enable it to issue the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this Subscription Agreement, when accepted, will have been duly authorized by all necessary corporate action on the part of the Issuer and, subject to acceptance by the Issuer, will constitute a valid obligation of the Issuer legally binding upon it and enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither the Issuer nor any of its subsidiaries is a party to any actions, suits or proceedings which could materially affect its business or financial condition, and to the best of the Issuer's knowledge no such actions, suits or proceedings have been threatened as at the date hereof.

**9. Covenants of the Issuer**

9.1 The Issuer hereby covenants with each Subscriber that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) offer, sell, issue and deliver the Securities pursuant to exemptions from the prospectus filing, registration or qualification requirements of Applicable Securities Laws and otherwise fulfil all legal requirements required to be fulfilled by the Issuer (including without limitation, compliance with all Applicable Securities Laws in connection with the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use its reasonable commercial efforts to obtain all necessary approvals for this Offering.

**10. No Contractual Right of Action for Rescission**

10.1 The Subscriber acknowledges that it is purchasing the Securities issued hereunder pursuant to an exemption which does not require delivery to the Subscriber of an offering memorandum, that it will not receive any offering memorandum in connection with this Subscription Agreement and therefore is not entitled to contractual rights of action or rescission.

**11. Resale Restrictions and Legending of Securities**

11.1 The Subscriber acknowledges that any resale of the Securities will be subject to resale restrictions contained in the Applicable Securities Laws applicable to the Issuer, the Subscriber or any proposed transferee. If Subscriber is, or is acting for the account or benefit of, a U.S. Person or a person is located in the United States, in addition to the legends set below, the certificates representing the Securities will bear a U.S. restrictive legend set forth in Schedule D hereto:

**"The warrants represented hereby will be void and of no value after 5:00 pm (Vancouver time) on three years following the date of Public Listing."**

11.2 The Subscriber is aware that the Securities have not been and will not be registered under the U.S. Securities Act or the securities laws of any state and that the Securities may not be offered or sold in the United States without registration under the U.S. Securities Act or compliance with requirements of an exemption from registration and the applicable laws of all applicable states and acknowledges that the Issuer has no present intention of filing a registration statement under the U.S. Securities Act in respect of the Securities.

**12. General**

12.1 Time is of the essence hereof.

12.2 Neither this Subscription Agreement nor any provision hereof will be modified, changed, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

12.3 The parties hereto will execute and deliver all such further documents and instruments and do all such acts and things as may either before or after the execution of this Subscription Agreement be reasonably required to carry out the full intent and meaning of this Subscription Agreement.

12.4 This Subscription Agreement will be subject to, governed by and construed in accordance with the laws of the State of Delaware and the federal laws of the United States as applicable therein and the Subscriber hereby irrevocably attorns to the jurisdiction of the courts situated therein.

12.5 This Subscription Agreement may not be assigned by any party hereto.

12.6 The Issuer will be entitled to rely on delivery of a facsimile copy of this Subscription Agreement, and acceptance by the Issuer of a facsimile copy of this Subscription Agreement will create a legal, valid and binding agreement between the Subscriber and the Issuer in accordance with its terms.

12.7 This Subscription Agreement may be signed by the parties in as many counterparts as may be deemed necessary, each of which so signed will be deemed to be an original, and all such counterparts together will constitute one and the same instrument.

12.8 This Subscription Agreement is deemed to be entered into on the acceptance date by Issuer, notwithstanding its actual date of execution by the Subscriber.

12.9 This Subscription Agreement, including, without limitation, the representations, warranties, acknowledgements and covenants contained herein, will survive and continue in full force and effect and be binding upon the parties notwithstanding the completion of the purchase of the Warrants by the Subscriber pursuant hereto, the completion of the issue of Warrants of the Issuer and any subsequent disposition by the Subscriber of the Shares or Warrants.

12.10 The invalidity or unenforceability of any particular provision of this Subscription Agreement will not affect or limit the validity or enforceability of the remaining provisions of this Subscription Agreement.

12.11 Except as expressly provided in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided for herein, this Subscription Agreement contains the entire agreement between the parties with respect to the sale of the Securities and there are no other terms, conditions, representations or warranties, whether expressed, implied, oral or written, by statute, by common law, by the Issuer, by the Subscriber, or by anyone else. In the event that execution pages are delivered to the Issuer without this entire Agreement, the Issuer is entitled to assume that the Subscriber, and each beneficial purchaser for whom it is acting, has accepted all of the terms and conditions contained in the parts of this Subscription Agreement that are not returned, without amendment or modification.

12.12 All monetary amounts expressed herein are Canadian Dollars.

[Execution Page Follows]

**IN WITNESS WHEREOF** the Subscriber has duly executed this Subscription Agreement as of the date first above mentioned.

Total Number of Warrants Subscribed: **<u>Warrants @ CDN$0.0035</u>**

Total Purchase Price: **CDN$_________________**

**Name, Address and Telephone Number**

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| |
|:---|
| (Name of Subscriber - Please type or print) |
| (Signature and, if applicable, Office) |
| (Address of Subscriber) |
| (City, Province, Postal Code and Country of Subscriber) |
| (Telephone number) |
| (email address) |

---

**If the Subscriber is signing as agent or other person, please complete below with the name, address and telephone number of the beneficial owner of the Warrants purchased. OR if the Subscriber is a corporation, please complete below with the name, address and telephone number of the beneficial owner of the Subscriber:**

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| |
|:---|
| (Name of Subscriber - Please type or print) |
| (Signature and, if applicable, Office) |
| (Address of Subscriber) |
| (City, Province, Postal Code and Country of Subscriber) |
| (Telephone Number) |
| (Email Address) |

---

**REGISTRATION AND DELIVERY INSTRUCTIONS**

1. **Registration** - registration of the single certificate which is to be delivered at Closing should be made as follows: **(Registration must reflect legal ownership in accordance with Subscriber's disclosure made on the execution page and must be in the form required by Subscriber's broker.)** 

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| | |
|:---|:---|
| | in trust for |
| (name of registered holder) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(name of beneficial holder & account reference, if applicable) |
| (address) |  |

---

2. **Delivery** - please
 deliver the Warrant certificate(s) to the following street address (include contact name and contact telephone
 number):

(contact name) (contact telephone number)

**ACCEPTANCE**

The above-mentioned Subscription Agreement is hereby accepted and the terms hereof agreed to by the Issuer and the Subscriber.

**DATED** at Vancouver, British Columbia, the__________day of_______________, 2021.

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| | |
|:---|:---|
| **URBAN MINING INTERNATIONAL INC.** | **URBAN MINING INTERNATIONAL INC.** |
| Per: | |
|  | Authorized Signing Officer |

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| | |
|:---|:---|
| (e.1) | an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador), |

---

(f) except
 in Ontario, the Government of Canada or a jurisdiction of Canada, or any crown corporation,
 agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada,

---

| | |
|:---|:---|
| (f.1) | in Ontario, the Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly owned entity of the Government of Canada or of the government of a province or territory of Canada, |

---

(g) a
 municipality, public board or commission in Canada and a metropolitan community, school board,
 the Comité de gestion de la taxe scolaire de l'île de Montréal
 or an intermunicipal management board in Québec,

(h) any
 national, federal, state, provincial, territorial or municipal government of or in any foreign
 jurisdiction, or any agency of that government,

(i) except
 in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial
 Institutions (Canada) or a pension commission or similar regulatory authority of a jurisdiction
 of Canada,

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration:** |

---

---

| | |
|:---|:---|
| (i.1) | in Ontario, a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a province or territory of Canada, |

---

---

| |
|:---|
| **Jurisdiction(s) registered**: |
| **Categories of registration:** |

---

---

| | |
|:---|:---|
| (j) | an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes, but net of any related liabilities, exceeds $1,000,000, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX II TO THIS SCHEDULE A** |

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---

| | |
|:---|:---|
| (j.1) | an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |

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---

| | |
|:---|:---|
| (k) | an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year, |
|  | **IF THIS APPLIES, YOU MUST ALSO COMPLETE FORM 45-106F9 ATTACHED AS APPENDIX 2 TO THIS SCHEDULE A** |

---

**and for purposes hereof, words and phrases which are used in this Accredited Investor Certificate and which are defined in NI 45-106 will have the meaning ascribed thereto in NI 45-106. Certain definitions that are relevant to qualifications as an "Accredited Investor" are attached hereto as Appendix I. You must review these definitions carefully.**

EXECUTED by the Subscriber at _______, this <u>______</u> day of ________, 2021.

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| | |
|:---|:---|
| **If a corporation, partnership or other entity:** | **If an Individual:** |
| *Signature of Authorized Signatory* | *Signature* |
| *Name and Position of Signatory* | *Print Name* |
| *Name of Purchasing Entity* | *Jurisdiction of Residence* |
| *Jurisdiction of Residence* |  |

---

**APPENDIX 2 TO SCHEDULE A**

**Form 45-106F9**

***Form for Individual Accredited Investors***

**WARNING!**

**This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.**

**SECTION 1 TO BE COMPLETED BY ISSUER OR SELLING SECURITY HOLDER**

**1.** **About your investment** 

---

| | |
|:---|:---|
| Type of securities: | Issuer: |
| **Warrants of the Issuer at CDN$0.0035 Per Warrant** | **Urban Mining International Inc.** |

---

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

**2.** **Risk acknowledgement** 

---

| | |
|:---|:---|
| This investment is risky. Initial that you understand that: | **Your<br> initials** |
| **Risk of loss** – You could lose your entire investment of $________. | |
| **Liquidity risk** – You may not be able to sell your investment quickly – or at all. | |
| **Lack of information** – You may receive little or no information about your investment. | |
| **Lack of advice –** You may not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investments. To check whether the salesperson is registered, go to www.aretheyregistered.ca. | |

---

**3.** **Accredited investor status** 

---

| | |
|:---|:---|
| You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | **Your<br> initials** |

---

● Your
 net income before taxes was more than $200,000 in each for the 2 most recent calendar years, and you expect it to be more than $200,000
 in the current calendar year. (You can find your net income before taxes on your personal income tax return.)

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

● Either alone or with your spouse,
 you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities.

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

**4.** **Your name and signature** 

By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form.

First and last name (please print):

<u>Signature:</u> <u>Date:</u>

**SECTION 5 TO BE COMPLETED BY SALESPERSON**

**5.** **Salesperson information** 

[*Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement*.]

First and last name of salesperson (please print):

<br> <u>Telephone:</u> <u> Email:</u>

Name of firm (if registered):

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

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

Please contact:

Urban Mining International Inc.

409 Granville, Suite 1001

Vancouver, V6C 1T2

<u>Attention: Basil Botha</u>

Email: bbotha@urbanmetalsintel.com

Telephone: 604-418-3856

**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at** 

**www. securities-administrators.ca**

## Exhibit 10.8

**Exhibit 10.8**

**THIS WARRANT CERTIFICATE, AND THE WARRANTS EVIDENCED HEREBY ARE NOT TRANSFERABLE AND WILL BE VOID AND OF NO VALUE UNLESS EXERCISED WITHIN THE LIMITS HEREIN PROVIDED**

**THE WARRANTS REPRESENTED HEREBY AND THE SECURITIES DELIVERABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY: (A) TO MODERN MINING TECHNOLOGY CORP. (THE "COMPANY"), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE COMPANY MUST FIRST BE PROVIDED TO ENDEAVOR TRUST COMPANY TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.**

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

**PERFORMANCE WARRANT TO PURCHASE COMMON SHARES**

**OF**

**MODERN MINING TECHNOLOGY CORP.**<br> (a company incorporated under the laws of the British Columbia)

---

| | |
|:---|:---|
| **Number: PW - [●]** | Number of Warrants represented by this Certificate: [●] |

---

**THIS CERTIFIES THAT**, for value received, [Name], of [Address] (the "**Holder**"), being a Service Provider (as defined herein) and the registered holder of that number of performance warrants (individually, a "**Warrant**" and collectively, the "**Warrants**") set forth above is entitled, at any time after the Performance Date (as defined herein) and prior to the Expiry Time (as defined herein) to subscribe for and purchase the number of common shares (the "**Shares**", and each, a "**Share**") of the Company set forth above on the basis of one Share at a price of US$0.05 (the "**Exercise Price**") for each Warrant exercised, subject to adjustment as set out herein, by surrendering to the Company at its principal office, 1500-1055 West Georgia Street, Vancouver, BC V6E 4N7, this warrant certificate (the "**Warrant Certificate**"), together with a completed and executed Subscription Form attached hereto, and payment in full for the Shares being purchased.

The Company shall treat the Holder as the absolute owner of the Warrants evidenced by this Warrant Certificate for all purposes and the Company shall not be affected by any notice or knowledge to the contrary. The Holder shall be entitled to the rights evidenced by this Warrant Certificate free from all equities and rights of set-off or counterclaim between the Company and the original or any intermediate holder and all persons may act accordingly and the receipt by the Holder of the Shares issuable upon exercise hereof shall be a good discharge to the Company and the Company shall not be bound to inquire into the title of any such Holder.

1.  **<u>Definitions</u>:** In this Warrant Certificate, unless there is something in the subject matter or context
 inconsistent therewith, the following expressions shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Adjustment Period**" means the period commencing on the date hereof and ending at the Expiry
 Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Affiliate"** means a company that is a parent or subsidiary of the Company, or that is controlled
 by the same entity as the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Board"** means the board of directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Business Day**" means any day other than a Saturday, Sunday, legal holiday or a day on which
 banking institutions are closed in Vancouver, British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Company** "
 means Modern Mining Technology Corp., and its successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Common Shares**" means the common shares of the Company as such shares are constituted on
 the date hereof, as the same may be reorganized, reclassified or otherwise changed pursuant
 to any of the events set out in Section 11 or Section 13 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **"Consultant"** means an individual or Consultant Company, other than an Employee, Officer or Director
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provides
 on an ongoing bona fide basis, consulting, technical, managerial or like services to the
 Company or an Affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides
 the services under a written contract between the Company or an Affiliate and the individual
 or the Consultant Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the reasonable opinion of the Company, spends or will spend a significant amount of time
 and attention on the business and affairs of the Company or an Affiliate of the Company;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has
 a relationship with the Company or an Affiliate of the Company that enables the individual
 or Consultant Company to be knowledgeable about the business and affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Consultant Company"** means for an individual Consultant, a company or partnership of which
 the individual is an employee, shareholder or partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Current Market Price**" of a Common Share at any date means the price per share equal to
 the volume weighted average trading price at which the Common Shares have traded on the principal
 stock exchange or over-the-counter market on which the Common Shares may then be listed or
 posted for trading during the twenty (20) consecutive Trading Days prior to the relevant
 date, with the volume weighted average trading price per Common Share being determined by
 dividing the aggregate sale price of all Common Shares sold on the said exchange or market,
 as the case may be, during the said twenty (20) consecutive Trading Days by the aggregate
 number of Common Shares so sold or, if the Common Shares are not listed or quoted on any
 stock exchange or over-the-counter market, then the Current Market Price shall be as determined
 by the directors of the Company, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Directors** "
 means the directors of the Company as may be elected from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Dividends Paid in the Common Course**" means dividends paid in any financial year of the Company,
 whether in (i) cash, (ii) shares of the Company, or (iii) warrants or similar rights to purchase
 any shares of the Company or property or other assets of the Company, provided that the value
 of such dividends does not in such financial year exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 150%
 of the aggregate amount of dividends paid by the Company on the Common Shares in the 12-month
 period ending immediately prior to the first day of such financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 100%
 of the consolidated net earnings from continuing operations of the Company, before any extraordinary
 items, for the 12-month period ending immediately prior to the first day of such financial
 year (such consolidated net earnings from continuing operations to be computed in accordance
 with generally accepted accounting principles in Canada);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 individual who is considered an employee under the Income Tax Act Canada (i.e. for whom income
 tax, employment insurance and CPP deductions must be made at source);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 individual who works full-time for the Company or a subsidiary thereof providing services
 normally provided by an employee and who is subject to the same control and direction by
 the Company over the details and methods of work as an employee of the Company, but for whom
 income tax deductions are not made at source; or

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Exercise Price**" means CAD$0.05 per Share, subject to adjustment in accordance with Section
 11 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Expiry Time**" means three years from the date of the IPO; provided however:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of the death of a Holder following the Performance Date, any Warrant held by him
 or her at the date of death will become exercisable by the Holder's lawful personal
 representatives, heirs or executors until one year after the date of death of such Holder;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the Performance Date has occurred on or before the date the Holder ceased to be so employed
 by or to provide services to the Company, a Warrant issued to any Service Provider will expire
 90 days after the date the Holder ceases to be employed by or provide services to the Company,
 provided that in the case of the Service Provider being dismissed from employment or service
 for cause, such Warrants, whether or not the Performance Date has occurred at the date of
 dismissal will immediately terminate without right to exercise same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Holder** "
 means the holder set forth on the first page hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**IPO** "
 means the initial public offering of the Company and listing of its Common Shares on a recognized
 stock exchange in Canada or the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Management Company Employee**" means an individual employed by a person providing management
 services to the Company which are required for the ongoing successful operation of the business
 enterprise of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Officer** "
 means a officer of the Company appointed by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Performance Date**" means the date on which the Board determines, based on the Company's
 published financial statements, that the Company achieves cumulative Gross Revenue (as defined
 under International Financial Reporting Standards as issued by the International Accounting
 Board) of [$10/$20] million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**person** "
 means an individual, corporation, partnership, unincorporated syndicate, unincorporated organization,
 trust, trustee, executor, administrator, or other legal representative, or any group or combination
 thereof or any other entity whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **"Shares** "
 means the Common Shares issuable upon due exercise of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **"Service Provider"** means a person who is a bona fide Director, Officer, Employee, Management
 Company Employee, Consultant, and also includes a company, 100% of the share capital of which
 is beneficially owned by one or more Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Trading Day**" with respect to a stock exchange, market or over-the-counter market means
 a day on which such stock exchange or over-the-counter market is open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**United States**" means the United States of America, its territories and possessions, any
 state of the United States and the District of Colombia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**U.S. Person**" means "U.S. person" as that term is defined in Regulation S
 under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**U.S. Securities Act**" means the *United States Securities Act of 1933*, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Warrant** "
 means a Warrant, each exercisable to purchase one Share at the Exercise Price at any time
 after the Performance Date and prior to the Expiry Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Warrant Certificate**" means this certificate representing the Warrants, together with any
 duly issued replacement or substitution therefor.

2.  **<u>Expiry Time</u>:** At the Expiry Time, all rights under the Warrants evidenced hereby, in respect
 of which the right of subscription and purchase herein provided for shall not theretofore
 have been exercised, shall expire and be of no further force and effect. Nothing contained
 herein shall confer any right upon the Holder hereof or any other person to subscribe for
 or purchase any Shares at any time subsequent to the Expiry Time.

3.  **<u>Exercise Procedure</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Holder may exercise the right to subscribe and purchase the number of Shares herein provided
 for by delivering to the Company, at any time after the Performance Date and prior to the
 Expiry Time, at its principal office, this Warrant Certificate, with the Subscription Form
 attached hereto duly completed and executed by the Holder or its legal representative or
 attorney, duly appointed by an instrument in writing in form and manner satisfactory to the
 Company, together with a certified cheque, wire transfer or bank draft payable to or to the
 order of the Company in an amount in the lawful currency of Canada equal to the aggregate
 Exercise Price in respect of the Warrants so exercised. Any Warrant Certificate so surrendered
 shall be deemed to be surrendered only upon delivery thereof to the Company at its principal
 office set forth herein (or to such other address as the Company may notify the Holder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 any exercise of the Warrants, in lieu of payment of the aggregate Exercise Price in the manner
 as specified above, but otherwise in accordance with the requirements of Section 3(a), the
 Holder may elect to receive the Shares equal to the value of the Warrants, or portion hereof
 as to which the Warrants is being exercised. Thereupon, the Company shall issue to the Holder
 such number of fully paid and non-assessable Shares as are computed using the following formula:

X = Y(A-B)/A

where:

X = the number of Shares to be issued to the Holder;

Y = the number of Shares with respect to which the Warrants are being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Exercise Price);

A = the fair market value (as determined pursuant to this Section 3(b)) (the "**Fair Market Value**") of one (1) Share; and

B = the Exercise Price.

If the Common Shares are then traded or quoted on a U.S. or Canadian securities exchange, inter-dealer quotation system or over-the-counter market (a "**Trading Market**"), the Fair Market Value of a Common Share shall be the closing price or last sale price of a Common Share reported for the business day immediately before the date on which Holder delivers this Warrant Certificate together with its Subscription Form to the Company. If the Common Shares are not traded in a Trading Market, the Board of Directors of the Company shall determine the Fair Market Value of a Common Share in its reasonable good faith judgment, as of the business day immediately before the date on which Holder delivers this Warrant Certificate together with its Subscription Form to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 such delivery as aforesaid, the Company shall cause to be issued to the Holder hereof the
 Shares subscribed for not exceeding those which such Holder is entitled to purchase pursuant
 to this Warrant Certificate and the Holder hereof shall become a shareholder of the Company
 in respect of the Shares subscribed for with effect from the date of such delivery and shall
 be entitled to delivery of certificates evidencing the Shares and the Company shall cause
 such certificates to be delivered to the Holder hereof at the address or addresses specified
 in such subscription as soon as practicable, and in any event within three Business Days
 of such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) These
 Warrants and the Shares issuable upon exercise of these Warrants have not been and will not
 be registered under the U.S. Securities Act or under state securities laws of any state in
 the United States. Accordingly, these Warrants may not be transferred to, or be exercised
 by or on behalf of, a person in the United States or a U.S. Person, unless an exemption from
 registration is available under the U.S. Securities Act and applicable state securities laws
 and the Holder has furnished an opinion of counsel of recognized standing in form and substance
 satisfactory to the Company to such effect, and if the Warrants are so exercised, the certificates
 representing the Shares shall bear the appropriate legends as determined by legal counsel
 for the Company.

