# EDGAR Filing Document

**Accession Number:** 0001732379
**File Stem:** 0001104659-26-017113
**Filing Date:** 2026-2
**Character Count:** 523095
**Document Hash:** 6bc160a300565c49980330aea4bc5abb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-017113.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001104659-26-017113

**CONFORMED SUBMISSION TYPE**: F-10

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Moon Metals Inc.
- **CENTRAL INDEX KEY:** 0001732379
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981903645
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-10
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293554
- **FILM NUMBER:** 26649713

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 220 BAY STREET
- **STREET 2:** SUITE 550
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2W4
- **BUSINESS PHONE:** 647-409-9150

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 220 BAY STREET
- **STREET 2:** SUITE 550
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2W4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blue Moon Zinc Corp.
- **DATE OF NAME CHANGE:** 20180222

**As filed with the Securities and Exchange Commission on February 18, 2026**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-10**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Blue Moon Metals Inc.**

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **British Columbia, Canada** | **1000** | **98-1903645** |
| (Province or other Jurisdiction of <br> Incorporation or Organization) | (Primary Standard Industrial <br> Classification Code Number) | (I.R.S. Employer<br> Identification Number, if applicable) |

---

**220 Bay Street, Suite 550**

**Toronto, Ontario, M5J 2W4 Canada**

**(416) 230-3440**

(Address and telephone number of Registrant's principal executive offices)

**Cogency Global Inc.**

**122 E. 42<sup>nd</sup>** **Street, 18<sup>th</sup> Floor**

**New York, New York 10168**

**(800) 221-0102**

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

**Copies to:**

---

| |
|:---|
| **Mark D. Wood** |
| Katten Muchin Rosenman LLP |
| 525 W. Monroe Street |
| Chicago, IL 60661 |
| (312) 902-5200 |

---

**Approximate date of commencement of proposed sale of the securities to the public:**

As soon as practicable after this Registration Statement becomes effective

**Ontario, Canada**

*(Principal jurisdiction regulating this offering)*

It is proposed that this filing shall become effective (check appropriate box below):

A. ◻ upon
 filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in
 the United States and Canada).

B. ⌧ at some
 future date (check the appropriate box below)

1. ◻ pursuant
 to Rule 467(b) on () at () (designate a time not sooner than 7 calendar days after filing).

2. ◻ pursuant
 to Rule 467(b) on () at () (designate a time 7 calendar days or sooner after filing) because the securities
 regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on ().

3. ⌧ pursuant
 to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities
 regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.

4. ◻ after
 the filing of the next amendment to this Form (if preliminary material is being filed).

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following box. ⌧

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registration Statement shall become effective as provided in Rule 467 under the Securities Act of 1933 or such date as the Commission, acting pursuant to Section 8(a) of the Act, may determine.**

**PART I**

**INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS**

*This prospectus is a base shelf prospectus. This short form base shelf prospectus has been filed under the legislation in each of the provinces and territories of Canada (except Québec), each of which permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this base shelf prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities. Notwithstanding the foregoing, the delivery to purchasers of a prospectus supplement containing the omitted information is not required where an exemption from the delivery requirements under applicable securities legislation in each of the provinces and territories of Canada (except Québec), is available.*

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This final short form base shelf prospectus constitutes an offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.*** *These securities 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. Accordingly, the securities may not be offered or sold in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This short form base shelf prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States or its territories or possessions. See "Plan of Distribution".*

***Information has been incorporated by reference in this final short form base shelf prospectus from documents filed with securities commissions or similar authorities in Canada.*** *Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon Metals Inc., 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 647-409-9150, and are also available electronically on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon Metals Inc.'s issuer profile.*

**SHORT FORM BASE SHELF PROSPECTUS**

<u>New Issue and/or Secondary Offering</u> September 23, 2025

![](tm265255d1_f10img001.jpg)

**BLUE MOON METALS INC.<br> $200,000,000**

**Common Shares<br> Debt Securities<br> Warrants<br> Subscription Receipts<br> Convertible Securities<br> Units**

Blue Moon Metals Inc. ("**Blue Moon**" or the "**Corporation**") may offer and sell from time to time the following securities: common shares in the capital of the Corporation ("**Common Shares**"), debt securities of the Corporation ("**Debt Securities**"), warrants to purchase Common Shares and/or other Securities (as defined herein) ("**Warrants**"), subscription receipts exchangeable for Common Shares and/or other Securities ("**Subscription Receipts**"), securities convertible into or exchangeable for Common Shares and/or other Securities ("**Convertible Securities**"), and units comprised of one or more of any of the other Securities, or any combination of such Securities ("**Units**"), or any combination thereof (all of the foregoing collectively, the "**Securities**" and individually, a "**Security**") for up to an aggregate offering price of $200,000,000 (or the equivalent thereof, at the date of issue, in any other currency or currencies, as the case may be), in one or more transactions during the 25-month period that this final short form base shelf prospectus (the "**Prospectus**"), including any amendments hereto, remains effective. One or more securityholders of the Corporation (each, a "**Selling Securityholder**") may also offer and sell Securities under this Prospectus. See *"Secondary Offering by Selling Securityholders"*.

The specific terms of any offering of Securities, including the specific terms of the Securities with respect to a particular offering and the terms of such offering, will be set forth in one or more prospectus supplements (each a "**Prospectus Supplement**") to this Prospectus. The Securities may be offered separately or together or in any combination, and as separate series.

In addition, Securities may be offered and issued in consideration for the acquisition of other businesses, assets, or securities by the Corporation or subsidiary of the Corporation. The consideration of any such acquisition may consist of any of the Securities separately, a combination of Securities or any combination of, among other things, Securities, cash and assumption of liabilities.

All shelf information permitted under applicable securities legislation to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together with this Prospectus, except in cases where an exemption from such delivery requirements has been obtained. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of applicable securities legislation as of the date of such Prospectus Supplement and only for the purposes of the distribution of the Securities to which such Prospectus Supplement pertains. Unless specified otherwise in a Prospectus Supplement, the offerings are subject to approval of certain legal matters on behalf of the Corporation by Bennett Jones LLP.

This Prospectus constitutes a public offering of Securities only in those jurisdictions where they may be lawfully offered for sale, and therein only by persons permitted to sell the Securities. The Securities may be sold through underwriters or dealers, directly by the Corporation and/or Selling Securityholders, pursuant to applicable statutory exemptions, or through agents designated from time to time. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent engaged in connection with the offering and sale of such Securities, as well as the method of distribution and the terms of the offering of such Securities, including the initial offering price (in the event the offering is a fixed price distribution), the manner of determining the offering price(s) (in the event the offering is not a fixed price distribution), the net proceeds to the Corporation or to any Selling Securityholder and, to the extent applicable, any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material terms. A purchaser who acquires any Securities forming part of any underwriters' over-allotment position acquires those securities under such respective Prospectus Supplement, regardless of whether the over-allotment position is ultimately filled through the exercise of the over-allotment option or secondary market purchases. See *"Plan of Distribution"*.

Mr. Francis Johnstone and Dr. Karin Thorburn, directors of the Corporation, and Mr. Adam Wheeler and Mr. Scott Wilson, the qualified persons responsible for the Nussir Technical Report and the Blue Moon Technical Report, respectively, reside outside of Canada and have appointed Bennett Jones LLP as agent for service of process at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, Canada, M5X 1A4. Prospective investors are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person who resides outside of Canada, even if the party has appointed an agent for service of process. See *"Enforcement of Judgments Against Foreign Persons".*

The Common Shares are listed and posted for trading on the TSX Venture Exchange (the "**TSXV**") under the symbol "MOON" and are also quoted on the OTCQX® Best Market ("**OTCQX**") under the symbol "BMOOF" and the Frankfurt Stock Exchange ("**FRA**") under the symbol "8SX0". On September 22, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the TSXV was $3.41, the closing price of the Common Shares on the OTCQX was US$2.47 and the closing price of the Common Shares on the FRA was €2.00.

**Unless otherwise specified in the applicable Prospectus Supplement, the Debt Securities, Warrants, Subscription Receipts, Convertible Securities and Units will not be listed on any securities exchange. There is currently no market through which Securities other than Common Shares may be sold, and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of the Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Securities, and the extent of issuer regulation. See *"Risk Factors"*.**

- ii -

**Prospective investors should be aware that the acquisition of the Securities may have tax consequences. Such consequences may not be described fully herein or in any applicable Prospectus Supplement. Prospective investors should read the discussion contained in this Prospectus under the heading *"Certain Canadian Federal Income Tax Considerations"* as well as the tax discussion, if any, contained in the applicable Prospectus Supplement with respect to a particular offering of Securities.**

**An investment in the Securities is highly speculative and involves significant risks that should be carefully considered by prospective investors before purchasing such Securities. The risks outlined in this Prospectus and in the documents incorporated by reference herein should be carefully reviewed and considered by prospective investors in connection with an investment in such Securities. See *"Cautionary Statement Regarding Forward-Looking Information"* and *"Risk Factors"*.**

**No underwriter has been involved in the preparation of this Prospectus or performed any review of the contents hereof.**

**No person is authorized by the Corporation to provide any information or to make any representation other than as contained in this Prospectus in connection with the issue and sale of the Securities offered hereunder. Prospective investors should assume that the information appearing in this Prospectus or any Prospectus Supplement is accurate only as of the date of such document unless otherwise specified. The Corporation's business, financial condition, results of operations and prospects may have changed since such date.**

The Corporation's registered office is located at 1133 Melville Street, Suite 2700, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

- iii -

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [GENERAL MATTERS](#f10a_001) | [1](#f10a_001) |
| [Cautionary Statement Regarding Forward-Looking Information](#f10a_002) | [1](#f10a_002) |
| [CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES](#f10a_003) | [2](#f10a_003) |
| [Currency Presentation](#f10a_004) | [3](#f10a_004) |
| [Documents Incorporated by Reference](#f10a_005) | [3](#f10a_005) |
| [Technical Information](#f10a_006) | [5](#f10a_006) |
| [The Corporation](#f10a_007) | [6](#f10a_007) |
| [THE Business of the Corporation](#f10a_008) | [6](#f10a_008) |
| [Recent Developments](#f10a_009) | [7](#f10a_009) |
| [Consolidated Capitalization](#f10a_010) | [7](#f10a_010) |
| [Use Of Proceeds](#f10a_011) | [7](#f10a_011) |
| [Plan Of Distribution](#f10a_012) | [8](#f10a_012) |
| [secondary Offering by Selling securityholders](#f10a_013) | [10](#f10a_013) |
| [Description Of The Securities Being Distributed](#f10a_014) | [10](#f10a_014) |
| [EARNINGS COVERAGE RATIOS](#f10a_015) | [16](#f10a_015) |
| [Prior Sales](#f10a_016) | [16](#f10a_016) |
| [Trading Price and Volume](#f10a_017) | [16](#f10a_017) |
| [CERTain canadian federal income tax considerations](#f10a_018) | [16](#f10a_018) |
| [Risk Factors](#f10a_019) | [16](#f10a_019) |
| [Interest of Experts](#f10a_020) | [17](#f10a_020) |
| [ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS](#f10a_021) | [18](#f10a_021) |
| [Legal Matters](#f10a_022) | [18](#f10a_022) |
| [Auditors, transfer agent and registrar](#f10a_023) | [18](#f10a_023) |
| [Statutory aND CONTRACTUAL Rights OF WITHDRAWAL AND RESCISSION](#f10a_024) | [18](#f10a_024) |

---

**GENERAL MATTERS**

Unless otherwise noted or the context indicates otherwise, the "**Corporation**" or "**Blue Moon**" refers to Blue Moon Metals Inc. and its wholly-owned subsidiaries. The Corporation has not authorized anyone to provide readers with information different from that contained in this Prospectus. The Corporation takes no responsibility for, and can provide no assurance as to the reliability of any other information that others may give readers of this Prospectus. The Corporation is not making an offer of Securities in any jurisdiction where the offer is not permitted.

Readers should not assume that the information contained or incorporated by reference in this Prospectus is accurate as of any date other than the date of this Prospectus or the respective dates of the documents incorporated by reference herein, unless otherwise noted herein or as required by law. It should be assumed that the information appearing in this Prospectus, any Prospectus Supplement and the documents incorporated by reference herein and therein are accurate only as of their respective dates. The business, financial condition, results of operations and prospects of the Corporation may have changed since those dates.

This Prospectus shall not be used by anyone for any purpose other than in connection with an offering of Securities as described in one or more Prospectus Supplements. The Corporation does not undertake to update the information contained or incorporated by reference herein, including any Prospectus Supplement, except as required by applicable securities laws. Information contained on, or otherwise accessed through, the website of the Corporation (<u>www.bluemoonmetals.com</u>) shall not be deemed to be a part of this Prospectus and such information is not incorporated by reference herein.

**Cautionary Statement Regarding Forward-Looking Information**

This Prospectus and the documents incorporated by reference herein contain or incorporate by reference "forward-looking information" within the meaning of applicable Canadian securities laws concerning the business, operations, plans and financial performance and condition of the Corporation. In addition to the following cautionary statement, with respect to forward-looking information contained in the documents incorporated by reference herein, prospective purchasers should refer to *"Cautionary Statement Regarding Forward-Looking Information"* in the AIF (as defined herein) or any subsequently filed annual information form of the Corporation, as well as the advisories section of any documents incorporated or deemed to be by reference herein, including those that are filed after the date hereof.

Except for statements of historical fact relating to Blue Moon, information contained herein constitutes forward-looking information, including any information related to an offering and Blue Moon's strategy, plans or future financial or operating performance. Forward-looking information is characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will", "could" or "should" occur, or by discussions of strategy and includes any guidance and forecasts appearing in this Prospectus, any Prospectus Supplement, or in the documents incorporated by reference in this Prospectus (including, but not limited to, any production guidance of the Corporation). In order to give such forward-looking information, the Corporation has made certain assumptions about its business, operations, the economy and the mineral exploration industry in general. No assurance can be given that the expectations in any forward-looking statement will prove to be correct and, as such, the forward-looking information included in this Prospectus or any Prospectus Supplement should not be unduly relied upon. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact.

Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described in, or implied by, the forward-looking information. These factors, including, but not limited to: inherent risks associated with the business of exploring, development and mining; errors in management's geological modelling; the inability of the Corporation to capitalize on mineralization on its properties in a manner that is economic; the timing and ability (if at all) to complete further exploration activities, including drilling; development, infrastructure, operating or technical difficulties on any of the Corporation's properties; risks relating to costs, timing and ability (if at all) to advance the properties of the Corporation differing materially from estimates; the inability to obtain all authorizations and permits needed to continue advancing the Corporation's properties in a timely manner (or at all); failure of the Corporation to complete any further studies for the Blue Moon Property (as defined herein) and the Nussir Property (as defined herein) in the timing contemplated (or at all); risks relating to the key assumptions, parameters, limitations and methods used in the Blue Moon Technical Report (as defined herein) and the Nussir Technical Report (as defined herein), including the mineral resources estimates contained therein; the prospects, if any, of the Blue Moon Property and the Nussir Property mineral deposits; the potential to extend mineralization down-plunge and at depth; the ability of exploration work (including drilling) to accurately predict mineralization; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; the results of exploration activities; the global economic climate; dilution; environmental risks; community and non-governmental actions; fluctuations in currency markets; social acceptability or the Corporation's projects; fluctuations in commodity prices; risks relating to capital market conditions and the ability of the Corporation to access sufficient capital on favourable terms or at all; changes in law, rules and regulations applicable to the Corporation and its operations; taxation, controls and regulations; risks relating to outbreaks of diseases and public health crises; risks relating to international conflict, geopolitical instability of war; risks relating to any imposition of tariffs or other trade restrictions; political or economic developments in Canada, the United States, Norway or in other countries in which the Corporation does business or may carry on business in the future; risks relating to foreign operations and enforcement of judgments; operating or technical difficulties in connection with exploration or development activities; employee relations; information systems security threats; the speculative nature of mineral exploration and development; obtaining necessary licenses and permits; contests over title to properties, especially title to undeveloped properties; the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other geological data; environmental hazards; industrial accidents; unusual or unexpected formations, pressures, cave-ins and flooding; limitations of insurance coverage and the possibility of cost overruns or unanticipated costs and expenses, as well as those risk factors discussed or referred to in this Prospectus, the documents incorporated by reference into this Prospectus and those described in a Prospectus Supplement relating to a specific offering of Securities.

Although Blue Moon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in, or implied by, the forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Blue Moon's expected financial and operational performance and Blue Moon's plans and objectives and may not be appropriate for other purposes.

All forward-looking information contained in this Prospectus, any Prospectus Supplement, and the documents incorporated by reference in this Prospectus is given as of the date hereof or thereof, as the case may be, and is based upon the opinions and estimates of management and information available to management of the Corporation as at the date hereof or thereof. The Corporation undertakes no obligation to update or revise the forward-looking information contained in this Prospectus, any Prospectus Supplement and the documents incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable laws. Investors should read this entire Prospectus, and each applicable Prospectus Supplement and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of their investment in the Securities.

**CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES**

The Corporation uses certain non-IFRS (as defined herein) performance measures in this Prospectus or in documents incorporated by reference herein, such as "working capital", "cash costs", "all-in sustaining cost" and "all in costs". These are common performance measure but may not be comparable to similar measures presented by other issuers as it has no meaning under the IFRS Accounting Standards ("**IFRS**"). Working capital is calculated as the value of total current assets less the value of total current liabilities. Cash costs include mining, processing, refining, general and administration cots and royalties but exclude depreciation, reclamation, income taxes, capital and exploration costs for the life of the mine. All-in sustaining costs is defined as direct production costs plus general and administrative, exploration and evaluation, other expenses and sustaining capital expenditures. All-in costs includes all-in sustaining costs as well as initial capital. These terms do not have any standardized meaning according to IFRS and therefore many not be comparable to similar measures presented by other companies. The Corporation believes that these non-IFRS measures provides information useful to its shareholders in the understanding the Corporation's performance and may assist in the evaluation of the Corporation's business relative to that of its peers. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Corporation's performance, profitability and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

**Currency Presentation**

Unless otherwise indicated, all monetary amounts in this Prospectus are expressed in Canadian dollars. The financial statements of the Corporation incorporated herein by reference are reported in Canadian dollars and are prepared in accordance with IFRS. Unless otherwise indicated, all references to "$","C$" and "dollars" in this Prospectus refer to Canadian dollars. References to "US$" in this Prospectus refer to United States dollars. On September 22, 2025, the daily exchange rate for one United States dollar expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.3816 (or C$1.00 = US$0.7238) and the daily exchange rate for one Norwegian Krone expressed in Canadian dollars, as quoted by the Bank of Canada, was NOK1.00 = C$0.1391 (or C$1.00 = NOK7.1891).

**Documents Incorporated by Reference**

**Information has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar authorities in Canada.** Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon, 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 647-409-9150, and are also available electronically on the System for Electronic Data Analysis and Retrieval + ("**SEDAR+**") (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile. The filings of the Corporation on SEDAR+ (<u>www.sedarplus.ca</u>) are not incorporated by reference in this Prospectus except as specifically set out herein.

The information incorporated by reference is considered part of this Prospectus, and information filed with the securities commission or similar authorities in Canada subsequent to this Prospectus and prior to the termination of a particular offering of Securities referred to in any Prospectus Supplement will be deemed to update and, if applicable, supersede this information. Except as may be set forth in a Prospectus Supplement, the following documents of the Corporation, filed with securities commissions or similar authorities in Canada, are specifically incorporated by reference into, and form an integral part of, this Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [the annual information form of the Corporation dated September 12, 2025 in respect of the financial year ended December 31, 2024 (the "**AIF** ");](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-44.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [the audited annual consolidated financial statements of the Corporation as at and for financial years ended December 31, 2024 and 2023, together with the notes thereto and the auditor's report thereon ()"**Annual Financial Statements** ");](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-99.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [the management's discussion and analysis of financial position and results of operations of the Corporation in respect of the financial years ended December 31, 2024 and 2023 (the "**Annual MD&A** ");](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-98.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [the unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025 and 2024, together with the notes thereto (the "**Interim Financial Statements** ");](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-63.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [the management's discussion and analysis on the operations and financial position of the Corporation for the three and six months ended June 30, 2025;](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-64.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [the material change report of the Corporation dated March 7, 2025 in respect of, among other things, the acquisition of Nussir ASA and Nye Sulitjelma Gruver AS;](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-111.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [the material change report of the Corporation dated March 17, 2025 in respect of, among other things, the acquisition of Repparfjord Eiendom AS;](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-106.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [the material change report of the Corporation dated September 12, 2025 in respect of, among other things, the private placement with Oaktree Capital Management, L.P. and the bridge loan agreement entered into with Hartree Partners, L.P;](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-47.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [the business acquisition report of the Corporation dated May 10, 2025, as refiled on September 23, 2025, in respect of the acquisition of Nussir ASA and Nye Sulitjelma Gruver AS;](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [the statement of executive compensation of the Corporation for the year ended December 31, 2024; and](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-69.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) [the management information circular of the Corporation dated as of September 17, 2024 in respect of the annual meeting of shareholders of the Corporation held on October 17, 2024.](tm265255d1_ex4-11.htm)

Any document of the type referred to in section 11.1 of Form 44-101F1 – *Short Form Prospectus* filed by the Corporation after the date of this Prospectus and all Prospectus Supplements (only in respect to the offering of Securities to which that particular Prospectus Supplement relates) disclosing additional or updated information including the documents incorporated by reference therein, filed pursuant to the requirements of applicable securities legislation in Canada and during the period that this Prospectus is effective, shall be deemed to be incorporated by reference in, and form an integral part of, this Prospectus.