4.  **<u>Partial Exercise</u>:** The Holder may subscribe for and purchase a number of Shares less than
 the maximum number the Holder is entitled to purchase pursuant to the full exercise of this
 Warrant Certificate. In the event of any such subscription prior to the Expiry Time, the
 Holder shall in addition be entitled to receive, without charge, a new Warrant Certificate
 in respect of the balance of the Shares which the Holder was entitled to subscribe for pursuant
 to this Warrant Certificate and which were then not purchased (with or without legends as
 appropriate).

5.  **<u>No Fractional Shares</u>:** Notwithstanding any adjustments provided for in Section 11 hereof
 or otherwise, the Company shall not be required upon the exercise of any Warrants to issue
 fractional Shares and, in any such case, the number of Shares issuable upon the exercise
 of any Warrants shall be rounded down to the nearest whole number, without payment or compensation
 in lieu thereof.

6.  **<u>Exchange of Warrant Certificates</u>:** This Warrant Certificate may be exchanged for Warrant Certificates
 representing in the aggregate the same number of Warrants and entitling the Holder thereof
 to subscribe for and purchase an equal aggregate number of Shares at the same Exercise Price
 and on the same terms as this Warrant Certificate (with or without legends as may be appropriate).
 Any Warrant Certificate tendered for exchange shall be surrendered to the Company and cancelled.

7.  **<u>Transfer of Warrants</u>:** The Warrants evidenced by this Warrant Certificate are non-assignable
 and non-transferable and may not be exercised by or for the benefit of any person other than
 the Holder without the prior written consent of the Company.

8.  **<u>Not a Shareholder</u>:** Nothing in this Warrant Certificate or in the holding of a Warrant
 evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever
 as a shareholder of the Company. All Warrants shall rank *pari passu*, notwithstanding
 the date of issue thereof.

9.  **<u>No Obligation to Purchase</u>:** Nothing herein contained or done pursuant hereto shall obligate
 the Holder to subscribe for or the Company to issue any shares except those Shares in respect
 of which the Holder shall have exercised its right to purchase hereunder in the manner provided
 herein.

10.  **<u>Covenants</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company covenants and agrees that so long as any Warrants evidenced hereby remain outstanding,
 (i) it shall use commercially reasonable efforts to preserve and maintain its corporate existence,
 and (ii) it shall allot and authorize for issuance a sufficient number of Shares to satisfy
 the right of purchase provided for herein, and upon due exercise of the Warrants in accordance
 with the terms of the Warrant Certificate, the Company will cause the Shares subscribed for
 and purchased in the manner herein provided to be issued and delivered as directed and such
 Shares shall be issued as fully paid and non-assessable Common Shares and the holders thereof
 shall not be liable to the Company or to its creditors in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the issuance of the Shares upon the exercise of the Warrants requires any filing or registration
 with or approval of any securities regulatory authority or other governmental authority in
 Canada or compliance with any other requirement under any Canadian law before such securities
 may be validly issued (other than the filing of a prospectus or similar disclosure document),
 the Company agrees to take such actions as may be necessary to secure such filing, registration,
 approval or compliance, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company will do, execute, acknowledge and deliver or cause to be done, executed, acknowledged
 and delivered, all other acts, deeds and assurances in law as may be reasonably required
 to accomplish and effect the intentions and provisions of this Warrant Certificate.

11.  **<u>Adjustments</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustment</u>:
 The rights of the Holder, including the number of Shares issuable upon the exercise of such
 Warrants, will be adjusted from time to time in the events and in the manner provided in,
 and in accordance with the provisions of, this Section. The purpose and intent of the adjustments
 provided for in this Section are to ensure that the rights and obligations of the Holder
 are neither diminished nor enhanced as a result of any of the events set forth in paragraphs
 (b) or (c) of this Section. Accordingly, the provisions of this Section shall be interpreted
 and applied in accordance with such purpose and intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Exercise Price in effect at any date will be subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Share Reorganization</u>: If and whenever at any time during the Adjustment Period, the Company
 shall (A) subdivide, redivide or change the outstanding Common Shares into a greater number
 of Common Shares, (B) consolidate, combine or reduce the outstanding Common Shares into a
 lesser number of Common Shares, or (C) fix a record date for the issue of, or issue, Common
 Shares or securities convertible into or exchangeable for Common Shares to all or substantially
 all of the holders of Common Shares by way of a stock dividend or other distribution other
 than a Dividend Paid in the Common Course then, in each such event, the Exercise Price shall,
 on the record date for such event or, if no record date is fixed, the effective date of such
 event, be adjusted so that it will equal the rate determined by multiplying the Exercise
 Price in effect immediately prior to such date by a fraction, of which the numerator shall
 be the total number of Common Shares outstanding on such date before giving effect to such
 event, and of which the denominator shall be the total number of Common Shares outstanding
 on such date after giving effect to such event. Such adjustment shall be made successively
 whenever any such event shall occur. Any such issue of Common Shares by way of a stock dividend
 shall be deemed to have been made on the record date for such stock dividend for the purpose
 of calculating the number of outstanding Common Shares under paragraphs 12(b)(i) and (ii)
 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Rights Offering</u>: If and whenever at any time during the Adjustment Period, the Company shall
 fix a record date for the issue of rights, options or warrants to all or substantially all
 of the holders of Common Shares entitling the holders thereof, within a period expiring not
 more than 45 days after the record date for such issue, to subscribe for or purchase Common
 Shares (or securities convertible into or exchangeable for Common Shares) at a price per
 share (or having a conversion or exchange price per share) less than 95% of the Current Market
 Price on such record date, then the Exercise Price shall be adjusted immediately after such
 record date so that it will equal the rate determined by multiplying the Exercise Price in
 effect on such record date by a fraction, of which the numerator shall be the total number
 of Common Shares outstanding on such record date plus the number of Common Shares equal to
 the number arrived at by dividing the aggregate price of the total number of additional Common
 Shares so offered for subscription or purchase (or the aggregate conversion or exchange price
 of the convertible or exchangeable securities so offered) by such Current Market Price, and
 of which the denominator shall be the total number of Common Shares outstanding on such record
 date plus the total number of additional Common Shares so offered for subscription or purchase
 (or into or for which the convertible or exchangeable securities so offered are convertible
 or exchangeable). Any Common Shares owned by or held for the account of the Company or any
 subsidiary of the Company shall be deemed not to be outstanding for the purpose of any such
 computation. Such adjustment shall be made successively whenever such a record date is fixed,
 provided that if two or more such record dates referred to in this paragraph 11(b)(ii) are
 fixed within a period of 25 Business Days, such adjustment will be made successively as if
 each of such record dates occurred on the earliest of such record dates. To the extent that
 any such rights, options or warrants are not exercised prior to the expiration thereof, the
 Exercise Price shall then be readjusted to the Exercise Price which would then be in effect
 based upon the number of Common Shares (or securities convertible into or exchangeable for
 Common Shares) actually issued upon the exercise of such rights, options or warrants, as
 the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Distribution</u>:
 If and whenever at any time during the Adjustment Period, the Company shall fix a record
 date for the making of a distribution to all or substantially all of the holders of Common
 Shares of (A) shares of any class other than Common Shares whether of the Company or any
 other corporation, (B) rights, options or warrants to acquire Common Shares or securities
 exchangeable for or convertible into Common Shares or property or other assets of the Company
 (other than a rights offering as described in Section 11(b)(ii) above), (C) evidences of
 indebtedness, or (D) cash (including any cash dividend), securities or other property or
 assets then, in each such case and if such distribution does not constitute a Dividend Paid
 in the Common Course, or fall under clauses (i) or (ii) above, the Exercise Price will be
 adjusted immediately after such record date so that it will equal the rate determined by
 multiplying the Exercise Price in effect on such record date by a fraction, of which the
 numerator shall be the total number of Common Shares outstanding on such record date multiplied
 by the Current Market Price on the earlier of such record date and the date on which the
 Company announces its intention to make such distribution, less the aggregate fair market
 value (as determined by the directors, acting reasonably, at the time such distribution is
 authorized) of such shares or rights, options or warrants or evidences of indebtedness or
 cash, securities or other property or assets so distributed, and of which the denominator
 shall be the total number of Common Shares outstanding on such record date multiplied by
 such Current Market Price. Any Common Shares owned by or held for the account of the Company
 or any subsidiary of the Company shall be deemed not to be outstanding for the purpose of
 any such computation. Such adjustment shall be made successively whenever such a record date
 is fixed, provided that if two or more such record dates referred to in this paragraph 11(b)(iii)
 are fixed within a period of 25 Business Days, such adjustment will be made successively
 as if each of such record dates occurred on the earliest of such record dates. To the extent
 that any such rights, options or warrants so distributed are not exercised prior to the expiration
 thereof, the Exercise Price shall then be readjusted to the Exercise Price which would then
 be in effect based upon such rights, options or warrants or evidences of indebtedness or
 cash, securities or other property or assets actually distributed or based upon the number
 or amount of securities or the property or assets actually issued or distributed upon the
 exercise of such rights, options or warrants, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reclassifications</u>:
 If and whenever at any time during the Adjustment Period, there is (A) any reclassification
 of, or redesignation of or amendment to the outstanding Common Shares, any change of the
 Common Shares into other shares or any other reorganization of the Company (other than as
 described in subsection 11(b) hereof), (B) any consolidation, amalgamation, arrangement,
 merger or other form of business combination of the Company with or into any other corporation
 resulting in any reclassification of the outstanding Common Shares, any change or exchange
 of the Common Shares into other shares or any other reorganization of the Company, or (C)
 any sale, lease, exchange or transfer of the undertaking or assets of the Company as an entirety
 or substantially as an entirety to another corporation or entity, then, in each such event,
 the Holder of this Warrant Certificate which is thereafter exercised shall be entitled to
 receive, and shall accept, in lieu of the number of Common Shares to which such Holder was
 theretofore entitled upon such exercise, the kind and number or amount of shares or other
 securities or property which such Holder would have been entitled to receive as a result
 of such event if, on the effective date thereof, such Holder had been the registered holder
 of the number of Common Shares to which such Holder was theretofore entitled upon such exercise.
 If necessary as a result of any such event, appropriate adjustments will be made in the application
 of the provisions set forth in this subsection with respect to the rights and interests thereafter
 of the Holder of this Warrant Certificate to the end that the provisions set forth in this
 subsection will thereafter correspondingly be made applicable, as nearly as may reasonably
 be, in relation to any shares or other securities or property thereafter deliverable upon
 the exercise of these Warrants. Any such adjustments will be made by and set forth in an
 instrument supplemental hereto approved by the directors, acting reasonably, and shall for
 all purposes be conclusively deemed to be an appropriate adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 at any time during the Adjustment Period any adjustment or readjustment in the Exercise Price
 shall occur pursuant to the provisions of subsection 11(b) or 11(c) of this Warrant Certificate,
 then the number of Shares purchasable upon the subsequent exercise of the Warrants shall
 be simultaneously adjusted or readjusted, as the case may be, by multiplying the number of
 Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment
 or readjustment by a fraction which shall be the reciprocal of the fraction used in the adjustment
 or readjustment of the Exercise Price.

12.  **<u>Rules Regarding Calculation of Adjustment of Exercise Price</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 adjustments provided for in Section 11 are cumulative and will, in the case of adjustments
 to the Exercise Price, be computed to the nearest whole cent and will be made successively
 whenever an event referred to therein occurs, subject to the following subsections of this
 Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 adjustment in the Exercise Price is required to be made unless such adjustment would result
 in a change of at least 1% in the prevailing Exercise Price and no adjustment in the Exercise
 Price is required unless such adjustment would result in a change of at least one one-hundredth
 of a Share; provided, however, that any adjustments which, except for the provisions of this
 subsection, would otherwise have been required to be made, will be carried forward and taken
 into account in any subsequent adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 adjustment in the Exercise Price will be made in respect of any event described in Section
 11, other than the events referred to in clauses 11(b)(i)(A) and 11(b)(i)(B) and Section
 11(c), if the Holder is entitled to participate in such event on the same terms, *mutatis mutandis*, as if the Holder had exercised these Warrants prior to or on the effective
 date or record date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 adjustment in the Exercise Price will be made under Section 11 in respect of the issue from
 time to time of Common Shares issuable from time to time as Dividends Paid in the Common
 Course to holders of Common Shares who exercise an option or election to receive substantially
 equivalent dividends in Common Shares in lieu of receiving a cash dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 at any time a question or dispute arises with respect to adjustments provided for in Section
 11, such question or dispute will be conclusively determined by the auditor of the Company
 or, if they are unable or unwilling to act, by such other firm of independent chartered professional
 accountants as may be selected by action of the directors of the Company and any such determination,
 subject to regulatory approval and absent manifest error, will be binding upon the Company
 and the Holder. The Company will provide such auditor or chartered professional accountant
 with access to all necessary records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
 case the Company after the date of issuance of this Warrant Certificate takes any action
 affecting the Common Shares, other than an action described in Section 11, which in the opinion
 of the Board would materially affect the rights of the Holder, the Exercise Price will be
 adjusted in such manner, if any, and at such time, by action of the Board in their sole discretion,
 acting reasonably and in good faith, but subject in all cases to any necessary regulatory
 approval. Failure of the taking of action by the Board so as to provide for an adjustment
 on or prior to the effective date of any action by the Company affecting the Common Shares
 will be conclusive evidence that the Board has determined that it is equitable to make no
 adjustment in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 the Company sets a record date to determine the holders of the Common Shares for the purpose
 of entitling them to receive any dividend or distribution or sets a record date to take any
 other action and, thereafter and before the distribution to such shareholders of any such
 dividend or distribution or the taking of any other action, decides not to implement its
 plan to pay or deliver such dividend or distribution or take such other action, then no adjustment
 in the Exercise Price will be required by reason of the setting of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
 the absence of a resolution of the Board fixing a record date for any event which would require
 any adjustment pursuant to this Warrant Certificate, the Company will be deemed to have fixed
 as the record date therefor the date on which the event is effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As
 a condition precedent to the taking of any action which would require any adjustment pursuant
 to this Warrant Certificate, including the Exercise Price, the Company shall take any corporate
 action which may be necessary in order that the Company or any successor to the Company or
 successor to the undertaking or assets of the Company have unissued and reserved in its authorized
 capital and may validly and legally issue as fully paid and non-assessable all the shares
 or other securities which the Holder is entitled to receive on the full exercise thereof
 in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Company will from time to time, immediately after the occurrence of any event which requires
 an adjustment or readjustment as provided in Section 11, forthwith give notice to the Holder
 specifying the event requiring such adjustment or readjustment and the results thereof, including
 the resulting Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Company covenants to and in favour of the Holder that so long as any Warrants represented
 by this Warrant Certificate remain outstanding, it will give notice to the Holder of the
 effective date or of its intention to fix a record date for any event referred to in Section
 11 whether or not such action would give rise to an adjustment in the Exercise Price or the
 number and type of securities issuable upon the exercise of the Warrants and, in each case,
 such notice shall specify the particulars of such event and the record date and the effective
 date for such event; provided that the Company shall only be required to specify in such
 notice such particulars of such event as have been fixed and determined on the date on which
 such notice is given. Such notice shall be given not less than 14 days in each case prior
 to such applicable record date or effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In
 any case that an adjustment pursuant to Section 11 shall become effective immediately after
 a record date for or an effective date of an event referred to herein, the Company may defer,
 until the occurrence and consummation of such event, issuing to the Holder of this Warrant
 Certificate, if exercised after such record date or effective date and before the occurrence
 and consummation of such event, the additional Shares or other securities or property issuable
 upon such exercise by reason of the adjustment required by such event; provided, however,
 that the Company will deliver to the Holder an appropriate instrument evidencing the Holder's
 right to receive such additional Shares or other securities or property upon the occurrence
 and consummation of such event and the right to receive any dividend or other distribution
 in respect of such additional Shares or other securities or property declared in favour of
 the holders of record of Common Shares or of such other securities or property on or after
 the date of exercise of the Warrants or such later date as the Holder would, but for the
 provisions of this subsection, have become the holder of record of such additional Shares
 or of such other securities or property.

13.  **<u>Consolidation and Amalgamation</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall not enter into any transaction whereby all or substantially all of its undertaking,
 property and assets would become the property of any other corporation (herein called a "**successor corporation**") whether by way of reorganization, reconstruction, consolidation,
 arrangement, amalgamation, merger, transfer, sale, disposition or otherwise, unless prior
 to or contemporaneously with the consummation of such transaction the Company and the successor
 corporation shall have executed such instruments and done such things as the Company, acting
 reasonably, considers necessary or advisable to establish that upon the consummation of such
 transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 successor corporation will have assumed all the covenants and obligations of the Company
 under this Warrant Certificate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Warrants and the terms set forth in this Warrant Certificate will be a valid and binding
 obligation of the successor corporation entitling the Holder, as against the successor corporation,
 to all the rights and benefits of the Holder under this Warrant Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever
 the conditions of subsection 13(a) shall have been duly observed and performed, the successor
 corporation shall possess, and from time to time may exercise, each and every right and power
 of the Company under this Warrant Certificate in the name of the Company or otherwise and
 any act or proceeding by any provision hereof required to be done or performed by any director
 or officer of the Company may be done and performed with like force and effect by the like
 directors or officers of the successor corporation.

14.  **<u>Representation and Warranty</u>:** The Company hereby represents and warrants with and to the Holder that
 the Company is duly authorized and has all corporate and lawful power and authority to create
 and issue the Warrants evidenced hereby and the Shares issuable upon the exercise hereof
 and to perform its obligations hereunder and that this Warrant Certificate represents a valid,
 legal and binding obligation of the Company enforceable against the Company in accordance
 with its terms, provided that enforcement thereof may be limited by laws affecting creditors'
 rights generally and that specific performance and other equitable remedies may only be granted
 in the discretion of a court of competent jurisdiction.

15.  **<u>If Share Transfer Books Closed</u>:** The Company shall not be required to deliver certificates
 for Shares while the share transfer books of the Company are properly closed, prior to any
 meeting of shareholders or for the payment of dividends or for any other purpose and in the
 event of the exercise of Warrants and the surrender of this Warrant Certificate in accordance
 with the provisions hereof during any such period, delivery of certificates for Shares may
 be postponed for a period not exceeding three Business Days after the date of the re-opening
 of said share transfer books provided that any such postponement of delivery of certificates
 shall be without prejudice to the right of the Holder, if the Holder has surrendered the
 same and made payment during such period, to receive such certificates for the Shares called
 for after the share transfer books shall have been re-opened and shall be without prejudice
 to the rights of the Holder pursuant to this Warrant Certificate and the Shares that would
 have otherwise been issued had it not been for such postponement.

16.  **<u>Lost Certificate</u>:** If the Warrant Certificate evidencing the Warrants issued hereby becomes
 stolen, lost, mutilated or destroyed, the Company may, on such terms as it may in its discretion,
 acting reasonably, impose, issue and countersign a new Warrant Certificate of like denomination,
 tenor and date as the Warrant Certificate so stolen, lost, mutilated or destroyed.

17.  **<u>Governing Law</u>:** This Warrant Certificate shall be governed by, and construed in accordance with,
 the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

18.  **<u>Severability</u>:** If any one or more of the provisions or parts thereof contained in this Warrant Certificate
 should be or become invalid, illegal or unenforceable in any respect in any jurisdiction,
 the remaining provisions or parts thereof contained herein shall be and shall be conclusively
 deemed to be, as to such jurisdiction, severable therefrom.

19.  **<u>Amendments:</u>** The provisions of this Warrant Certificate may from time to time be amended, modified
 or waived, if such amendment, modification or waiver is in writing and consented to in writing
 by the Company and the Holder **.** 

20.  **<u>Headings</u>:** The headings of the articles, sections, subsections, clauses and subclauses of this Warrant
 Certificate have been inserted for convenience and reference only and do not define, limit,
 alter or enlarge the meaning of any provision of this Warrant Certificate.

21.  **<u>Numbering of Articles, etc.</u>:** Unless otherwise stated, a reference herein to a numbered or lettered
 article, section, subsection, clause, or subclause refers to the article, section, subsection,
 clause or subclause bearing that number or letter in this Warrant Certificate.

22.  **<u>Gender</u>:** Whenever used in this Warrant Certificate, words importing the singular number only shall
 include the plural, and vice versa, and words importing the masculine gender shall include
 the feminine and neuter gender, and vice versa.

23.  **<u>Day not a Business Day</u>:** In the event that any day on or before which any action is required
 to be taken hereunder is not a Business Day, then such action shall be required to be taken
 on or before the requisite time on the next succeeding day that is a Business Day.

24.  **<u>Binding Effect</u>:** This Warrant Certificate and all of its provisions shall enure to the benefit
 of the Holder and its successors, permitted assigns and legal representatives and shall be
 binding upon the Company and its successors, assigns and legal representatives.

25.  **<u>Notice</u>:** Unless herein otherwise expressly provided, a notice to be given hereunder will be deemed
 to be validly given if the notice is sent electronically or by prepaid same day courier addressed
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder, at the latest address of the Holder as recorded on the books of the Company;
 and

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

**Modern Mining Technology Corp.**

1500-1055 West Georgia Street

Vancouver, BC V6E 4N7

Attention: Kuljit Basi

Email: jeet@modernmining.com

26.  **<u>Time of Essence</u>:** Time shall be of the essence hereof.

27.  **<u>US Dollars</u>:** Except as otherwise expressly noted, all references herein to dollar amounts
 are to the lawful money of the United States of Amercia.