Upon a new annual information form and new audited annual consolidated financial statements (and accompanying management's discussion and analysis) being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, the previous annual information form, the previous audited annual consolidated financial statements and all interim consolidated financial statements (and in each case the accompanying management's discussion and analysis), and material change reports, filed prior to the commencement of the financial year of the Corporation in which the new annual information form is filed shall be deemed to no longer be incorporated into this Prospectus for purpose of future offers and sales of Securities under this Prospectus. Upon interim consolidated financial statements and the accompanying management's discussion and analysis being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, all interim consolidated financial statements and the accompanying management's discussion and analysis of financial condition and results of operations filed prior to such new interim consolidated financial statements and management's discussion and analysis shall be deemed to no longer be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus. In addition, upon a new management information circular for an annual meeting of shareholders being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, the previous management information circular filed in respect of the prior annual meeting of shareholders shall no longer be deemed to be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus.

A Prospectus Supplement containing the specific terms of an offering of Securities and other information relating to the Securities will be delivered to prospective purchasers of such Securities, together with this Prospectus, and will be deemed to be incorporated into this Prospectus as of the date of such Prospectus Supplement but only for the purpose of the offering of the Securities covered by that Prospectus Supplement.

In addition, certain marketing materials (as the term is defined in applicable Canadian securities legislation) may be used in connection with a distribution of Securities under this Prospectus and applicable Prospectus Supplement(s). Any "template version" of "marketing materials" (as those terms are defined in applicable Canadian securities legislation) pertaining to a distribution of Securities, and filed by the Corporation after the date of the Prospectus Supplement for the distribution and before the termination of the distribution of such Securities, will be deemed to be incorporated by reference in that Prospectus Supplement for the purposes of the distribution of Securities to which the Prospectus Supplement pertains.

Documents referenced in any of the documents incorporated by reference in this Prospectus but not expressly incorporated by reference therein or herein and not otherwise required to be incorporated by reference therein or in this Prospectus are not incorporated by reference in this Prospectus.

**Notwithstanding anything herein to the contrary, any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Prospectus to the extent that a statement contained herein, in any Prospectus Supplement hereto or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not constitute a part of this Prospectus, except as so modified or superseded. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document which it modifies or supersedes. The making of such a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.**

**Technical Information**

The Corporation's material properties, as determined by National Instrument 43-101 – *Standards for Disclosure for Mineral Projects* ("**NI 43-101**"), are the Blue Moon zinc-copper-gold-silver property in California, USA (the "**Blue Moon Property**") and the Nussir copper-gold-silver property in Norway (the "**Nussir Property**").

Except as otherwise indicated, all scientific and technical information relating to the Blue Moon Property and the Nussir Property, including disclosure of mineral reserves and mineral resources, contained in this Prospectus or in any of the documents incorporated by reference in this Prospectus is supported by, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Blue Moon Property</u>: the technical report entitled *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California* "
 dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective
 date of March 3, 2025 (the "**Blue Moon Technical Report** "), prepared
 by Scott Wilson, C.P.G. SME-RM; Peter Szkilnyk, P.Eng.; Alan J. San Martin, P.Eng.; Richard
 Gowans, P.Eng.; Justin Taylor, P.Eng.; and Christopher Jacobs, C.Eng., MIMMM.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Nussir Property</u>: the technical report entitled *"Report NI 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway"* dated January 24,
 2025 (as amended and restated on September 12, 2025) with an effective date of January 20,
 2025 (the "**Nussir Technical Report** ", together with the Blue Moon Technical
 Report, the "**Technical Reports** "), prepared by Adam Wheeler, B.Sc., M.Sc.,
 C. Eng., Eur Ing., FIMMM.

The Technical Reports are subject to certain assumptions, qualifications and procedures described therein. Reference should be made to the full text of the Blue Moon Technical Report and the Nussir Technical Report, which have been filed and can be reviewed on SEDAR+ (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile. The Technical Reports are not, and shall not be deemed to be, incorporated by reference in this Prospectus or any of the documents incorporated by reference herein. Scientific and technical information relating to the Blue Moon Property and the Nussir Property is supported by technical information contained in the Corporation's AIF, as incorporated by reference herein. See *"Documents Incorporated by Reference"*.

All scientific and technical information relating to the Blue Moon Property and the Nussir Property, including disclosure of mineral reserves and mineral resources, contained in this Prospectus or in any of the documents incorporated by reference in this Prospectus, is based on (i) information contained in the technical reports referred to above, which have been prepared in accordance with the requirements of NI 43-101, and (ii) other information that has been prepared by or under the supervision of "qualified persons" (as such term is defined in NI 43-101) and included in this Prospectus with the consent of such persons.

Actual recoveries of mineral products may differ from reported mineral reserves and resources due to inherent uncertainties in acceptable estimating techniques. In particular, "indicated" and "inferred" mineral resources have a greater amount of uncertainty as to their existence, economic and legal feasibility. It cannot be assumed that all or any part of an "indicated" or "inferred" mineral resource will ever be upgraded to a higher category of resource or, ultimately, a reserve. Mineral resources that are not mineral reserves do not have demonstrated economic viability and are exclusive of mineral reserves. Investors are cautioned not to assume that all or any part of a mineral deposit with resources in these categories will ever be converted into proven or probable reserves.

**The Corporation**

The Corporation was registered and incorporated under the Business Corporations Act (British Columbia) ("**BCBCA**") on January 15, 2007 under the name "Savant Explorations Ltd." as a spin-out entity in connection with a spin-out transaction by the Corporation's then parent company, Pacifica Resources Ltd. (now, EDM Resources Inc.) ("**Pacifica**") of certain assets including, among other things, Pacifica's interest in the Yava polymetallic sulphide property in Nunavut, the Blue Moon Property, the Tillex copper prospect in Ontario and various copper projects in Chile (the "**Spin Out Transaction**"). The Spin Out Transaction, which was effected by way of a plan of arrangement under section 288 of the BCBCA, was completed on June 6, 2007. On June 7, 2007, common shares of the Corporation (the "**Common Shares**") commenced trading on the TSXV under the symbol "SVT". On July 4, 2017, the Corporation changed its name to "Blue Moon Zinc Corp." and in connection with the name change, the Common Shares commenced trading under a new symbol "MOON" on July 5, 2017.

As of the date of this Prospectus, the Corporation is a reporting issuer in Alberta, British Columbia and Québec.

The Common Shares are listed for trading on the TSXV under the symbol "MOON", the Frankfurt Stock Exchange under the symbol "8SX0", and the OTCQX Best Market under the symbol "BMOOF". See *"Market for Securities"*.

The Corporation's registered office is located at 2700-1133 Melville Street, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

**THE Business of the Corporation**

Blue Moon is a Canadian mineral exploration and development company focused on advancing its three polymetallic brownfield projects, being the Nussir copper-gold-silver property in Norway (the "**Nussir Property**"), the Blue Moon zinc-copper-gold-silver property in California, USA (the "**Blue Moon Property**"), and the NSG copper-zinc-gold-silver property in Norway.

The Corporation considers the Blue Moon Property and the Nussir Property to be its only material mineral properties for the purposes of NI 43-101. The Corporation holds a 100% interest in Keystone Mines Inc. which holds the mineral rights to the unpatented mining claims and patented lands associated with the Blue Moon Property, located in Mariposa County, California. The Corporation also holds a 93.55% interest in Nussir ASA which holds the extraction licences and exploration licences associated with the Nussir Property, located in Finmark county, Norway.

For additional information regarding the Corporation and its business, please consult the AIF incorporated by reference herein, which has been filed on SEDAR+ and can be reviewed at <u>www.sedarplus.ca</u> under the Corporation's issuer profile.

**Recent Developments**

There have been no further material developments in the business of the Corporation since the date of the AIF that have not otherwise been disclosed in this Prospectus or the documents incorporated by reference herein. A summary of developments over the past three fiscal years can be found in the section entitled *"General Development of the Business"* in the AIF, which is available on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon's issuer profile.

**Consolidated Capitalization**

The applicable Prospectus Supplement will describe any material change in, and the effect of such material change on, the share and loan capitalization of the Corporation since the date of the Corporation's financial statements for its most recently completed financial period included in such Prospectus Supplement, including any material change that will result from the issuance of Securities pursuant to such Prospectus Supplement.

**Use Of Proceeds**

The net proceeds to the Corporation from any offering of Securities, the proposed use of those proceeds, and the specific business objectives which the Corporation expects to accomplish with such proceeds will be set forth in the applicable Prospectus Supplement relating to that offering of Securities.

As outlined in the Annual Financial Statements and Interim Financial Statements, the Corporation has negative cash flow from operating activities. See *"Risk Factors"*. The Corporation anticipates that negative operating cash flows will continue until such time as profitable commercial production can be achieved on the Corporation's properties. Each applicable Prospectus Supplement will contain specific information concerning whether, and if so, to what extent, the Corporation will use the proceeds of the distribution to fund any anticipated negative cash flow from operating activities in future periods.

There may be circumstances where, on the basis of results obtained or for other sound business reasons, a re-allocation of funds may be necessary or prudent. Accordingly, management of the Corporation will have broad discretion in the application of the proceeds of an offering of Securities. The actual amount that the Corporation spends in connection with each intended use of proceeds may vary significantly from the amounts specified in the applicable Prospectus Supplement and will depend on a number of factors, including the risk factors set forth in the applicable Prospectus Supplement and the documents incorporated by reference herein and therein.

Unless otherwise set forth in the applicable Prospectus Supplement, the Corporation will not receive any proceeds from the sale of Securities by any Selling Securityholder. See *"Secondary Offering by Selling Securityholders"*.

**Milestones and Objectives**

The table below outlines the key milestones, estimated timing and costs in respect of the Corporation's material properties (the Blue Moon Property and the Nussir Property) for the next 12 months from the date of this Prospectus and also includes milestones and costs of the work program from the Blue Moon Technical Report and the Nussir Technical Report required to advance the Blue Moon Property and the Nussir Property, respectively, to the next phase. These milestones and estimates are based on the Corporation's reasonable expectations and reasonable courses of action and current assumptions and judgment.

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Estimated Total Costs<br> Required<sup>(1)</sup>** | **Anticipated<br> Remaining Costs** | **Estimated Timing of Completion** |
| **Nussir Property** | **Nussir Property** | **Nussir Property** | **Nussir Property** |
| Underground access (decline) preparation, exploration logistics and support | $4000000 | Nil | Completed |
| Exploration – drilling 25,000 to 30,000 m | $6000000 | $6000000 | Q2 2026 |
| Sampling / QA/QC | $3000000 | $2250000 | Q2 2026 |
| **Total** | $**13000000** | $**8250000** |  |
| **Blue Moon Property** | **Blue Moon Property** | **Blue Moon Property** | **Blue Moon Property** |
| Permitting of Exploration Decline | 500000 | Nil | Completed |
| Digitization of Exploration Decline | 25000 | 25000 | End of Q4 2025 / Early Q1 2026 |
| Relogging and preservation of historical core | 45000 | 45000 | End of Q4 2025 / Early Q1 2026 |
| Hiring of California-based project development team | 230000 | 100000 | Q4 2025 |
| Exploration decline design, tender & award | 200000 | 80000 | Q3 2025 |
| **Total** | **1000000** | **250000** **<sup>(2)</sup>** |  |

---

**Note**:

(1) Based on the Blue Moon Technical Report and the Nussir Technical Report.

(2) Approximately $344,000, based on the Bank of Canada exchange rate as
 at August 29, 2025 (US$1.00 = C$1.3742).

As of August 29, 2025, the Corporation anticipates spending a total of approximately $8,594,000 over the next 12 months in order to meet its objectives and milestones. To fund its necessary activities related to the Blue Moon Property and the Nussir Property, the Corporation anticipates using (i) its working capital, which as of August 29, 2025, was approximately $9,540,000 (including $9,570,000 in cash), as supplemented by (ii) approximately US$17,500,000 (approximately $24 million based on the Bank of Canada exchange rate as at August 29, 2025 (US$1.00 = C$1.3742)) received by the Corporation on September 4, 2025, comprising of US$12,500,000 from the initial draw under the bridge loan extended by Hartree Partners, LP and funds managed by Oaktree Capital Management, LP ("**Oaktree**") and US$5,000,000 gross proceeds from a private placement with Oaktree. The Corporation will also use its working capital and available funds in order to meet its general and administrative expenses, which, as of August 29, 2025, is expected to be approximately $3,600,000 over the next 12 months.

The continuing operations of the Corporation are dependent on the ability of the Corporation to obtain additional financing to fund its anticipated costs and expenditures. There is no guarantee such financing will be secured, or available on a timely basis or on acceptable terms.

Prospective investors are cautioned that the above represents the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described above. See *"Cautionary Statement Regarding Forward-Looking Information"*.

**Plan Of Distribution**

The Corporation and the Selling Securityholders may from time to time during the 25-month period that this Prospectus, including any amendments hereto, remains valid, offer for sale and issue, as applicable, up to an aggregate of $200,000,000 (or the equivalent in other currencies based on the applicable exchange rate at the time of the offering) in Securities hereunder.

The Corporation and/or the Selling Securityholders may offer and sell the Securities to or through underwriters or dealers purchasing as principals, and may also sell directly to one or more purchasers or through agents or pursuant to applicable statutory exemptions. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent, as the case may be, engaged by the Corporation or any Selling Securityholder in connection with the offering and sale of the Securities, and will set forth the terms of the offering of such Securities, including, to the extent applicable, any fees, discounts, or any other compensation payable to underwriters, dealers or agents in connection with the offering, the method of distribution of the Securities, the initial issue price, the proceeds that the Corporation or any Selling Securityholder will receive and any other material terms of the plan of distribution. Any initial offering price and discounts, concessions or commissions allowed or re-allowed or paid to dealers may be changed from time to time.

In addition, the Securities may be offered and issued in consideration for the acquisition of other businesses, assets, or securities by the Corporation or one of its subsidiaries. The consideration for any such acquisition may consist of the Securities separately, a combination of Securities or any combination of, among other things, Securities, cash and assumption of liabilities.

In connection with the sale of the Securities, underwriters, dealers, or agents may receive compensation from the Corporation, any Selling Securityholder or from other parties, including in the form of underwriters', dealers', or agents' fees, commissions or concessions. Underwriters, dealers, and agents that participate in the distribution of the Securities may be deemed to be underwriters for the purposes of applicable securities legislation and any such compensation received by them from the Corporation or Selling Securityholder and any profit on the resale of the Securities by them may be deemed to be underwriting commissions. In connection with any offering of Securities, except as otherwise set out in a Prospectus Supplement relating to a particular offering of Securities the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions intended to fix, stabilize, maintain or otherwise affect the market price of the Securities at a level other than those which otherwise might prevail on the open market. Such transactions may be commenced, interrupted or discontinued at any time. A purchaser who acquires any Securities forming part of any underwriters' over allotment position acquires those securities under such respective Prospectus Supplement, regardless of whether the over allotment position is ultimately filled through the exercise of the over allotment position or secondary market purchase.

Underwriters, dealers or agents who participate in the distribution of the Securities may be entitled, under agreements to be entered into with the Corporation and/or any Selling Securityholder, to indemnification by the Corporation and/or the Selling Securityholder against certain liabilities, including liabilities under applicable securities legislation, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers and agents may be customers of, engage in transactions with, or perform services for, the Corporation in the ordinary course of business.

Unless otherwise specified in the applicable Prospectus Supplement, each series or issue of Securities (other than Common Shares) will be a new issue of Securities with no established trading market. **Accordingly, there is currently no market through which the Securities (other than Common Shares) may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities, and the extent of issuer regulation.**

The Securities will not be registered under the U.S. Securities Act or the securities laws of any states in the United States and, subject to certain exceptions, may not be offered or sold or otherwise transferred or disposed of in the United States or to or for the account of U.S. persons absent registration or pursuant to an applicable exemption from the U.S. Securities Act and applicable state securities laws. In addition, until 40 days after closing of an offering of Securities, an offer or sale of the Securities within the United States by any dealer (whether or not participating in such offering) may violate the registration requirement of the U.S. Securities Act if such offer or sale is made other than in accordance with Rule 144A or another exemption under the U.S. Securities Act.

**secondary Offering by Selling securityholders**

This Prospectus may also, from time to time, relate to the secondary offering of the Securities by one or more Selling Securityholders. The terms under which the Securities may be offered by Selling Securityholders will be described in the applicable Prospectus Supplement. The Prospectus Supplement for or including any secondary offering of Securities by a Selling Securityholder will include, without limitation, the following information, to the extent required by applicable securities laws:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 names of the Selling Securityholders;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number or amount of securities of the Corporation owned, controlled or directed by each Selling
 Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number or amount of Securities being distributed for the account of each Selling Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number or amount of securities of the Corporation to be owned, controlled or directed by
 the Selling Securityholders after the distribution and the percentage that number or amount
 represents of the total number of the Corporation's outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 securities of the Corporation are owned by the Selling Securityholders both of record and
 beneficially, of record only, or beneficially only;

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Selling Securityholder purchased any of the Securities in the 24 months preceding the
 date of the applicable Prospectus Supplement, the date or dates the Selling Securityholder
 acquired the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Selling Securityholder acquired any of the Securities in the 12 months preceding the
 date of the applicable Prospectus Supplement, the cost thereof to the Selling Securityholder
 in aggregate and on an average-cost-per-security basis;

&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Selling Securityholder is incorporated, continued or otherwise organized under the laws
 of a foreign jurisdiction or resides outside Canada, the name and address of the person or
 company the Selling Securityholder has appointed as agent for service of process, and, in
 such case, the Selling Securityholder will file a non-issuer's submission to jurisdiction
 form with the applicable Prospectus Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;· all
 other information that is required to be included in the applicable Prospectus Supplement.

**Description Of The Securities Being Distributed**

**Common Shares**

Blue Moon is authorized to issue an unlimited number of Common Shares without par value, an unlimited number of Class "A" preferred shares (the "**Class A Preferred Shares**") with par value of $10 per share and an unlimited Class "B" preferred shares (the "**Class B Preferred Shares**", and together with the Class A Preferred Shares the "**Preferred Shares**") without par value. As at the date of this Prospectus, Blue Moon had 54,623,262 Common Shares issued and outstanding and no Preferred Shares are issued and outstanding. As at the date of this Prospectus, there were (i) 774,500 options to acquire Common Shares ("**Options**"), (ii) 224,506 deferred share units ("**DSUs**", or each a "**DSU**") held by non-executive directors, and (iii) 62,500 restricted share units ("**RSUs**", or each a "**RSU**") held by officers and key employees of the Corporation.

All of the Common Shares are of the same class and, once issued, rank equally as to entitlement to dividends, voting powers (one vote per share) and participation in assets upon dissolution or winding-up, in each case 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 or liquidation. No Common Shares have been issued subject to call or assessment. The directors may from time to time declare and authorize the payment of dividends in respect of the Common Shares. The Common Shares contain no pre-emptive conversion or exchange rights and have no provisions for redemption or purchase for cancellation, surrender, sinking or purchase funds. Provisions as to the modification, amendment or variation of such rights or provisions are contained in Blue Moon's articles and by-laws, and the BCBCA.

**Debt Securities**

The Corporation may issue Debt Securities, separately or together with other Securities in any combination thereof, as the case may be. The Debt Securities will be issued under one or more indentures, in each case between the Corporation and a trustee to be determined by the Corporation and named in a Prospectus Supplement. A copy of the form of indenture in connection with offerings of Debt Securities will be filed by the Corporation with securities regulatory authorities in Canada after it has been entered into by the Corporation. The following describes the general terms that will apply to any Debt Securities that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Debt Securities offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Debt Securities, and the extent to which the general terms of the Debt Securities described in this Prospectus apply to those Debt Securities, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· aggregate
 principal amount and authorized denominations of such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 currency in which the Debt Securities may be purchased and the currency in which the principal
 and any interest is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 percentage of the principal amount at which such Debt Securities will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 date or dates on which such Debt Securities will mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 mandatory or optional redemption provisions applicable to the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 sinking fund or analogous redemption provisions applicable to the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 rate or rates per annum at which such Debt Securities will bear interest (if any), or the
 method of determination of such rates (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 dates on which any such interest will be payable and the record dates for such payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 form of consideration for payment of any interest and/or principal payments (whether by cash,
 Common Shares or other Securities, or a combination thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 trustee under the indenture pursuant to which the Debt Securities are to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 designation and terms of any Debt Securities which will be offered, if any, and the number
 of Debt Securities that will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 exchange or conversion terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 provisions relating to any security provided for the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· event
 of default provisions contained in the indenture pursuant to which the Debt Securities are
 to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Debt Securities will be senior or subordinated to other liabilities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if
 applicable, the identity of the Debt Security agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Debt Securities will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Debt Securities will be issued with any other Securities and, if so, the amount and terms
 of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Debt Securities are to be issued in registered form, "book-entry only" form,
 non-certificated inventory system form, bearer form or in the form of temporary or permanent
 global securities and the basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 material risk factors relating to such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material
 Canadian federal income tax consequences of owning the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other rights, privileges, restrictions and conditions attaching to the Debt Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other material terms or conditions of the Debt Securities.

Each series of Debt Securities may be issued at various times with different maturity dates, may bear interest at different rates and may otherwise vary. The Corporation will not issue any guaranteed Debt Securities.

The terms on which a series of Debt Securities may be convertible into or exchangeable for Common Shares or other Securities of the Corporation will be described in the applicable Prospectus Supplement. These terms may include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at the option of the Corporation, and may include provisions pursuant to which the number of Common Shares or other Securities to be received by the holders of such series of Debt Securities would be subject to adjustment.

To the extent any Debt Securities are convertible into other Securities of the Corporation, prior to such conversion the holders of such Debt Securities will not have any of the rights of holders of the Securities into which the Debt Securities are convertible, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Warrants**

The Corporation may issue Warrants, separately or together with other Securities in any combination thereof, as the case may be. The Warrants will be issued under a separate Warrant agreement or indenture. A copy of the Warrant agreement or indenture relating to an offering of Warrants will be filed by the Corporation with securities regulatory authorities in Canada after it has been entered into by the Corporation. The following describes the general terms that will apply to any Warrants that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Warrants offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Warrants, and the extent to which the general terms of the Warrants described in this Prospectus apply to those Warrants, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of Warrants offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 price or prices, if any, at which the Warrants will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 currency in which the Warrants will be offered and in which the exercise price under the
 Warrants may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon
 exercise of the Warrant, the events or conditions under which the amount of Securities may
 be subject to adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 date on which the right to exercise such Warrants shall commence and the date on which such
 right shall expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if
 applicable, the identity of the Warrant agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Warrants will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Warrants will be issued with any other Securities and, if so, the amount and terms of
 these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Warrants are to be issued in registered form, "book-entry only" form, non-certificated
 inventory system form, bearer form or in the form of temporary or permanent global securities
 and the basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 material risk factors relating to such Warrants and the Securities to be issued upon exercise
 of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other rights, privileges, restrictions and conditions attaching to the Warrants and the Securities
 to be issued upon exercise of the Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other material terms or conditions of the Warrants and the Securities to be issued upon exercise
 of the Warrants.