**[Signature Page Follows]**

**IN WITNESS WHEREOF** the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this 30th day of August, 2021.

---

| | |
|:---|:---|
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| Per: | |
|  | Authorized Signatory |

---

*Signature Page – Performance Warrant*

**SUBSCRIPTION FORM**

---

| | |
|:---|:---|
| **TO:** | **MODERN MINING TECHNOLOGY CORP.** |

---

1500-1055 West Georgia Street,

Vancouver, BC V6E 4N7

The undersigned holder of the within Warrant Certificate hereby irrevocably subscribes for ______________ Shares of Modern Mining Technology Corp. (the "**Company**") pursuant to the within Warrant Certificate and tenders herewith a certified cheque, wire transfer or bank draft payable to the order of the Company for CAD$____________ (CAD$0.05 per Share) in full payment therefor and delivers the Warrant Certificate representing the Warrants entitling the undersigned to subscribe for the above-mentioned number of Shares.

The undersigned represents, warrants and certifies as follows (one (only) of the following must be checked):

---

| | | |
|:---|:---|:---|
| ☐ | (A) | the undersigned holder at the time of exercise of the Warrants (i) is not in the United States, (ii) is not a U.S. Person, (iii) is not exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, (iv) did not execute or deliver this exercise form in the United States and (v) delivery of the underlying Shares will not be to an address in the United States; OR |

---

---

| | | |
|:---|:---|:---|
| ☐ | (B) | the undersigned holder (a) is the original U.S. Person who received the Warrants directly from the Company and who delivered the U.S. Investment Agreement, (b) is exercising the Warrants for its own account, and (c) is an "accredited investor" as defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") at the time of exercise of these Warrants, and the representations and warranties of the holder made in the U.S. Investment Agreement pursuant to which the holder acquired the Warrants remain true and correct as of the date of exercise of these Warrants. |

---

**Note: Certificates or other instruments representing Shares will not be registered or delivered to an address in the United States unless box (B) immediately above is checked. Unless box (A) is checked the Shares delivered will be "restricted securities" under the U.S. Securities Act, will be subject to transfer restrictions under the U.S. Securities Act and any applicable U.S. state securities laws. As used herein "United States" and "U.S. Person" have the meaning given such terms in Regulation S under the U.S. Securities Act.**

If the undersigned has marked box (B) above, the undersigned additionally represents and warrants to the Company as follows:

1. the
 undersigned has such knowledge and experience in financial and business matters as to be
 capable of evaluating the merits and risks of an investment in the Shares, and the undersigned
 is able to bear the economic risk of loss of his or her entire investment; and

2. funds
 representing the subscription price for the Shares which will be advanced by the undersigned
 to the Company upon exercise of the Warrants will not represent proceeds of crime for the
 purposes of the United States *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act* (the "**PATRIOT Act** "),
 and the undersigned acknowledges that the Company may in the future be required by law to
 disclose the undersigned's name and other information relating to this exercise form and
 the undersigned's subscription hereunder, on a confidential basis, pursuant to the PATRIOT
 Act. No portion of the subscription price to be provided by the undersigned (i) has been
 or will be derived from or related to any activity that is deemed criminal under the laws
 of the United States, or any other jurisdiction, or (ii) is being tendered on behalf of a
 person or entity who has not been identified to or by the undersigned, and it shall promptly
 notify the Company if the undersigned discovers that any of such representations ceases to
 be true and provide the Company with appropriate information in connection therewith;

If the undersigned has marked box (B) above, the undersigned acknowledges and agrees that:

1. the
 Company has provided to the undersigned the opportunity to ask questions and receive answers
 concerning the terms and conditions of the offering of the Shares, and the undersigned has
 had access to such information concerning the Company as the undersigned has considered necessary
 or appropriate in connection with the undersigned's investment decision to acquire
 the Shares;

2. if
 the undersigned decides to offer, sell or otherwise transfer any of the Shares, the undersigned
 must not, and will not, offer, sell or otherwise transfer any of such Shares directly or
 indirectly, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sale is to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 sale is made outside the United States in a transaction meeting the requirements of Rule
 904 of Regulation S under the U.S. Securities Act and in compliance with applicable local
 laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 sale is made pursuant to the exemption from the registration requirements under the U.S.
 Securities Act provided by Rule 144 thereunder and in accordance with any applicable state
 securities or "blue sky" laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Shares are sold in a transaction that does not require registration under the U.S. Securities
 Act or any applicable state laws and regulations governing the offer and sale of securities,
 and it has prior to such sale furnished to the Company an opinion of counsel of recognized
 standing in form and substance reasonably satisfactory to the Company;

3. the
 Shares are "restricted securities" (as defined in Rule 144(a)(3) under the U.S.
 Securities Act) and that the U.S. Securities Act and the rules of the United States Securities
 and Exchange Commission provide in substance that the undersigned may dispose of the Shares
 only pursuant to an effective registration statement under the U.S. Securities Act or an
 exemption or exclusion therefrom;

4. the
 Company has no obligation to register any of the Shares or to take any other action so as
 to permit sales pursuant to the U.S. Securities Act (including Rule 144 thereunder);

5. the
 certificates or other instruments representing the Shares as well as all certificates or
 other instruments issued in exchange for or in substitution of therefor, until such time
 as is no longer required under the applicable requirements of the U.S. Securities Act and
 applicable state securities laws, will bear, on the face of such certificate, the following
 legend:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY: (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS; AND, IN THE CASE OF CLAUSE (C) OR (D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT. THE PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT "GOOD DELIVERY" OF THE SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE.";

provided that if the Shares are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S and the Company was a "foreign issuer" as defined in Regulation S at the time of issuance of the Shares, the legend set forth above may be removed by providing a declaration to the registrar and transfer agent of the Company, as set forth in **Exhibit 1** hereto (or in such other form as the Company may prescribe from time to time) and, if requested by the Company or transfer agent, an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company to the effect that the transfer is in compliance with Rule 904; and provided, further, that, if any Shares are being sold otherwise than in accordance with Regulation S and other than to the Company, the legend may be removed by delivery to the registrar and transfer agent and the Company of an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company, that such legend is no longer required under applicable requirements of the U.S. Securities Act;

6. the
 Company is not obligated to remain a "foreign issuer";

7. the
 financial statements of the Company have been prepared in accordance with Canadian generally
 accepted accounting principles or International Financial Reporting Standards as issued by
 the International Accounting Standards Board, which differ in some respects from United States
 generally accepted accounting principles, and thus may not be comparable to financial statements
 of United States companies;

8. it
 consents to the Company making a notation on its records or giving instructions to any transfer
 agent of the Company in order to implement the restrictions on transfer set forth and described
 in this Warrant Exercise Form; and

9. it
 acknowledges and consents to the fact that the Company is collecting personal information
 (as that term is defined under applicable privacy legislation, including, without limitation,
 the *Personal Information Protection and Electronic Documents Act* (Canada) and any
 other applicable similar, replacement or supplemental provincial or federal legislation or
 laws in effect from time to time) of the undersigned for the purpose of facilitating the
 subscription for the Shares hereunder. The undersigned acknowledges and consents to the Company
 retaining such personal information for as long as permitted or required by law or business
 practices and agrees and acknowledges that the Company may use and disclose such personal
 information: (a) for internal use with respect to managing the relationships between and
 contractual obligations of the Company and the undersigned; (b) for use and disclosure for
 income tax-related purposes, including without limitation, where required by law disclosure
 to Canada Revenue Agency; (c) disclosure to professional advisers of the Company in connection
 with the performance of their professional services; (d) disclosure to securities regulatory
 authorities and other regulatory bodies with jurisdiction with respect to reports of trade
 or similar regulatory filings; (e) disclosure to a governmental or other authority to which
 the disclosure is required by court order or subpoena compelling such disclosure and where
 there is no reasonable alternative to such disclosure; (f) disclosure to any person where
 such disclosure is necessary for legitimate business reasons and is made with your prior
 written consent; (g) disclosure to a court determining the rights of the parties under this
 Agreement; and (h) for use and disclosure as otherwise required or permitted by law.

The undersigned hereby directs that the Shares be issued as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME(S) IN FULL** | &nbsp;&nbsp;**ADDRESS(ES)** | &nbsp;&nbsp;**NUMBER OF<br> SHARES** |

---

---

| | |
|:---|:---|
| **DATED** this<u> </u> day of<u> </u>, 202<u> </u>. |  |
|  | Signature of individual (if the holder **is** an individual) |
|  | Authorized signatory (if the holder is **not** an individual) |
|  | Name of holder (**please print**) |
|  | Name of authorized signatory (**please print**) |
|  | Official capacity of authorized signatory (**please print**) |

---

☐ Please check if the certificate(s) representing the Shares are to be delivered at the office where this Warrant Certificate is surrendered, failing which such certificate(s) will be mailed to the address in the registration instructions set out above.

**<u>Notes</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Terms
 used herein but not otherwise defined have the meanings ascribed thereto in the attached
 Warrant Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;2. If
 any Warrants represented by the Warrant Certificate are not being exercised, a new Warrant
 Certificate representing the unexercised Warrants will be issued and delivered with the certificates
 representing the Shares.

**ExHIBIT "I"**

**Declaration for removal of legend**

TO: **MODERN MINING TECHNOLOGY CORP**. (the "**Company**")

TO: Registrar and transfer agent for the shares of the Company

The undersigned (A) acknowledges that the sale of __________________ common shares (the "**Securities**") of the Company, represented by certificate number(s) __________________ or held in Direct Registration System (DRS) account number _____________, to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and (B) certifies that (1) the undersigned is not (a) an "affiliate" of the Company (as that term is defined in Rule 405 under the U.S. Securities Act, except any officer or director of the Company who is an affiliate solely by virtue of holding such position) (b) a "distributor" as defined in Regulation S or (c) an affiliate of a distributor; (2) the offer of such Securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange, the NEO Exchange or another "designated offshore securities market", and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such Securities; (4) the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the Securities are "restricted securities" (as that term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the seller does not intend to replace such Securities with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

---

| | |
|:---|:---|
| Dated _______________ 20__. | **X** |
|  | Signature of individual (if Seller **is** an individual) |
|  | **X** |
|  | Authorized signatory (if Seller is **not** an individual) |
|  | Name of Seller (**please print**) |
|  | Name of authorized signatory (**please print**) |
|  | Official capacity of authorized signatory (**please print**) |

---

****

<br> **Affirmation by Seller's Broker-Dealer<br> (Required for sales pursuant to Section B(2)(b) above)**

We have read the foregoing representations of our customer, _________________________ (the "**Seller**"), dated ____________, with regard to the sale, for such Seller's account, of _________________ common shares (the "**Securities**") of the Company represented by certificate number(s) ______________ or held in Direct Registration System (DRS) account number _____________. We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), on behalf of the Seller. In that connection, we hereby represent to you as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no
 offer to sell Securities was made to a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 sale of the Securities was executed in, on or through the facilities of the Toronto Stock
 Exchange, the TSX Venture Exchange, the Canadian Securities Exchange, the NEO Exchange or
 another "designated offshore securities market" (as defined in Rule 902(b) of
 Regulation S under the U.S. Securities Act), and, to the best of our knowledge, the sale
 was not pre-arranged with a buyer in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no
 "directed selling efforts" were made in the United States by the undersigned,
 any affiliate of the undersigned, or any person acting on behalf of the undersigned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) we
 have done no more than execute the order or orders to sell the Securities as agent for the
 Seller and will receive no more than the usual and customary broker's commission that
 would be received by a person executing such transaction as agent.

For purposes of these representations: "**affiliate**" means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the undersigned; "**directed selling efforts**" means any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the Securities (including, but not be limited to, the solicitation of offers to purchase the Securities from persons in the United States); and "**United States**" means the United States of America, its territories or possessions, any State of the United States, and the District of Columbia.

Legal counsel to the Company shall be entitled to rely upon the representations, warranties and covenants contained herein to the same extent as if this affirmation had been addressed to them.

---

| | |
|:---|:---|
| Dated: |  |
| Name of Firm | Name of Firm |
| By: |  |
|  | Authorized Officer |

---

## Exhibit 10.9

**Exhibit 10.9**

**STOCK AWARD AGREEMENT**

This Stock Award Agreement (this "**Agreement**") is executed as of February 1, 2021 and effective as of February 1, 2021 (the "**Effective Date**") by and between Urban Mining International Inc., a Delaware corporation (the "**Company**"), and [ ] (the "**Recipient**").

In consideration of the mutual covenants and representations set forth below, the Company and the Recipient agree as follows:

1. <u>Award of the Shares</u>. The parties acknowledge that the Company issued to the Recipient as of the Stock Award Date, and the Recipient accepted from the Company as of the Stock Award Date, subject to the terms and conditions set forth in this Agreement [ ] shares of the Company's Common Stock, $0.0001 par value per share (the "**Shares**"), with a price per share as of the Stock Award Date of $0.15.

2. <u>Restrictions on Transfer; Rights of First Refusal and Shareholder Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient acknowledges and agrees that the Shares are subject to the provisions of the Company's Bylaws, as amended from time to time (the "**Bylaws**"), including without limitation, all restrictions on transfer and rights of first refusal described in the Bylaws. The Recipient may inspect the Bylaws at the Company's principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Shareholder Agreements</u>. The Recipient acknowledges and agrees that upon the request of the Company, the Recipient shall join and become a party to such shareholder agreements, which may impose certain contractual rights and obligations on the Shares, as may be entered into from time to time by and among the Company and the holders of the Company's capital stock.

3. <u>Agreement in Connection with Public Offering</u>. The Recipient agrees, in connection with the initial underwritten public offering of the Company's securities pursuant to a registration statement under the Securities Act of 1933, as amended (the "**Securities Act**"): (i) not to sell, make short sale of, loan, grant any options for the purchase of, or otherwise dispose of any shares of Common Stock of the Company held by the Recipient (other than those shares included in the offering) without the prior written consent of the Company or the underwriters managing such initial underwritten public offering of the Company's securities for a period of 180 days from the effective date of such registration statement, which period may be extended upon the request of the underwriters for an additional period of up to 15 days if the Company issues or proposes to issue an earnings or other public release within 15 days of the expiration of the 180-day lockup period, and (ii) to execute any agreement reflecting clause (i) above as may be requested by the Company or the managing underwriters at the time of such offering.

The Recipient agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters of such offering which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested, by the Company or the underwriters of such offering, the Recipient shall provide, within 10 days of such request, such information as may be required by the Company or such underwriters in connection with the completion of any public offering of the Company's securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 3 shall not apply to a registration relating solely to employee benefits plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the Shares and any shares of Common Stock (or other securities) held by the Recipient subject to the foregoing restriction until the end of the applicable period. Recipient agrees that any transferee of the Shares issued pursuant to this Agreement shall be bound by this Section 3.

4. <u>Investment Representations</u>. The Recipient represents, warrants and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient is acquiring the Shares for the Recipient's own account for investment only, and not with a view to, or for sale in connection with, any distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Recipient has had such opportunity as the Recipient deems adequate to obtain from representatives of the Company such information as is necessary to permit the Recipient to evaluate the merits and risks of the Recipient's investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Recipient has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the acquisition of the Shares and to make an informed investment decision with respect to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Recipient can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Recipient acknowledges that the Company has encouraged the Recipient to consult the Recipient's own advisor to determine the tax consequences of acquiring, holding and disposing of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Recipient acknowledges that the Shares shall be subject to the Company's right of first refusal and the market stand-off (sometimes referred to as the "lock-up"), as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Recipient understands that (i) the Shares have not been registered under the Securities Act and are "restricted securities" within the meaning of Rule 144 under the Securities Act, (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will be available only after the applicable holding period required by Rule 144 has been satisfied and even then will not be available unless a public market then exists for the Common Stock, adequate information concerning the Company is then available to the public, and the other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration statement on file with the Securities and Exchange Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act or to satisfy the conditions of Rule 144. Recipient further understands and agrees that regardless of whether the Shares under this Agreement have been or are registered under the Securities Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any State or any other law.

5. <u>Withholding Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Recipient any federal, state or local taxes of any kind required by law to be withheld with respect to the acquisition of the Shares by the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Recipient has reviewed or has been advised to review with the Recipient's own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Recipient is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Recipient understands that the Recipient (and not the Company) shall be responsible for the Recipient's own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.

6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Rights to Continued Service</u>. The Recipient acknowledges and agrees that the transactions contemplated hereunder do not constitute an express or implied promise of continued engagement as an employee or consultant, for any period, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Waiver</u>. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Company and the Recipient and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 2 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notice</u>. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 6(e). Notwithstanding the foregoing, notices with respect to the Shares shall be provided in accordance with the Company's Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Entire Agreement; Governing Law</u>. This Agreement constitutes the entire agreement between the Company and the Recipient with respect to the subject matter hereof and supersedes in their entirety all prior undertakings and agreements of the Company and the Recipient with respect to the subject matter hereof. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to conflict of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendment</u>. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Recipient's Acknowledgments</u>. The Recipient acknowledges that the Recipient: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Recipient's own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Hutchison PLLC, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Recipient.

[*Remainder of Page Intentionally Left Blank*]

IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date first set forth above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **Urban Mining International Inc.** | **Urban Mining International Inc.** |
| By: | /s/ Mark Zorko |
| Name: | Mark Zorko |
| Title: | Chairman |
| Mailing Address For Notice: | Mailing Address For Notice: |
| **RECIPIENT:** | **RECIPIENT:** |
| **[Awardee Name]** | **[Awardee Name]** |
| Mailing Address For Notice: | Mailing Address For Notice: |

---

## Exhibit 10.10

**Exhibit 10.10**

**URBAN MINING INTERNATIONAL, INC.**

**NOTICE OF SUBSCRIPTION TO PURCHASE SHARES OF COMMON STOCK AND WARRANT**

---

| | |
|:---|:---|
| **Subscriber:** | |
|  | *(Print name exactly as you would like it to appear on your stock certificate(s))* |
| **Number of Shares:** |  |
|  | *(Round down to nearest whole share. No fractional shares will be issued)* |
| **Purchase Price per Share:** | $0.15/share |
| **Total Purchase Price:** | $|
|  | *(No. of shares of Common X Purchase Price per Share)* |
| **SSN / TIN:** |  |
| **Address for Notice:** |  |
| **Accredited Investor Qualification:** | *(Subscriber understands and acknowledges that this Offering is limited to "Accredited Investors," as defined in rule 501 of Regulation D promulgated pursuant to the Securities Act (as defined below).)* |
|  | ***Subscriber certifies that Subscriber is an "Accredited Investor" because Subscriber is (select all that apply):*** |

---

☐ a natural person whose individual net worth, or joint net worth, with that person's spouse, at the time of purchase exceeds $1,000,000 (not including the value of such individual's primary residence). The related amount of indebtedness secured by such primary residence up to its fair market value may also be excluded; however, indebtedness secured by the residence in excess of the value of the home should be considered a liability and deducted from net worth;

☐ a natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year (the year in which the purchase is made);

☐ any trust or organization, with total assets in excess of $5,000,000, not formed for the specific purpose of investing in the Company, whose purchase is directed by a sophisticated person having such knowledge and experience in financial and business matters that he is capable of evaluating the risks and merits of investing in the Company;

☐ a director or executive officer of the Company; or

☐ an entity in which all of the equity owners are accredited investors.

Subscriber understands that the Company is relying upon the representations and warranties of Subscriber contained in the attached Subscription Agreement to ensure compliance with the Securities Act of 1933, as amended (the **"*Securities Act*"**), and applicable state securities laws, and the rules and regulations promulgated thereunder. Accordingly, Subscriber hereby affirms the truth and accuracy of all information provided by Subscriber and undertakes to inform the Company if at any time prior to the purchase of the Shares any of the information provided by Subscriber herein shall cease to be true and correct.

---

| | |
|:---|:---|
| **Subscriber:** | **Acceptance by the Company:** |
| (Signature) | Name: |
|  | Title: |
| (Print Title if Signing on Behalf of an Entity) | (Date of Acceptance) |
| (Date of Subscription) | |

---

## Exhibit 10.11

**Exhibit 10.11**

**EVOTUS, INC.**

**NOTICE OF SUBSCRIPTION TO PURCHASE SHARES OF COMMON STOCK AND WARRANT**

---

| | |
|:---|:---|
| **Subscriber:** | |
|  | *(Print name exactly as you would like it to appear on your stock certificate(s))* |
| **Number of Shares:** |  |
|  | *(Round down to nearest whole share. No fractional shares will be issued)* |
| **Purchase Price per Share:** | $0.05 |
| **Total Purchase Price:** | $|
|  | *(No. of shares of Common X Purchase Price per Share)* |
| **SSN / TIN:** |  |
| **Address for Notice:** |  |
| **Accredited Investor Qualification:** | *(Subscriber understands and acknowledges that this Offering is limited to "Accredited Investors," as defined in rule 501 of Regulation D promulgated pursuant to the Securities Act (as defined below).)* |
|  | ***Subscriber certifies that Subscriber is an "Accredited Investor" because Subscriber is (select all that apply):*** |

---

☐ a natural person whose individual net worth, or joint net worth, with that person's spouse, at the time of purchase exceeds $1,000,000 (not including the value of such individual's primary residence). The related amount of indebtedness secured by such primary residence up to its fair market value may also be excluded; however, indebtedness secured by the residence in excess of the value of the home should be considered a liability and deducted from net worth;

☐ a natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year (the year in which the purchase is made);

☐ any trust or organization, with total assets in excess of $5,000,000, not formed for the specific purpose of investing in the Company, whose purchase is directed by a sophisticated person having such knowledge and experience in financial and business matters that he is capable of evaluating the risks and merits of investing in the Company;

☐ a director or executive officer of the Company; or

☐ an entity in which all of the equity owners are accredited investors.

Subscriber understands that the Company is relying upon the representations and warranties of Subscriber contained in the attached Subscription Agreement to ensure compliance with the Securities Act of 1933, as amended (the "Securities Act"), and applicable state securities laws, and the rules and regulations promulgated thereunder. Accordingly, Subscriber hereby affirms the truth and accuracy of all information provided by Subscriber and undertakes to inform the Company if at any time prior to the purchase of the Shares any of the information provided by Subscriber herein shall cease to be true and correct.