Prior to the exercise of any Warrants, holders of such Warrants will not have any of the rights of holders of the Securities purchasable upon such exercise, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Subscription Receipts**

The Corporation may issue Subscription Receipts, separately or together with other Securities in any combination thereof, as the case may be. The Subscription Receipts will be issued under an agreement or indenture. The applicable Prospectus Supplement will include details of the subscription receipt agreement or indenture governing the Subscription Receipts being offered. The following describes the general terms that will apply to any Subscription Receipts that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Subscription Receipts offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Subscription Receipts, and the extent to which the general terms of the Subscription Receipts described in this Prospectus apply to those Subscription Receipts, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of Subscription Receipts offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 price or prices, if any, at which the Subscription Receipts will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 currency in which the Subscription Receipts will be offered and whether the price is payable
 in installments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Securities for which the Subscription Receipts may be exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conditions
 to the exchange of Subscription Receipts into Securities and the consequences of such conditions
 not being satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of Securities that may be issued upon the exchange of each Subscription Receipt and
 the price per security or the aggregate principal amount, denominations and terms of the
 series of Debt Securities that may be issued upon exchange of the Subscription Receipts,
 and the events or conditions under which the amount of Securities may be subject to adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 dates or periods during which the Subscription Receipts may be exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 circumstances, if any, which will cause the Subscription Receipts to be deemed to be automatically
 exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provisions
 applicable to any escrow of the gross or net proceeds from the sale of the Subscription Receipts
 plus any interest or income earned thereon, and for the release of such proceeds from such
 escrow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if
 applicable, the identity of the Subscription Receipt agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Subscription Receipts will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Subscription Receipts will be issued with any other Securities and, if so, the amount
 and terms of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Subscription Receipts are to be issued in registered form, "book-entry only"
 form, non-certificated inventory system form, bearer form or in the form of temporary or
 permanent global securities and the basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 material risk factors relating to such Subscription Receipts and the Securities to be issued
 upon exchange of the Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material
 Canadian federal income tax consequences of owning the Subscription Receipts and the Securities
 to be issued upon exchange of the Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other rights, privileges, restrictions and conditions attaching to the Subscription Receipts
 and the Securities to be issued upon exchange of the Subscription Receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other material terms or conditions of the Subscription Receipts and the Securities to be
 issued upon exchange of the Subscription Receipts.

Prior to the exchange of any Subscription Receipts, holders of such Subscription Receipts will not have any of the rights of holders of the Securities for which the Subscription Receipts may be exchanged, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Convertible Securities**

The Corporation may issue Convertible Securities, separately or together with other Securities in any combination thereof, as the case may be. The Convertible Securities will be convertible or exchangeable into Common Shares and/or other Securities. The applicable Prospectus Supplement will include details of the agreement, indenture or other instrument to which such Convertible Securities will be created and issued. The following describes the general terms that will apply to any Convertible Securities that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Convertible Securities offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Convertible Securities, and the extent to which the general terms of the Convertible Securities described in this Prospectus apply to those Convertible Securities, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of such Convertible Securities offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 price at which such Convertible Securities will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 procedures for the conversion or exchange of such Convertible Securities into or for Common
 Shares and/or other Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of Common Shares and/or other Securities that may be issued upon the conversion or
 exchange of such Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 period or periods during which any conversion or exchange may or must occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 designation and terms of any other Securities with which such Convertible Securities will
 be offered, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 gross proceeds from the sale of such Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Convertible Securities will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Convertible Securities are to be issued in registered form, "book-entry only"
 form, bearer form or in the form of temporary or permanent global securities and the basis
 of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certain
 material Canadian federal income tax consequences of owning the Convertible Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other material terms and conditions of the Convertible Securities.

**Units**

The Corporation may issue Units, separately or together with other Securities or any combination thereof, as the case may be. Each Unit will be issued so that the holder of the Unit is also the holder of each Security comprising the Unit. Thus, the holder of a Unit will have the rights and obligations of a holder of each Security. The following describes the general terms that will apply to any Units that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Units offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Units, and the extent to which the general terms of the Units described in this Prospectus apply to those Units, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of Units offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 price or prices, if any, at which the Units will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 currency in which the Units will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Units will be issued with any other Securities and, if so, the amount and terms of these
 Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the Units and the Securities comprising the Units are to be issued in registered form, "book-entry
 only" form, non-certificated inventory system form, bearer form or in the form of temporary
 or permanent global securities and the basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 material risk factors relating to such Units or the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material
 Canadian federal income tax consequences of owning the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other rights, privileges, restrictions and conditions attaching to the Units or the Securities
 comprising the Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 other material terms or conditions of the Units or the Securities comprising the Units, including
 whether and under what circumstances the Securities comprising the Units may be held or transferred
 separately.

The Securities will not include any novel derivatives or asset-backed securities as described under Part 4 of NI 44-102 – *Shelf Distributions*.

**EARNINGS COVERAGE RATIOS**

The applicable Prospectus Supplement will provide, as required, the earnings coverage ratios with respect to issuance of Debt Securities pursuant to such Prospectus Supplement.

**Prior Sales**

Prior sales of Securities will be provided, as required, in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus Supplement.

**Trading Price and Volume**

Trading price and volume of Securities will be provided, as required, in each Prospectus Supplement to this Prospectus.

**CERTain canadian federal income tax considerations**

The applicable Prospectus Supplement may describe certain Canadian federal income tax considerations generally applicable to investors described therein of purchasing, holding and disposing of the applicable Securities, including, in the case of an investor who is not a resident of Canada, Canadian non-resident withholding tax considerations.

**Risk Factors**

There are various risks set out in the documents incorporated by reference herein, including the applicable Prospectus Supplement, that could have a material adverse effect upon, among other things, the exploration results, properties, business, business prospects and condition (financial or otherwise) of the Corporation. Before making an investment decision, prospective purchasers of Securities should carefully consider the information described in this Prospectus and the documents incorporated by reference herein, including the applicable Prospectus Supplement.

The Corporation has negative cash flow from operating activities and does not currently generate any revenue. Lack of cash flow from the Corporation's operating activities could impede its ability to raise capital through debt or equity financing to the extent required to fund its business operations. In addition, working capital deficiencies could negatively impact the Corporation's ability to satisfy its obligations promptly as they become due. If the Corporation does not generate sufficient cash flow from operating activities, it will remain dependent upon external financing sources. There can be no assurance that such sources of financing will be available on acceptable terms or at all.

In addition, sales of a substantial number of Common Shares by existing shareholders could occur. These sales, or the market perception that the holders of a large number of Common Shares intend to sell Common Shares, could reduce the market price of the Common Shares. If this occurs, it could impair the Corporation's ability to raise additional capital through the sale of securities.

Additional risk factors relating to a specific offering of Securities will be described in the applicable Prospectus Supplement. Some of the risk factors described in the documents incorporated by reference herein and/or the applicable Prospectus Supplement are interrelated and, consequently, investors should treat such risk factors as a whole. If any event arising from these risks occurs, the Corporation's business, prospects, financial condition, results of operations or cash flows, or your investment in the Securities could be materially adversely affected. Additional risks and uncertainties of which the Corporation currently is unaware or that are unknown or that it currently deems to be immaterial could have a material adverse effect on the Corporation's business, financial condition and results of operation. The Corporation can provide no assurance that it will successfully address any or all of these risks. For a list of risk factors, prospective purchasers should refer to risk factors outlined in the AIF under the heading *"Risk Factors"*, the risk factors outlined in the Annual MD&A under the heading *"Financial Instrument Risk"* and elsewhere in the documents incorporated by reference herein.

Prospective investors should carefully consider the risks described herein, in a document incorporated by reference herein or in the applicable Prospectus Supplement and consult with their professional advisors to assess any investment in the Corporation.

**An investment in the Securities, as well as the Corporation's prospects, are speculative due to the risky nature of its business and the present stage of its development. Investors may lose their entire investment.**

**Interest of Experts**

The following persons, firms and companies are named as having prepared or certified a statement, report, valuation or opinion described or included herein directly or in a document incorporated by reference herein and whose profession or business gives authority to the statement, report, valuation or opinion, in each case with respect to the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;· Scott
 Wilson, C.P.G. SME-RM

&nbsp;&nbsp;&nbsp;&nbsp;· Peter
 Szkilnyk, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Alan
 J. San Martin, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Richard
 Gowans, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Justin
 Taylor, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Christopher
 Jacobs, C.Eng., MIMMM

&nbsp;&nbsp;&nbsp;&nbsp;· Adam
 Wheeler, B.Sc., M.Sc., C. Eng., Eur Ing., FIMMM

Certain information of a scientific or technical nature contained in this Prospectus and in the documents incorporated by reference herein, was reviewed and approved by the persons listed above, who are "qualified persons" within the meaning of NI 43-101.

To the knowledge of the Corporation, as of the date hereof, each of the persons referenced above holds less than 1.0% of the outstanding securities of the Corporation or any associate or affiliate of the Corporation.

**ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS**

Mr. Francis Johnstone and Dr. Karin Thorburn, directors of the Corporation, and Mr. Adam Wheeler and Mr. Scott Wilson, the qualified persons responsible for the Nussir Technical Report and the Blue Moon Technical Report, respectively, reside outside of Canada. Mr. Johnstone, Dr. Thorburn, Mr. Wheeler and Mr. Wilson have appointed Bennett Jones LLP, 3400 One First Canadian Place, P.O. Box 130, Toronto, Ontario, M5X 1A4 as agent for service of process.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

**Legal Matters**

Unless otherwise specified in the Prospectus Supplement relating to an offering of Securities, certain legal matters relating to the offering of Securities will be passed upon by Bennett Jones LLP on behalf of the Corporation. As of the date hereof, Bennett Jones LLP and its partners, counsel and associates, as a group, beneficially own, directly or indirectly, less than 1.0% of the outstanding securities of the Corporation. In addition, certain legal matters in connection with any offering of Securities will be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering by such underwriters, dealers or agents with respect to matters of Canadian and, if applicable, United States or other foreign law.

**Auditors, transfer agent and registrar**

The registrar and transfer agent for the Corporation is Odyssey Trust Company, located at 300 5<sup>th</sup> Avenue SW, Suite 1230, Calgary, Alberta, T2P 3C4.

Davidson & Company LLP, having an address of 609 Granville Street, Suite 1200, Vancouver, British Columbia, V7Y 1H4, is the former auditor of the Corporation (until April 21, 2025) and has confirmed that they are independent within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct (registered name of The Institute of Chartered Accountants of Ontario). Davidson & Company LLP resigned effective on April 21, 2025, and succeeded by MNP LLP, as the current auditors of the Corporation.

**Statutory aND CONTRACTUAL Rights OF WITHDRAWAL AND RESCISSION**

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase Securities. This right may be exercised within two business days after receipt or deemed receipt of the Prospectus, the accompanying Prospectus Supplement relating to the Securities purchased by a purchaser and any amendment thereto. In several of the provinces and territories, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the Prospectus, the accompanying Prospectus Supplement relating to the Securities purchased by a purchaser and any amendment thereto contains a misrepresentation or is not sent and delivered to the purchaser, provided that the remedies for rescission, revision of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal advisor.

In addition to statutory rights of withdrawal and rescission, original purchasers of Securities under this Prospectus (as supplemented or amended) that are convertible, exchangeable or exercisable securities, will be granted a contractual right of rescission against the Company in respect of the conversion, exchange or exercise of such Securities. The contractual right of rescission will be further described in any applicable Prospectus Supplement, but will, in general, entitle such original purchasers to receive, in addition to the amount paid on original purchase of any Securities, the amount paid upon conversion, exchange or exercise of such Securities, upon surrender of the underlying securities gained thereby, in the event that this Prospectus, the applicable Prospectus Supplement or any amendment thereto contains a misrepresentation, provided that both the conversion, exchange or exercise occurs, and the right of rescission is exercised, within 180 days of the date of the purchase of such Securities under this Prospectus and the applicable Prospectus Supplement. This contractual right of rescission will be consistent with the statutory right of rescission described under Section 130 of the *Securities Act* (Ontario) and is in addition to any other right or remedy available to original purchasers under Section 130 of the *Securities Act* (Ontario) or otherwise at law.

In an offering of Securities, to the extent such securities are convertible, exchangeable or exercisable securities, investors are cautioned that the statutory right of action for damages for a misrepresentation contained in this Prospectus (as supplemented or amended) is limited, in certain provincial and territorial securities legislation, to the price at which the Securities are offered to the public under the prospectus offering. This means that, under the securities legislation of certain provinces and territories of Canada, if the purchaser pays additional amounts upon conversion, exchange or exercise, as applicable, of the Security, those amounts may not be recoverable under the statutory right of action for damages that applies in those provinces and territories of Canada. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of this right of action for damages or consult with a legal adviser.

**PART II**

**INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR<br> PURCHASERS**

**Indemnification of Directors and Officers.**

Under the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), the Registrant may indemnify a present or former director or officer of the Registrant, a director or officer of another corporation that at the time the corporation is or was an affiliate of the Registrant or who, at the request of the Registrant, is or was a director or officer or holds a position equivalent to that of, a director or officer of a corporation, partnership, trust, joint venture or other unincorporated entity, against all costs, charges and expenses, including legal and other fees, as well as any judgments, penalties, fines or amounts paid to settle a legal proceeding or investigative action, incurred by the individual in respect of any legal proceeding or investigative action, whether current, threatened, pending or completed, in which the individual is involved because of that association with the Registrant or other entity. The Registrant may not indemnify such an individual if the indemnity or payment is prohibited by the Registrant's memorandum of articles and unless the individual acted honestly and in good faith with a view to the best interests of the Registrant, or, as the case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the Registrant's request and in the case of a proceeding other than a civil proceeding the individual had reasonable grounds for believing that the individual's conduct was lawful. The Registrant may advance moneys reasonably incurred to an individual described above for the costs, charges and expenses, including legal and other fees, of a proceeding described above; however, the individual shall provide the Registrant with a written undertaking that should the payment of costs, charges and expenses of a proceeding be determined to be prohibited under the BCBCA, the individual shall repay the moneys. On application of the Registrant or an individual described above, the Supreme Court of British Columbia may order (A) the Registrant to indemnify a person described above in respect of any liability incurred by such person in respect of such a legal proceeding or investigative action, (B) the Registrant to pay some or all of the expenses incurred by such individual in respect of such legal proceeding or investigative action, (C) the enforcement of, or any payment under, an agreement of indemnification entered into by the Registrant, (D) the Registrant to pay some or all of the expenses actually and reasonably incurred by such person described above in obtaining such an order, and/or (E) any other order that the Supreme Court of British Columbia considers appropriate.

The articles of the Registrant provide that the Registrant shall indemnify a director, former director or alternate director of the Registrant and their heirs and legal personal representatives against all eligible penalties, being any judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding, to which such person is or may be liable, and the Registrant shall, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. The articles of the Registrant define an eligible proceeding as a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director, former director or alternate director of the Registrant (an "eligible party") or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director or alternate director of the Registrant: (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. The articles of the Registrant also provide that the Registrant may purchase and maintain such insurance for the benefit of a director, alternate director, officer, employee or agent of the Registrant, a former director, officer, employee or agent of the Registrant, an individual who at the request of the Registrant is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity or an individual who at the request of the Registrant holds or held a position equivalent to that of a director, alternate director or officer of a partnership, joint venture or other unincorporated entity, against any liability incurred by the individual, in the individual's capacity set forth in this paragraph.

The Registrant maintains directors' and officers' liability insurance which insures directors and officers for losses as a result of claims against the directors and officers of the Registrant in their capacity as directors and officers and also reimburse the Registrant for payments made pursuant to the indemnity provisions under the articles of the Registrant and the BCBCA.

Insofar as indemnification for liabilities arising under the United States Securities Act of 1933 may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the United States Securities Act of 1933 and is therefore unenforceable.

**Exhibits**

The following exhibits have been filed as part of this Registration Statement:

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [4.1](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-44.htm) | [Annual information form for the financial year ended December 31, 2024, filed on September 12, 2025 (incorporated by reference to Exhibit 99.44 to the Registrant's 40-F filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-44.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-99.htm) | [Audited annual financial statements for the years ended December 31, 2024 and 2023, filed on April 14, 2025 (incorporated by reference to Exhibit 99.99 to the Registrant's 40-F/A filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-99.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-98.htm) | [Annual management's discussion and analysis for the year ended December 31, 2024, filed on April 14, 2025 (incorporated by reference to Exhibit 99.98 to the Registrant's 40-F/A filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-98.htm) |
| [4.4](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-63.htm) | [Interim financial statements for the three and six months ended June 30, 2025 and 2024, filed on August 27, 2025 (incorporated by reference to Exhibit 99.63 to the Registrant's 40-F/A filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-63.htm) |
| [4.5](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-64.htm) | [Management's discussion and analysis for the three and six months ended June 30, 2025, filed on August 27, 2025 (incorporated by reference to Exhibit 99.64 to the Registrant's 40-F/A filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-64.htm) |
| [4.6](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-111.htm) | [Material change report, filed on March 7, 2025 (incorporated by reference to Exhibit 99.111 to the Registrant's 40-F/A filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-111.htm) |
| [4.7](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-106.htm) | [Material change report, filed on March 17, 2025 (incorporated by reference to Exhibit 99.106 to the Registrant's 40-F/A filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-106.htm) |
| [4.8](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-47.htm) | [Material change report, filed on September 12, 2025 (incorporated by reference to Exhibit 99.47 to the Registrant's 40-F filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-47.htm) |
| [4.9](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-23.htm) | [Business acquisition report, filed on September 23, 2025 (incorporated by reference to Exhibit 99.23 to the Registrant's 40-F/A filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-23.htm) |
| [4.10](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-69.htm) | [Statement of executive compensation (form 51-102F6V), filed on June 26, 2025 (incorporated by reference to Exhibit 99.69 to the Registrant's 40-F/A filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004307/tm2533647d2_ex99-69.htm) |
| [4.11](tm265255d1_ex4-11.htm) | [Management information circular, dated September 17, 2024, filed on September 20, 2024.](tm265255d1_ex4-11.htm) |
| [4.12](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-3.htm) | [Management's discussion and analysis for the three and nine months ended September 30, 2025, filed on November 19, 2025 (incorporated by reference to Exhibit 99.3 to the Registrant's 40-F filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-3.htm) |
| [4.12](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-2.htm) | [Interim financial statements for the three and nine months ended September 30, 2025 and 2024, filed on November 19, 2025 (incorporated by reference to Exhibit 99.2 to the Registrant's 40-F filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-2.htm) |
| [4.13](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-11.htm) | [Management information circular, dated October 10, 2025, filed on October 22, 2025 (incorporated by reference to Exhibit 99.11 to the Registrant's 40-F filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-11.htm) |

---

---

| | |
|:---|:---|
| [4.14](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-14.htm) | [Material change report, filed on October 6, 2025 (incorporated by reference to Exhibit 99.14 to the Registrant's 40-F filed with the SEC on January 16, 2026 (File No. 001-43058)).](https://www.sec.gov/Archives/edgar/data/1732379/000110465926004291/tm2533647d1_ex99-14.htm) |
| [5.1](tm265255d1_ex5-1.htm) | [Consent of Davidson & Company LLP.](tm265255d1_ex5-1.htm) |
| [5.2](tm265255d1_ex5-2.htm) | [Consents of KPMG AS.](tm265255d1_ex5-2.htm) |
| [5.3](tm265255d1_ex5-3.htm) | [Consent of A.J. San Martin.](tm265255d1_ex5-3.htm) |
| [5.4](tm265255d1_ex5-4.htm) | [Consents of A. Wheeler.](tm265255d1_ex5-4.htm) |
| [5.5](tm265255d1_ex5-5.htm) | [Consent of C. Jacobs.](tm265255d1_ex5-5.htm) |
| [5.6](tm265255d1_ex5-6.htm) | [Consent of J. Taylor.](tm265255d1_ex5-6.htm) |
| [5.7](tm265255d1_ex5-7.htm) | [Consent of P. Szkilnyk.](tm265255d1_ex5-7.htm) |
| [5.8](tm265255d1_ex5-8.htm) | [Consent of R. Gowans.](tm265255d1_ex5-8.htm) |
| [5.9](tm265255d1_ex5-9.htm) | [Consent of S. Wilson.](tm265255d1_ex5-9.htm) |
| [6.1](#f10a_025) | [Power of Attorney (included on the signature page of this Registration Statement).](#f10a_025) |
| [7.1](tm265255d1_ex7-1.htm) | [Form of Indenture.\*](tm265255d1_ex7-1.htm) |
| [107](tm265255d1_ex-filingfees.htm) | [Filing Fee Table.](tm265255d1_ex-filingfees.htm) |

---

\* If debt securities are offered by a prospectus supplement to this Registration Statement, a Statement of Eligibility on Form T-1 will be filed with the Commission.

**PART III**

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

**Item 1. Undertaking.**

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities registered pursuant to this Form F-10 or to transactions in said securities.

**Item 2. Consent to Service of Process.**

(a) Concurrently with the initial
 filing of this Registration Statement, the Registrant filed with the SEC a written irrevocable consent and power of attorney on Form F-X.

(b) Any change to the name
 or address of the Registrant's agent for service shall be communicated promptly to the SEC by amendment to Form F-X referencing
 the file number of this Registration Statement.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Ontario, Canada, on February 18, 2026.