---

| | |
|:---|:---|
| **Subscriber:** | **Acceptance by the Company:** |
| (Signature) | Name: |
|  | Title: |
| (Print Title if Signing on Behalf of an Entity) | (Date of Acceptance) |
| (Date of Subscription) | |

---

## Exhibit 10.12

**Exhibit 10.12**

**STOCK AWARD AGREEMENT**

This Stock Award Agreement (this "**Agreement**") is executed as of July 30, 2020 and effective as of July 30, 2020 (the "**Effective Date**") by and between Urban Mining International Inc., a Delaware corporation (the "**Company**"), and [ ] (the "**Recipient**").

In consideration of the mutual covenants and representations set forth below, the Company and the Recipient agree as follows:

1. <u>Award of the Shares</u>. The parties acknowledge that the Company issued to the Recipient as of the Stock Award Date, and the Recipient accepted from the Company as of the Stock Award Date, subject to the terms and conditions set forth in this Agreement [ ] shares of the Company's Common Stock, $0.0001 par value per share (the "**Shares**"), with a price per share as of the Stock Award Date of $0.05.

2. <u>Restrictions on Transfer; Rights of First Refusal and Shareholder Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient acknowledges and agrees that the Shares are subject to the provisions of the Company's Bylaws, as amended from time to time (the "**Bylaws**"), including without limitation, all restrictions on transfer and rights of first refusal described in the Bylaws. The Recipient may inspect the Bylaws at the Company's principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Shareholder Agreements</u>. The Recipient acknowledges and agrees that upon the request of the Company, the Recipient shall join and become a party to such shareholder agreements, which may impose certain contractual rights and obligations on the Shares, as may be entered into from time to time by and among the Company and the holders of the Company's capital stock.

3. <u>Agreement in Connection with Public Offering</u>. The Recipient agrees, in connection with the initial underwritten public offering of the Company's securities pursuant to a registration statement under the Securities Act of 1933, as amended (the "**Securities Act**"): (i) not to sell, make short sale of, loan, grant any options for the purchase of, or otherwise dispose of any shares of Common Stock of the Company held by the Recipient (other than those shares included in the offering) without the prior written consent of the Company or the underwriters managing such initial underwritten public offering of the Company's securities for a period of 180 days from the effective date of such registration statement, which period may be extended upon the request of the underwriters for an additional period of up to 15 days if the Company issues or proposes to issue an earnings or other public release within 15 days of the expiration of the 180-day lockup period, and (ii) to execute any agreement reflecting clause (i) above as may be requested by the Company or the managing underwriters at the time of such offering.

The Recipient agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters of such offering which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested, by the Company or the underwriters of such offering, the Recipient shall provide, within 10 days of such request, such information as may be required by the Company or such underwriters in connection with the completion of any public offering of the Company's securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 3 shall not apply to a registration relating solely to employee benefits plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the Shares and any shares of Common Stock (or other securities) held by the Recipient subject to the foregoing restriction until the end of the applicable period. Recipient agrees that any transferee of the Shares issued pursuant to this Agreement shall be bound by this Section 3.

4. <u>Investment Representations</u>. The Recipient represents, warrants and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient is acquiring the Shares for the Recipient's own account for investment only, and not with a view to, or for sale in connection with, any distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Recipient has had such opportunity as the Recipient deems adequate to obtain from representatives of the Company such information as is necessary to permit the Recipient to evaluate the merits and risks of the Recipient's investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Recipient has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the acquisition of the Shares and to make an informed investment decision with respect to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Recipient can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Recipient acknowledges that the Company has encouraged the Recipient to consult the Recipient's own advisor to determine the tax consequences of acquiring, holding and disposing of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Recipient acknowledges that the Shares shall be subject to the Company's right of first refusal and the market stand-off (sometimes referred to as the "lock-up"), as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Recipient understands that (i) the Shares have not been registered under the Securities Act and are "restricted securities" within the meaning of Rule 144 under the Securities Act, (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will be available only after the applicable holding period required by Rule 144 has been satisfied and even then will not be available unless a public market then exists for the Common Stock, adequate information concerning the Company is then available to the public, and the other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration statement on file with the Securities and Exchange Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act or to satisfy the conditions of Rule 144. Recipient further understands and agrees that regardless of whether the Shares under this Agreement have been or are registered under the Securities Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any State or any other law.

5. <u>Withholding Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Recipient any federal, state or local taxes of any kind required by law to be withheld with respect to the acquisition of the Shares by the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Recipient has reviewed or has been advised to review with the Recipient's own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Recipient is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Recipient understands that the Recipient (and not the Company) shall be responsible for the Recipient's own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.

6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Rights to Continued Service</u>. The Recipient acknowledges and agrees that the transactions contemplated hereunder do not constitute an express or implied promise of continued engagement as an employee or consultant, for any period, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Waiver</u>. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Company and the Recipient and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 2 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notice</u>. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 6(e). Notwithstanding the foregoing, notices with respect to the Shares shall be provided in accordance with the Company's Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Entire Agreement; Governing Law</u>. This Agreement constitutes the entire agreement between the Company and the Recipient with respect to the subject matter hereof and supersedes in their entirety all prior undertakings and agreements of the Company and the Recipient with respect to the subject matter hereof. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to conflict of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendment</u>. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Recipient's Acknowledgments</u>. The Recipient acknowledges that the Recipient: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Recipient's own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Hutchison PLLC, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Recipient.

[*Remainder of Page Intentionally Left Blank*]

IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date first set forth above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **Urban Mining International Inc.** | **Urban Mining International Inc.** |
| By: | /s/ Mark Zorko |
| Name: | Mark Zorko |
| Title: | Chairman |
| Mailing Address For Notice: | Mailing Address For Notice: |
| **RECIPIENT:** | **RECIPIENT:** |
| **[Awardee Name]** | **[Awardee Name]** |
| Mailing Address For Notice: | Mailing Address For Notice: |

---

## Exhibit 10.13

**Exhibit 10.13**

**URBAN MINING INTERNATIONAL INC. f/k/a Evotus, Inc.**

**NOTICE OF SUBSCRIPTION TO PURCHASE SHARES OF COMMON STOCK**

---

| | |
|:---|:---|
| **Subscriber:** | |
|  | *(Print name exactly as you would like it to appear on your stock certificate(s))* |
| **Number of Shares:** |  |
|  | *(Round down to nearest whole share. No fractional shares will be issued)* |
| **Purchase Price per Share:** | $0.15 |
| **Total Purchase Price:** | $|
|  | *(No. of shares of Common X Purchase Price per Share)* |
| **SSN / TIN:** |  |
| **Address for Notice:** |  |
| **Accredited Investor Qualification:** | *(Subscriber understands and acknowledges that this Offering is limited to "Accredited Investors," as defined in rule 501 of Regulation D promulgated pursuant to the Securities Act (as defined below).)* |
|  | ***Subscriber certifies that Subscriber is an "Accredited Investor" because Subscriber is (select all that apply):*** |

---

☐ a natural person whose individual net worth, or joint net worth, with that person's spouse, at the time of purchase exceeds $1,000,000 (not including the value of such individual's primary residence). The related amount of indebtedness secured by such primary residence up to its fair market value may also be excluded; however, indebtedness secured by the residence in excess of the value of the home should be considered a liability and deducted from net worth;

☐ a natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year (the year in which the purchase is made);

☐ any trust or organization, with total assets in excess of $5,000,000, not formed for the specific purpose of investing in the Company, whose purchase is directed by a sophisticated person having such knowledge and experience in financial and business matters that he is capable of evaluating the risks and merits of investing in the Company;

☐ a director or executive officer of the Company; or

☐ an entity in which all of the equity owners are accredited investors.

Subscriber understands that the Company is relying upon the representations and warranties of Subscriber contained in the attached Subscription Agreement to ensure compliance with the Securities Act of 1933, as amended (the *"**Securities Act**"),* and applicable state securities laws, and the rules and regulations promulgated thereunder. Accordingly, Subscriber hereby affirms the truth and accuracy of all information provided by Subscriber and undertakes to inform the Company if at any time prior to the purchase of the Shares any of the information provided by Subscriber herein shall cease to be true and correct.

---

| | |
|:---|:---|
| **Subscriber:** | **Acceptance by the Company:** |
| | Name: |
| (Signature) | Title: |
| (Print Title if Signing on Behalf of an Entity) | (Date of Acceptanee) |
| (Date of Subscription) |  |

---

## Exhibit 10.14

**Exhibit 10.14**

**STOCK AWARD AGREEMENT**

This Stock Award Agreement (this "**Agreement**") is executed as of November 18 , 2020 and effective as of November 18, 2020 (the "**Effective Date**") by and between Urban Mining International Inc., a Delaware corporation (the "**Company**"), and [ ] (the "**Recipient**").

In consideration of the mutual covenants and representations set forth below, the Company and the Recipient agree as follows:

1. <u>Award of the Shares</u>. The parties acknowledge that the Company issued to the Recipient as of the Stock Award Date, and the Recipient accepted from the Company as of the Stock Award Date, subject to the terms and conditions set forth in this Agreement [ ] shares of the Company's Common Stock, $0.0001 par value per share (the "**Shares**"), with a price per share as of the Stock Award Date of $0.05.

2. <u>Restrictions on Transfer; Rights of First Refusal and Shareholder Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient acknowledges and agrees that the Shares are subject to the provisions of the Company's Bylaws, as amended from time to time (the "**Bylaws**"), including without limitation, all restrictions on transfer and rights of first refusal described in the Bylaws. The Recipient may inspect the Bylaws at the Company's principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Shareholder Agreements</u>. The Recipient acknowledges and agrees that upon the request of the Company, the Recipient shall join and become a party to such shareholder agreements, which may impose certain contractual rights and obligations on the Shares, as may be entered into from time to time by and among the Company and the holders of the Company's capital stock.

3. <u>Agreement in Connection with Public Offering</u>. The Recipient agrees, in connection with the initial underwritten public offering of the Company's securities pursuant to a registration statement under the Securities Act of 1933, as amended (the "**Securities Act**"): (i) not to sell, make short sale of, loan, grant any options for the purchase of, or otherwise dispose of any shares of Common Stock of the Company held by the Recipient (other than those shares included in the offering) without the prior written consent of the Company or the underwriters managing such initial underwritten public offering of the Company's securities for a period of 180 days from the effective date of such registration statement, which period may be extended upon the request of the underwriters for an additional period of up to 15 days if the Company issues or proposes to issue an earnings or other public release within 15 days of the expiration of the 180-day lockup period, and (ii) to execute any agreement reflecting clause (i) above as may be requested by the Company or the managing underwriters at the time of such offering.

The Recipient agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters of such offering which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested, by the Company or the underwriters of such offering, the Recipient shall provide, within 10 days of such request, such information as may be required by the Company or such underwriters in connection with the completion of any public offering of the Company's securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 3 shall not apply to a registration relating solely to employee benefits plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the Shares and any shares of Common Stock (or other securities) held by the Recipient subject to the foregoing restriction until the end of the applicable period. Recipient agrees that any transferee of the Shares issued pursuant to this Agreement shall be bound by this Section 3.

4. <u>Investment Representations</u>. The Recipient represents, warrants and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient is acquiring the Shares for the Recipient's own account for investment only, and not with a view to, or for sale in connection with, any distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Recipient has had such opportunity as the Recipient deems adequate to obtain from representatives of the Company such information as is necessary to permit the Recipient to evaluate the merits and risks of the Recipient's investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Recipient has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the acquisition of the Shares and to make an informed investment decision with respect to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Recipient can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Recipient acknowledges that the Company has encouraged the Recipient to consult the Recipient's own advisor to determine the tax consequences of acquiring, holding and disposing of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Recipient acknowledges that the Shares shall be subject to the Company's right of first refusal and the market stand-off (sometimes referred to as the "lock-up"), as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Recipient understands that (i) the Shares have not been registered under the Securities Act and are "restricted securities" within the meaning of Rule 144 under the Securities Act, (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will be available only after the applicable holding period required by Rule 144 has been satisfied and even then will not be available unless a public market then exists for the Common Stock, adequate information concerning the Company is then available to the public, and the other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration statement on file with the Securities and Exchange Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act or to satisfy the conditions of Rule 144. Recipient further understands and agrees that regardless of whether the Shares under this Agreement have been or are registered under the Securities Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any State or any other law.

5. <u>Withholding Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Recipient any federal, state or local taxes of any kind required by law to be withheld with respect to the acquisition of the Shares by the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Recipient has reviewed or has been advised to review with the Recipient's own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Recipient is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Recipient understands that the Recipient (and not the Company) shall be responsible for the Recipient's own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.

6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Rights to Continued Service</u>. The Recipient acknowledges and agrees that the transactions contemplated hereunder do not constitute an express or implied promise of continued engagement as an employee or consultant, for any period, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Waiver</u>. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Company and the Recipient and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 2 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notice</u>. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 6(e). Notwithstanding the foregoing, notices with respect to the Shares shall be provided in accordance with the Company's Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Entire Agreement; Governing Law</u>. This Agreement constitutes the entire agreement between the Company and the Recipient with respect to the subject matter hereof and supersedes in their entirety all prior undertakings and agreements of the Company and the Recipient with respect to the subject matter hereof. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to conflict of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendment</u>. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Recipient's Acknowledgments</u>. The Recipient acknowledges that the Recipient: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Recipient's own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Hutchison PLLC, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Recipient.

[*Remainder of Page Intentionally Left Blank*]

IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date first set forth above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **Urban Mining International Inc.** | **Urban Mining International Inc.** |
| By: | /s/ Mark Zorko |
| Name: | Mark Zorko |
| Title: | Chairman |
| Mailing Address For Notice: | Mailing Address For Notice: |
| **RECIPIENT:** | **RECIPIENT:** |
| **[Awardee Name]** | **[Awardee Name]** |
| Mailing Address For Notice: | Mailing Address For Notice: |

---

## Exhibit 10.15

**Exhibit 10.15**

*Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark "[\*\*\*]".*

**Modern ![](ex10-15_001.jpg) Mining**

February 28, 2022

**Privileged and Confidential**

Basil Botha

[\*\*\*]

Dear Basil:

<u>Re: Modern Mining Technology Corp, (the "Corporation" or "MMT"</u> 

This letter outlines the agreement (the "**Agreement**") we have reached to change your role with the Corporation. As you and the board of directors (the "**Board**") are aware, you are currently the Corporation's CEO and a Director. As you and the Board are further aware, this proposed change has been discussed at length at the Board level.

To recap, MMT proposes the following in respect to your changed role:

&nbsp;&nbsp;&nbsp;&nbsp;1. You
 will resign as a director of the Corporation and as the Corporation's CEO effective
 upon the date agreement this settlement is effective (namely, March 1, 2022 (the "**Effective Date** ")); and

&nbsp;&nbsp;&nbsp;&nbsp;2. You
will be appointed as the "Principal Technical Advisor'' of the Corporation having the duties and responsibilities outlined below. We further understand you will provide such services through
your company, 616538 BC Ltd ()"**616** "). Any references to you herein shall be deemed to include 616.

The Corporation's financial obligations to you (sometimes also referred to as the "**Executive**") will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) MMT
 will pay all outstanding accumulated expenses incurred by you to date in the amount of approximately
 US$13,000;

&nbsp;&nbsp;&nbsp;&nbsp;(b) MMT
 will pay all accrued salary owing to you from September 1, 2021 to February 28, 2022 in the
 amount of US$78,000. This amount is based on your current salary of US$13,000/month;

&nbsp;&nbsp;&nbsp;&nbsp;(c) commencing
 March 1, 2022, your salary will increase to US$14,000 per month. Such salary will be payable
 for the period starting March 1, 2022 and run for eighteen (18) months post the Corporation's
 proposed Nasdaq IPO (herein, the "**IPO** ").

MMT can terminate your employment at any time for "cause" (as defined below) or, failing having Cause for dismissal, by paying the full term of salary owing through the balance of the 18 months post IPO - either in a lump sum or monthly through the employment term;

For the purposes herein, "**Cause**" shall be limited to the Executive's: (A) embezzlement or willful misappropriation of funds of MMT, (B) conduct that causes material harm to MMT or willful misconduct by the Executive; (C) conviction or commission of, or plea of nolo contendere by, Executive of any felony, misdemeanor or other illegal conduct involving an act of moral turpitude or otherwise relating directly or indirectly to the business or reputation of MMT; (D) habitual drug or other substance abuse that interferes in any material respects with the performance of Executive's duties under this Agreement; (E) debarment by any federal agency that would limit or prohibit Executive from serving in his prescribed capacity for MMT under this Agreement; (F) continuing failure to communicate and fully disclose any and all information related to the business, operations, management and accounting of the Corporation to the Board, the failure of which would adversely impact the Corporation or may result in a violation of state or federal securities laws; (G) continuing willful and intentional failure to perform is duties as stated herein or as reasonably requested by the Board; or (I) dishonesty towarids, fraud upon, or deliberate injury or attempted injury to MMT;

&nbsp;&nbsp;&nbsp;&nbsp;(d) MMT
will pay your reasonable documented out-of-pocket expenses during your term of employment;

&nbsp;&nbsp;&nbsp;&nbsp;(e) MMT
will leave your performance warrants in place, unamended. Such warrants will be considered fully vested and shall not expire in the case
of the Executive's employment being unilaterally terminated by the Corporation. Specifically, 600,00 performance warrants will be issued when the Corporation achieves a gross turnover of US$10MM and 800,000 performance warrants will be issued when the Corporation
achieves a gross turnover of US$20MM. In each case, the performance warrants will be issued at US$0.05 cents per each performance warrant
and will be issued within 14 days of the Corporation's financial statements being completed.

&nbsp;&nbsp;&nbsp;&nbsp;(f) MMT
 will pay you a one-time bonus of US$50,000 contingent upon the completion of the IPO. Specifically,
 such bonus amount will be paid within thirty (30) days of closing of the IPO. If there is
 no IPO, MMT will have no obligation to pay you any bonus; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) MMT
 further agrees to pay the US$78,050 in advances you have made to MMT (bearing 1% interest)
 within ten (10) days of closing the IPO.

We further confirm that you will report directly to the Board. Your priorities and responsibilities will be to ensure that MMT establishes a solid basis for the ordering of equipment and commissioning of the Raleigh, North Carolina production facility within a period of six (6) months following the IPO. From March 1, 2022 onward, you agree to devote 100% of your time to MMT's affairs and you agree to spend two to three weeks per month at the facility in Raleigh.

The scope of work you will be responsible for will be the following: human resources, staff training (including, if directed by the Board, training Peter Dielwart to assume a greater role and title with the Corporation) and recruitment, security, safety, procurement of feed-stock, instituting production metrics for quality control and recoveries, set-up of the laboratory and any other aspects relating to operation of the facility.

You hereby further agree that you will not, without the prior written consent of the Corporation, during the period commencing on the date hereof and ending on the date twelve (12) months after the Corporation's initial public offering (the "**IPO**") (the "**Lock-Up Period**") (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of common stock, preferred stock or securities exercisable, convertible or exchangeable for common stock or preferred stock of the Corporation ("**Capital Stock**") or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Capital Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Capital Stock or other securities, in cash or otherwise. After the expiration of such Lock-Up Period, until the date twenty-eight (28) months after the date of the IPO (the "**Leak-Out Period**") you may sell shares of Capital Stock within the following cumulative limits based on the aggregate number of shares of Capital Stock beneficially owned by you on the commencement date of such Leak-Out Period:

12 months — 20%

16 months — 20%

20 months — 20%

24 months — 20%

28 months — 20%

For purposes of determining whether the overall percentage limit has been reached during the Leak-Out Period, all prior sales of Capital Stock made during the Leak-Out Period shall be aggregated with the proposed sale.

In addition, you hereby agree that you will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Corporation and the managing underwriter (such period not to exceed 365 days), or such other period as may be requested by the Corporation or an underwriter to accommodate regulatory restrictions on (1)the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Capital Stock held immediately prior to the effectiveness of the registration statement for the IPO or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Capital Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Capital Stock or other securities, in cash or otherwise. The foregoing provisions of this paragraph shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to you if all officers, directors and holders of more than ten percent (10%) of the outstanding shares of voting common stock (after giving effect to the conversion into voting common stock of all outstanding preferred stock and warrants) enter into similar agreements. The underwriters in connection with the IPO are intended third-party beneficiaries of this paragraph and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. You further agree to execute such agreements as may be reasonably requested by the underwriters in the IPO that are consistent with this paragraph or that are necessary to give further effect thereto.

You agree that you will seek *independent legal advice* before signing this Agreement and confirm that you have either done so or have decided to waive your right to do so.

In connection with this Agreement, you agree to sign, on the Effective Date, a Resignation and Mutual Release. The Mutual Release shall be in standard form whereby each Party releases the other Party from making any claims against the other Party in respect to any matter leading up to the execution of this Agreement; provided, for clarity, nothing in the Mutual Release shall release the Executive or MMT from their respective obligations under this Agreement.

Concurrent with your changed role with the Corporation effective the Effective Date, ivilvIT confirms its tentative plans to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;I. replace
 you with Jeet Basi as the Corporation's Chief Executive Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;2. appoint
 Olga Balanovskaya, CPA, CGA, ACCA as the Corporation's new Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;3. MMT
 will carry out its on-going plans and complete the long discussed debenture financing (the
 "Debenture Financing").

&nbsp;&nbsp;&nbsp;&nbsp;4. This
 Agreement is effective upon closing by the Corporation of the Debenture Financing.

If the foregoing terms are acceptable, please sign the acknowledgment below confirming same.

Yours truly,

MODERN MINING TECHNOLOGY CORP.