---

| | | |
|:---|:---|:---|
| **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** |
| By: | /s/ Christian Kargl-Simard | /s/ Christian Kargl-Simard |
|  | Name: | Christian Kargl-Simard |
|  | Title: | Chief Executive Officer and Director |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Christian Kargl-Simard and Frances Kwong, or either of them, his true and lawful attorneys-in-fact and agents, each of whom may act alone, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement, including post-effective amendments and to file the same, with all exhibits thereto, and other documents and in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his said attorneys-in-fact and agents or any of them or his substitute or substitutes may lawfully do or cause to be done by virtue hereof. This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by or on behalf of the following persons in the capacities indicated and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Christian Kargl-Simard | Chief Executive Officer and Director | February 18, 2026 |
| Christian Kargl-Simard | (Principal Executive Officer) |  |
| /s/ Frances Kwong | Chief Financial Officer (Principal | February 18, 2026 |
| Frances Kwong | Financial Officer and Principal Accounting Officer) |  |
| /s/ Maryse Bélanger | Chair and Director | February 18, 2026 |
| Maryse Bélanger |  |  |
| /s/ Per-Erik Bjørnstad | Director | February 18, 2026 |
| Per-Erik Bjørnstad |  |  |
| /s/ Richard Colterjohn | Director | February 18, 2026 |
| Richard Colterjohn |  |  |
| /s/ Francis Johnstone | Director | February 18, 2026 |
| Francis Johnstone |  |  |
| /s/ Peter Madsen | Director | February 18, 2026 |
| Peter Madsen |  |  |
| /s/ Frode Nilsen | Director | February 18, 2026 |
| Frode Nilsen |  |  |
| /s/ Karin Thorburn | Director | February 18, 2026 |
| Karin Thorburn |  |  |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Registration Statement, in the capacity of the duly authorized representative of the Registrant in the United States, on February 18, 2026.

---

| | | |
|:---|:---|:---|
| **Cogency Global Inc.** | **Cogency Global Inc.** | **Cogency Global Inc.** |
| as authorized representative for Blue Moon Metals Inc. | as authorized representative for Blue Moon Metals Inc. | as authorized representative for Blue Moon Metals Inc. |
| By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Sr. Vice President <br> on behalf of Cogency Global Inc. |

---

## Exhibit 4.11

**Exhibit 4.11**

![](tm265255d1_ex4-11img001.jpg)

**<u>NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS</u>**

**TAKE NOTICE** that the annual general meeting of shareholders (the "**Meeting**") of Blue Moon Metals Inc. (the "**Company**") will be held at 1133 Melville Street, Suite 2700, Vancouver, BC V6E 4E5 on October 17, 2024 at 11:00 a.m. (Pacific Time) for the following purposes, as more particularly described in the accompanying information circular (the "**Information Circular**"):

1. to receive and consider the audited annual financial statements of the Company for the fiscal year ended
December 31, 2023 and the auditor's report thereon;

2. to fix the number of directors of the Company at four (4) for the ensuing year;

3. to elect directors for the ensuing year;

4. to appoint Davidson & Company LLP as the auditor of the Company for the ensuing year and to authorize
the directors to fix the remuneration to be paid to the auditor;

5. to approve the Company's new share compensation plan for the ensuing year; and

6. to transact any other business which may properly come before the Meeting, or any adjournment thereof.

Accompanying this Notice of Meeting is an Information Circular, a form of Proxy, and a financial statement request card whereby shareholders can request to be added to the Company's supplemental mailing list. The Information Circular includes more detailed information relating to the matters to be addressed at the Meeting, and forms part of this Notice.

The Board of Directors has fixed the close of business on September 17, 2024 as the record date for determining shareholders entitled to receive notice of, and to vote at, the Meeting or any adjournment or postponement of the Meeting. A shareholder entitled to vote at the Meeting is entitled to appoint a proxyholder to vote in his/her stead. If you are a registered shareholder of the Company, please read, date, and sign the accompanying Proxy and deliver it in accordance with the instructions provided therein. If you are a non- registered holder of Company shares and have received this Notice of Meeting and accompanying materials through an intermediary, such as an investment dealer, broker, custodian, administrator or other nominee, or a clearing agency in which the intermediary participates, please complete and return the form of voting instruction form provided to you in accordance with the instructions provided therein.

DATED at Vancouver, British Columbia, this 17th day of September, 2024.

**BY ORDER OF THE BOARD OF DIRECTORS**

*"<u>Patrick McGrath</u>"*

Chief Executive Officer

*These securityholder materials are being sent to both registered and non-registered owners of the securities. If you are a non-registered owner, and the Company or its agent has sent these materials directly to you, your name and address and information about your holdings of securities, have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding on your behalf. By choosing to send these materials to you directly, the Company (and not the intermediary holding on your behalf) has assumed responsibility for (i) delivering these materials to you, and (ii) executing your proper voting instructions. Please return your voting instructions as specified in the request for voting instructions.*

![](tm265255d1_ex4-11img002.jpg)

**BLUE MOON METALS INC.**<br> 601 West Broadway, Suite 400<br> Vancouver, British Columbia<br> Canada V5Z 4C2

**MANAGEMENT INFORMATION CIRCULAR**<br> as at September 17, 2024

**This management information circular ("Circular") is furnished in connection with the solicitation of proxies by management of Blue Moon Metals Inc. (the "Company") for use at the annual general meeting (the "Meeting") of shareholders of the Company (the "Shareholders") to be held on October 17, 2024 and any adjournment thereof, for the purposes set forth in the attached Notice of Annual General Meeting. Except where otherwise indicated, the information contained herein is stated as of September 17, 2024.**

In this Circular, references to the "**Company**" and "**we**" refer to Blue Moon Metals Inc. "**Common Shares**" means common shares without par value in the capital of the Company. "**Registered Shareholders**" means Shareholders whose names appear on the records of the Company as the registered holders of Common Shares. "**Non-Registered Shareholders**" means Shareholders who do not hold Common Shares in their own name. "**Intermediaries**" refers to brokers, investment firms, clearing houses and similar entities that own securities on behalf of Non-Registered Shareholders.

**GENERAL PROXY INFORMATION**

**Solicitation of Proxies**

The solicitation of proxies will be primarily by mail, but proxies may be solicited personally or by telephone by directors, officers and regular employees of the Company. The Company will bear all costs of this solicitation. We have arranged to send meeting materials directly to Registered Shareholders, as well as Non-Registered Shareholders who have consented to their ownership information being disclosed by the Intermediary holding the Common Shares on their behalf (non-objecting beneficial owners). We have not arranged for Intermediaries to forward the meeting materials to Non-Registered Shareholders who have objected to their ownership information being disclosed by the Intermediary holding the Common Shares on their behalf (objecting beneficial owners) under National Instrument 54-101 *Communication with Beneficial Owners of Securities of a Reporting Issuer* ("**NI 54-101**"). As a result, objecting beneficial owners will not receive the Circular and associated meeting materials unless their Intermediary assumes the costs of delivery.

**Appointment and Revocation of Proxies**

The individuals named in the accompanying form of proxy (the "**Proxy**") are officers of the Company or solicitors for the Company. **If you are a Registered Shareholder, you have the right to attend the meeting or vote by proxy and to appoint a person or company other than the person designated in the Proxy, who need not be a Shareholder, to attend and act for you and on your behalf at the Meeting. You may do so either by inserting the name of that other person in the blank space provided in the Proxy or by completing and delivering another suitable form of Proxy.**

If you are a Registered Shareholder you may wish to vote by proxy whether or not you are able to attend the Meeting in person. Registered Shareholders electing to submit a proxy may do so by completing, dating and signing the enclosed form of proxy and returning it to the Company's transfer agent, Odyssey Trust Company ("**Odyssey**"), in accordance with the instructions on the Proxy.

In all cases you should ensure that the Proxy is received at least 48 hours (excluding Saturdays, Sundays and holidays) before the Meeting or the adjournment thereof at which the proxy is to be used.

Every Proxy may be revoked by an instrument in writing:

(i) executed by the Shareholder or by his/her attorney authorized in writing or, where the Shareholder is
a company, by a duly authorized officer or attorney of the company; and

(ii) delivered either to the registered office of the Company at any time up to and including the last business
day preceding the day of the Meeting or any adjournment thereof, at which the Proxy is to be used, or to the chairman of the Meeting on
the day of the Meeting or any adjournment thereof,

or in any other manner provided by law.

**Only Registered Shareholders have the right to revoke a Proxy. Non-Registered Shareholders who wish to change their vote must, at least seven days before the Meeting, arrange for their respective Intermediaries to revoke the Proxy on their behalf.** If you are a Non-Registered Shareholder, see "Voting by Non-Registered Shareholders" below for further information on how to vote your Common Shares.

**Exercise of Discretion by Proxyholder**

If you vote by proxy, the persons named in the Proxy will vote or withhold from voting the Common Shares represented thereby in accordance with your instructions on any ballot that may be called for. If you specify a choice with respect to any matter to be acted upon, your Common Shares will be voted accordingly. The Proxy confers discretionary authority on the persons named therein with respect to:

(i) each matter or group of matters identified therein for which a choice is not specified,

(ii) any amendment to or variation of any matter identified therein,

(iii) any other matter that properly comes before the Meeting, and

(iv) the exercise of discretion of the proxyholder.

**In respect of a matter for which a choice is not specified in the Proxy, the persons named in the Proxy will vote the Common Shares represented by the Proxy for the approval of such matter.** Management is not currently aware of any other matters that could come before the Meeting.

**Voting by Non-Registered Shareholders**

The following information is of significant importance to Shareholders who do not hold Common Shares in their own name. Non-Registered Shareholders should note that the only Proxies that can be recognized and acted upon at the Meeting are those deposited by Registered Shareholders.

If Common Shares are listed in an account statement provided to a Shareholder by an Intermediary, then in almost all cases those Common Shares will not be registered in the Shareholder's name on the records of the Company. Such Common Shares will more likely be registered under the name of the Shareholder's Intermediary or an agent of that Intermediary. In the United States, the vast majority of such Common Shares are registered under the name of Cede & Co. (the registration name for as the Depository Trust Company, which acts as nominee for many U.S. brokerage firms), and in Canada, under the name of CDS & Co. (the registration name for the Canadian Depository for Securities Limited, which acts as nominee for many Canadian brokerage firms).

If you have consented to disclosure of your ownership information, you will receive a request for voting instructions from the Company (through Odyssey). If you have declined to disclose your ownership information, you may receive a request for voting instructions from your Intermediary if they have assumed the cost of delivering the Circular and associated meeting materials. Every Intermediary has its own mailing procedures and provides its own return instructions to clients. However, most Intermediaries now delegate responsibility for obtaining voting instructions from clients to Broadridge Financial Solutions, Inc. ("**Broadridge**") in the United States and in Canada.

If you are a Non-Registered Shareholder, you should carefully follow the instructions on the voting instruction form received from Odyssey or Broadridge in order to ensure that your Common Shares are voted at the Meeting. The voting instruction form supplied to you will be similar to the Proxy provided to the Registered Shareholders by the Company. However, its purpose is limited to instructing the Intermediary on how to vote on your behalf.

The voting instruction form sent by Odyssey or Broadridge will name the same persons as the Company's proxy to represent you at the Meeting. Although as a Non-Registered Shareholder you may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of your Intermediary, you, or a person designated by you (who need not be a Shareholder), may attend at the Meeting as Proxyholder for your Intermediary and vote your Common Shares in that capacity. To exercise this right to attend the meeting or appoint a Proxyholder of your own choosing, you should insert your own name or the name of the desired representative in the blank space provided in the voting instruction form. Alternatively, you may provide other written instructions requesting that you or your desired representative attend the Meeting as Proxyholder for your Intermediary. The completed voting instruction form or other written instructions must then be returned in accordance with the instructions on the form.

**If you receive a voting instruction form from Odyssey or Broadridge, you cannot use it to vote Common Shares directly at the Meeting – the voting instruction form must be completed as described above and returned in accordance with its instructions well in advance of the Meeting in order to have the Common Shares voted.**

**INTEREST OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON**

Except as disclosed herein, no person has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in matters to be acted upon at the Meeting other than the election of directors and as set out herein. For the purpose of this paragraph, "person" shall include each person: (a) who has been a director, senior officer or insider of the Company at any time since the commencement of the Company's last fiscal year; (b) who is a proposed nominee for election as a director of the Company; or (c) who is an associate or affiliate of a person included in subparagraphs (a) or (b).

**RECORD DATE AND QUORUM**

The board of directors (the "**Board**") of the Company has fixed the record date for the Meeting as the close of business on September 17, 2024 (the "**Record Date**"). Shareholders of record as at the Record Date are entitled to receive notice of the Meeting and to vote their Common Shares at the Meeting, except to the extent that any such Shareholder transfers any Common Shares after the Record Date and the transferee of those Common Shares establishes that the transferee owns the Common Shares and demands, not less than ten (10) days before the Meeting, that the transferee's name be included in the list of Shareholders entitled to vote at the Meeting, in which case, only such transferee shall be entitled to vote such Common Shares at the Meeting.

Under the Company's articles, the quorum for the transaction of business at a meeting of shareholders is one person who is a shareholder, or who is otherwise permitted to vote shares of the Company at a meeting of shareholders, present in person or by proxy.

**VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES**

On the Record Date, there were 52,804,086 Common Shares issued and outstanding, with each Common Share carrying the right to one vote. Only Shareholders of record at the close of business on the Record Date will be entitled to vote in person or by Proxy at the Meeting or any adjournment thereof.

To the knowledge of the directors and executive officers of the Company, as of the date of this Circular, no Shareholders beneficially own, or exercise control or direction, directly or indirectly, Common Shares carrying 10% or more of the votes attached to Common Shares.

**PARTICULARS OF MATTERS TO BE ACTED UPON**

To the knowledge of the Company's directors, the only matters to be placed before the Meeting are those set forth in the accompanying Notice of Meeting and more particularly discussed below.

**Presentation of Financial Statements**

The annual financial statements of the Company for the financial year ended December 31, 2023, together with the auditor's report thereon, will be placed before the Meeting. The Company's financial statements are available on the System of Electronic Document Analysis and Retrieval (SEDAR+) website at <u>www.sedarplus.ca</u>.

**Election of Directors**

The Board presently consists of three (3) directors. Only one of these directors, Patrick McGrath is being nominated for re-election at the meeting. In addition, Haytham Hodaly, Maryse Belanger, and Christian Kargl- Simard are being nominated for election at the Meeting. Shareholders will be asked to fix the number of directors at four (4) and to elect the four (4) persons listed below as directors for the ensuing year.

The term of office of each of the present directors expires at the Meeting. The persons named below will be presented for election at the Meeting as the nominees of management and the persons named in the accompanying form of proxy intend to vote for the election of these nominees. Management does not contemplate that any of these nominees will be unable to serve as a director. Each director elected will hold office until the next annual general meeting of the Company or until his or her successor is elected or appointed, unless his or her office is earlier vacated in accordance with the Articles of the Company, or with the provisions of the *Business Corporations Act* (British Columbia).

The following table and notes thereto states the name of each person proposed to be nominated by management for election as a director (a "**proposed director**"), the province or state and country of residence, all offices of the Company now held by him or her, his or her principal occupation, the period of time for which he or she has been a director of the Company, and the number of Common Shares beneficially owned by him or her, directly or indirectly, or over which he or she exercises control or direction, as at the date hereof.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Residence and<br> Present Position within<br> the Company** | &nbsp;&nbsp;**Director Since** | &nbsp;&nbsp;**Number of Shares<br> Beneficially Owned,<br> Directly or Indirectly,<br> or Over Which Control<br> or Discretion is<br> Exercised<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation<sup>(1)</sup>** |
| &nbsp;&nbsp;**Patrick McGrath**<sup>(2)</sup><br> Nova Scotia, Canada <br> *Director & CEO* | &nbsp;&nbsp;February 24, 2017 | &nbsp;&nbsp;3752428 | &nbsp;&nbsp;Chief Executive Officer of the Company since April 2017. Director and Chief Executive Officer of Burrell Resources Inc. since December 2019. Mr. McGrath has a bachelor of commerce degree from Memorial University and is a Chartered Professional Accountant (CPA) in Canada. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name, Residence and<br> Present Position within<br> the Company** | &nbsp;&nbsp;**Number of Shares<br> Beneficially Owned,<br> Directly or Indirectly,<br> or Over Which Control<br> or Discretion is<br> Exercised<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation<sup>(1)</sup>** |
| &nbsp;&nbsp;**Haytham Hodaly**<br> Port Coquitlam, British Columbia <br> Nominee &nbsp;&nbsp;N/A<sup>(3)</sup> | &nbsp;&nbsp;3611857 | &nbsp;&nbsp;Mr. Hodaly is currently the Senior Vice President, Corporate Development of Wheaton Precious Metals Corp. and brings with him almost 30 years of experience in analyzing mining opportunities. He joined Wheaton Precious Metals Corp. in 2012 and has since been involved with more than US$9.0 billion worth of streaming transactions. Prior to joining Wheaton Precious Metals Corp., Mr. Hodaly had spent more than 16 years in the North American securities industry, most recently as Director and Mining Analyst, Global Mining Research, at RBC Capital Markets. Prior to this, Mr. Hodaly held the position of Co- Director of Research and Senior Mining Analyst at Salman Partners Inc., in addition to holding the titles of Vice President and Director of the firm. Mr. Hodaly is an engineer with a Bachelor of Applied Science in Mining and Mineral Processing Engineering and a Master of Engineering, specializing in Mineral Economics, both obtained from the University of British Columbia. Mr. Hodaly has served as Director of the Denver Gold Group since 2019, a Director of NEXE Innovations since 2020 and was formerly a Director of Goldsource Mines Inc. from 2017 until its acquisition in 2024. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name, Residence and<br> Present Position within<br> the Company** | &nbsp;&nbsp;**Number of Shares<br> Beneficially Owned,<br> Directly or Indirectly,<br> or Over Which Control<br> or Discretion is<br> Exercised<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation<sup>(1)</sup>** |
| &nbsp;&nbsp;**Maryse Belanger**<br> West Vancouver, British Columbia <br> *Nominee* &nbsp;&nbsp;N/A<sup>(4)</sup> | &nbsp;&nbsp;2857143 | &nbsp;&nbsp;Ms. Bélanger has over 35 years of experience with senior gold and base metal companies globally with proven strengths in project development, operational excellence and efficiency, technical studies, and services. She has provided oversight and project management support through some of the mining industry's key strategic acquisitions. Ms. Bélanger currently serves as a director of Equinox Gold Corp. She was appointed Board chair at IAMGOLD in February 2022, was Interim President and CEO of IAMGOLD from May 2022 to the end of March 2023 and retired as a director in September 2023. Ms. Bélanger previously served as a director of several resource companies. She was recognized twice by the Women in Mining UK 100 Global Inspirational Women in Mining Project as one the most inspirational Global Women in Mining and named one of the ten most influential women in the mining industry. She holds a Bachelor of Science degree in Geology, a graduate certificate in Geostatistics and an ICD.D designation. |
| &nbsp;&nbsp;**Christian Kargl-Simard**<br> Toronto, Ontario <br> *Nominee* &nbsp;&nbsp;N/A<sup>(5)</sup> | &nbsp;&nbsp;3489285 | &nbsp;&nbsp;Mr. Kargl-Simard has over 20 years of experience in the mining industry, having worked both in professional, technical and finance roles. Christian was founder and CEO of Adventus Mining Corp. up to its recent C$235M sale to Silvercorp Metals Inc. Prior to starting Adventus, he worked for 10 years in investment banking roles at Raymond James Ltd. and Haywood Securities Inc. Mr. Kargl-Simard is a professional engineer (Canada) and holds a B.A.Sc. degree in Metallurgical Engineering from the University of British Columbia. |

---

**<u>Notes:</u>**

(1) The information as to principal occupation, business or employment, and Common Shares beneficially owned
or controlled is not within the knowledge of the management of the Company and has been furnished by the respective nominees. Unless otherwise
stated above, any nominees named above not elected at the last annual general meeting have held the principal occupation or employment
indicated for at least the five preceding years.

(2) Member of the audit committee.

(3) Haytham Hodaly has not previously been a director of the Company.

(4) Maryse Belanger has not previously been a director of the Company.

(5) Christian Kargl-Simard has not previously been a director of the Company.

Other than disclosed below, no proposed director of the Company is, or has been, within the 10 years prior to the date of this Circular, a director or executive officer of any company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was subject to a cease trade or similar order or an order that denied the relevant company access to any
exemption under securities legislation, for a period of more than 30 consecutive days, that was issued while that person was acting in
that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was subject to a cease trade or similar order or an order that denied the relevant company access to any
exemption under securities legislation, for a period of more than 30 consecutive days, that was issued after the proposed director ceased
to act in that capacity, and which resulted from an event that occurred while that person was acting in that capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) while that person was acting in that capacity, or within a year of that person ceasing to act in that
capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted
any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

No proposed director of the Company is, or has been, within the 10 years prior to the date of this Circular, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.

**Appointment of Auditor**

Management is recommending that Shareholders vote to appoint Davidson & Company LLP, Chartered Professional Accountants ("**Davidson**") of 1200 – 609 Granville Street, PO Box 10372, Pacific Centre, Vancouver, BC, V7Y 1G6, as the Company's auditor and to authorize the directors to fix their remuneration. The Board resolved on November 27, 2017 to appoint Davidson as auditors for the Company.

**Stock Compensation and Other Incentive Plans**

The Company has adopted a stock option plan (the "**2023 Plan**") which was last approved by shareholders approved by the shareholders at the Company's last annual general meeting held on August 1, 2023 and by the TSXV. The purpose of the 2023 Plan is to provide an incentive to directors, employees and consultants of the Company or its subsidiary to acquire a proprietary interest in the Company, to continue their participation in the affairs of the Company and to increase their efforts on behalf of the Company.

On September 12, 2024, the Board adopted a new share compensation plan (the "**Share Compensation Plan**"), replacing the 2023 Plan. Following the approval of the Share Compensation Plan by the shareholders, the 2023 Plan will be replaced and superseded by the Share Compensation Plan and the Company may ask participants under the 2023 Plan to sign an agreement to be bound by the Share Compensation Plan.

The Share Compensation Plan is a "rolling up to 10%" omnibus plan pursuant to which the total number of Common Shares which may be issued pursuant to restricted share units ("**RSUs**"), stock options ("**Options**") or deferred share units ("**DSUs**") awarded or granted under the Share Compensation Plan, in the aggregate, is equal to up to a maximum of 10% of the issued and outstanding Common Shares at the time of the award or grant.

As of the date of this Information Circular, there are 1,395,000 Options, nil RSUs, and nil DSUs outstanding reserving for issuance of a total of 1,395,000 Common Shares, being approximately a total of 2.6% of the issued and outstanding Common Shares.

Other than as set out elsewhere in this Information Circular, the Company does not have any other incentive plans.

***Particulars of the Share Compensation Plan***

*Overview*

The Share Compensation Plan provides that the Board may from time to time, in its discretion, award or grant to the Eligible Person (as such term is defined below) selected by the Administrators (as such term is defined below) to participate in the Share Compensation Plan (each, a "**Participant**"), who may include participants who are citizens or residents of the United States (each, a "**US Participant**"), with the opportunity, through RSUs, Options, and DSUs, to acquire an ownership interest in the Company.

The purpose of the Share Compensation Plan is to provide an incentive to the directors, officers, employees, consultants and other personnel of the Company or any of its subsidiaries to achieve the longer- term objectives of the Company; to give suitable recognition to the ability and industry of such persons who contribute materially to the success of the Company; and to attract to and retain in the employ of the Company or any of its subsidiaries, persons of experience and ability, by providing them with the opportunity to acquire an increased proprietary interest in the Company.

The RSUs and DSUs will rise and fall in value based on the value of the Common Shares. Unlike the Options, the RSUs and DSUs will not require the payment of any monetary consideration to the Company. Instead, each RSU represents a right to receive one Common Share or a lump sum payment in cash following the attainment of vesting criteria determined by the Administrators at the time of the award (subject to TSXV policies).

The Options, on the other hand, are rights to acquire Common Shares upon payment of monetary consideration (i.e., the exercise price), subject also to vesting criteria determined at the time of the grant.

The Administrators may fix, from time to time, a portion of the director fees that is to be payable in the form of DSUs. In addition, each Participant who is, on the applicable election date, a director who is not an employee (the "**Electing Person**") may be given the right to elect to participate in the grant of additional DSUs. An Electing Person who elects to participate in the grant of additional DSUs shall receive their Elected Amount (as that term is defined below) in the form of DSUs in lieu of cash. The "**Elected Amount**" shall be an amount, as elected by the director, in accordance with applicable tax law, between 0% and 100% of any director fees that are otherwise intended to be paid in cash (the "**Cash Fees**").

*Purpose of the Share Compensation Plan*

The stated purpose of the Share Compensation Plan is to advance the interests of the Company and its subsidiaries, and its shareholders by: (a) ensuring that the interests of Participants are aligned with the success of the Company and its subsidiaries; (b) encouraging stock ownership by such persons; and (c) providing compensation opportunities to attract, retain and motivate such persons.

The following people (each, an "**Eligible Person**") are eligible to participate in the Share Compensation Plan: any director, officer, employee, management company employee or consultant.

*Administration of the Share Compensation Plan*

The Share Compensation Plan is administered by the Board or such other persons as may be designated by the Board from time to time (the "**Administrators**") through the recommendation of the NC&CG Committee. The Administrators determine the eligibility of persons to participate in the Share Compensation Plan, when RSUs, Options, or DSUs will be awarded or granted, the number of RSUs, Options and DSUs to be awarded or granted, the vesting criteria for each award of RSUs, vesting period for each grant of Options and the vesting criteria for each award of DSU, and all other terms and conditions of each award and grant, in each case in accordance with applicable securities laws and the requirements of the TSXV.

*Number of Common Shares Issuance under the Share Compensation Plan*

The Common Shares that are issuable pursuant to RSUs, Options, and DSUs awarded or granted under the Share Compensation Plan and other securities issuable under any other share compensation arrangements of the Company (collectively, the "**Security Based Compensation**"), in aggregate, is equal to up to a maximum of 10% of the issued and outstanding Common Shares as of the date of award or grant.

*Restrictions on the Award or Grant of Security Based Compensation*

The Security Based Compensation under the Share Compensation Plan is subject to a number of restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total number of Common Shares issuable pursuant to all Security Based Compensation granted or awarded
under the Share Compensation Plan and any other share compensation arrangements of the Company cannot exceed 10% of the Common Shares
then outstanding. For greater certainty, any RSUs and DSUs that must be settled in cash in accordance with the RSU Agreement and the DSU
Agreement (as these terms are defined below) approved by the Administrators at the time of grant shall not count towards the maximum of
10% of issued and outstanding Common Shares reserved under this Share Compensation Plan as required by the policies of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the Company obtains disinterested shareholder approval, the maximum aggregate number of Common
Shares issuable pursuant to all Security Based Compensation granted or issued under the Share Compensation Plan to any one Participant
in any 12 month period cannot exceed 5% of the Common Shares then outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the maximum number of Common Shares issuable pursuant to all Security Based Compensation granted or issued
under the Share Compensation Plan in any 12 month period to any one consultant shall not exceed 2% of the issued and outstanding Common
Shares then outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the maximum aggregate number of Common Shares issuable pursuant to all Options granted to Investor Relations
Service Providers (as such term is defined in the Share Compensation Plan) under the Share Compensation Plan and any other share compensation
arrangements of the Company in any 12 month period in aggregate shall not exceed 2% of the issued and outstanding Common Shares; provided,
that Options granted to any and all Investor Relations Service Providers must vest in stages over a period of not less than 12 months
with no more than ¼ of the Options vesting in any three month period in accordance with the vesting requirements set out in the
TSXV's policies.

The following restrictions also apply to the Share Compensation Plan in accordance with TSXV Policy 4.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Security Based Compensation granted or issued under the Share Compensation Plan is non- assignable
and non-transferable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Company obtains disinterested shareholder approval, the maximum aggregate number of Common
Shares issuable pursuant to all Security Based Compensation granted or issued under the Share Compensation Plan to Insider Participants
(as such term is defined in the Share Compensation Plan) as a group shall not exceed 10% of the issued and outstanding Common Shares at
any point in time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Company obtains disinterested shareholder approval, the maximum number of Common Shares issuable
pursuant to all Security Based Compensation granted or issued under the Share Compensation Plan in any 12 month period to Insider Participants
as a group (together with those Common Shares issuable pursuant to any other share compensation arrangement) shall not exceed 10% of the
issued and outstanding Common Shares, calculated as at the date that such Security Based Compensation is granted or issued to any Insider
Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investor Relations Service Providers may not receive any Security Based Compensation other than Options;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Security Based Compensation granted or issued to any Participant who is a director, officer, employee,
consultant or management company employee must expire within 12 months following the date the Participant ceases to be an Eligible Person
under the Share Compensation Plan.

*Restricted Share Units*

The Administrators may award RSUs to Eligible Persons (other than Investor Relations Service Providers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mechanics for RSUs</u> 

RSUs awarded to Participants under the Share Compensation Plan are credited to an account that is established on their behalf and maintained in accordance with the Share Compensation Plan. After the vesting criteria of any RSUs awarded under the Share Compensation Plan are satisfied, a Participant shall be entitled to receive and the Company shall issue or pay (at its discretion): (i) a lump sum payment in cash equal to the number of vested RSUs recorded in the Participant's RSU account multiplied by the market price of the Common Shares traded on the TSXV on the payout date; (ii) the number of Common Shares required to be issued to a Participant upon the vesting of such Participant's RSUs in the Participant's RSU account will be, duly issued as fully paid and non-assessable shares and such Participant shall be registered on the books of the Company as the holder of the appropriate number of Common Shares; or (iii) any combination of thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Vesting Provisions</u> 

The Share Compensation Plan provides that: (i) at the time of the award of RSUs, the Administrators shall, subject to the TSXV rules, determine the vesting criteria applicable to the RSUs provided that, subject to certain exceptions set out in the Share Compensation Plan, no RSUs may vest before the date that is one year following the date of award; (ii) vesting of RSUs may include criteria such as performance vesting; (iii) each RSU shall be subject to vesting in accordance with the terms set out in an agreement evidencing the award of the RSU, which is attached as Exhibit A to the Share Compensation Plan (or in such form as the Administrators may approve from time to time) (the "**RSU Agreement**"); and (iv) all vesting and issuances or payments in respect of an RSU shall be completed no later than December 15 of the third calendar year commencing after the award date for such RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination, Retirement and Other Cessation of Employment in connection with RSUs</u> 

A person participating in the Share Compensation Plan will cease to be eligible to participate in the following circumstances: (i) receipt of any notice of termination of employment or service (whether voluntary or involuntary and whether with or without cause); (ii) retirement; and (iii) any cessation of employment or service for any reason whatsoever, including disability and death (an "**Event of Termination**"). In such circumstances, any vested RSUs will be issued as soon as practicable after the Event of Termination (and with respect to each RSU of a US Participant, such RSU will be settled and shares issued as soon as practicable following the date of vesting of such RSU as set forth in the applicable RSU Agreement, but in all cases within 60 days following such date of vesting); and, unless otherwise determined by the Administrators in their discretion and subject to the requirements set out in section 4.6 of TSXV Policy 4.4, any unvested RSUs shall vest and be settled before the earlier of (i) the vesting schedule set out in the applicable RSU Agreement and (ii) 12 months after the date of the Event of Termination (and with respect to any RSU of a US Participant, if the Administrators determine, in their discretion, to waive vesting conditions applicable to an RSU that is unvested at the time of an Event of Termination, such RSU shall not be forfeited or cancelled, but instead will be deemed to be vested and settled and shares delivered following the date of vesting date of such RSU as set forth in the applicable RSU Agreement).

If an Event of Termination occurs involving the death of a Participant occurs and such Participant is entitled to any RSUs under the Share Compensation Plan, the heirs or administrators of such Participant must claim such Security Based Compensation within one year of the Participant's death.

Subject to section 2.3(e) of the Share Compensation Plan and section 4.6 of TSXV Policy 4.4, notwithstanding the above, if a person retires in accordance with the Company's retirement policy at such time, any unvested performance-based RSUs shall not be forfeited or cancelled and instead shall be eligible to become vested in accordance with the vesting conditions set forth in the applicable RSU Agreement after such retirement (as if retirement had not occurred), but only if the performance vesting criteria, if any, have been met on the applicable date.

For greater certainty, if a person is terminated for just cause or if a Participant resigns without good reason, all unvested RSUs will be forfeited and cancelled.

It is the current intention that RSUs may be awarded with both time-based vesting provisions as a component of the Company's annual incentive compensation program, and performance-based vesting provisions as a component of the Company's long-term incentive compensation program.

Under the Share Compensation Plan, should the date of vesting of an RSU fall within a blackout period formally imposed by the Company, such date of vesting shall be automatically extended without any further act or formality to that date which is the tenth business day after the end of the blackout period, such tenth business day to be considered the date of vesting for such RSU for all purposes under the Share Compensation Plan.

*Stock Options*

The Administrators may at any time and from time to time grant Options to Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mechanics for Options</u> 

Each Option granted pursuant to the Share Compensation Plan will entitle the holder thereof to the issuance of one Common Share upon achievement of the vesting criteria and payment of the applicable exercise price. Options granted under the Share Compensation Plan will be exercisable for Common Shares issued from treasury once the vesting criteria established by the Administrators at the time of the grant have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Vesting Provisions</u> 

The Share Compensation Plan provides that the Administrators may determine when any Option will become exercisable and may determine that Options shall be exercisable in instalments or pursuant to a vesting schedule. The agreement evidencing the grant of the Option attached as Exhibit B to the Share Compensation Plan (or in such form as the Administrators may approve from time to time) (the "**Option Agreement**") will disclose any vesting conditions prescribed by the Administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination, Retirement and Other Cessation of Employment in connection with Options</u> 

A person participating in the Share Compensation Plan will cease to be eligible to participate where there is an Event of Termination. In such circumstances, any unvested Options, to the extent not available for exercise as of the date of the Event of Termination, shall, unless otherwise determined by the Administrators in their discretion, vest before the earlier of (i) the vesting schedule set out in the applicable Option Agreement and (ii) 12 months after the date of the Event of Termination. There can be no acceleration of the vesting requirements applicable to Options granted to an Investor Relations Service Provider without the prior written approval of the Exchange.

Except as otherwise stated in the Share Compensation Plan or otherwise determined by the Administrators in their discretion, any vested Options may be exercised only before the earlier of: (i) the expiry of the Option; and (ii) six months after the date of the Event of Termination.

If a person is terminated for just cause or if a Participant resigns without good reason, all Options (whether or not then exercisable) shall automatically be cancelled.

If an Event of Termination involving the death of a Participant occurs and such Participant is entitled to any Options under the Share Compensation Plan, the heirs or administrators of such Participant must claim such Security Based Compensation within one year of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Cashless Exercise</u> 

Subject to prior approval by the Administrators, a Participant may elect cashless exercise. In such case, the Participant will not be required to deliver to the Administrators a cheque or other form of payment for the aggregate exercise price of the Options. Instead the following will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Whereby the Company has an arrangement with a brokerage firm pursuant to which the brokerage firm will
loan money to a Participant to purchase the Common Shares underlying the Options. The brokerage firm then sells a sufficient number of
Common Shares to cover the exercise price of the Options in order to repay the loan made to the Participant. The brokerage firm receives
an equivalent number of Common Shares from the exercise of the Options and the Participant then receives the balance of Common Shares
or the cash proceeds from the balance of such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Before the relevant trade date, the Participant will deliver the Option exercise notice including details
of the trades to the Company electing the cashless exercise and the Company will direct its registrar and transfer agent to issue a certificate
for such Participant's Common Shares in the name of the broker (or as the broker may otherwise direct) for the number of Common Shares
issued on the exercise of the Options, against payment by the broker to the Company of (i) the exercise price for such Common Shares;
and (ii) the amount the Company determines, in its discretion, is required to satisfy the Company withholding tax and source deduction
remittance obligations in respect of the exercise of the Options and issuance of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The broker will deliver to the Participant the remaining value of the Options, net of any brokerage commission
or other expenses (the "**In-the-Money Amount** "), in either (i) cash in an amount equal to the In-the-Money-Amount,
or (b) such number of Common Shares (rounded down to the nearest whole number) having a fair market price equal to the In-the- Money
Amount, plus a cash amount equal to the fraction of a Common Share that would otherwise be issuable multiplied by the fair market price
of a Common Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Net Exercise</u> 

Subject to prior approval by the Administrators, a Participant, excluding Investor Relations Service Providers, may elect to surrender for cancellation to the Company any vested Options being exercised and the Company will issue to the Participant, as consideration for the surrender of such Options, that number of Common Shares (rounded down to the nearest whole Common Share) on a net issuance basis in accordance with the following formula below:

X = <u>Y (A - B)</u> <br> A

where:

X = The number of Common Shares to be issued to the Participant in consideration for the net exercise of the Options;

Y = The number of vested Options with respect to the vested portion of the Option to be surrendered for cancellation;

A = The volume weighted average trading price of the Common Shares; and

B = The exercise price for such Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Other Terms</u> 

The Administrators will determine the exercise price and term/expiration date of each Option, provided that the exercise price in respect of that Option shall not be less than the Discounted Market Price on the date of grant. "**Discounted Market Price**" is defined in the TSXV Policy 1.1.

No Option shall be exercisable after ten years from the date the Option is granted. Should the term of an Option expire on a date that falls within a blackout period formally imposed by the Company, such expiration date shall be automatically extended without any further act or formality to that date which is the tenth business day after the end of the blackout period, such tenth business day to be considered the expiration date for such Option for all purposes under the Share Compensation Plan.

*Deferred Share Units*

The Administrators may fix, from time to time, a portion of the director fees that is to be payable in the form of DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mechanics for DSUs</u> 

Each Electing Person who elects to receive their Elected Amount in the form of DSUs in lieu of cash will be required to file a notice of election in accordance with the time frames set forth in the Share Compensation Plan. If no election is made within the required time frames, the Electing Person shall be deemed to have elected to be paid the entire amount of his or her Cash Fees in cash.

Each Electing Person who is not a US Participant is entitled once per calendar year to terminate his or her election to receive DSUs in lieu of Cash Fees by filing with a notice. Such termination shall be effective immediately upon receipt of such notice, provided that the Company has not imposed a blackout period. Thereafter, any portion of such Electing Person's Cash Fees payable or paid in the same calendar year and, subject to complying with the provisions in the Share Compensation Plan, all subsequent calendar years shall be paid in cash.

An election by a US Participant to receive the Elected Amount in DSUs in lieu of cash for any calendar year is irrevocable for that calendar year after the expiration of the election period for that year, and any termination of the election will not take effect until the first day of the calendar year following the calendar year in which a termination notice is delivered.

The number of DSUs (including fractional DSUs) granted at any particular time will be calculated by dividing (i) the amount of any compensation that is to be paid in DSUs (including director fees and any Elected Amount), as determined by the Administrator, by (ii) the market price of a Common Share on the award date.

DSUs shall be settled on the date established in the DSU Agreement (as such term is defined below) provided, however that in no event shall a DSU be settled prior to a Participant's termination date, or, in the case of a Canadian Participant, later than one year following the date of the applicable Canadian Participant's termination date. In the case of a Participant (other than a Canadian Participant), in no event shall a DSU be settled later than three years following the date of the applicable Participant's termination date, as more particularly set out in the Share Compensation Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Vesting Provisions</u> 

DSUs shall vest on the date that is 12 months following the date of grant or issue. All DSUs awarded shall be evidenced by a DSU agreement between the Company and the Participant, attached as Exhibit D to the Share Compensation Plan or in such other form as the Administrators may approve from time to time (the "**DSU Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination, Retirement and Other Cessation of Employment in connection with RSUs</u> 

If an Event of Termination has occurred in respect of any Participant, (i) any and all Common Shares corresponding to any vested DSUs in the Participant's DSU account shall be issued as soon as practicable after the Event of Termination to the former Participant; and (ii) any unvested DSUs in the Participant's DSU account shall, unless otherwise determined by the Administrators in their discretion or otherwise agreed to by the Company in an agreement with an Eligible Person, and subject to the requirements set out in section 4.6 of TSXV Policy 4.4, vest and be settled before the earlier of (a) the vesting schedule set out in the applicable DSU Agreement and (b) 12 months after the date of the Event of Termination.

If an Event of Termination involving the death of a Participant occurs and such Participant is entitled to any DSUs, the heirs or administrators of such Participant must claim such Security Based Compensation within one year of the Participant's death.

Subject to section 2.3(e) of the Share Compensation Plan and section 4.6 of TSXV Policy 4.4, if a Participant retires in accordance with the Company's retirement policy, at such time, any unvested performance-based DSUs in the Participant's DSU account shall not be forfeited by the Participant or cancelled and instead shall be eligible to become vested in accordance with the vesting conditions set forth in the applicable DSU Agreement after such retirement (as if retirement had not occurred), but only if the performance vesting criteria, if any, are met on the applicable date.

If a Participant's employment is terminated for just cause or if a Participant resigns without good reason, each unvested DSUs in the Participant's DSU account shall forthwith and automatically be forfeited by the Participant and cancelled.

Under the Share Compensation Plan, should the date of vesting of a DSU fall within a blackout period formally imposed by the Company, such date of vesting shall be automatically extended without any further act or formality to that date which is the tenth business day after the end of the blackout period, such tenth business day to be considered the date of vesting for such DSU for all purposes under the Share Compensation Plan.

***Change of Control***

Subject to section 2.3(e) of the Share Compensation Plan and section 4.6 of TSXV Policy 4.4, if there is a Change of Control (as such term is defined in the Share Compensation Plan) then, notwithstanding any other provision of the Share Compensation Plan except certain provision of the Share Compensation Plan which will continue to apply in all circumstances, any or all unvested RSUs and any or all Options (whether or not currently exercisable) and any or all unvested DSUs shall automatically vest or become exercisable, as applicable, such that Participants under the Share Compensation Plan shall be able to participate in the Change of Control transaction, including, at the election of the holder thereof, by surrendering such RSUs, Options and DSUs to the Company or a third party or exchanging such RSUs, Options or DSUs, for consideration in the form of cash and/or securities, to be determined by the Administrators in their sole discretion.

For greater certainty, the occurrence of a Change of Control will not trigger the right of a Participant to receive a payment in respect of a DSU prior to a termination date for such Participant. For clarity, RSUs, Options or DSUs of a Participant will only be accelerated as contemplated in section 7.2(a) of the Share Compensation Plan if such Participant ceases to be an Eligible Person in connection with the Change of Control.

Notwithstanding the foregoing, there can be no acceleration of the vesting requirements applicable to Options granted to an Investor Relations Service Provider without the prior written approval of the Exchange.

***Transferability***

RSUs, Options and DSUs awarded or granted under the Share Compensation Plan or any rights of a Participant cannot be transferred, assigned, charged, pledged or hypothecated, or otherwise alienated, whether by operation of law or otherwise.

***Reorganization and Change of Control Adjustments***

In the event of any declaration by the Company of any stock dividend payable in securities (other than a dividend which may be paid in cash or in securities at the option of the holder of Common Shares), or any subdivision or consolidation of Common Shares, reclassification or conversion of the Common Shares, or any combination or exchange of securities, merger, consolidation, recapitalization, amalgamation, plan of arrangement, reorganization, spin off involving the Company, distribution (other than normal course cash dividends) of company assets to holders of Common Shares, or any other corporate transaction or event involving the Company or the Common Shares, the Administrators may, subject to any relevant resolutions of the Board and necessary TSXV approvals, and without liability to any person, make such changes or adjustments, if any, as the Administrators consider fair or equitable, to reflect such change or event including, without limitation, adjusting the number of RSUs, Options and DSUs outstanding under the Share Compensation Plan, the type and number of securities or other property to be received upon exercise or redemption thereof, and the exercise price of Options outstanding under the Share Compensation Plan, provided that the value of any RSU, Option and DSU immediately after such an adjustment shall not exceed the value of such RSU, Option and DSU prior thereto.