---

| | | |
|:---|:---|:---|
| Per: | /s/ Sean Bromley | /s/ Sean Bromley |
|  | Name: | Sean Bromley |
|  | Title: | Authorized Signing Officer |

---

---

| | |
|:---|:---|
|  | The foregoing terms are agreed to and <br> accepted this 1<sup>st</sup> day of March, 2022 |
| /s/ L. Watt | /s/ Basil Botha |
| Witness Name: | Basil Botha |

---

**616538 BC LTD.** 

---

| | | |
|:---|:---|:---|
| Per: | /s/ Basil Botha | /s/ Basil Botha |
|  | Name: | Basil Botha |
|  | Title: | Authorized Signing Officer |

---

## Exhibit 10.16

**Exhibit 10.16**

---

| | |
|:---|:---|
| STATE OF NORTH CAROLINA<br>COUNTY OF PITT | **LEASE AGREEMENT** |

---

THIS LEASE AGREEMENT is made and entered this 22<sup>ND</sup> day of September, 2022, by and between GRAND VENTURES, LLC*,* a North Carolina limited liability company (the "Lessor"); and MODERN MINING TECHNOLOGY CORP., a Delaware corporation authorized to transact business in the State of North Carolina (the "Lessee").

**<u>W I T N E S S E T H</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>PREMISES LEASED</u>. Lessor hereby leases to Lessee a building containing ten thousand (10,000) square feet (the "Premises") and associated improvements and non-exclusive parking rights on the parcel of land located at 2255 County Home Road, Greenville, Pitt County, North Carolina, and being more particularly located on the property described on **Exhibit A** attached hereto and incorporated herein by reference. Subject to the option contained in Section 39 below, Lessor specifically reserves the right to construct an addition to the building located in the grassy area located on the south side of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>TERM</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The term of this lease shall commence immediately following Lessor's acquisition of the Premises (the "Commencement Date"), which the parties anticipate will occur on or before October 1, 2022 (the "Outside Delivery Date"). The Lease shall continue for a period for of three (3) Lease Years following the Commencement Date. As used herein, the term "Lease Year" shall mean a period of approximately one (1) year, with the first Lease Year beginning on the Commencement Date and expiring on the last day of the month containing the first anniversary of Commencement Date, with each subsequent Lease Year commencing upon the expiration of the prior Lease Year and continuing for a period of twelve (12) months thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. In the event that Lessor does not acquire the Premises on or prior to the Outside Delivery Date, then Lessee shall have the option to terminate this Lease upon written notice to Lessor, and upon such written notice, this Lease shall be terminated, Lessee shall receive a full refund of any prepaid rents and security deposits, and neither party shall have any further rights or obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>RIGHT TO EXTEND TERM</u>. Provided Lessee is not in default of its obligations under the terms of this Lease, Lessee shall have the option to extend the term of this lease for three (3) additional one (1) year terms by giving notice thereof to Lessor in writing at least one hundred twenty (120) days prior to the expiration of the current term of the lease. Annual rental shall increase upon each such extension by Lessee as provided in Section 4 below.

**Lease - Page 2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>RENT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Base Rent</u>. Subject to any specific provision of this Lease, Lessee shall pay to Lessor annual rent during the first three (3) Lease Years in the sum of ONE HUNDRED TWENTY THOUSAND AND 00/100 DOLLARS ($120,000.00) payable in monthly installments of TEN THOUSAND AND 00/100 DOLLARS ($10,000.00) each. The first month's rent shall be paid upon the execution of this Lease. Thereafter, all such rental installments shall be due and payable in advance on the 1<sup>ST</sup> day of each calendar month for and during the Term of this Lease. Rental for any partial month shall be prorated on the basis of a thirty (30) day month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Adjusted Base Rent</u>. At the beginning of each renewal term, the rent shall be increased by an amount determined by multiplying the rent paid during the prior rent period by a fraction, the denominator of which shall be the Consumer Price Index ("CPI" as defined below) for the first month of the prior Lease Year and the numerator of which shall be the same CPI for the first month of the current Lease Year. Notwithstanding anything herein to the contrary, the adjusted rent amount determined hereunder shall never be less than the rent amount paid during the immediately preceding Lease Year. The term "CPI" means the Consumer Price Index - U.S. City Averages for All Urban Consumers - All Items (1982- 84=100), of the United States Bureau of Labor Statistics. If the Bureau of Labor Statistics revises the manner in which such CPI is determined, Lessor may adjust the revised index to produce results equivalent, as nearly as possible, to those which would have been obtained if the CPI had not been so revised. If the 1982-84 average shall no longer be used as an index of 100, such change shall constitute a revision. If the CPI shall become unavailable to the public because publication is discontinued, or otherwise, Lessor will substitute therefor, a comparable index based upon changes in the cost of living or purchasing power of the consumer dollar published by any other governmental agency or, if no such index shall be available then a comparable index published by a major bank or other financial institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The increased rent to be paid on account of the rent adjustment shall be paid in equal monthly installments in the same manner as provided for Base Rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. All rental shall be paid to Lessor or its authorized agent at the address set out in the NOTICE paragraph below or at such other place as may be designated by Lessor from time to time. Delivery and payment of rent shall be deemed made only upon receipt of the applicable rent payment at the address of the Lessor set out in the NOTICE paragraph below; placing a rent payment in the mail shall not constitute delivery or payment of the rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Security Deposit</u>. Lessee, contemporaneously with the execution of this Lease, will deposit with Lessor forthwith the sum of Thirty Thousand and 00/100 Dollars ($30,000.00) which shall be treated as a security deposit and shall be held by Lessor, without liability for interest as security for the faithful performance by Lessee of all of the terms, covenants, and conditions of this Lease by said Lessee to be kept and performed during the term hereof (the "Security Deposit"). It is expressly understood that the Security Deposit does not apply toward rent, except that if at any time during the term of this Lease any of the rent herein reserved shall be overdue and unpaid, or any other sum payable by Lessee to Lessor hereunder shall be overdue and unpaid then Lessor may, at the option of Lessor (but Lessor shall not be required to), appropriate and apply any portion of the Security Deposit to the payment of any such overdue rent or other sum.

**Lease - Page 3**

In the event of the failure to keep and perform any of the terms, covenants, and conditions of this Lease to be kept and performed by Lessee, then the Lessor at its option may, after terminating this Lease, appropriate and apply the Security Deposit or so much thereof as sustained or suffered by Lessor due to such breach on the part of Lessee. Should the entire Security Deposit, or any portion thereof, be appropriated and applied by Lessor for the payment of overdue rent or other sums due and payable to Lessor by Lessee hereunder, then Lessee shall, upon the written demand of Lessor forthwith remit to Lessor a sufficient amount in cash to restore the Security Deposit to the original sum deposited, and Lessee's failure to do so within five (5) days after receipt of such demand shall constitute a breach of this Lease. Should Lessee comply with all of said terms, covenants, and conditions and promptly pay all of the rental herein provided for as it falls due, and all other sums payable by Lessee to Lessor hereunder, the Security Deposit shall be returned in full to Lessee at the end of the term of this Lease, or upon the earlier termination of this Lease.

Lessor shall deliver the Security Deposit deposited hereunder by Lessee to the purchaser of Lessor's interest in the Premises in the event that such interest is sold, and thereupon Lessor shall be discharged from any further liability with respect to such deposit.

Lessor shall be entitled to intermingle the Security Deposit with its own funds. The Security Deposit shall not preclude the Lessor from recovering any additional rent or damage which may be due or sustained as a result of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>EXPENSE REIMBURSEMENT</u>. As additional rental hereunder, Lessee also agrees to reimburse Lessor for all property taxes, property insurance premium costs and fire and extended coverage insurance premium costs for the Premises (the "Building Expenses") actually incurred by Lessor. Within twenty (20) days of Lease signing, Lessee shall reimburse Lessor for 2022 property taxes for the months of October, November and December in the amount of $1,885.68, and property insurance for the twelve-month period commencing on the Commencement Date in the amount of $3,094.00. Thereafter, Lessee shall pay Lessor within twenty (20) days after receipt of an invoice therefor from Lessor accompanied by reasonable documentation of the actual Building Expenses for the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>USE AND OCCUPANCY</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Lessee shall use the Premises for office, manufacturing, warehouse, distribution and related purposes and for other uses permitted under applicable zoning ordinances and restrictive covenants. Lessee shall not use the Premises for personal habitation or any unlawful purpose. Notwithstanding the anything to the contrary herein, if applicable zoning ordinances or restrictive covenants no longer permit Lessee's use of the Premises, Lessee has the option to terminate this Lease effective as of the date upon which such zoning ordinance or restrictive covenant takes effect.

**Lease - Page 4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Premises shall be open and accessible to Lessee twenty-four hours per day, seven days per week, including holidays. Lessee shall comply with all applicable statutes, ordinances, rules and regulations of federal, state and municipal governments applicable to Lessee's use of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>ALTERATIONS AND IMPROVEMENTS</u>. Lessee may alter, improve and change the Premises with the written consent of Lessor which Lessor will not unreasonably withhold; provided, however, that the locating and relocating of moveable partitions, telephone and electrical outlets, light fixtures, equipment, and trade fixtures shall not be deemed alterations, improvements or changes to the Premises. Notwithstanding anything to the contrary herein, Lessee shall be permitted to make non-structural alterations to the interior of the Premises which do not cost in excess of $5,000 (per calendar year) without any prior consent or approval of Lessee provided that (A) such alterations do not impact the structure of the Premises or the building systems; (B) such alterations are not visible from the exterior of the Premises, (C) such alterations do not require a building permit or local equivalent and (D) Lessee shall in any event provide Lessor with written notice of such alterations not less than five (5) business days prior to commencement of same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>MAINTENANCE AND REPAIRS; NET LEASE</u>. Lessor represents and warrants that the roof and all mechanical systems in the Premises will be in good working order at the start of this Lease. Throughout the term of this Lease Agreement, Lessee shall be responsible for all repairs and maintenance to the Premises, including without limitation, all repairs and maintenance of all structural components, all walls, doors and windows, the roof, the heating, ventilation and air conditioning systems, all parking and landscaped areas, all mechanical systems, and the plumbing and electrical systems, and shall return the Premises to the Lessor at the expiration of the term of the Lease in as good a state of repair as when the Lessee's occupancy started, reasonable wear and tear excepted. Lessee further shall be responsible for all snow and ice removal from the Premises. If Lessee fails to make any repairs promptly and adequately, Lessor may, but need not, make the repair. In the event Lessor makes the repairs, Lessee shall promptly pay the reasonable costs of the repair incurred by Lessor. Notwithstanding anything to the contrary herein, if in any calendar year the cost of maintenance and repairs for the roof and all mechanical systems in the Premises, in the aggregate, exceed $15,000 (the "Annual Repair Cap"), all subsequent repairs and maintenance shall be Lessor's responsibility. In the event that costs to repair and maintain the roof and mechanical systems of the Premises exceed the Annual Repair Cap in a given calendar year, Lessee, at its option, may (a) notify Lessor of a repair, after which Lessor shall promptly (but in no event longer than ten (10) business days) initiate the requested repair, or (b) make such repair and seek reimbursement for reasonable expenses from Lessor within thirty (30) days of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>COMPLIANCE WITH CODES</u>. All repairs, alteration, additions, or improvements made by Lessee shall comply with applicable building codes.

**Lease - Page 5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>TRADE FIXTURE AND SURRENDER OF PREMISES</u>. All trade fixtures, merchandise, supplies, and equipment owned by Lessee and installed in the Premises shall remain the property of Lessee and at the end of the term or any final extension thereof Lessee shall remove the same and peaceably yield up the Premises to Lessor in as good repair and condition as when delivered to it, excepting ordinary wear and tear, damage by fire, elements or casualty, or any damage not due to the negligence of Lessee; including, the obligation of Lessee to remove any improvement which it has made to the Premises during the lease term if so requested by Lessor. Lessee further agrees to repair any damage to the Premises caused by the removal of its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>LESSEE'S SIGNS</u>. Lessee may install its customary and usual signs on and adjacent to the Premises, subject to applicable zoning ordinances and restrictive covenants. All signs located on the Premises shall be in good taste so as not to detract from the general appearance of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>UTILITY SERVICE; WASTE REMOVAL.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Lessee shall pay all charges for utility services including heat, air conditioning, water, gas, electricity and data services used on the Premises by Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Lessee shall pay all charges for trash and waste removal from the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>MECHANIC'S LIENS</u>. Any mechanic's lien filed against the Premises for work or materials furnished to either Lessor or Lessee shall be discharged by such respective party responsible therefore prior to the commencement of any legal action to perfect the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>ACCESS BY LESSOR</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Lessor, at reasonable times and frequency and with at least forty- eight (48) hours' prior written notice to Lessee (except for emergency situations when Lessor may have immediate access), shall have the right to enter the Premises to examine the same, to show them to prospective purchasers, mortgagees, or lessees and to make such repairs, alterations, improvements or additions required hereunder without the same constituting an eviction of Lessee in whole or in part. Rent shall not abate while any repairs, alterations, improvements or additions are being made provided that Lessor shall proceed expeditiously with the same and without unreasonable interference or interruption to Lessee's use of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If Lessee shall not have exercised its right to extend the term within the required time, Lessor may post a customary sign on the Premises advertising the property for lease or sale, but no sign shall be posted in any window or doorway of the store portion of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>PAYMENT OF PROPERTY TAXES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. During the term of this Lease and any renewals thereof and subject to Lessee's obligation to reimburse Lessor as provided in Section 5 above, Lessor shall pay for all real estate ad valorem taxes and assessments levied against the land and the improvements on the Premises.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Lessee shall pay promptly all personal property taxes lawfully levied against personal property of any kind upon or about the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>PERSONAL INJURY AND PROPERTY DAMAGE INSURANCE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Except to the extent caused by the gross negligence and willful misconduct of Lessor, Lessee shall indemnify Lessor and save it harmless from and against any and all claims, liability and expense for damages to any person or property in, on, or about the Premises arising out of the acts or neglect of Lessee. As additional rental, Lessee shall procure and keep in effect during the entire term hereof public liability and property damage insurance in which the limits of public liability shall be at least Two Million Dollars ($2,000,000.00) combined single limit coverage, and shall cause Lessor to be named as an insured party therein to the extent of its interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Lessor shall carry fire and extended coverage insurance on all of the buildings and improvements on the Premises in an amount equal to the replacement value thereof and such insurance coverage shall be adjusted as needed to reflect change in property values. Said insurance shall insure against such hazards as are included in a standard extended coverage endorsement. As additional rental, Lessee shall reimburse Lessor for the cost thereof as provided in Section 5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Lessee shall cause Lessor to be named as an additional insured on all insurance policies it is required to carry under this Section 15 and shall provide Lessor with certificates of insurance or copies of all such policies within five (5) days of the Commencement Date which shall reflect that the policies shall not be canceled without thirty (30) days prior notice to Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Lessee shall pay for and maintain such insurance on its contents as Lessee so desires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>DAMAGE TO PREMISES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. In the event the Premises or any material portion thereof or any adjoining property shall be damaged by fire or other casualty during the term hereof so as to render the Premises untenantable, Lessor shall promptly restore the Premises to its previous condition, and rent shall equitably abate during any such period based upon the portion of the Premises which are untenantable during such period of repair. Notwithstanding anything to the contrary herein, (i) if a fire or other casualty occurs and Lessor estimates that damage to any casualty cannot be repaired within 180 days, then Lessee shall have the option to terminate this Lease effective as of the date of the casualty; and (ii) if a fire or other casualty occurs and (x) Lessor has failed to substantially restore the Premises within 180 days of the casualty (the "Restoration Period"), (y) the Restoration Period has not been delayed by Lessee delays or force majeure and (z) Lessee gives Lessor written notice of the termination within fifteen (15) business days after the end of the Restoration Period (as extended day for day by any Lessee delay or force majeure event), then Lessee shall have the option of terminating this Lease effective as of the date of the casualty; provided, however, that if Lessor is delayed by Lessee of force majeure, then Lessor must provide Lessee with notice of the delays within ten (10) days of the Lessee delay event or force majeure stating the reason for the delays and a good faith estimate of the length of the delays.

**Lease - Page 7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Lessor and Lessee hereby release and discharge each other and any employee or representative of each from liability whatsoever hereafter arising from loss, damage, or injury caused by fire or other casualty for which insurance is required to be carried hereunder by the injured party at the time of such loss, damage, or injury to the extent of any recovery by the injured party under such insurance, provided such insurance permits a waiver of liability and subrogation rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>EMINENT DOMAIN</u>. If the whole or any material part of the Premises or any building in which the Premises are located, or more than fifty percent (50%) of any parking area which is a part of the Premises, shall be taken by or conveyed to any public authority under the power of eminent domain or by private purchase in lieu thereof, then and in that event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Lessee shall be entitled to terminate this lease in its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Lessor and Lessee shall share in the proceeds arising from condemnation or the threat thereof in accordance with their respective interests in the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Nothing contained herein shall be deemed or construed to prevent Lessor or Lessee from enforcing and prosecuting a claim for the value of their respective interests in a condemnation proceeding brought against either under a power of eminent domain. For the avoidance of doubt, Lessee shall not be prevented from making a claim against the condemning party (but not against Lessor) for any moving expenses, loss of profits, or taking of Lessee's personal property (other than its leasehold estate) to which Lessor may be entitled; provided that any such award shall not reduce the amount of the award otherwise payable for the taking of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>BANKRUPTCY</u>. In the event the Premises or any rights therein shall be levied on by execution or other process of law by a creditor of either party, or if either party shall be adjudged bankrupt or insolvent, or if any receiver shall be appointed for the business and property of either party, or if any assignment shall be made of either party's property for the benefit of creditors, thereby diminishing any right or privilege granted by this lease to the other party, then the other party may terminate this lease forthwith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>FORCE MAJEURE</u>. Neither party hereto shall be required to perform any term, condition, or covenant of this lease during such time performance, after the exercise of due diligence to perform, is delayed or prevented by acts of God, civil riots, organized labor disputes, or governmental restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>WARRANTIES AND REPRESENTATION BY LESSOR</u>. In addition to any other warranties and representations by Lessor contained herein, Lessor expressly warrants and represents to Lessee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. That Lessor has not covenanted or agreed with anyone to restrict the use of the Premises for Lessee's purposes and Lessor knows of no covenants, agreements or restrictions affecting the Premises which would prohibit or restrict such use by Lessee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. That Lessor owns the Premises or will own the Premises on the Commencement Date; and

**Lease - Page 8**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. That to the best of Lessor's knowledge and belief, the Premises is not identified on the current or proposed (i) National Priorities List under 40 C.R.F. § 300, (ii) Comprehensive Environmental Response Compensation and Liability Inventory System ("CERCLIS") list, or (iii) any list arising from a state statute similar to the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. § 9601 <u>et seq</u>. ("CERCLA"). To the best of Lessor's knowledge and belief, there are no present or past actions, activities, circumstances, conditions, events or incidents affecting the Premises that could form the basis for assertion of any claim against the Lessee under any federal, state or local law or regulation relating to protection of human health or the environment, including, without limitation, any release (as defined in CERCLA, or in any applicable state or local law or regulations) of chemicals, pollutants, contaminants, wastes or toxic substances, including, without limitation, the following: (i) solid or hazardous waste, as defined in the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 <u>et seq</u>., or in any applicable state or local law or regulation; (ii) hazardous substances, as defined in CERCLA, or in any applicable state or local law or regulation; (iii) chemical substances or mixtures, as defined in the Toxic Substances Control Act, 15 U.S.C. 2601 <u>et seq</u>., or in any applicable state or local law or regulation; (iv) pesticides, as defined in the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. § 135 <u>et seq</u>., or in any applicable state or local law or regulation; or (v) crude oil or fractions thereof, gasoline or any other petroleum product or byproduct, polychlorinated biphenols, asbestos or urea formaldehyde; (collectively, "Hazardous Materials"). To the best of Lessor's knowledge and belief, there are currently no underground storage tanks existing on the Premises, and no underground storage tanks have existed on the Premises which are or were used to store Hazardous Materials of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>HAZARDOUS SUBSTANCES</u>. Lessee shall not cause or permit any Hazardous Materials to be used, stored, generated, or disposed of on, in, or about the Premises. If any Hazardous Materials are used, stored, generated, or disposed of on, in, or about the Premises, except pursuant to Lessor's prior written consent, or if any part of the Premises becomes contaminated in any manner for which Lessee is legally liable, then, except to the extent caused by the gross negligence and willful misconduct of Lessor, Lessee shall indemnify and hold Lessor harmless from any and all claims, damages, fines, judgments, penalties, costs, liabilities and/or losses (including without limitation, a decrease in the value of the Premises, damages caused by loss or restriction of rentable or usable space, damages caused by adverse impact on marketing of space, and any and all sums paid for settlement of claims, attorneys' fees, consultants' fees and experts' fees) arising during or after the Lease term or any renewal thereof and arising in connection with such Hazardous Materials or contamination. This indemnification includes, without limitation, any and all costs incurred because of any investigation of the site or any clean- up, removal, or restoration mandated or conducted by or on behalf of any federal, state or local agency or political subdivision. Without limitation of the foregoing, if Lessee causes or permits the presence of any Hazardous Materials on the Premises and that results in contamination, then Lessee shall promptly, at its sole expense, take any and all necessary or appropriate actions to return the Premises to the condition existing prior to the presence of any such Hazardous Materials. Lessee shall first obtain Lessor's written approval for any such remedial action.