***Amendment Provisions in the Share Compensation Plan***

The Board may amend the Share Compensation Plan or any RSU or Option or DSU at any time without the consent of any Participant provided that such amendment shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not adversely alter or impair any RSU previously awarded or any Option previously granted or any DSU previously
awarded, except as permitted by the adjustment provisions of the Share Compensation Plan and with respect to RSUs, Options and DSUs of
US Participants, such amendment will not result in the imposition of taxes under section 409A of the U.S. Internal Revenue Code of
1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be subject to any regulatory approvals including, where required, the approval of the TSXV; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be subject to shareholder approval, where required by the requirements of the TSXV, provided that shareholder
approval shall not be required for the following amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amendments of a "housekeeping nature", including any amendment to the Plan or a RSU or Option
or DSU that is necessary to comply with applicable laws, tax or accounting provisions or the requirements of any regulatory authority
or stock exchange and any amendment to the Share Compensation Plan or a RSU or Option or DSU to correct or rectify any ambiguity, defective
provision, error or omission therein, including any amendment to any definitions therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amendments that are necessary or desirable for RSUs or Options or DSUs to qualify for favourable treatment
under any applicable tax law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be subject to disinterested shareholder approval in the event of any reduction in the exercise price,
or the extension of the term, of any Option granted under the Share Compensation Plan to an Insider Participant.

For greater certainty, shareholder approval will be required in circumstances where an amendment to the Share Compensation Plan would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change from a fixed maximum percentage of issued and outstanding Common Shares to a fixed maximum number
of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) increase the limits of the total number of Common Shares that are issuable pursuant to all Security Based
Compensation granted or awarded under the Share Compensation Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) reduce the exercise price of any Option (including any cancellation of an Option for the purpose of reissuance
of a new Option at a lower exercise price to the same person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) extend the term of any Option beyond the original term (except if such period is being extend by virtue
of a blackout period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend the amendment provisions set out in the Share Compensation Plan.

A full copy of the Share Compensation Plan will be available for inspection at the Meeting and is attached as Schedule "B" hereto.

**Approval of Share Compensation Plan**

In accordance with the policies of the TSXV, the plan resolution (the "Plan Resolution") must be passed by a majority of the votes cast on the ordinary resolution by all shareholders at the Meeting. The Plan Resolution is an ordinary resolution, which must be passed by more than 50% of the votes cast by those shareholders entitled to vote.

The Plan Resolution is as follows:

**"RESOLVED AS AN ORDINARY RESOLUTION THAT:**

1. The Share Compensation Plan allows the Company to issue up to 10% of the issued and outstanding Common
Shares at any time pursuant to grant of restricted share units, deferred share units, or stock options be proposed to the Shareholders
for approval at the Meeting in accordance with the requirements of the TSXV.

2. Upon receipt of the required Shareholder and TSXV approvals of the Share Compensation Plan, the Company
be authorized to reserve Common Shares equal in number to 10% of the Company's current issued and outstanding share capital, which Common
Shares may be conditionally allotted in connection with the granting of RSUs, DSUs, and Options pursuant to the terms and conditions as
set out in the Share Compensation Plan.

3. The Common Shares which can be reserved under the Share Compensation Plan may be allotted and issued at
a price or prices fixed by the Board in accordance with the rules of the TSXV, and when such Common Shares are so allotted and issued
they will be fully paid and non-assessable Common Shares in the capital of the Company at a price or prices so fixed.

4. Upon receipt of the required Shareholder approval of the Share Compensation Plan, any director or officer
of the Company, or the legal counsel of the Company, at the request of and on behalf of the Company, be authorized to make the required
filing in connection of the Share Compensation Plan to the TSXV.

**Management recommends a vote "FOR" the approval of the Plan Resolution. In the absence of a contrary instruction, the persons designated by management of the Company in the enclosed Proxy intend to vote FOR the approval of the Plan Resolution.**

**OTHER BUSINESS**

As of the date of this Circular, the management of the Company knows of no other matters to be acted upon at the Meeting. However, should any other matters properly come before the Meeting, the Common Shares represented by the Proxy solicited hereby will be voted on such matters in accordance with the best judgment of the persons voting the Common Shares represented by the Proxy.

**STATEMENT OF EXECUTIVE COMPENSATION**

Set out below are particulars of compensation paid to the directors and the named executive officers of the Company. "**Named Executive Officer**" or "**NEO**" means each of the following individuals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chief executive officer of the Company ()"**CEO**") or each individual who, in respect
of the Company, during any part of the most recently completed financial year, served as chief executive officer, including an individual
performing functions similar to a chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the chief financial officer of the Company ()"**CFO**") or each individual who, in respect
of the company, during any part of the most recently completed financial year, served as chief financial officer, including an individual
performing functions similar to a chief financial officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of the Company and its subsidiaries, the most highly compensated executive officer other than
the individuals identified in paragraphs (a) and (b) at the end of the most recently completed financial year whose total compensation
was more than $150,000 for that financial year, as determined in accordance with subsection 1.3(5) of Form 51- 102F6V;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each individual who would be a named executive officer under paragraph (c) but for the fact that
the individual was neither an executive officer of the Company, and was not acting in a similar capacity, at the end of that financial
year.

As at December 31, 2023, the end of the most recently completed financial year of the Company, the Company had two NEOs, whose name and positions held within the Company are set out in the summary compensation table below.

**Director and Named Executive Officer Compensation**

The following table is a summary of compensation awarded to, earned by, paid to, or payable to the NEO and directors of the Company for the two most recently completed financial years ended December 31, 2022 and 2023.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** |
| **Name and<br> position** | **Year<br> Ended<sup>(1)</sup>** | **Salary,<br> consulting<br> fee, retainer<br> or<br> commission<br> ($)** | **Bonus ($)** | **Committee<br> or meeting<br> fees ($)** | **Value of<br> perquisites<br> ($)** | **Value of all<br> other<br> compensation<br> ($)** | **Total<br> compensation<br> ($)** |
| **Patrick McGrath**<sup>(1)</sup><br> *Chief Executive Officer and Director* | 2023<br> 2022 | $60000 <br>$60000 | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | $60000 <br>$60000 |
| **Varun Prasad**<sup>(2)</sup><br> *Chief Financial Officer* | 2023 <br> 2022 | $24000 <br>$24000 | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | $24000 <br>$24000 |
| **Jonathan Gagne**<sup>(3)</sup><br> *Director* | 2023<br> 2022 | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil |
| **Pedro Fonseca**<sup>(4)</sup><br> *Director* | 2023<br> 2022 | N/A <br>N/A | N/A <br>N/A | N/A <br>N/A | N/A <br>N/A | N/A <br>N/A | N/A <br>N/A |
| **Enrique Correa**<sup>(5)</sup><br> *Former Director* | 2023<br> 2022 | Nil <br>N/A | Nil <br>N/A | Nil <br>N/A | Nil <br>N/A | Nil <br>N/A | Nil <br>N/A |
| **Douglas Urch**<sup>(6)</sup><br> *Former Director* | 2023<br> 2022 | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil |
| **John McClintock**<sup>(7)</sup><br> *Former Director* | 2023<br> 2022 | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil | Nil <br>Nil |

---

**<u>Notes:</u>**

(1) Mr. McGrath was appointed as a director of the Company effective as of February 24, 2017. Mr. McGrath
was appointed as the CEO of the Company on April 28, 2017. Mr. McGrath is compensated for acting as CEO of the Company.

(2) Mr. Prasad was appointed as the CFO of the Company effective as of April 28, 2017.

(3) Mr. Gagne was appointed as a director of the Company effective as of January 4, 2021.

(4) Mr. Fonseca was appointed as a director of the Company effective as of June 29, 2024.

(5) Mr. Correa was appointed as a director of the Company effective as of August 21, 2023 and resigned
on June 29, 2024.

(6) Mr. Urch was appointed as a director of the Company effective as of April 27, 2017 and resigned
on August 21, 2023.

(7) Mr. McClintock was appointed as a director of the Company effective as of April 28, 2017 and
resigned on February 11, 2023.

**Stock Options and Other Compensation Securities**

There were no compensation securities granted or issued to the directors and NEOs of the Company by the Company in the most recently completed financial year for services provided or to be provided, directly or indirectly, to the Company.

As at December 31, 2023, Mr. McGrath held 75,000 stock options exercisable at a price of $0.50 until October 6, 2025. As at December 31, 2023, Mr. Prasad held 50,000 stock options exercisable at a price of $0.50 until October 6, 2025. As at December 31, 2023, Mr. Gagne held 30,000 stock options exercisable at a price of $0.80 until January 4, 2026. As at December 31, 2023, Mr. Correa held no stock options.

No compensation securities were exercised by a director or NEO during the Company's most recently completed financial year.

**Stock option plans and other incentive plans**

Please refer to the heading "*Stock Compensation and Other Incentive Plans*" above for details on the 2023 Plan and the Company's Share Compensation Plan.

**Employment, consulting and management agreements**

The Company does not have any agreement or arrangement under which compensation was provided during the most recently completed financial year or is payable in respect of services provided to the Company that were performed by a director or NEO.

**Oversight and description of director and named executive officer compensation**

The objective of the Company's compensation program is to compensate the executive officers for their services to the Company at a level that is both in line with the Company's fiscal resources and competitive with companies at a similar stage of development.

The Company compensates its executive officers based on their skill, qualifications, experience level, level of responsibility involved in their position, the existing stage of development of the Company, the Company's resources, industry practice and regulatory guidelines regarding executive compensation levels.

The Board has implemented three levels of compensation to align the interests of the executive officers with those of the Shareholders. First, executive officers may be paid a monthly consulting fee or salary. Second, the Board may award executive officers long term incentives in the form of stock options. Finally, and only in special circumstances, the Board may award cash or share bonuses for exceptional performance that results in a significant increase in Shareholder value. The Company does not provide medical, dental or any other benefits to the executive officers.

The base compensation of the executive officers is reviewed and set annually by the Board. The CEO has substantial input in setting annual compensation levels. The CEO is directly responsible for the financial resources and operations of the Company. In addition, the CEO and Board from time to time determine the stock option grants to be made pursuant to the Company's stock option plan. Previous grants of stock options are taken into account when considering new grants. The Board awards bonuses at its sole discretion. The Board does not have pre-existing performance criteria or objectives.

Compensation for the most recently completed financial year should not be considered an indicator of expected compensation levels in future periods. All compensation is subject to and dependent on the Company's financial resources and prospects.

**Pension Plan Benefits**

The Company does not have in place any pension plans that provide for payments or benefits at, following, or in connection with retirement.

**SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS**

The following table sets out information as of the end of the Company's most recently completed financial year with respect to compensation plans under which equity securities of the Company are authorized for issuance.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to<br> be issued upon exercise<br> of outstanding options,<br> warrants and rights<sup>(1)</sup> (a)** | **Weighted-average<br> exercise price of<br> outstanding options,<br> warrants and rights<br> (b)** | **Number of securities<br> remaining available for<br> future issuances under<br> equity compensation<br> plan (excluding<br> securities reflected in<br> column (a))<br> (c)** |
| Equity compensation plans approved by security holders (2023 Plan) | 395000 | $0.52 | 2245408 |
| Equity compensation plans not approved by security holders | N/A | N/A | N/A |
| **Total:** | 395000 | $0.52 | 2245408 |

---

**<u>Notes:</u>**

(1) Based on 26,404,086 Common Shares outstanding as at December 31, 2023 and the number of Options outstanding
at December 31, 2023. As at December 31, 2023, there were 395,000 Options leaving a total of 2,245,408 securities remaining
available for issue under the 2023 Plan. Pursuant to the 2023 Plan, the maximum number of Options that may be granted and awarded shall
not exceed 10% of the outstanding Common Shares from time to time.

(2) This number reflects an average of the weighted-average exercise price of $0.52 for 395,000 Options.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

Since the beginning of the most recently completed financial year, none of the directors, executive officers, employees, proposed nominees for election as directors or their associates have been indebted to the Company.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

Other than disclosed below, no informed person (a director, officer or holder of 10% or more of the Common Shares) or nominee for election as a director of the Company or any associate or affiliate of any informed person or proposed director had any interest in any transaction since the commencement of the Company's most recently completed financial year or in any proposed transaction which has materially affected or would materially affect the Company or any of its subsidiaries.

The Company entered into a loan agreement dated November 2, 2018 with Patrick McGrath, a director and Chief Executive Officer of the Company, for the amount of $250,000. The Company was loaned an additional $56,000 in 2019 by Mr. McGrath. During the years ended December 31, 2023 and 2022, the Company made principal payments totalling $135,000 and $106,000 and paid $14,492 and $24,806 in interest related to the loans, respectively. The loans are unsecured and bear interest at 10% per annum and is being repaid monthly through to May 1, 2024. Subsequent to the year ended December 31, 2023, the loans were repaid in full.

**MANAGEMENT CONTRACTS**

Management functions of the Company are not to any substantial degree performed by anyone other than by the directors or executive officers of the Company. See "Employment, consulting and management agreements" above.

**STATEMENT OF CORPORATE GOVERNANCE**

**Corporate Governance**

Corporate governance relates to the activities of the Board, the members of which are elected by and are accountable to the Shareholders, and takes into account the role of the individual members of management who are appointed by the Board and charged with the day-to-day management of the Company. The Canadian Securities Administrators ("**CSA**") have adopted National Policy 58-201 Corporate Governance Guidelines, which provides non prescriptive guidelines on corporate governance practices for reporting issuers such as the Company. In addition, the CSA have implemented National Instrument 58-101 *Disclosure of Corporate Governance Practices* ("**NI 58-101**"), which prescribes certain disclosure by the Company of its corporate governance practices. This disclosure is presented below.

**Board of Directors**

The composition of the Board currently consists of the following three members: Patrick McGrath, Pedro Fonseca, and Jonathan Gagne. For the purposes of NI 58-101, the directors Pedro Fonseca and Jonathan Gagne (who are not director nominees at the Meeting) are considered independent. Patrick McGrath (who is a director nominee at the Meeting) is not independent as he is the Chief Executive Officer of the Company. Haytham Hodaly, Maryse Belanger, and Christian Kargl-Simard being the remaining director nominees at the Meeting, if appointed, will be independent for the purposes of NI 58-101.

The Board consists of a majority of individuals who qualify as independent directors. For this purpose, a director is independent if he or she has no direct or indirect "material relationship" with the Company. A "material relationship" is a relationship which could, in the view of the Board, be reasonably expected to interfere with the exercise of the director's independent judgment. Of the proposed nominees, Patrick McGrath, CEO is considered to be a non-independent director.

**Other Directorships**

The following table sets forth the directors of the Company who are directors of other reporting issuers:

---

| | |
|:---|:---|
| **Name** | **Name of other reporting issuer** |
| Patrick McGrath | Burrell Resources Inc. |
| Pedro Fonseca | Nil |
| Jonathan Gagne | Infinite Ore Corp.<br> Vision Lithium Inc.<br> Imagine Lithium Inc.<br> Canadian Metals Inc. |
| Haytham Hodaly <br> *Director Nominee* | NEXE Innovations Inc. |
| Maryse Belanger <br> *Director Nominee* | Equinox Gold Corp. |
| Christian Kargl-Simard <br> *Director Nominee* | Surge Copper Corp. NorthX Nickel Corp. |

---

**Orientation and Continuing Education**

Orientation of new members of the Board is conducted informally by Management and members of the Board. The Company has not adopted formal policies respecting continuing education for Board members.

**Ethical Business Conduct**

The Board has not adopted a formal code of business conduct and ethics. The Board is of the view that the fiduciary duties placed on individual directors by the Company's governing legislation and common law together with corporate statutory restrictions on an individual director's participation in Board decisions in which the director has an interest are sufficient to ensure that the Board operates independently of management and in the best interests of the Company.

**Nomination of Directors**

The Board considers its size each year when it considers the number of directors to recommend to the shareholders for election at the annual general meeting. The Board takes into account the number of directors required to carry out the Board's duties effectively and to maintain diversity of views and experience.

The Board has not established a nominating committee and this function is currently performed by the Board as a whole.

**Compensation**

The Board has not established a formal compensation committee. Rather, the independent Board members are responsible for reviewing and determining the adequacy and form of compensation paid to the Company's directors, executives and key employees. The independent Board members evaluate the performance of senior management measured against the Company's business goals and industry compensation levels.

**Board Committees**

The Board has no committees other than the Audit Committee.

**Assessments**

The Board annually, and at such other times as it deems appropriate, reviews the performance and effectiveness of the Board, the directors and its committees to determine whether changes in size, personnel or responsibilities are warranted. To assist in its review, the Board conducts informal surveys of its directors and receives reports from each committee respecting its own effectiveness. As part of the assessments, the Board or the individual committee may review their respective mandate or charter and conduct reviews of applicable corporate policies.

**AUDIT COMMITTEE**

**Audit Committee Disclosure**

Pursuant to Section 224(1) of the *Business Corporations Act* (British Columbia) and National Instrument 52-110 of the Canadian Securities Administrators ("**NI 52-110**") the Company is required to have an audit committee (the "**Committee**") comprised of not less than three directors, a majority of whom are not officers, control persons or employees of the Company or an affiliate of the Company. NI 52-110 requires the Company, as a venture issuer, to disclose annually in its Circular certain information concerning the constitution of its audit committee and its relationship with its independent auditor, as set forth below.

The primary function of the Committee is to assist the Board in fulfilling its financial oversight responsibilities by: (i) reviewing the financial reports and other financial information provided by the Company to regulatory authorities and Shareholders; (ii) reviewing the systems for internal corporate controls which have been established by the Board and management; and (iii) overseeing the Company's financial reporting processes generally. In meeting these responsibilities, the Committee monitors the financial reporting process and internal control system; reviews and appraises the work of external auditors and provides an avenue of communication between the external auditors, senior management and the Board. The Committee is also mandated to review and approve all material related party transactions.

**The Audit Committee's Charter**

The Company has adopted a Charter of the Audit Committee, a copy of which is attached hereto as Schedule "A".

**Composition of the Audit Committee**

The Committee is comprised of the following members: Patrick McGrath, Pedro Fonseca, and Jonathan Gagne. Each member of the Committee is considered to be financially literate, as defined by NI 52-110, in that they have the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can presumably be expected to be raised by the Company's financial statements.

The members of the Committee are elected by the Board at its first meeting following the annual shareholders' meeting. Unless a chair is elected by the full Board, the members of the Committee designate a chair by a majority vote of the full Committee membership.

**Relevant Education and Experience**

All three Committee members have the ability to read and understand financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements and are therefore considered "financially literate".

*Patrick McGrath* – Mr. McGrath is a CPA. Mr. McGrath was the Chief Executive Officer of Carcetti Capital Corp. (formerly Cub Energy Inc.) from April 2020 to May 2023 and Chief Financial Officer from July 2013 to March 2020, a former international oil and gas producer. Mr. McGrath also acted as the Chief Financial Officer of Anatolia Energy Corp. from March 2011 to June 2013.

*Pedro Fonseca* – Mr. Fonseca has held senior roles in the financial services industry including the current position of Group Chief Executive Officer of Orsan Holdings based in Chile. Mr. Fonseca has a PHD in Enterprises and HR Management from the University of Maia in Portugal.

*Jonathan Gagne* – Mr. Gagne has a BSc in mining engineering from Polytechnique Montreal and an MBA with a specialization in corporate finance from Universite du Quebec a Montreal. Mr. Gagne has extensive experience in the mining sector in terms of engineering, feasibility studies, operations and construction. Mr. Gagne recently participated in the construction of the Greenstone Gold Mines in Ontario and is now the Vice President of Project Development at AMEX Exploration.

**Audit Committee Oversight**

Since the commencement of the Company's most recently completed financial year, the Board has not failed to adopt a recommendation of the Committee to nominate or compensate an external auditor.

**Reliance on Certain Exemptions**

Since the commencement of the Company's most recently completed financial year, the Company has not relied on the exemptions in section 2.4 (De Minimis Non-Audit Services), subsection 6.1.1(4) (Circumstance Affecting the Business or Operations of the Venture Issuer), subsection 6.1.1(5) (Events Outside Control of Member), subsection 6.1.1(6) (Death, Incapacity or Resignation), or under Part 8 (Exemption) of NI 52-110.

**Pre-Approval Policies and Procedures**

The Committee has not adopted specific policies and procedures for the engagement of non-audit services. Subject to the requirements of NI 52-110, the engagement of non-audit services is considered by the Board, and where applicable the Committee, on a case-by-case basis.

**External Auditor Service Fees**

In the following table, "audit fees" are fees billed by the Company's external auditor for services provided in auditing the Company's annual financial statements for the subject year. "Audit-related fees" are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit or review of the Company's financial statements. "Tax fees" are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning. "All other fees" are fees billed by the auditor for products and services not included in the foregoing categories.

The fees paid by the Company to its auditor in each of the last two fiscal years, by category, are as follows:

---

| | |
|:---|:---|
| **Financial Year<br> Ending** | **Audit Fees** |
| December 31, 2023 | $19000 Nil |
| December 31, 2022 | $16000 Nil |

---

**Exemption**

The Company is relying on the exemption provided by section 6.1 of NI 52-110 which provides that the Company, as a venture issuer, is not required to comply with Part 3 (Composition of the Audit Committee) and Part 5 (Reporting Obligations) of NI 52-110.

**ADDITIONAL INFORMATION**

Additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca.

Financial information is provided in the Company's comparative annual audited financial statements and management's discussion and analysis ("**MD&A**") for its most recently completed financial year, and will be available online at www.sedar.com. Shareholders may request additional copies by mail to Suite 400, 701 West Broadway, Vancouver, BC V5Z 4C2.