**Lease - Page 9**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>QUIET ENJOYMENT BY LESSEE</u>. Lessor covenants that if Lessee performs all the terms, conditions and covenants of this lease to be performed by Lessee, Lessee shall peaceably and quietly hold and enjoy the Premises for Lessee's purposes for the term hereof without hindrance or interruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>ASSIGNMENT AND SUBLEASING BY LESSEE</u>. Lessee shall not allow or permit any transfer or conveyance of this Lease or any interest under it or any lien upon Lessee's interest by operation of law, or assign or convey this Lease or any interest under it, or sublet the Premises or any part thereof, without the prior written consent of Lessor which will not be unreasonably withheld. Notwithstanding the foregoing, (a) Lessee may assign this Lease or sublease part or all of the Premises without Lessor's consent (but with notice to Lessor) to: (i) any corporation, limited liability company, or partnership that controls, is controlled by, or is under common control with, Lessee; or (ii) any corporation, limited liability company, limited partnership or other business entity resulting from the merger or consolidation with Lessee or to any entity that acquires all of Lessee's equity or assets as a going concern of the business that is being conducted on the Premises; provided, however, in either case, (x) the assignor remains liable under the Lease and the assignee or sublessee is a bona fide entity and assumes the obligations of Lessee in writing, (y) Lessor receives notice of the assignment, or subletting, and a copy of the assignment and assumption agreement, or sublease, within ten (10) days after the effective date thereof; and (z) in the case of an assignment, the tangible net worth of the assignor and assignee, in the aggregate, following such assignment, shall exceed the tangible net worth of the Lessee immediately prior to such transfer; and (b) without Lessor's consent, Lessee may effectuate a public offering of Lessee's stock on any stock exchange in the United States or Canada, including, without limitation, the New York Stock Exchange or the Toronto Stock Exchange, or on the over- the-counter market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>REMEDIES</u>. All rights and remedies of Lessor herein enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Lessee shall pay a late fee equal to five percent (5%) of each monthly installment of rent required in Section 4 herein, which is not received by the Lessor within ten (10) days from the date that the same is due. The assessment, and or acceptance of a late fee by the Lessor shall not be deemed a waiver by Lessor of any other remedies available to Lessor under the terms of this Lease Agreement or the applicable laws of the State of North Carolina.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. In the event Lessee fails to make any other payment on the date it is due to Lessor as provided for under this Lease Agreement, Lessee shall pay interest at a variable per annum rate equal to the "prime rate" (or its substantial equivalent) as announced by Wells Fargo Bank, N.A. (or its successor) as adjusted monthly, plus four percent (4%) per annum on the overdue payment from the date the payment is due until final payment is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In the event (a) the leasehold created hereby shall be taken in execution or by other process of law, (b) Lessee shall (i) file a petition in bankruptcy or have such a petition filed against it, which petition is not dismissed within thirty (30) days, or (ii) be adjudicated insolvent or bankrupt pursuant to the provisions of any state or federal insolvency or bankruptcy law, (c) a receiver or trustee of the property of Lessee shall be appointed by reason of Lessee's insolvency or inability to pay its debts, or (d) any assignment shall be made of Lessee's property for the benefit of its creditors, then and in any of such events, Lessor may terminate this Lease by written notice to Lessee and Lessor shall be entitled to recover damages in an amount equal to the then-present value of the basic rent reserved under Section 4 of this Lease for the remainder of the stated term hereof.

**Lease - Page 10**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If, more than twice in any calendar year, Lessee defaults in the payment of Rent and such default continues for ten (10) days after Lessor's notice thereof to Lessee, or if Lessee defaults in the prompt and full performance of any other provision of this Lease, Lessor may, if Lessor so elects, but not otherwise, forthwith terminate this Lease and Lessee's rights to possession of the Premises by written notice to Lessee and Lessor shall be entitled to recover damages in an amount equal to the then-present value of the basic rent reserved under Section 4 of this Lease for the remainder of the stated term hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Upon any termination of this Lease, whether by lapse of time or otherwise, or upon any termination of Lessee's rights to possession without termination of the Lease, Lessee shall surrender possession and vacate the Premises immediately, and deliver possession thereof to Lessor, and Lessee hereby grants to Lessor full and free license to enter into and upon the Premises in such event in accordance with applicable laws (including applicable court rules) and to repossess the Premises as of Lessor's former estate and to expel or remove Lessee and any others who may be occupying or within the Premises and to remove any and all property therefrom, in accordance with applicable laws (including court rules), without being deemed guilty of trespass, eviction or forcible entry or detainer, and without relinquishing Lessor's rights to rental or any other right given to Lessor hereunder or by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. If Lessee abandons the Premises or is otherwise in default of its obligations beyond the expiration of any applicable notice and cure period hereunder, Lessor may elect to terminate Lessee's right to possession only, without terminating the Lease, and upon such termination of the Lessee's right of possession, Lessor may at Lessor's option enter into the Premises, remove Lessee's property (not including retail merchandise) and other evidences of tenancy, without such entry and possession terminating the Lease or releasing Lessee, in whole or in part, from Lessee's obligation to pay the rent hereunder for the full term, and in any such case, Lessee shall pay forthwith the Lessor a sum equal to the entire amount of the rent reserved under Section 4 of this Lease for the remainder of the stated term plus any other sums then due hereunder. Upon and after entry into possession without termination of this Lease, Lessor may, but need not, relet the Premises or any part thereof for the account of Lessee to any person, firm, or corporation other than Lessee for such rent for such time and upon such terms as Lessor in Lessor's sole discretion shall determine. Lessor shall not be required to accept any tenant offered by Lessee or to observe any instruction given by Lessee about such reletting. In any case, Lessor may make repairs, alterations and additions in or to the Premises, and redecorate the same to the extent deemed by Lessor necessary or desirable, and Lessee shall, upon demand, pay the cost thereof, together with Lessor's expenses of the reletting. If the consideration collected by Lessor upon any such reletting for Lessee's account is not sufficient to pay monthly the full amount of the rent reserved in this Lease, together with the costs of repairs, alterations, additions, redecorating and Lessor's expenses, Lessee shall pay to Lessor the amount of each monthly deficiency upon demand; and if the consideration so collected from any such reletting is more than sufficient to pay the full amount of the rent reserved herein, together with the costs and expenses of Lessor, Lessor at the end of the stated term of the Lease, shall account for the surplus to Lessee.

**Lease - Page 11**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In the event any lien upon Lessor's title results from any act or neglect of Lessee, and Lessee fails to remove said lien within ten (10) days after Lessor's notice to do so, Lessor may remove the lien by paying the full amount thereof or otherwise and without any investigation or contest of the validity thereof, and Lessee shall pay Lessor upon request the amount paid out by Lessor in such behalf, including Lessor's costs, expenses and counsel fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In addition to the remedies enumerated herein, Lessor shall have the right to pursue any right or remedy to which Lessor is entitled, under applicable law, for any breach of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any and all costs or expenses incurred by Lessor including, without limitation, attorneys' fees, in enforcing any of its rights or remedies under this Lease shall be deemed to be additional rent and shall be repaid to Lessor by Lessee upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Notwithstanding anything to the contrary herein, in any termination by Lessor of this Lease or of Lessee's right of possession of the Premises, Lessor must pursue other opportunities to lease the Premises and act in a commercially reasonable manner in an effort to mitigate its damages and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>NON-WAIVER OF DEFAULT</u>. Waiver of any breach of the terms, conditions, or covenants of this lease or the nonperformance of the same for any particular time shall not be construed as a waiver of any succeeding breach of the same or another term, condition, or covenant hereof, and the consent, approval, or acquiescence by Lessor or Lessee to any breach shall not waive or render unnecessary such consent or approval to or of any subsequent similar breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>HOLDING OVER</u>. If Lessee holds over after termination of this lease, the tenancy thereafter shall be from month to month, subject to all terms, conditions and covenants of this lease unless otherwise agreed by the parties hereto, and Lessee shall pay rent therefor in an amount equal to 150% of the rate payable at the termination of this Lease unless otherwise agreed in writing by Lessor. Lessor's acceptance of any rent after holding over begins does not renew this Lease. This provision does not waive Lessor's rights of re-entry or any other right hereunder, or any right as made or provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>RECORDING OF LEASE</u>. Lessee shall not record this lease without written consent of Lessor, however, upon the request of either party hereto, the other party shall join in the execution of a memorandum or so called "short form" of this lease for the purpose of recordation in such form as required for recordation. Lessor, on its own behalf and on behalf of any succeeding Lessor, expressly and affirmatively waives any statutory right under North Carolina law to terminate this Lease upon the sale or other conveyance of the Premises due the length of the initial Term of this Lease and lack of a memorandum of lease being recorded in the applicable county records. The waiver contained in this Section 28 shall be binding on Lessor, its successors and assigns, and any purchaser of the Premises.

**Lease - Page 12**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>ENTIRE AGREEMENT</u>. This lease shall constitute the entire agreement of the parties hereto and any prior agreement between the parties relating to the Premises, whether written or oral, is merged herein and shall be of no separate force and effect and this lease shall only be changed, modified or discharged by agreement in writing signed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. <u>EXERCISE OF RIGHTS AND NOTICE</u>. The exercise of any right or privilege or the giving of any notice by a party hereunder shall be effective upon actual receipt by any method or by mailing by registered or certified United States mail, return receipt requested, postage prepaid and properly addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **If to Lessor:** 

Grand Ventures, LLC

108 Brownlea Drive, Suite A

Greenville, NC 27858-1643

or at such other address as Lessor may designate by written notice; an

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **If to Lessee:** 

Modern Mining Technology Corp.

5905 Triangle Drive

Raleigh, NC 27617

or to the Premises after Lessee has taken occupancy or at such other address as Lessee may designate by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. <u>APPLICABLE LAW</u>. This lease shall be governed by, and construed in accordance with the laws of the state where the Premises is located. If any provision of this lease or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this lease shall not be affected thereby and each provision of the lease shall be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. <u>BENEFIT OF AGREEMENT</u>. The terms, conditions and covenants contained in this lease shall inure to the benefit of and be binding upon the parties hereto, their respective heirs, administrators, executors, representatives, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. <u>SUBORDINATION TO MORTGAGE</u>. This Lease is subject and subordinate at all times to the lien of any mortgage which may now or hereafter affect the Premises and to all renewals, modifications, amendments, consolidations, replacements, and extensions thereof. Lessee shall execute and deliver any instrument which may be reasonably required by the Lessor in confirmation of such subordination promptly upon the Lessor's request. The Lessor, however, shall exercise its best efforts to arrange with the holder of any such underlying lease or mortgage for an agreement that if, by foreclosure or otherwise, such holder, or any successor in interest, shall come into possession of the leased property, or shall become the owner of the leased property, or shall take over the rights of the Lessor in the leased property, it will not disturb the possession, use, or enjoyment of the leased property by the Lessee, its successors or assigns, nor disaffirm this Lease or the Lessee's rights or estate hereunder, so long as all of the obligations of the Lessee are fully performed in accordance with the terms of this Lease.

**Lease - Page 13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. <u>ESTOPPEL CERTIFICATE</u>. Lessee agrees within ten (10) days after request therefor by Lessor to execute in recordable form and deliver to Lessor a written certificate, certifying (a) that this Lease is in full force and effect, (b) the date of commencement of the term of this Lease and the amount of rental payable under the Lease, (c) that rent is paid currently without any off-set, reduction, claim or defense thereto, (d) the amount of rent, if any, paid in advance, (e) that there are no actions, whether voluntary or involuntary, pending against the Lessee under the bankruptcy laws of the United States or any similar state law, and (f) that there are no uncured defaults by Lessor or stating those claimed by Lessee, provided that in the case of the foregoing in clauses (a) through (f), in fact, such facts are accurate and ascertainable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. <u>CAPTIONS</u>. The captions contained in this agreement are for convenience of reference only, and they shall not be interpreted to affect the meaning of this agreement in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. <u>SEPARATE COUNTERPARTS</u>. This agreement may be executed in separate counterparts which shall collectively and separately be considered one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. <u>LIMITED TERMINATION RIGHT</u>: At anytime during the Lease term, Lessee shall have the right to terminate this Lease upon twelve (12) months' prior written notice to Lessor (the "Termination Notice"). Lessee shall continue to pay monthly rent at the applicable monthly rate during such twelve (12) month notice period. After receipt of the Termination Notice, Lessor may terminate Lessee's continued occupancy of the Premises upon one hundred twenty (120) days' written notice to Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. <u>FINANCIAL STATEMENTS</u>. Upon Lessor's written request but in no event more than once per calendar year, Lessee shall promptly furnish to Lessor financial statements describing Lessee's then current financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. <u>FIRST OPTION TO LEASE ADDITIONAL SPACE.</u> During the Lease term, Lessor reserves the right to construct an addition on the Building in the grassy area lying south of the Premises (the "Additional Space"). In the event that Lessor constructs the Additional Space, Lessor shall notify Lessee in writing of such fact, and Lessee shall have thirty (30) days from receipt of written notice from Lessor (the "Notice Period") to notify Lessor that it agrees to lease the Additional Space. If Lessee agrees to lease the Additional Space, then the lease for the Additional Space shall be on the same terms and conditions as the existing lease. The failure of Lessee to notify Lessor in writing of its agreement to lease the Additional Space before the end of the Notice Period shall constitute an election not to lease the Additional Space. In such event, Lessee shall execute a waiver of its first option to lease the Additional Space in a form acceptable to Lessor within ten (10) days after receipt of a written request from Lessor, and Lessor and Lessee will enter into an amendment to this Lease which equitably apportions the parking spaces, insurance premiums, property tax expense, maintenance obligations and utility expenses between the Premises and the new space constructed by Lessor.

**Lease - Page 14**

IN WITNESS WHEREOF, Lessor and Lessee have duly executed this lease as of the day and year first above written.

---

| | |
|:---|:---|
| LESSOR: | LESSOR: |
| **Grand Ventures, LLC** | **Grand Ventures, LLC** |
| By: | /s/ George S. Saad, Jr., |
|  | George S. Saad, Jr., Manager |
| LESSEE:  | LESSEE:  |
| **Modern Mining Technology Corp.** | **Modern Mining Technology Corp.** |
| By: | /s/ Jeet Basi |
|  | Jeet Basi, CEO |

---

**Lease - Page 15**

**EXHIBIT A**

**<u>Legal Description</u>**

All that certain lot or parcel of land more particularly described as follows:

Lying and being in the City of Greenville, Winterville Township, Pitt County, North Carolina and the POINT OF BEGINNING is the intersection of the southern right-of-way line of Old Firetower Road (NCSR 2235) and the eastern right-of-way line of the County Home Road (NCSR 1725) and running from said POINT OF BEGINNING along the southern right-of-way line of Old Firetower Road N 82-53-04 East 106.66 feet to a point, thence N 81-45-29 East 77.00 feet to a point in the southern right-of-way line of Old Firetower Road, a corner; thence S 05-33- 14 East 300.35 feet to an iron pipe, a corner; thence S 84-09-14 West 164.22 feet to a point in the eastern right-of-way line of County Home Road, a corner; thence N 05-50-46 West 203.54 feet to a point in the eastern right-of-way line of County Home Road, thence N 16-23-56 West 92.95 feet to the POINT OF BEGINNING and being Lot 1 Rosemont Square as shown on that map entitled "Easement Map for Lanco, Inc." prepared by Baldwin & Associates dated April 7, 1998, a copy of which is attached to the deed from Cherry Construction Company, Inc. to Burton Lumber Corporation recorded in Book 813, Page 623 of the Pitt County Registry.

## Exhibit 14.1

**Exhibit 14.1**

![](ex14-1_001.jpg)

**CODE OF BUSINESS CONDUCT**

**AND**

**ETHICS**

(Adopted as of May 19, 2022)

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| 1 | Introduction | Introduction | 1 |
|  | 1.1 | Purpose | 1 |
|  | 1.2 | Responsibilities And Behaviors | 1 |
|  | 1.3 | Supervisory Responsibility | 2 |
|  | 1.4 | Seeking Help And Information | 2 |
|  | 1.5 | Reporting Violations Or Suspected Violations | 2 |
|  | 1.6 | Investigating Reports | 2 |
|  | 1.7 | Policy Against Retaliation | 3 |
|  | 1.8 | Waivers Of Code | 3 |
|  | 1.9 | Monitoring Compliance And Enforcement In General | 3 |
| 2 | CONFLICTS OF INTEREST | CONFLICTS OF INTEREST | 3 |
|  | 2.1 | Identifying Potential Conflicts Of Interest | 3 |
|  | 2.2 | Disclosing Conflicts Of Interest | 5 |
|  | 2.3 | Resolving Conflicts Of Interest | 5 |
| 3 | BUSINESS ENTERTAINMENT, MEALS, AND GIFTS | BUSINESS ENTERTAINMENT, MEALS, AND GIFTS | 5 |
| 4 | CONFIDENTIAL INFORMATION | CONFIDENTIAL INFORMATION | 6 |
| 5 | COMPETITION AND FAIR DEALING | COMPETITION AND FAIR DEALING | 6 |
|  | 5.1 | Relationships With Customers | 7 |
|  | 5.2 | Relationships With Suppliers | 7 |
|  | 5.3 | Relationships With Competitors | 7 |
| 6 | PROTECTION AND USE OF COMPANY ASSETS | PROTECTION AND USE OF COMPANY ASSETS | 7 |
| 7 | COMPANY RECORDS | COMPANY RECORDS | 8 |
| 8 | POLITICAL CONTRIBUTIONS AND ACTIVITIES | POLITICAL CONTRIBUTIONS AND ACTIVITIES | 8 |
| 9 | COMPLIANCE WITH LAWS | COMPLIANCE WITH LAWS | 9 |
|  | 9.1 | Anti - Bribery | 9 |
|  | 9.2 | Export Control | 10 |
|  | 9.3 | Antitrust | 10 |
|  | 9.4 | Insider Trading | 12 |
| 10 | ACCURACY OF FINANCIAL REPORTS | ACCURACY OF FINANCIAL REPORTS | 13 |
| 11 | PUBLIC COMMUNICATIONS | PUBLIC COMMUNICATIONS | 13 |
| 12 | CONCLUSION | CONCLUSION | 14 |

---

i

**1 Introduction**

1.1 Purpose

This Code of Business Conduct and Ethics ("<u>Code</u>") of Modern Mining Technology Corp. (the "<u>Company</u>") contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. In many cases, the Company has adopted specific written policies to implement various provisions of this Code. To the extent this Code or those policies require a higher standard than required by commercial practice or applicable laws, we adhere to the higher standard.

This Code applies to all of our directors, officers and employees. Except where otherwise noted, all persons covered by this Code are referred to as "Company employees" or simply "employees."

1.2 Responsibilities And Behaviors

The Company is committed to the highest ethical standards in the conduct of its business and therefore the integrity of each employee, officer, and director is of paramount importance. All employees, officers, and directors are accountable for their actions and must conduct themselves with the utmost integrity. As part of conducting business ethically, employees, officers, and directors must conduct business in strict observance of all applicable federal, state, and local laws and regulations as set forth by those bodies that regulate the Company's business, and those that regulate public companies, such as the Securities and Exchange Commission. Persons who act unethically or violate this Code and supplementing written policies may be subject to disciplinary action, up to and including termination or removal, and, if applicable, referral to the appropriate authorities for prosecution.

As a representative of the Company, your responsibility is to act ethically and with the highest level of integrity. Employees who violate the law or this Code may expose themselves to substantial civil damages, criminal fines and prison. The Company may also face substantial fines and penalties, and many incur damage to its reputation and standing in the community. If you are unclear about the appropriate response to a particular situation, it is your responsibility to use all the resources available to you to seek guidance. One point should be clear: each employee, officer and director are individually responsible for his or her own actions.

1.3 Supervisory Responsibility

It is incumbent upon supervisors to take every opportunity to model behaviors consistent with our core values and this Code. If you are a supervisor, you are expected to demonstrate the highest standards of ethical conduct by encouraging open and honest discussions of the ethical, legal, and regulatory implications of business decisions, and by creating an open and supportive environment where your employees are comfortable asking questions, raising concerns and reporting misconduct. You should also ensure that everyone under your supervision clearly understands the legal and ethical expectations of the Company, including all aspects of the Code, policies and applicable laws. You must also work with the Human Resources department when you become aware of any suspected violations of this Code.

1.4 Seeking Help And Information

This Code is not intended to be a comprehensive rulebook and cannot address every situation that you may face. If you feel uncomfortable about a situation or have any doubts about whether it is consistent with the Company's ethical standards, seek help. We encourage you to contact your supervisor for help first. If your supervisor cannot answer your question or if you do not feel comfortable contacting your supervisor, contact the Chief Financial Officer or send an inquiry through the Company website.

1.5 Reporting Violations Or Suspected Violations

The Company is committed to establishing and maintaining an effective process for employees, officers, and directors to report, and for the Company to respond to and correct, any type of misconduct. All employees, officers, and directors have a continuing responsibility and duty to report any known or suspected violation of this Code, including any violation of the laws, rules, regulations or policies that apply to the Company. If you know of or suspect a violation of this Code, immediately report the conduct to your supervisor, or the Company's Chief Financial Officer. Your supervisor or the Chief Financial Officer will contact the proper legal counsel, who will work with you and your supervisor to investigate your concern. If you do not feel comfortable reporting the conduct to your supervisor or you do not get a satisfactory response, you may contact the proper legal counsel directly.

While providing your identity may assist the Company in addressing your questions or concerns, please note that if you choose, **you may remain anonymous and will not be required to reveal your identity**.

1.6 Investigating Reports

All reports of known or suspected violations will be handled sensitively and with discretion. Your supervisor, the Chief Financial Officer and the Company will protect your confidentiality to the extent possible, consistent with law and the Company's need to investigate your concern. During an investigation of suspected violations, you are required to cooperate fully in the investigation, and must take certain steps to do so. You must be honest and forthcoming at all times during an investigation, must provide investigators with full, accurate, timely, and truthful information, and must not interfere or obstruct the investigation. You may not discuss an investigation with others unless authorized to do so. Failure to take any of these steps during an investigation is a violation of this Code.

Any person accused of violating this Code will be given an opportunity to present his or her version of the events prior to any determination that a violation has occurred, or any Company decision regarding the appropriate discipline.