**DIRECTORS' APPROVAL**

The contents and the sending of the accompanying Notice of Meeting and this Circular have been approved by the Board.

DATED at Vancouver, British Columbia, this 17th day of September 2024.

**ON BEHALF OF THE BOARD OF DIRECTORS**

<u>"Patrick McGrath"</u> <br> Patrick McGrath <br> Chief Executive Officer

**Schedule "A"**

**Charter of the Audit Committee of the Board of Directors<br> of Blue Moon Metals Inc. (the "Company")**

**MANDATE AND OBJECTIVE**

The board of directors (the "**Board**") of Blue Moon Metals Inc. (the "**Company**") has delegated, to the Audit Committee (the "**Committee**"), the Board's responsibility for oversight of the nature and scope of the annual audit; management's reporting on internal accounting standards and practices, financial information and accounting systems and procedures; financial reporting and statements; and approval of interim financial statements and other mandatory disclosure releases containing financial information. The Committee shall also recommend to the Board approval of the annual audited financial statements and Management' s Discussion and Analysis.

The primary objectives of the Committee are:

1. To assist the Board to meet their responsibilities in respect of the preparation and disclosure of the
financial statements of the Company and related matters;

2. To provide better communication amongst the Board, management and the independent auditor;

3. To enhance the auditor's independence;

4. To increase the credibility and objectivity of financial reports; and

5. To strengthen the role of the independent directors by facilitating in depth discussions between directors
on the Committee, management and the independent auditor.

**MEMBERSHIP OF COMMITTEE**

1. The Committee shall comprise at least three (3) directors of the Company, at least two of whom shall
be independent as defined in applicable securities legislation and policies and all of whose qualifications shall comply with applicable
securities legislation.

2. Unless designated by the Board, the members of the Committee shall elect a Chair from among the members
who shall preside at all meetings of the Committee.

3. Any member of the Committee may be removed or replaced at any time by the Board, and shall cease to be
a member of the Committee as soon as such member ceases to be a director. The Board shall fill vacancies on the Committee but, until the
vacancy is filled the remaining members may exercise all the Committee's powers so long as a quorum remains. Subject to the foregoing,
each member of the Committee shall hold such office until the close of the next annual meeting of shareholders following appointment as
a member of the Committee.

**RESPONSIBILITIES OF COMMITTEE**

1. The responsibilities of the Committee include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) overseeing the work of the independent auditor, including resolution of disagreements, if any, between
management and the auditor regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) satisfying itself with respect to, and periodically assessing, the adequacy of the Company's internal
control systems for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) identifying, monitoring and mitigating business risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensuring compliance with the policies of the Board and with the law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reviewing public disclosure of financial information extracted or derived from the Company's financial
statements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ensuring that all public reporting and securities filings, financial or otherwise, is timely, accurate
and complete, and presented in compliance with all applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reviewing all financial statements, related management' s discussion and analysis (MD&A) and earnings
press releases prior to public disclosure thereof, and reviewing the annual audited financial statements of the Company and related MD&A
prior to their submission to the Board for approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) communicating directly with the internal and external auditors.

2. With respect to the independent auditor, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) recommend to the Board the nomination of the independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) recommend to the Board the terms of engagement of the auditor, including the compensation of the auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confirm that the auditor shall communicate directly with the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review and discuss annually with the auditor all significant relationships such auditor has with the Company
to determine the auditor's independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if there is to be a change in auditor, review the issues related to the change and the information to
be included in the required notice to securities regulators of such change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) review and approve any non-audit services to be provided to the Company or its subsidiaries by the auditor
and consider the impact on the independence of the auditor. The Committee may delegate to one or more members the authority to approve
the provision of non-audit services, provided that the member report to the Committee at the next scheduled meeting such pre-approval;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) review and approve the Company's hiring policies regarding employees and former employees of the present
and former independent auditors of the Company.

3. The Committee shall review the independent auditor's assessment of the internal controls of the Company,
its written reports containing recommendations for improvement, and management's response and follow-up to any identified weaknesses.
The Committee shall also review the annual audit plan and, upon completion of the audit, the auditor's reports upon the financial statements
of the Company and its subsidiaries.

4. The Committee shall review and discuss with management, the auditors and the Company's legal counsel,
as appropriate, any legal, regulatory or compliance matters that could have a significant impact on the Company' s financial statements,
including off balance sheet structures, applicable changes in accounting standards or rules, or compliance with applicable laws and regulations,
inquiries received from regulators or government agencies and any pending material litigation.

5. The Committee shall review risk management policies and procedures of the Company and receive regular
reports on insurance claims and litigation.

6. The Committee shall establish procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal
accounting controls or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the confidential, anonymous submission by employees of the Company of concerns regarding questionable
accounting or auditing matters.

7. The Committee may engage, at the Company' s expense, such advisors as it determines necessary to carry
out its duties, and may set the compensation for such advisors.

8. The Committee shall have the authority to investigate any financial activity of the Company, and all employees
of the Company shall cooperate as requested by the Committee.

**MEETINGS AND ADMINISTRATIVE MATTERS**

1. At all meetings, every question shall be decided by a majority of the votes cast. In case of an equality
of votes, the Chairman of the meeting shall not be entitled to a second or casting vote.

2. The Chair shall preside at all meetings of the Committee, unless the Chair is not present, in which case
the members of the Committee present shall designate from among the members present the Chair for purposes of the meeting.

3. A quorum for meetings of the Committee shall be a majority of its members, and the rules for calling,
holding, conducting and adjourning meetings of the Committee shall be the same as those governing the Board unless otherwise determined
by the Committee or the Board.

4. The Committee shall meet at least four times per year. Minutes of all meetings of the Committee shall
be taken, and shall be circulated to directors who are not members of the Committee.

5. The Chief Financial Officer shall attend meetings of the Committee as requested by the Chairman.

6. The Committee shall meet with the independent auditor at least once per year (in connection with the preparation
of the year end financial statements) and at such other times as the auditor and the Committee consider appropriate.

7. Agendas, approved by the Chair, shall be circulated to Committee members along with background information
on a timely basis prior to the Committee meetings.

8. The Committee may invite such officers, directors and employees of the Company as it may see fit to attend
its meetings and assist in the discussion and consideration of the matters being considered by the Committee.

**Schedule "B"**

**BLUE MOON METALS INC.<br> SHARE COMPENSATION PLAN**

**1.** **DEFINITIONS AND INTERPRETATION** 

**1.1** **Definitions:** For purposes of the Plan, unless the context requires otherwise, the following words
and terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**1933 Act**" means the United States Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Administrators**" means the Board or such other persons as may be designated by the Board
from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**affiliate**" has the meaning attributed to that term in Policy 1.1 of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Associate**" has the meaning attributed to that term in Policy 1.1 of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Award Date**" means: (i) for Restricted Share Units, the date or dates on which an
award of Restricted Share Units is made to a Participant in accordance with section 4.1; and (ii) for Deferred Share Units,
the date or dates on which an award of Deferred Share Units is made to a Participant in accordance with section 6.14.1 ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Blackout Period**" means the period during which designated Directors, Officers and Employees
of the Corporation cannot trade the Common Shares as a result of the bona fide existence of undisclosed material information pursuant
to the Corporation's policy respecting restrictions on Directors', Officers' and Employee trading which is in effect at that time (which,
for greater certainty, (i) does not include the period during which a cease trade order is in effect to which the Corporation or
in respect of an insider, that insider is subject, and (ii) shall expire following the general disclosure of undisclosed material
information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Board**" means the board of directors of the Corporation from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Business Day**" means each day other than a Saturday, Sunday or statutory holiday in Vancouver,
British Columbia, Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Canadian Participant**" means a Participant who is a resident of Canada for the purposes
of the *Income Tax Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Cash Fees**" has the meaning ascribed to that term in subsection 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Change of Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the acceptance of an Offer by a sufficient number of holders of voting shares in the capital of the Corporation
to constitute the offeror, together with persons acting jointly or in concert with the offeror, a shareholder of the Corporation being
entitled to exercise more than 50% of the voting rights attaching to the outstanding voting shares in the capital of the Corporation (provided
that prior to the Offer, the offeror was not entitled to exercise more than 50% of the voting rights attaching to the outstanding voting
shares in the capital of the Corporation),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the completion of a consolidation, merger or amalgamation of the Corporation with or into any other corporation
whereby the voting shareholders of the Corporation immediately prior to the consolidation, merger or amalgamation receive less than 50%
of the voting rights attaching to the outstanding voting shares of the consolidated, merged or amalgamated corporation or any parent entity,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the completion of a sale whereby all or substantially all of the Corporation's undertakings and assets
become the property of any other entity and the voting shareholders of the Corporation immediately prior to that sale hold less than 50%
of the voting rights attaching to the outstanding voting securities of that other entity immediately following that sale;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Common Shares**" means the common shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Consultant**" means an individual (other than a Director, Officer or Employee of the Corporation
or any of its Subsidiaries) or company that is not a U.S. Person that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is engaged to provide on an ongoing bona fide basis, consulting, technical, management or other services
to the Corporation or to any of its Subsidiaries, other than services provided in relation to an offer or sale of securities of the Corporation
in a capital-raising transaction, or services that promote or maintain a market for the Corporation's securities;

&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 Corporation or any of its Subsidiaries and
the individual or the company, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and attention
on the affairs and business of the Corporation or of any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Corporation**" means Blue Moon Metals Inc., a corporation existing under the *Business Corporations Act* (British Columbia) and the successors thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Discounted Market Price**" has the meaning attributed to that term in Policy 1.1
of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Deferred Share Unit**" or "**DSU**" means any right granted under Article 6
of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Deferred Share Unit Agreement**" has the meaning ascribed to that term in section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Director**" means a director (as defined under Securities Laws) of the Corporation or
of any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Director Fees**" means the total compensation (including annual retainer and meeting fees,
if any) paid by the Corporation to a Director in a calendar year for service on the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**DSU Account**" has the meaning ascribed to that term in section 6.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Effective Date**" means September 12, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Electing Person**" means a Participant who is, on the applicable Election Date, a Director
who is not an Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Elected Amount**" has the meaning set forth in subsection 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Election Date**" means the date on which the Electing Person files an Election Notice
in accordance with subsection 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Election Notice**" has the meaning set forth in subsection 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Eligible Person**" means any Director, Officer, Employee, Management Company Employee
or Consultant to whom an award has been granted under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Employee**" means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is considered an employee of the Corporation or a Subsidiary of the Corporation for purposes of source
deductions under applicable tax or social welfare legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) works full-time or part-time on a regular weekly basis for the Corporation or a Subsidiary of the Corporation
providing services normally provided by an employee and who is subject to the same control and direction by the Corporation or a Subsidiary
of the Corporation over the details and methods of work as an employee of the Corporation or such Subsidiary, and, for greater certainty,
includes any Executive Chairman of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Event of Termination**" means an event whereby a Participant ceases to be an Eligible
Person and shall be deemed to have occurred by the giving of any notice of termination of employment or service (whether voluntary or
involuntary, whether with or without cause and whether with or without reason), retirement, or any cessation of employment or service
for any reason whatsoever, including disability or death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Exchange**" means any stock exchange or quotation system in Canada where the Common Shares
are listed on or through which the Common Shares are listed or quoted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Exercise Price**" means the price at which a Common Share may be purchased pursuant to
the exercise of an Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Grant Date**" means the date on which a grant of Options is made to a Participant in accordance
with section 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**In-the-Money Amount**" has the meaning ascribed to that term in subsection 5.7(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**insider**" has the meaning attributed to that term in Policy 1.1 of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Insider Participant**" means a Participant who is (i) an insider of the Corporation
or any of its Subsidiaries, and (ii) an associate of any person who is an insider by virtue of (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Investor Relations Activities**" means any activities, by or on behalf of the Corporation
or shareholder of the Corporation, that promote or reasonably could be expected to promote the purchase or sale of securities of the Corporation,
but does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the dissemination of information provided, or records prepared, in the ordinary course of business of
the 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. to promote the sale of products or services of the Corporation, 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. to raise public awareness of the Corporation, that cannot reasonably be considered to promote the purchase
or sale of securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) activities or communications necessary to comply with the requirements of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. applicable Securities Laws;

&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 by-laws, rules or other regulatory instruments of the Exchange or any other self- regulatory
body or exchange having jurisdiction over the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) communications by a publisher of, or writer for, a newspaper, magazine or business or financial publication,
that is of general and regular paid circulation, distributed only to subscribers to it for value or to purchasers of it, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the communication is only through the newspaper, magazine or publication, 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. the publisher or writer receives no commission or other consideration other than for acting in the capacity
of publisher or writer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) activities or communications that may be otherwise specified by the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Investor Relations Service Provider**" all includes any Consultant that performs Investor
Relations Activities and any Director, Officer, Employee or Management Company Employee whose role and duties primarily consist of Investor
Relations Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Management Company Employee**" means an individual employed by a company providing management
services to the Corporation, which services are required for the ongoing successful operation of the business enterprise of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Market Price**" means the "**Market Price**" (as such term is defined in
Policy 1.1 of the TSXV) of the Common Shares, or if the Common Shares are not listed on a stock exchange, the Market Price shall
be determined in good faith by the Administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Offer**" means a bona fide arm's length offer made to all holders of voting shares in
the capital of the Corporation to purchase, directly or indirectly, voting shares in the capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Officer**" means (as defined under Securities Laws) of the Corporation or of any of its
Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Option**" means an option granted to an Eligible Person under the Plan to purchase Common
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Option Agreement**" has the meaning ascribed to that term in section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Option Exercise Notice**" has the meaning ascribed to that term in section 5.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Participant**" means an Eligible Person selected by the Administrators to participate
in the Plan in accordance with section 3.1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Payout Date**" means the day on which the Corporation pays to a Participant the Market
Price of the Restricted Share Units that have become vested and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Plan**" means this share compensation plan, as amended, replaced or restated from time
to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**reserved for issuance**" refers to Common Shares that may be issued in the future upon
the vesting of Restricted Share Units which have been awarded and upon the exercise of Options which have been granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Restricted Share Unit**" means a right granted to a Participant in accordance with section 4.1
hereof as compensation for employment or consulting services or services as a Director or Officer to receive, for no additional cash consideration,
one Common Share or a lump sum payment in cash that becomes vested in accordance with section 4.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Restricted Share Unit Agreement**" has the meaning ascribed to that term in section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**RSU Account**" has the meaning attributed to that term in section 4.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**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 are applicable to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Security Based Compensation**" means any Options and Restricted Share Units granted or
issued under this Plan but, as the context requires, also includes any deferred share unit, performance share unit, restricted share unit,
securities for services, stock appreciation right, stock option, stock purchase plan, any security purchase from treasury by a Participant
which is financially assisted by the Corporation by any means whatsoever, and any other compensation or incentive mechanism involving
the issuance or potential issuance of securities of the Corporation from treasury to an Eligible Person under any other Share Compensation
Arrangement, and for greater certainty, does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arrangements which do not involve the issuance from treasury or potential from treasury of securities
of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arrangements under which Security Based Compensation is settled solely in cash and/or securities purchased
on the secondary market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares for Services and shares for debt arrangements under Policy 4.3 of the TSXV that have been
conditionally accepted by the Exchange prior to November 24, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Share Compensation Arrangement**" means a stock option, stock option plan, employee stock
purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Common Shares to Directors,
Officers and Employees of the Corporation and any of its Subsidiaries or to Consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Shares for Services**" has the meaning ascribed to that phrase in Policy 4.3 - Share
for Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Subsidiary**" has the meaning ascribed thereto in the *Securities Act* (British Columbia)
and "**Subsidiaries**" shall have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Termination Date**" means the date a Participant ceases to be an Eligible Person and,
unless otherwise provided herein, does not include any period of statutory, contractual or reasonable notice or any period of salary continuance
or deemed employment. Notwithstanding the foregoing, in the case of a U.S. Participant, a Participant's "Termination Date" will
be the date the Participant experiences a "separation from service" (as defined in Treas. Reg. 1.409A-1(h)) with the Corporation
or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**TSXV**" means the TSX Venture Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**United States**" means the United States of America, its territories and possessions,
any state of the United States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**U.S. Participant**" means a Participant who is a citizen of the United States or a resident
of the United States, as defined in section 7701(a)(30)(A) and section 7701(b)(1) of the Code and any other Participant
who is subject to tax under the Code with respect to compensatory awards granted pursuant to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**U.S. Person**" means a "U.S. person", as such term is defined in Regulation
S under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Withholding Obligations**" has the meaning ascribed to that term in section 4.6;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**VWAP**" means the volume weighted average trading price of the Common Shares on the Exchange
calculated by dividing the total value by the total volume of such securities trade for the five trading days immediately preceding the
relevant date. Where appropriate, the Exchange may exclude internal crosses and certain other special terms trades from the calculation.

**1.2** **Headings:** The headings of all articles, sections, and paragraphs in the Plan are inserted for convenience
of reference only and shall not affect the construction or interpretation of the Plan.

**1.3** **Context, Construction:** Whenever the singular or masculine are used in the Plan, the same shall
be construed as being the plural or feminine or neuter or vice versa where the context so requires.

**1.4** **References to this Plan:** The words "hereto", "herein", "hereby",
 "hereunder", "hereof" and similar expressions mean or refer to the Plan as a whole and not to any particular article,
section, paragraph or other part hereof.

**1.5** **Currency:** All references in this Plan or in any agreement entered into under this Plan to "dollars",
 "$" or lawful currency shall be references to Canadian dollars, unless the context otherwise requires.

**2.** **PURPOSE AND ADMINISTRATION OF THE PLAN** 

**2.1** **Purpose:** The purpose of the Plan is to advance the interests of the Corporation and its Subsidiaries,
and its shareholders by: (i) ensuring that the interests of Eligible Persons are aligned with the success of the Corporation and
its Subsidiaries; (ii) encouraging stock ownership by Eligible Persons; and (iii) providing compensation opportunities to attract,
retain and motivate Eligible Persons.

**2.2** **Common Shares Subject to the Plan:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General:* This Plan is a "rolling up to 10%" omnibus plan whereby the total number of
Common Shares that are issuable pursuant to all Security Based Compensation granted or awarded hereunder, in aggregate, is equal to up
to a maximum of 10% of the issued and outstanding Common Shares as of the date of grant or award (together with any Common Shares issuable
pursuant to any other Share Compensation Arrangement). For greater certainty, any Restricted Share Units and Deferred Share Units that
must be settled in cash in accordance with the Restricted Share Unit Agreement and the Deferred Share Unit Agreement approved by the Administrators
at the time of grant shall not count towards the maximum of 10% of issued and outstanding Common Shares reserved under this Plan as required
by the policies of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Limits for Individuals:* Unless the Corporation obtains disinterested shareholder approval, the
maximum aggregate number of Common Shares issuable pursuant to all Security Based Compensation granted or issued under the Plan to any
one Participant (together with those Common Shares issuable pursuant to any other Share Compensation Arrangement) in any 12 month period
shall not exceed 5% of the issued and outstanding Common Shares, calculated as at the date that such Security Based Compensation is granted
or issued to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Limits for Consultants:* The maximum number of Common Shares issuable pursuant to all Security Based
Compensation granted or issued under the Plan in any 12 month period to any one Consultant (together with those Common Shares issuable
pursuant to any other Share Compensation Arrangement) shall not exceed 2% of the issued and outstanding Common Shares, calculated as at
the date that such Security Based Compensation is granted or issued to the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Limits for Investor Relations Service Providers:* The maximum aggregate number of Common Shares
issuable pursuant to all Options granted to all Investor Relations Service Providers under the Plan in any 12 month period in aggregate
shall not exceed 2% of the issued and outstanding Common Shares, calculated as at the date any Option is granted to such Investor Relations
Services Provider; provided, that Options granted to any and all Investor Relations Service Providers must vest in stages over a period
of not less than 12 months such that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no more than 1/4 of the Options vest no sooner than three months after the Options were granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no more than 1/4 of the Options vest no sooner than six months after the Options were granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no more than 1/4 of the Options vest no sooner than nine months after the Options were granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the remainder of the Options vest no sooner than 12 months after the Options were granted.

**2.3** **Other Terms of the Plan** 

All Security Based Compensation granted or issued hereunder is non-assignable and non-transferable.

Unless the Corporation obtains disinterested shareholder approval, the maximum aggregate number of Common Shares issuable pursuant to all Security Based Compensation granted or issued under the Plan to Insider Participants as a group (together with those Common Shares issuable pursuant to any other Share Compensation Arrangement) shall not exceed 10% of the issued and outstanding Common Shares at any point in time.

Unless the Corporation obtains disinterested shareholder approval, the maximum number of Common Shares issuable pursuant to all Security Based Compensation granted or issued under the Plan in any 12 month period to Insider Participants as a group (together with those Common Shares issuable pursuant to any other Share Compensation Arrangement) shall not exceed 10% of the issued and outstanding Common Shares, calculated as at the date that such Security Based Compensation is granted or issued to any Insider Participant.

For greater certainty, Investor Relations Service Providers may not receive any Security Based Compensation other than Options.

Any Security Based Compensation granted or issued to any Participant who is a Director, Officer, Employee, Consultant or Management Company Employee must expire within 12 months following the date the Participant ceases to be an Eligible Person under the Plan.

**2.4** **Administration of the Plan:** The Plan shall be **administered** by the Administrators, through
the recommendation of the Nomination, Compensation and Corporate Governance Committee of the Board. Subject to any limitations of the
Plan, the Administrators shall have the power and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adopt rules and regulations for implementing the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine the eligibility of persons to participate in the Plan in accordance with section 3 herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) determine when Restricted Share Units, Options and Deferred Share Units to Eligible Persons shall be awarded
or granted, the number of Restricted Share Units, Options and Deferred Share Units to be awarded or granted, the vesting criteria for
each award of Restricted Share Units, the vesting period for each grant of Options and the vesting period for each award of Deferred Share
Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) interpret and construe the provisions of the Plan and any agreement or instrument under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) require that any Participant provide certain representations, warranties and certifications to the Corporation
to satisfy the requirements of applicable laws, including without limitation, exemptions from the registration requirements of the 1933
Act and applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) make all other determinations and take all other actions as they determine to be necessary or desirable
to implement, administer and give effect to the Plan.