1.7 Policy Against Retaliation

The Company prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. If you report an actual or suspected violation by another, you will not be subject to discipline or retaliation of any kind for making a report in good faith. Any reprisal or retaliation against an employee because the employee, in good faith, sought help or filed a report will be subject to disciplinary action, including potential termination of employment.

1.8 Waivers Of Code

Only the entire Board of Directors may waive provisions of this Code for employees (unless legally required). Any waiver of this Code for our directors, executive officers or principal financial officers may be made only by our Board of Directors or an appropriate committee of our Board of Directors and will be disclosed to the public as required by law or the rules of The Nasdaq Capital Market.

1.9 Monitoring Compliance And Enforcement In General

The Company's management, under the supervision of its Board of Directors or a committee thereof or, in the case of accounting, internal accounting controls, auditing or securities law matters, the Audit Committee, shall take reasonable steps from time to time to (i) monitor compliance with the Code, and (ii) when appropriate, impose and enforce appropriate disciplinary measures for violations of the Code.

Disciplinary measures for violations of the Code will be determined in the Company's sole discretion and may include, but are not limited to, counseling, oral or written reprimands, warnings, probation or suspension with or without pay, demotions, reductions in salary, termination of employment or service, and restitution.

The Company's management shall periodically report to the Board of Directors or a committee thereof on these compliance efforts including, without limitation, periodic reporting of alleged violations of the Code and the actions taken with respect to any such violation.

**2 CONFLICTS OF INTEREST**

2.1 Identifying Potential Conflicts Of Interest

The Company's reputation may be impaired by conflicting relationships or activities. A conflict of interest can occur when an employee's private interest interferes, or reasonably appears to interfere, with the interests of the Company. You must conduct your outside associations and personal business, financial, and other relationships in a manner that avoids any conflict of interest, or appearance of a conflict of interest, between yourself and the Company. You must avoid any private interest that influences your ability to act in the interests of the Company or that makes it difficult to perform your work objectively and effectively. The term "outside association" includes any affiliation, association, interest, relationship, or employment that you have with anyone other than the Company. Further, you must not give the appearance of Company representation in any of your personal affairs.

It is impractical to conceive and set forth rules that cover every situation in which a conflict of interest may arise. The following is not an exhaustive list of problem areas, but rather a guide in applying the Company's basic conflict of interest policy to any situation.

● <u>Employment Relationships</u>. A conflict of interest may arise when you or a member of your immediate family holds a position as an employee, officer or director of an entity with which the Company has or is likely to have a business relationship, or with which the Company competes or is likely to compete. No employee or officer should accept employment with any entity that is a customer, supplier or competitor of the Company. You must also report when a family member has a relationship with an entity with which the Company has or is likely to have a business relationship or with which the Company competes or is likely to compete.

● <u>Improper Personal Benefits</u>. You may not obtain any improper personal benefits or favors because of your position with the Company.

● <u>Financial Interests</u>. You should not have a financial interest (ownership or otherwise) in any company that is a customer, supplier or competitor of the Company, unless pre-approved by the proper legal counsel. Generally, a significant financial interest will not be permitted except in exceptional circumstances. Significant financial interest means (i) ownership of greater than 1% of the equity of a customer, supplier or competitor or (ii) an investment in a customer, supplier or competitor that represents more than 5% of the total assets of the employee making the investment.

● <u>Corporate Opportunities</u>. You are prohibited from taking advantage of an opportunity to engage in a business activity in which the Company has an actual interest or a reasonable expectation of an interest.

● <u>Use of Company Assets</u>. You are prohibited from using Company assets to pursue personal interests.

● <u>Loans or Other Financial Transactions</u>. You should not obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, the Company or any company that is a customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with banks, brokerage firms or other financial institutions.

● <u>Service on Boards and Committees</u>. You should not serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests reasonably would be expected to conflict with those of the Company.

● <u>Actions of Family Members</u>. The actions of family members outside the workplace may also give rise to the conflicts of interest described above because they may influence an employee's objectivity in making decisions on behalf of the Company. For purposes of this Code, "family members" include your spouse or life-partner, parents, children and siblings, whether by blood, marriage or adoption, and anyone residing in your home.

2.2 Disclosing Conflicts Of Interest

While it is incumbent on each employee to act in a manner at all times that is in the best interests of the Company, and avoid conflicts of interest, the Company recognizes that from time to time, situations may occur in which a conflict or appearance of a conflict of interest is unavoidable. The Company requires that employees disclose any situations that reasonably would be expected to give rise to a conflict of interest. If you suspect that you have a conflict of interest, or something that others could reasonably perceive as a conflict of interest, you must report it to the Company. If you are an employee, you must report it to the Vice President of your department, the Chief Financial Officer, or the proper legal counsel. If you are an officer or director, you must report the matter to the proper legal counsel or to the Audit Committee. If you are an employee, your Vice President or the Chief Financial Officer will coordinate with the proper legal counsel to review the matter and resolve it as necessary.

2.3 Resolving Conflicts Of Interest

When a conflict or appearance of a conflict of interest occurs, or is reasonably likely to occur, the Company is committed to resolving the situation in a way that protects the best interests of the Company. Such resolution can take many forms, such as requiring the employee to recuse himself or herself from participating in a particular matter, reassigning duties, or additional measures designed to ensure that the best interests of the Company are not compromised by the conflict of interest. In all cases, conflicts of interest must be handled in an ethical manner; meaning they must be fully disclosed and considered prior to being resolved. The Chief Financial Officer or the proper legal counsel, as applicable, will handle all questions of conflicts of interest, including coordinating with the Audit Committee as necessary. Conflicts may be permitted only after full disclosure has been made, the Company (or the Audit Committee, as appropriate) has given prior written approval, and the employee has agreed to adhere to any safeguards put into place to ensure that the best interests of the Company are fully protected in the situation in question. Conflicts of interest resulting from a violation of this Code may also be subject to discipline.

**3 BUSINESS ENTERTAINMENT, MEALS, AND GIFTS**

The Company recognizes that occasional exchanges of business courtesies between vendors, suppliers, and our employees, such as entertainment, meals, or gifts, can be helpful in building and maintaining business relationships. However, you should exercise extreme caution when accepting offers of entertainment, meals or gifts, as regular or excessive entertainment, meals or gifts can easily create a conflict or appearance of a conflict of interest, and irreparably damage your reputation and the reputation of the Company. Generally, entertainment and gifts must have a clear business purpose and should benefit the Company by building trust and goodwill in the business relationship. Participating in entertainment such as meals, sports events, golf outings, and celebration functions, etc. with our business partners is acceptable provided the entertainment with the same partner is infrequent, in good taste, in moderation, and not extravagant. Similarly, gifts should be of only nominal value (generally less than $100), infrequent, in good taste, in moderation, and not extravagant. Efforts should also be made so that even when a clear business purpose has been established, the costs for the entertainment or meals are shared, or reciprocated when appropriate and possible. In no event should you ever solicit offers of entertainment, meals or gifts, and similarly, you must never accept entertainment, meals or gifts if there is no clear business purpose, or if such acceptance would create or appear to create a conflict of interest.

Attending supplier sponsored conferences, seminars, and entertainment events where air travel, hotel, or other accommodations are provided, creates more serious concerns. Your participation in events where the sponsor provides both business and entertainment activities are acceptable when your participation is important to the business of the Company. You should not attend these events if it does not serve a significant business purpose for the Company or could cause, or appear to cause, you to favor that supplier over others. If you are invited by suppliers to attend conferences, seminars, or entertainment events where the supplier pays for air travel or other accommodations, you must obtain prior approval from an appropriate senior executive.

Likewise, when interacting with customers and vendors, you are expected to adhere to the policies and procedures established by those entities concerning meals, entertainment and gifts.

If you receive an offer for entertainment or meals that do not accord with these standards, you should politely decline. Similarly, gifts that do not accord with these standards should be returned, with an explanation that the Company's standards do not permit the employee to retain the gift. The Company, as well as the employee's supervisor, may also put additional limits and policies in place with respect to entertainment, meals and gifts, including appropriate documentation and notice and approval requirements.

**4 CONFIDENTIAL INFORMATION**

Employees have access to a variety of confidential information as a result of their relationship with the Company. Confidential information includes but is not limited to all non-public information of the Company, or its customers or suppliers, and personally identifiable information of employees, or persons associated with the Company's business partners. You must safeguard all confidential information of the Company or third parties with which the Company conducts business, except when disclosure is authorized or legally mandated. Your obligation to protect confidential information continues after you leave the Company. Unauthorized disclosure of confidential information could cause competitive harm to the Company or its business partners and could result in legal liability to you and the Company.

Any questions or concerns regarding whether disclosure of Company information is legally mandated should be promptly referred to the Chief Executive Office of Chief Financial Officer.

**5 COMPETITION AND FAIR DEALING**

All employees should endeavor to deal fairly with fellow employees and with the Company's customers, suppliers and competitors. Employees should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair-dealing practice.

5.1 Relationships With Customers

Our business success depends upon our ability to foster lasting customer relationships. The Company is committed to dealing with customers fairly, honestly, and with integrity. Specifically, you should keep the following guidelines in mind when dealing with customers:

● Information we supply to customers should be accurate and complete to the best of our knowledge. Employees should not deliberately misrepresent information to customers.

● Employees should not refuse to sell the Company's products or services simply because a customer is buying products or services from another supplier.

● Customer entertainment should not exceed reasonable and customary business practice.

Employees should not provide entertainment or other benefits that could be viewed as an inducement to, or a reward for, customer purchase decisions.

5.2 Relationships With Suppliers

The Company deals fairly and honestly with its suppliers. This means that our relationships with suppliers are based on price, quality, service and reputation, among other factors. Employees dealing with suppliers should carefully guard their objectivity. Specifically, you should not accept or solicit any personal benefit from a supplier or potential supplier that might compromise, or appear to compromise, your objective assessment of the supplier's products and prices.

5.3 Relationships With Competitors

The Company is committed to free and open competition in the marketplace. You should avoid actions that would be contrary to laws governing competitive practices in the marketplace, including federal and state antitrust laws. Such actions include misappropriation and/or misuse of a competitor's confidential information or making false statements about the competitor's business and business practices. For a further discussion of appropriate and inappropriate business conduct with competitors, see "Compliance with Laws: Antitrust" below.

**6 PROTECTION AND USE OF COMPANY ASSETS**

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. The use of Company funds or assets for any unlawful or improper purpose is prohibited.

To ensure the protection and proper use of the Company's assets, you should:

● Exercise reasonable care to prevent theft, damage or misuse of Company property.

● Report the actual or suspected theft, damage or misuse of Company property to a supervisor.

● Use the Company's telephone system, other electronic communication services, written materials and other property for business-related purposes.

● Safeguard all electronic programs, data, communications and written materials from inadvertent access by others.

● Use Company property only for legitimate business purposes, as authorized in connection with your job responsibilities.

You should also be aware that Company property includes all data and communications transmitted or received to or by, or contained in, the Company's electronic or telephonic systems. Company property also includes all written communications. Employees and other users of this property should have no expectation of privacy with respect to these communications and data. To the extent permitted by law, the Company has the ability, and reserves the right, to monitor all electronic and telephonic communication. These communications may also be subject to disclosure to law enforcement or government officials.

**7 COMPANY RECORDS**

Accurate and reliable records are crucial to our business. Our records are the basis of our earnings statements, financial reports and other disclosures to the public and guide our business decision-making and strategic planning. Company records include booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business.

All Company records must be complete, accurate and reliable in all material respects. Undisclosed or unrecorded funds, payments or receipts are inconsistent with our business practices and are prohibited. You are also responsible for understanding and complying with record keeping policies as established by the Company from time to time. Ask your supervisor if you have any questions.

**8 POLITICAL CONTRIBUTIONS AND ACTIVITIES**

The Company encourages its employees to participate in the political process as individuals and on their own time. However, federal and state contribution and lobbying laws severely limit the contributions the Company can make to political parties or candidates. It is Company policy that Company funds or assets are not be used to make a political contribution to any political party or candidate, unless prior approval has been given by the proper legal counsel.

The following guidelines are intended to ensure that any political activity you pursue complies with this policy:

● <u>Contribution of Funds</u>. You may contribute your personal funds to political parties or candidates. The Company will not reimburse you for personal political contributions.

● <u>Volunteer Activities</u>. You may participate in volunteer political activities during non-work time. You may not participate in political activities during work time.

● <u>Use of Company Facilities</u>. The Company's facilities should not be used for political activities (including fundraisers or other activities related to running for office). The Company may make its facilities available for limited political functions, including speeches by government officials and political candidates, with the approval of the proper legal counsel.

● <u>Use of Company Name</u>. When you participate in political affairs, you should be careful to make it clear that your views and actions are your own, and not made on behalf of the Company. For instance, Company letterhead should not be used to send out personal letters in connection with political activities.

These guidelines are intended to ensure that any political activity you pursue is done voluntarily and on your own resources and time. Please contact the Chief Financial Officer if you have any questions about this policy.

**9 COMPLIANCE WITH LAWS**

Each employee has an obligation to comply with all laws, rules and regulations applicable to the Company. These include, without limitation, laws covering bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, insider trading, illegal political contributions, antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities, environmental hazards, employment discrimination or harassment, occupational health and safety, false or misleading financial information or misuse of corporate assets. You are expected to understand and comply with all laws, rules and regulations that apply to your job position. If any doubt exists about whether a course of action is lawful, you should seek advice from your supervisor or the Chief Financial Officer, which will contact the proper legal counsel, if necessary.

9.1 Anti - Bribery

The Company's anti-bribery prohibition is simple: No employee, officer or director may offer a bribe nor receive a bribe, under any circumstances. The Company maintains an Anti-Bribery Policy, which contains other prohibitions and requirements, for example: reporting of red flag events, restricting hiring of foreign agents and reporting of any violations of the Company's Anti-Bribery Policy.

If there are any questions regarding the Company's Anti-Bribery Policy, you should contact the Chief Financial Officer.

9.2 Export Control

Various government agencies maintain lists that identify individuals or entities barred or restricted from entering into certain types of transactions. The Company must ensure that the Company does not engage in a transaction with a barred entity or person. All employees have an obligation to notify the Company's Chief Financial Officer if any person with whom they are engaging on behalf of the Company are identified on any of these lists. If in doubt, contact the legal department or Chief Financial Officer for more information on screening to ensure compliance.

Similarly, various countries are subject to comprehensive Canadian economic sanctions and trade embargoes, and the Company is prohibited from engaging in transactions that result in any goods, technology or monies being diverted to any customer or end user in such countries. From time to time Canada also has limited sanctions pertaining to other countries (e.g. Russia, Syria and Libya), so it is important to check if any party to a proposed Company transaction is from a country for which Canada has imposed complete embargoes or partial sanctions. When in doubt, discuss any potential transaction with the Legal department.

9.3 Antitrust

Antitrust laws of Canada and other countries are designed to protect consumers and competitors against unfair business practices and to promote and preserve competition. Our policy is to compete vigorously and ethically while complying with all antitrust, monopoly, competition or cartel laws in all countries, states or localities in which the Company conducts business.

In general, U.S. antitrust laws forbid agreements or actions "in restraint of trade." All employees should be familiar with the general principles of the U.S. antitrust laws. The following is a summary of actions that are violations of U.S. antitrust laws:

● <u>Price Fixing</u>. The Company may not agree with its competitors to raise, lower or stabilize prices or any element of price, including discounts and credit terms.

● <u>Limitation of Supply</u>. The Company may not agree with its competitors to limit its production or restrict the supply of its services.

● <u>Allocation of Business</u>. The Company may not agree with its competitors to divide or allocate markets, territories or customers.

● <u>Boycott</u>. The Company may not agree with its competitors to refuse to sell or purchase products from third parties. In addition, the Company may not prevent a customer from purchasing or using non-Company products or services.

● <u>Tying</u>. The Company may not require a customer to purchase a product that it does not want as a condition to the sale of a different product that the customer does wish to purchase.

Employees should exercise caution in meetings with competitors. Any meeting with a competitor may give rise to the appearance of impropriety. As a result, if you are required to meet with a competitor for any reason, you should obtain the prior approval of the Chief Executive Officer, who will contact the proper legal counsel, if necessary. You should try to meet with competitors in a closely monitored and controlled environment for a limited period of time. The contents of your meeting should be fully documented. Specifically, you should avoid any communications with a competitor regarding:

● Prices;

● Costs;

● Market share;

● Allocation of sales territories;

● Profits and profit margins;

● Supplier's terms and conditions;

● Product or service offerings;

● Terms and conditions of sale;

● Facilities or capabilities;

● Bids for a particular contract or program;

● Selection, retention or quality of customers; or

● Distribution methods or channels.

Employees should also be cautious when attending meetings of professional organizations and trade associations at which competitors are present. Attending meetings of professional organizations and trade associations is both legal and proper, if such meetings have a legitimate business purpose. At such meetings, you should not discuss pricing policy or other competitive terms, plans for new or expanded facilities or any other proprietary or competitively sensitive information.

Violations of antitrust laws carry severe consequences and may expose the Company and employees to substantial civil damages, criminal fines and, in the case of individuals, prison terms. Whenever any doubt exists as to the legality of a particular action or arrangement, it is your responsibility to contact the Chief Executive Officer or Chief Financial Officer, who will contact the proper legal counsel promptly for assistance, approval and review.

9.4 Insider Trading

The laws against insider trading are specific and complex. The Company also maintains extensive policies concerning insider trading designed to help the Company and an employee comply with the laws on insider trading. Employees are responsible for reading and complying with these policies. As a guideline, employees are prohibited from trading in the stock or other securities of the Company while in possession of material, nonpublic information about the Company. In addition, Company employees are prohibited from recommending, "tipping" or suggesting that anyone else buy or sell stock or other securities of the Company on the basis of material, nonpublic information. Company employees who obtain material nonpublic information about another company in the course of their employment are prohibited from trading in the stock or securities of the other company while in possession of such information or "tipping" others to trade on the basis of such information. Violation of insider trading laws can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including termination of employment.

Information is "non-public" if it has not been made generally available to the public by means of a press release or other means of widespread distribution. Information is "material" if a reasonable investor would consider it important in a decision to buy, hold or sell stock or other securities. As a rule of thumb, any information that would affect the value of stock or other securities should be considered material. Examples of information that is generally considered "material" include:

● Financial results or forecasts, or any information that indicates a company's financial results may exceed or fall short of forecasts or expectations;

● Important new products or services;

● Pending or contemplated acquisitions or dispositions, including mergers, tender offers or joint venture proposals;

● Possible management changes or changes of control;

● Pending or contemplated public or private sales of debt or equity securities;

● Acquisition or loss of a significant customer or contract;

● Significant write-offs;

● Initiation or settlement of significant litigation; and

● Changes in the Company's auditors or a notification from its auditors that the Company may no longer rely on the auditor's report.

Any questions about information you may possess or about any dealings you have had in the Company's securities should be promptly brought to the attention of the Chief Financial Officer.

9.5 Environment, Health & Safety Policy

It is Company's policy to operate its business in a manner that protects the environment. The Company is committed to compliance with all applicable environmental laws, regulations and industry best practices, such as those that affect hazardous waste disposal, emissions and water purity. The Company recognizes environmental protection as a sound busines practice resources, reduces potential liabilities and safeguards employees and the community. Environmental protection and pollution prevention is a responsibility of every Company employee.

<u>To meet its overall policy, Company shall:</u>

● <u>Comply with all environmental laws and regulations;</u> 

● <u>Reduce risks associated with past, present and future hazardous material use;</u> 

● <u>Reduce hazardous waste generation through a source reduction and waste minimization program in accordance with governmental agency and Company guidelines;</u> 

● <u>Conserve energy in operations and design efficient and safe manufacturing processes;</u> 

● <u>Increase environmental and safety awareness and knowledge of requirements among all levels of employment;</u> 

● <u>Monitor improvements in environmental and safety and health protection technology.</u> 

Every Company employee must:

● Comply with all Company policies and government environmental rules and laws; and

● Immediately report, in accordance with Company's Environmental and Safety policies, all spills, releases and other incidents involving hazardous materials.

This policy applies Company-wide. It is the personal responsibility of every employee to comply with this policy and the environmental procedures adopted to achieve this policy.

**10 ACCURACY OF FINANCIAL REPORTS**

As a public company we are subject to various securities laws, regulations and reporting obligations. Both U.S. federal law and our policies require the disclosure of accurate and complete information regarding the Company's business, financial condition and results of operations. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

Employees working in financial, public relations and legal roles have a special responsibility to ensure that all of our financial disclosures are full, fair, accurate, timely and understandable. If you work in such a capacity, you are expected to understand and strictly comply with generally accepted accounting principles and all standards, laws and regulations for accounting and financial reporting of transactions, estimates and forecasts.

**11 PUBLIC COMMUNICATIONS**

The Company places a high value on its credibility and reputation in the community. What is written or said about the Company in the news media and investment community directly impacts our reputation, positively or negatively. Our policy is to provide timely, accurate and complete information in response to public requests (media, analysts, etc.), consistent with our obligations to maintain the confidentiality of competitive and proprietary information and to prevent selective disclosure of market-sensitive financial data. In addition, the Company is required to periodically make public certain information about itself, and file regular reports concerning its financial and operational performance. The Company also from time to time may choose to issue information of interest to its shareholders or the general public. The Company is committed to ensuring that its communications are truthful, meaningful, consistent, and in compliance with all laws.

To ensure compliance with its standards and its legal obligations, the Company limits the persons who may speak on behalf of the Company and has extensive procedures in place to review and approve all public communications. You should direct all news media or other public requests for information regarding the Company to the Company's media relations personnel. The media relations personnel will work with you and the appropriate Company departments to evaluate and coordinate a response to the request. Only persons designated by the Company to speak on its behalf are authorized to disclose information about the Company. Similarly, even when designated as authorized to speak for the Company, an employee should never disseminate any information that has not been pre-approved for release.

Company employees who regularly interact with the media, the securities market, investors or the general public also have a special responsibility to understand and comply with specific laws regarding disclosure, including but not limited to Regulation Fair Disclosure. Contact the Chief Financial Officer if you have any questions about the scope or application of the laws applicable to your job responsibilities, including Regulation FD.

**12 CONCLUSION**

This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If you are faced with making a challenging decision regarding a particular situation, you are not alone. There are many resources available to help resolve ethical questions or concerns. If you have any questions, you may contact:

● **Your immediate supervisor;** 

● **Other supervisors or management personnel;** 

● **The Human Resources department;** 

● **Chief Financial Officer** 

We expect all Company employees to adhere to these standards.

**CERTIFICATION**

The undersigned hereby acknowledges receipt of Modern Mining Technology Corp.'s Code of Business Conduct and Ethics (the "<u>Code</u>"), and certifies that the undersigned has read, understands and will comply with the Code.

---

| | |
|:---|:---|
| Date:___________________, 20___ | Signature |
|  | Print Name |
|  | Title |

---

One signed copy of this certificate should be sent to:

Modern Mining Technology Corp.

105 West Georgia Street, 1500 Royal Centre

Vancouver, British Columbia

V6E 4N7

## Exhibit 14.2

**Exhibit 14.2**

**WHISTLEBLOWER POLICY**

**PROCEDURES FOR RECEIPT OF COMPLAINTS AND SUBMISSIONS**

**RELATING TO ILLEGAL OR UNETHICAL CONDUCT**

(Adopted as of May 19, 2022)

**INTRODUCTION**

Modern Mining Technology Corp. (the "<u>Company</u>") expects directors, officers, employees and key consultants (being, those who are engaged in an employee-like capacity) (collectively, "<u>Personnel</u>") of the Company to take all responsible steps to prevent violations of its Code of Business Conduct and Ethics (the "<u>Code</u>"), to identify and raise potential issues before they lead to problems, and to seek additional guidance when necessary.

These Procedures are designed to provide an atmosphere of open communication for compliance issues and to ensure that Personnel acting in good faith have the means to report actual or potential violations and to reassure Personnel that they should be able to raise genuine concerns without fear of reprisals, even if they turn out to be mistaken.

**REPORTING RESPONSIBILITY**

If any Personnel observe or become aware of an actual or potential violation of the Code or of any applicable law or regulation (including securities laws and regulations), whether committed by Personnel or by others associated with the Company (for example, external parties with whom the Company has contracted), it is his/her responsibility to promptly report the circumstances as outlined herein and to cooperate with any investigation by the Company.

It is also the responsibility of Personnel who have concerns regarding questionable accounting, internal financial controls or auditing matters to report such concerns in accordance with the procedures outlined herein.

Examples of issues to be reported are set out in Schedule "A" to these Procedures.

**NO RETALIATION AND ACTING IN GOOD FAITH**

The Company prohibits Personnel from retaliating or taking adverse action against anyone for raising suspected conduct violations or helping to resolve a conduct concern. Any individual who has been found to have engaged in retaliation against any of the Company's Personnel for raising, in good faith, a conduct concern or for participating in the investigation of such a concern may be subject to discipline, up to and including termination of employment or other business relationship. If any individual believes that he or she has been subjected to such retaliation, that person is encouraged to report the situation as soon as possible to one of the people identified in the "Reporting Procedures" section below.

Anyone filing a complaint concerning a violation or suspected violation of the Code, or reporting concerns relating to accounting and auditing matters must be acting in good faith and have reasonable grounds for believing the information disclosed indicates a violation of the Code. Any allegations that prove not to be substantiated and which prove to have been made maliciously or knowingly to be false will be viewed as a serious disciplinary offense, and may be subject to legal and civil action in addition to employment review.

R**EPORTING PROCEDURES**

For assistance with compliance matters or clarification as to the way to report actual or potential compliance infractions, Personnel should contact the Chief Financial Officer or the Chair of the Audit Committee of the Board of Directors of the Company (the "<u>Audit Committee</u>").

<u>All Compliance matters</u>

Personnel or External parties with direct knowledge of the violation or fraud concern may submit reports of alleged violations of this Code in writing on a confidential basis to the Chair of the Audit Committee through submitting a Fraud Alert Email through the email alert system location on the Company website: http://modernmining.com.

In reporting any actual or potential violation of the Code, an individual should provide, to the extent possible, such relevant documents to support the allegations being made, such as e-mails, handwritten notes, photographs, or physical evidence.

Any report of actual or potential violation of the Code should include, at a minimum the following information:

● the names of the parties involved.

● any witnesses to the incident(s).

● the location, date, and time of the incident(s).

● details about the incident (behaviour and/or words used).

● any additional details that would help with an investigation.

Violations or suspected violations may be submitted on a confidential basis by the complainant or may be submitted anonymously.

**COMPLIANCE OFFICER**

As at the date hereof, the Company's Compliance Officer can be contacted as outlined below:

Michael Hepworth

Tel: 416 419-5192

E-mail: mhepworth@modernmining.com

Mail: Modern Mining Technology Corp.

1055 West Georgia Street, 1500 Royal Centre

Vancouver, British Columbia

V6E 4N7

Any future changes to the Compliance Officer can be found on the Company's website and anonymous ways to report any Company violations.

The Compliance Officer shall report to the Audit Committee as frequently as such Compliance Officer deems appropriate, but in any event no less frequently than on a quarterly basis at the quarterly meeting of the Audit Committee called to approve interim and annual financial statements of the Company.

The Compliance Officer will keep any reported violations confidential and that the identity of employees making complaints or submissions shall be kept confidential and shall only be communicated to the Chair of the Audit Committee.

**HANDLING OF REPORTED VIOLATIONS**

Upon receipt of a report from the Chair of the Audit Committee, or the Compliance Officer, the Audit Committee (as applicable) shall discuss the report and take such steps as that committee of the Company's Board of Directors (the "<u>Board</u>") may deem appropriate. At a minimum, the Audit Committee, as applicable, should initiate an investigation of the alleged violation(s). Additional steps could include, if appropriate:

● Advising the alleged subject of the report; and

● Considering a review and revisions to workplace procedures to prevent any future violations of the Code.

Reports of violations or suspected violations will be kept confidential to the extent possible, consistent with the need to conduct an adequate investigation.

The Compliance Officer or Chair of the Audit Committee (as applicable) shall retain a record of a complaint or submission received for a period of six years following resolution of the complaint or submission.

Any complaint about a member of the Audit Committee shall be considered by the Board, with the person accused recused from any discussion in connection with the complaint.

**INVESTIGATION OF REPORTED VIOLATIONS**

Following the receipt of any complaints submitted hereunder, the Audit Committee, will investigate each matter so reported and recommend corrective disciplinary actions to the Board, if appropriate, up to and including termination of employment.

At a minimum, investigations will:

● be undertaken promptly and diligently, and be as thorough as necessary, given the circumstances.

● be fair and impartial, providing both the complainant and respondent equal treatment in evaluating the allegations.

● be sensitive to the interests of all parties involved and maintain confidentiality.

● be focused on finding facts and evidence, including interviews of the complainant, respondent, and any witnesses.

● incorporate, where appropriate, any need or request from the complainant or respondent for assistance during the investigation process.

**SCHEDULE 'A'**

**Examples of Matters to be Reported**

● Fraud, theft and other criminal activity

● Accounting irregularities, Financial Statement Disclosure issues

● Non-compliance with Internal Accounting Controls

● Workplace violence, related to an executive

● Substance abuse, related to an executive

● Discrimination, bullying and harassment, related to an executive, employee or consultant

● Falsification of company records

● Conflicts of Interest

● Release of proprietary information

● Safety/security violations

● Malicious property damage

● Violations of securities laws (including insider trading)

● Breaches of other applicable laws (environmental, employment, health and safety laws)

● Ethics violations

**CERTIFICATION**

The undersigned hereby acknowledges receipt of Modern Mining Technology Corp.'s Whistleblower Policy (the "<u>Policy</u>"), and certifies that the undersigned has read and understands the Policy.

---

| | |
|:---|:---|
| Date:___________, 20_____ | |
|  | Signature |
|  | Print Name |
|  | Title |

---

One signed copy of this certificate should be sent to:

Modern Mining Technology Corp.

1055 West Georgia Street, 1500 Royal Centre

Vancouver, British Columbia

V6E 4N7

## Exhibit 14.3

**Exhibit 14.3**

![](ex14-3_001.jpg)

**RELATED PARTY TRANSACTIONS POLICY**

(Adopted as of May 19, 2022)

**PURPOSE**

At Modern Mining Technology Corp. (the "<u>Company</u>") we aim to lead by example. We set high standards for our people at all levels and strive to meet them consistently. Our sound business principles and practices foster our commitment to ethical behavior, accountability and transparency. We expect our directors, officers and employees to avoid conflicts of interest, that is, any activity that interferes with the performance of their duties or that might deprive us of their undivided loyalty in business dealings. Conflicts of interest can come up in various ways, even in situations where the transaction may benefit the Company and our stockholders and thus make it unclear whether a conflict even exists. This Related Party Transactions Policy (this "<u>Policy</u>") deals specifically with those situations where the Company (including any of our subsidiaries) is a party to a transaction with a "<u>Related Party</u>" (as defined below). A Related Party is a party whose material interest in a transaction could be an actual or potential conflict of interest, or at least create the appearance of such a conflict. Although our Code of Business Conduct and Ethics addresses this issue generally, we have adopted this Policy to formalize our procedures for the identification, review, and consideration and approval of the Audit Committee of our Board of Directors (the "<u>Audit Committee</u>") of any transactions involving the Company and a Related Party. This Policy has been approved by our Board of Directors ("<u>Board</u>"). The Audit Committee may recommend future amendments to this Policy for consideration by our Board as our business evolves.

**PERSONS COVERED BY THIS POLICY**

This Policy is applicable to all members of our Board and director nominees, each of our executive officers and any person the Company knows to own an interest in the voting power of the Company that gives them significant influence over the Company (each, a "<u>significant stockholder</u>"). Any direct or indirect beneficial owner of more than 5% of any class of the Company's voting securities is deemed to be a significant stockholder.

**APPROVAL AUTHORITY**

Our "<u>Approval Authority</u>" will be our Audit Committee. In a situation where a member of our Audit Committee is a Related Party in the proposed transaction, the other members of the Audit Committee or, if requested by the Audit Committee, our Board will be the Approval Authority.

**WHO IS A RELATED PARTY?**

You are a Related Party if you are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a person who is, or at any time since the beginning of our last fiscal year was, a director or executive officer of the Company or a nominee to become a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a significant stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. an immediate family member of a director, director nominee, executive officer or significant stockholder. This includes a person's spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and anyone (other than domestic employees or tenant) who share such person's home; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. entities controlled by a director, director nominee, executive officer or significant stockholder or in which a director, director nominee, executive officer or significant stockholder has a greater than 10% beneficial interest.

**WHAT TYPES OF TRANSACTIONS ARE COVERED BY THIS POLICY?**

Any transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness, or any series of similar transactions, arrangements or relationships) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Company or any of its subsidiaries is or will be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any Related Party has or will have a direct or indirect material interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the aggregate amount involved will or may be expected to exceed $120,000 in any fiscal year (or the reduced threshold based on Smaller Reporting Company status, if applicable).

Any transaction that meets the above criteria is referred to as a "<u>Related Party Transaction</u>."

**IDENTIFYING RELATED PARTIES**

We have established a process to identify any Related Party to assist us in enforcing this Policy.

**Directors and Executive Officers**

Our finance team or compliance or legal department will collect, at least annually, the following information from each of our directors and executive officers (typically in the annual Directors' and Officers' Questionnaire):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A list of all entities in which they serve as a director or executive officer, or in which they have 10% or greater beneficial ownership interest.

A list of all their immediate family members, and for each immediate family member listed:

● whether they are (a) an executive officer of any entity, or (b) employed by the Company's independent auditor (or an affiliate, member firm or other entity associated with our independent auditor), and if so, the name of their employer and job title or a brief job description; and

● all entities in which they serve as a director or in which they are a significant stockholder.

This list also will include the name of each charitable or non-profit organization for which each director, executive officer and any immediate family member is a major fundraiser or otherwise serves as a director or trustee, or in a similar capacity.

Directors and executive officers are expected to notify our finance team or compliance or legal department of any updates to the list of Related Parties, including updates to their employment and relationships with charitable organizations.

**Significant Stockholders**

When the Company learns that a person has become a significant stockholder, our finance team or compliance or legal department will examine relevant filings with the U.S. Securities and Exchange Commission ("<u>SEC</u>") (to the extent such information is available) to determine (a) if the person is an individual, the same information requested of directors and executive officers under this Policy, and (b) if the person is a firm, corporation or other entity, a list of principals or executive officers of such firm, corporation or entity.

**APPROVAL PROCESS**

**Advance Approval**

Any transaction the Company intends to undertake with a Related Party, irrespective of the amounts involved (unless the transaction is subject to standing pre-approval as provided below or pursuant to a resolution adopted by the Approval Authority), must be submitted to our Compliance Officer for his or her determination of the approvals required under this Policy. The Compliance Officer will refer to the Approval Authority any Related Party Transaction, and any other transaction he or she determines should be considered for evaluation by the Approval Authority, consistent with the purpose of this Policy. The Compliance Officer may do so irrespective of any pre-approval or other technical exemption from this Policy.

The legal or compliance department or finance team will provide the Approval Authority with all relevant information available about the proposed transaction, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Related Party's relationship to the Company and interest in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the material facts of the proposed transaction, including the anticipated aggregate dollar value of the transaction or, in the case of indebtedness, the largest amount of principal outstanding at any time during the current fiscal year plus all amounts of interest payable on it during the fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the rationale for the proposed transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other relevant information with respect to the proposed transaction.

In deciding whether to approve a proposed transaction, the Approval Authority may take into account any relevant information and considerations, including the impact on a director's independence if the Related Party is a director, their immediate family member or an entity with which a director is affiliated. The Approval Authority may impose such conditions as it deems appropriate on the Company or on the Related Party in connection with approving the proposed transaction.

The Approval Authority will convey the decision, including any conditions imposed on the transaction, to our Compliance Officer, who then will convey the decision to the appropriate people within the Company.

**Review of Ongoing Transactions**

At least annually, the Approval Authority will review any previously approved or ratified transactions with Related Parties that remain ongoing, and that have a remaining term of more than six months and remaining amounts payable to or receivable from us of more than $120,000 during the fiscal year (or the reduced threshold based on Smaller Reporting Company status, if applicable). Based on all relevant facts and circumstances, the Approval Authority will determine whether it is in the best interests of the Company and its stockholders to continue, modify or terminate the transaction.

**Ratification**

Members of our finance team will produce quarterly reports of any amounts paid or payable to, or received or receivable from, any Related Party. These reports will be provided (a) to our legal or compliance department and used to determine whether there are any Related Party Transactions or other transactions with Related Parties that were not previously approved or previously ratified under this Policy, and (b) to our Compliance Officer for appropriate reporting in our periodic reports.

If the Compliance Officer learns of a transaction with a Related Party that required but did not receive approval or ratification under this Policy, he or she will promptly submit the transaction to the Approval Authority. The Approval Authority will undertake the review described above. Based on the conclusions reached, the Approval Authority will evaluate all options, including but not limited to ratification, amendment or termination of the transaction with the Related Party, and determine whether disciplinary action is appropriate.

A transaction with a Related Party entered into without pre-approval of the Approval Authority will not be deemed to violate this Policy, or be invalid or unenforceable, provided that the transaction is brought to the Approval Authority as promptly as reasonably practical after it is entered into, or after it becomes reasonably apparent that the transaction is covered by this Policy.

**Standing Pre-Approval for Certain Related Party Transactions**

Unless there are special or unusual benefits to the Related Party in a proposed transaction, the following categories of Related Party Transactions do not need to be presented to the Approval Authority for review and approval under this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Employment of executive officers*: Any employment by us of an executive officer if:

● the executive officer is a "named executive officer" whose compensation must be reported in our proxy statement; or

● the executive officer is not an immediate family member of another executive officer or director, the related compensation would be reported in our proxy if the executive officer were a "named executive officer," and the Company's Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Director compensation*: Any compensation paid to a director (in such capacity) if the compensation is required to be reported in our proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Transactions where all stockholders receive proportional benefits*: Any transaction in which the Related Party's interest arises solely from the ownership of our capital shares and all holders of our capital shares receive the same benefit on a pro rata basis (e.g., dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Ordinary-course expenses, advances and reimbursements*: Ordinary-course business travel and expenses, advances and reimbursements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Indemnification*: Indemnification payments and other payments made pursuant to (a) directors and officers insurance policies, (b) our formation document or charter (as may be amended and/or restated from time to time), and/or (c) any other policy or agreement approved by the Board.

## Exhibit 14.4

**Exhibit 14.4**

**MODERN MINING TECHNOLOGY CORP.**

**CONFLICT MINERALS POLICY**

**Modern Mining's Commitment**

Modern Mining Technology Corp. (Modern Mining) is committed to ethical business practices, responsible mining and metallurgical practices, and sustainable developments. Modern Mining supports the humanitarian goal of ending the violence and human rights abuses in the mining of certain minerals in the Democratic Republic of Congo and surrounding countries (collectively, the "DRC").

Modern Mining is fully committed to complying with applicable U.S. federal, state and local legislation, as well as applicable regulatory requirements, intended to address these humanitarian and commercial concerns, including the rules adopted by the U.S. Securities Exchange Commission ("SEC"), as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), impose disclosure and reporting requirements on the use of "conflict minerals" (tantalum, tin, tungsten and gold, or "3TGs").

We are implementing a reasonable process which will conduct a reasonable country of origin inquiry based on a review of its business operations to determine whether any of the 3TG contained in its products came from recycled or scrap sources or if it did not, whether the 3TG originated in the DRC region.

Modern Mining is also committed to complying with all the conflict mineral requirements under the Act and all the rules and regulations issued by the SEC.

This policy will be reviewed annually and updated as needed. Questions regarding this Policy may be addressed to the President & Chief Executive Officer of the Company.

*Effective as of May 19, 2022*

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of Modern Mining Technology Corp.**

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| | |
|:---|:---|
| **Subsidiary** | **Jurisdiction** |
| Modern Mining Technology Corp. | Delaware, U.S.A. |

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## Exhibit 99.1

**Exhibit 99.1**

**MODERN MINING TECHNOLOGY CORP.**

1055 West Georgia Street, 1500 Royal Centre

Vancouver, British Columbia, V6E 4N7, Canada

[DATE]

<u>Via EDGAR</u>

U.S. Securities and Exchange Commission

Division of Corporation Finance

100 F Street, N.E.

Washington, D.C. 20549

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| | |
|:---|:---|
| **Re:** | **Modern Mining Technology Corp.** |
|  | **Registration Statement on Form F-1** |
|  | **Request for Waiver and Representation under Item 8.A.4 of Form 20-F** |

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Ladies and Gentlemen:

The undersigned, Modern Mining Technology Corp., a company formed under the laws of the Province of British Columbia, Canada (the "Company"), is submitting this letter via EDGAR to the U.S. Securities and Exchange Commission (the "Commission") in connection with the Company's registration statement on Form F-1 filed on the date hereof (the "Registration Statement"), relating to a proposed initial public offering and listing in the United States of the Company's common shares.

The Company has included in the Registration Statement prepared in accordance with the International Financial Reporting Standards, the following financial statements:

● audited financial statements of Modern Mining Technology Corp. for the fiscal years ended December 31, 2021 and 2020;

● unaudited interim consolidated financial statements of Modern Mining Technology Corp. for the six month period ended June 30, 2022 and 2021.

The Company respectfully requests that the Commission waive the requirement of Item 8.A.4 of Form 20-F (the "Waiver Request"), which states that in the case of a company's initial public offering, the registration statement on Form F-1 must contain audited financial statements of a date not older than 12 months from the date of the filing (the "12-Month Requirement").

The Company is submitting this Waiver Request pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that the Commission will waive the 12-Month Requirement "in cases where the company is able to represent adequately to us that it is not required to comply with this requirement in any other jurisdiction outside the United States and that complying with this requirement is impracticable or involves undue hardship." In addition, in International Reporting and Disclosure Issues in the Division of Corporation Finance, dated November 1, 2004 (available on the Commission's website at http://www.sec.gov/divisions/corpfin/internatl/cfirdissues1104.htm), at Section III. B. c), staff of the Commission notes that:

"the instruction indicates that the staff will waive the 12-month requirement where it is not applicable in the registrant's other filing jurisdictions and is impracticable or involves undue hardship. As a result, we expect that the vast majority of IPOs will be subject only to the 15-month rule. The only times that we anticipate audited financial statements will be filed under the 12-month rule are when the registrant must comply with the rule in another jurisdiction, or when those audited financial statements are otherwise readily available."

In connection with the Waiver Request, the Company represents to the Commission that:

1. The Company is not currently a public reporting company in any jurisdiction.

2. The Company is not required by any jurisdiction outside the United States to prepare consolidated financial statements audited under any generally accepted auditing standards for any interim period.

3. Full compliance with Item 8.A.4 of Form 20-F at present is impracticable and involves undue hardship for the Company.

4. The Company does not anticipate that its audited financial statements for the year ended December 31, 2022 will be available until April 2022.

5. In no event will the Company seek effectiveness of its registration statement on Form F-1 if its audited financial statements are older than 15 months at the time of the Company's initial public offering.

The Company has filed this letter as an exhibit to the Registration Statement pursuant to Instruction 2 to Item 8.A.4 of Form 20-F.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **MODERN MINING TECHNOLOGY CORP.** | **MODERN MINING TECHNOLOGY CORP.** |
| By: | /s/ Kuljit (Jeet) Basi |
| Name: | Kuljit (Jeet) Basi |
| Title: | Chief Executive Officer, President and Director |

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