**3.** **ELIGIBILITY AND PARTICIPATION IN PLAN** 

**3.1** **The Plan and Participation:** The Plan is hereby established for Eligible Persons. Restricted Share
Units may be awarded and Options may be granted to any Eligible Person as determined by the Administrators in accordance with the provisions
hereof. Deferred Share Units may be awarded only to Directors who are not Employees in accordance with the provisions hereof. The Corporation
and each Participant acknowledge that they are responsible for ensuring and confirming that such Participant is a bona fide Eligible Person
entitled to receive Options, Restricted Share Units or Deferred Share Units, as the case may be.

**3.2** **Agreements:** All Restricted Share Units awarded hereunder shall be evidenced by a restricted share
unit agreement ()"**Restricted Share Unit Agreement**") between the Corporation and the Participant, substantially in the
form set out in Exhibit A or in such other form as the Administrators may approve from time to time. All Options granted hereunder
shall be evidenced by an option agreement ()"**Option Agreement**") between the Corporation and the Participant, substantially
in the form as set out in Exhibit B or in such other form as the Administrators may approve from time to time. All Deferred Share
Units awarded hereunder shall be evidenced by a deferred share unit agreement ()"**Deferred Share Unit Agreement**") between
the Corporation and the Participant, substantially in the form set out in Exhibit D or in such other form as the Administrators may
approve from time to time.

**4.** **AWARD OF RESTRICTED SHARE UNITS** 

**4.1** **Award of Restricted Share Units:** The Administrators may, at any time and from time to time, award
Restricted Share Units to Eligible Persons (other than Eligible Persons providing Investor Relations Activities). In awarding any Restricted
Share Units, the Administrators shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to whom Restricted Share Units pursuant to the Plan will be awarded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Restricted Share Units to be awarded and credited to each Participant's RSU Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Award Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to section 4.3 hereof, the applicable vesting criteria.

Upon the award of Restricted Share Units, the number of Restricted Share Units awarded to a Participant shall be credited to the Participant's RSU Account effective as of the Award Date.

**4.2** **Restricted Share Unit Agreement:** Upon the award of each Restricted Share Unit to a Participant,
a Restricted Share Unit Agreement shall be delivered by the Administrators to the Participant.

**4.3** **Vesting:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to subsections (c) and (d) below, at the time of the award of Restricted Share
Units, the Administrators shall, subject to Exchange rules, determine in their sole discretion the vesting criteria applicable to such
Restricted Share Units provided that, subject to sections 4.7(c) and 7.1(a), no Restricted Share Units may vest before the date
that is one year following the date of grant or issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, the vesting of Restricted Share Units may be determined by the Administrators to
include criteria such as performance vesting, in which the number of Common Shares (or cash equivalent) to be delivered to a Participant
for each Restricted Share Unit that vests may fluctuate based upon the Corporation's performance and/or the Market Price of the Common
Shares, in such manner as determined by the Administrators in their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Restricted Share Unit shall be subject to vesting in accordance with the terms set out in the Restricted
Share Unit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Plan, all vesting and issuances or payments, as applicable,
in respect of a Restricted Share Unit shall be completed no later than December 15 of the third calendar year commencing after the
Award Date for such Restricted Share Unit.

**4.4** **Blackout Periods:** Should the date of vesting of a Restricted Share Unit fall within a Blackout
Period formally imposed by the Corporation, such date of vesting shall be automatically extended without any further act or formality
to that date which is the tenth Business Day after the end of the Blackout Period, such tenth Business Day to be considered the date of
vesting for such Restricted Share Unit for all purposes under the Plan. Notwithstanding section 7.3 hereof, the ten Business Day
period referred to in this section 4.4 may not be extended by the Board.

**4.5** **Vesting and Settlement:** As soon as practicable after the relevant date of vesting of any Restricted
Share Units awarded under the Plan and with respect to a U.S. Participant, no later than 60 days thereafter, but subject to subsection 4.3(d),
a Participant shall be entitled to receive and the Corporation shall issue or pay (at its discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a lump sum payment in cash equal to the number of vested Restricted Share Units recorded in the Participant's
RSU Account multiplied by the Market Price of a Common Share on the Payout Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Common Shares required to be issued to a Participant upon the vesting of such Participant's
Restricted Share Units in the Participant's RSU Account, duly issued as fully paid and non-assessable shares and such Participant shall
be registered on the books of the Corporation as the holder of the appropriate number of Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any combination of the foregoing.

**4.6** **Taxes and Source Deductions:** the Corporation or an affiliate of the Corporation may take such reasonable
steps for the deduction and withholding of any taxes and other required source deductions which the Corporation or the affiliate, as the
case may be, is required by any law or regulation of any governmental authority whatsoever to remit in connection with this Plan, any
Restricted Share Units or any issuance of Common Shares ()"**Withholding Obligations** "). Without limiting the generality
of the foregoing, the Corporation may, at its discretion: (i) deduct and withhold those amounts it is required to remit pursuant
to the Withholding Obligations from any cash remuneration or other amount payable to the Participant, whether or not related to the Plan,
the vesting of any Restricted Share Units or the issue of any Common Shares; (ii) allow the Participant to make a cash payment to
the Corporation equal to the amount required to be remitted, pursuant to the Withholding Obligations, which amount shall be remitted by
the Corporation to the appropriate governmental authority for the account of the Participant; or (iii) settle a portion of vested
Restricted Share Units of a Participant in cash equal to the amount the Corporation is required to remit, pursuant to the Withholding
Obligations, which amount shall be remitted by the Corporation to the appropriate governmental authority for the account of the Participant.
Where the Corporation considers that the steps undertaken in connection with the foregoing result in inadequate withholding or a late
remittance of taxes, the delivery of any Common Shares to be issued to a Participant on vesting of any Restricted Share Units may be made
conditional upon the Participant (or other person) reimbursing or compensating the Corporation or making arrangements satisfactory to
the Corporation for the payment to it in a timely manner of all taxes required to be remitted, pursuant to the Withholding Obligations,
for the account of the Participant.

**4.7** **Rights Upon an Event of Termination:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to section 0, if an Event of Termination has occurred in respect of any Participant, any
and all Common Shares corresponding to any vested Restricted Share Units in the Participant's RSU Account shall be issued as soon as practicable
after the Event of Termination to the former Participant in accordance with section 4.5 hereof. With respect to each Restricted Share
Unit of a U.S. Participant, such Restricted Share Unit will be settled and shares issued as soon as practicable following the date of
vesting of such Restricted Share Unit as set forth in the applicable Restricted Share Unit Agreement, but in all cases within 60 days
following such date of vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Event of Termination has occurred in respect of any Participant, any unvested Restricted Share Units
in the Participant's RSU Account shall, unless otherwise determined by the Administrators in their discretion or otherwise agreed to by
the Corporation in an employment agreement or consulting agreement with an Eligible Person, and subject to the requirements set out in
section 4.6 of TSXV Policy 4.4, vest and be settled before the earlier of (i) the vesting schedule set out in the applicable
Restricted Share Unit Award Agreement and (ii) 12 months after the date of the Event of Termination. Subject to section 0, with
respect to any Restricted Share Unit of a U.S. Participant, if the Administrators determine, in their discretion, to waive vesting conditions
applicable to a Restricted Share Unit that is unvested at the time of an Event of Termination, such Restricted Share Unit shall not be
forfeited or cancelled, but instead will be deemed to be vested and settled and shares delivered following the date of vesting of such
Restricted Share Unit as set forth in the applicable Restricted Share Unit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Event of Termination involving the death of a Participant occurs and such Participant is entitled
to any Restricted Share Units in accordance with this section 4.7, the heirs or administrators of such Participant must claim such
Security Based Compensation within one year of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to section 0 and the requirements set out in section 4.6 of TSXV Policy 4.4, notwithstanding
the foregoing subsection 4.7(b), if a Participant retires in accordance with the Corporation's retirement policy, at such time, any
unvested performance-based Restricted Share Units in the Participant's RSU Account shall not be forfeited by the Participant or cancelled
and instead shall be eligible to become vested in accordance with the vesting conditions set forth in the applicable Restricted Share
Unit Agreement after such retirement (as if retirement had not occurred), but only if the performance vesting criteria, if any, are met
on the applicable date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing subsection 4.7(b), for greater certainty, if a Participant's employment
is terminated for just cause or if a Participant resigns without good reason, each unvested Restricted Share Unit in the Participant's
RSU Account shall forthwith and automatically be forfeited by the Participant and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the purposes of this Plan and all matters relating to the Restricted Share Units, the date of the
Event of Termination shall be determined without regard to any applicable severance or termination pay, damages, or any claim thereto
(whether express, implied, contractual, statutory, or at common law).

**4.8** **Restricted Share Unit Accounts:** A separate notional account for Restricted Share Units shall be
maintained for each Participant (an "**RSU Account** "). Each RSU Account will be credited with Restricted Share Units awarded
to the Participant from time to time pursuant to section 4.1 hereof by way of a bookkeeping entry in the books of the Corporation.
On the vesting of the Restricted Share Units pursuant to section 4.3 hereof and the corresponding issuance of Common Shares to the
Participant pursuant to section 4.5 hereof, or on the forfeiture and cancellation of the Restricted Share Units pursuant to section 4.7
hereof, the applicable Restricted Share Units credited to the Participant's RSU Account will be cancelled.

**4.9** **Record Keeping:** the Corporation shall maintain records in which shall be recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Restricted Share Units credited to each Participant's RSU Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any and all adjustments made to Restricted Share Units recorded in each Participant's RSU Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other information which the Corporation considers appropriate to record in such records.

**5.** **GRANT OF OPTIONS** 

**5.1** **Grant of Options:** The Administrators may at any time and from time to time grant Options to Eligible
Persons. In granting any Options, the Administrators shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to whom Options pursuant to the Plan will be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Options to be granted, the Grant Date and the Exercise Price of each Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to section 5.4 hereof, the expiration date of each Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to section 5.3 hereof, the applicable vesting criteria,

provided, however that the Exercise Price for a Common Share pursuant to any Option shall not be less than the Discounted Market Price on the Grant Date in respect of that Option, and with respect to Options granted to U.S. Participants, the Exercise Price shall not be less than the closing price of the Common Shares on any exchange in Canada where Common Shares are listed on the last trading day prior to the Grant Date. If the Corporation does not issue a news release to announce the grant and the exercise price of an Option, the Discounted Market Price is the last closing price of the Common Shares before the date of grant of the Option less the applicable discount.

**5.2** **Option Agreement:** Upon each grant of Options to a Participant, an Option Agreement shall be delivered
by the Administrators to the Participant.

**5.3** **Vesting:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to subsection 2.2(d) above with respect to grants to Eligible Persons providing Investor
Relations Activities, at the time of the grant of any Options, the Administrators shall determine, in accordance with applicable vesting
requirements of the Exchange, the vesting criteria applicable to such Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrators may determine when any Option will become exercisable and may determine that Options
shall be exercisable in instalments or pursuant to a vesting schedule. The Option Agreement will disclose any vesting conditions prescribed
by the Administrators.

**5.4** **Term of Option/Blackout Periods:** The term of each Option shall be determined by the Administrators;
provided that no Option shall be exercisable after ten years from the Grant Date. Should the term of an Option expire on a date that falls
within a Blackout Period formally imposed by the Corporation, such expiration date shall be automatically extended without any further
act or formality to that date which is the tenth Business Day after the end of the Blackout Period, such tenth Business Day to be considered
the expiration date for such Option for all purposes under the Plan. Notwithstanding section 7.3 hereof, the ten Business Day period
referred to in this section 5.4 may not be extended by the Board.

**5.5** **Exercise of Option:** 

Options that have vested in accordance with the provisions of this Plan and the applicable Option Agreement may be exercised at any time, or from time to time, during their term and subject to the provisions of sections 5.6, 5.7, 5.8 and 5.10 hereof as to any number of whole Common Shares that are then available for purchase thereunder; provided that no partial exercise may be for less than 100 whole Common Shares. Options may be exercised by delivery of a written notice of exercise to the Administrators, substantially in the form attached to this Plan as Exhibit C (the "Option Exercise Notice"), with respect to the Options, or by any other form or method of exercise acceptable to the Administrators.

**5.6** **Regular Exercise; Payment and Issuance:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon actual receipt by the Corporation or its agent of the materials required by subsection 5.5 and
receipt by the Corporation of cash, a cheque, bank draft or other form of acceptable payment for the aggregate Exercise Price, the number
of Common Shares in respect of which the Options are exercised will be issued as fully paid and non-assessable shares and the Participant
exercising the Options shall be registered on the books of the Corporation as the holder of the appropriate number of Common Shares. No
person or entity shall enjoy any part of the rights or privileges of a holder of Common Shares which are subject to Options until that
person or entity becomes the holder of record of those Common Shares. No Common Shares will be issued by the Corporation prior to the
receipt of payment by the Corporation for the aggregate Exercise Price for the Options being exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, and unless otherwise determined by the Administrators or not compliant
with any applicable laws, (i) cashless exercise of Options shall only be available to a Participant who was granted and is exercising
such Options outside the United States as a non-U.S. Person in compliance with Regulation S under the 1933 Act at a time when the Common
Shares are listed and posted for trading on an Exchange or market in Canada that permits cashless exercise, the Participant intends to
immediately sell the Common Shares issuable upon exercise of such Options in Canada and the proceeds of sale will be sufficient to satisfy
the Exercise Price of the Options, and (ii) if an eligible Participant elects to exercise the Options through cashless exercise and
complies with any relevant protocols approved by the Administrators, a sufficient number of the Common Shares issued upon exercise of
the Options will be sold in Canada by a designated broker on behalf of the Participant to satisfy the Exercise Price of the Options, the
Exercise Price of the Options will be delivered to the Corporation and the Participant will receive only the remaining unsold Common Shares
from the exercise of the Options and the net proceeds of the sale after deducting the Exercise Price of the Options, applicable taxes
and any applicable fees and commissions, all as determined by the Administrators from time to time. The Corporation shall not deliver
the Common Shares issuable upon a cashless exercise of Options until receipt of the Exercise Price therefor, whether by a designated broker
selling the Common Shares issuable upon exercise of such Options through a short position or such other method determined by the Administrators
in compliance with applicable laws.

**5.7** **Cashless Exercise:** Subject to prior approval by the Administrators, and provided that the Common
Shares are listed and posted for trading on an Exchange or market that permits cashless exercise, a Participant may elect cashless exercise
in its Option Exercise Notice. In such case, the Participant will not be required to deliver to the Administrators a cheque or other form
of payment for the aggregate Exercise Price referred to above. Instead the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whereby the Corporation has an arrangement with a brokerage firm pursuant to which the brokerage firm
will loan money to a Participant to purchase the Common Shares underlying the Options. The brokerage firm then sells a sufficient number
of Common Shares to cover the exercise price of the Options in order to repay the loan made to the Participant. The brokerage firm receives
an equivalent number of Common Shares from the exercise of the Options and the Participant then receives the balance of Common Shares
or the cash proceeds from the balance of such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before the relevant trade date, the Participant will deliver the Option Exercise Notice including details
of the trades to the Corporation electing the cashless exercise and the Corporation will direct its registrar and transfer agent to issue
a certificate for such Participant's Common Shares in the name of the broker (or as the broker may otherwise direct) for the number of
Common Shares issued on the exercise of the Options, against payment by the broker to the Corporation of (i) the Exercise Price for
such Common Shares; and (ii) the amount the Corporation determines, in its discretion, is required to satisfy the Corporation withholding
tax and source deduction remittance obligations in respect of the exercise of the Options and issuance of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The broker will deliver to the Participant the remaining value of the Options, net of any brokerage commission
or other expenses (the "**In-the-Money Amount** "), in either (i) cash in an amount equal to the In-the-Money-Amount,
or (b) such number of Common Shares (rounded down to the nearest whole number) having a fair Market Price equal to the In-the-Money
Amount, plus a cash amount equal to the fraction of a Common Share that would otherwise be issuable multiplied by the fair Market Price
of a Common Share.

**5.8** **Net Exercise:** Subject to prior approval by the Administrators, a Participant, excluding Investor
Relations Service Providers, may elect to surrender for cancellation to the Corporation any vested Options being exercised and the Corporation
will issue to the Participant, as consideration for the surrender of such Options, that number of Common Shares (rounded down to the nearest
whole Common Share) on a net issuance basis in accordance with the following formula below:

X = <u>Y (A - B)</u><br> A

where:

X = The number of Common Shares to be issued to the Participant in consideration for the net exercise of the Options under this section 5.8;

Y = The number of vested Options with respect to the vested portion of the Option to be surrendered for cancellation;

A = The VWAP of the Common Shares; and

B = The Exercise Price for such Options.

The Corporation may elect to forego any deduction in accordance with subsection 110(1.1) of the *Income Tax Act* (Canada) with respect to Options settled on a net exercise basis.

In the event of a cashless exercise or net exercise, the number of Options exercised, surrendered or converted, and not the number of Common Shares actually issued by the Corporation, must be included in calculating the limits set forth in sections 2.2, 2.2(b), 2.2(c), 2.2(d), 0 and 0.

**5.9** **Taxes and Source Deductions:** The Corporation or an affiliate of the Corporation may take such reasonable
steps for the deduction and withholding of any taxes and other required source deductions which the Corporation or the affiliate, as the
case may be, is required by any law or regulation of any governmental authority whatsoever to remit pursuant to the Withholding Obligations
in connection with this Plan, any Options or any issuance of Common Shares. Without limiting the generality of the foregoing, the Corporation
may, at its discretion: (i) deduct and withhold those amounts it is required to remit, pursuant to the Withholding Obligations, from
any cash remuneration or other amount payable to the Participant, whether or not related to the Plan, the exercise of any Options or the
issue of any Common Shares; or (ii) allow the Participant to make a cash payment to the Corporation equal to the amount required
to be remitted, pursuant to the Withholding Obligations, which amount shall be remitted by the Corporation to the appropriate governmental
authority for the account of the Participant. Where the Corporation considers that the steps undertaken in connection with the foregoing
result in inadequate withholding or a late remittance of taxes, the delivery of any Common Shares to be issued to a Participant on the
exercise of Options may be made conditional upon the Participant (or other person) reimbursing or compensating the Corporation or making
arrangements satisfactory to the Corporation for the payment in a timely manner of all taxes required to be remitted, pursuant to the
Withholding Obligations, for the account of the Participant.

**5.10** **Rights Upon an Event of Termination:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Termination has occurred in respect of a Participant, any unvested Options, to the extent
not available for exercise as of the date of the Event of Termination, shall, unless otherwise determined by the Administrators in their
discretion, vest before the earlier of (i) the vesting schedule set out in the applicable Option Agreement and (ii) 12 months
after the date of the Event of Termination. There can be no acceleration of the vesting requirements applicable to Options granted to
an Investor Relations Service Provider without the prior written approval of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise stated herein or otherwise determined by the Administrators in their discretion or
otherwise agreed to by the Corporation in an employment agreement or consulting agreement with an Eligible Person (provided such determination
does not exceed a maximum of one year), upon the occurrence of an Event of Termination in respect of a Participant, any vested Options
granted to the Participant that are available for exercise may be exercised only before the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the expiry of the Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) six months after the date of the Event of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing subsections 5.10(a) and (b), if a Participant's employment is terminated
for just cause or if a Participant resigns without good reason, each Option held by the Participant, whether or not then exercisable,
shall forthwith and automatically be cancelled and may not be exercised by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of this Plan and all matters relating to the Options, the date of the Event of Termination
shall be determined without regard to any applicable severance or termination pay, damages, or any claim thereto (whether express, implied,
contractual, statutory, or at common law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If an Event of Termination involving the death of a Participant occurs and such Participant is entitled
to any Options in accordance with this section 5.10, the heirs or administrators of such Participant must claim such Security Based
Compensation within one year of the Participant's death.

**5.11** **Record Keeping:** The Corporation shall maintain an Option register in which shall be recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each holder of Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Common Shares subject to Options granted to each holder of Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the term of the Option and Exercise Price, including adjustments for each Option granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other information which the Corporation considers appropriate to record in such register.

**6.** **AWARD OF DEFERRED SHARE UNITS** 

**6.1** **Award of Deferred Share Units:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrators may fix, from time to time, a portion of the Director Fees that is to be payable in
the form of DSUs. In addition, each Electing Person may be given, subject to the conditions stated herein, the right to elect in accordance
with section 6.1(b) to participate in the grant of additional DSUs pursuant to this Article 6. An Electing Person who elects
to participate in the grant of additional DSUs pursuant to this Article 6 shall receive their Elected Amount (as that term is defined
below) in the form of DSUs in lieu of cash. The "**Elected Amount**" shall be an amount, as elected by the Director, in accordance
with applicable tax law, between 0% and 100% of any Director Fees that are otherwise intended to be paid in cash (the "**Cash Fees** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Electing Person who elects to receive their Elected Amount in the form of DSUs in lieu of cash will
be required to file a notice of election in the form of Exhibit E hereto (the "**Election Notice**") with the Chief
Financial Officer of the Corporation: (i) in the case of an existing Electing Person, by December 31st in the year prior to
the year in which the services giving rise to the compensation are performed (other than for Director Fees payable for the 2024 financial
year to any Electing Person who is not a U.S. Participant as of the date of this Plan, in which case such Electing Person shall file the
Election Notice by the date that is 30 days from the effective date of the Plan with respect to compensation paid for services to be performed
after such date); and (ii) in the case of a newly appointed Electing Person who is not a U.S. Participant, within 30 days of such
appointment with respect to compensation paid for services to be performed after such date. In the case of an existing Electing Person
who is a U.S. Participant as of the Effective Date of this Plan and who was not eligible to participate in the Predecessor Plan or in
any other deferred compensation plan required to be aggregated with this Plan for purposes of Section 409A of the Code, an initial
Election Notice may be filed by the date that is 30 days from the Effective Date only with respect to compensation paid for services to
be performed after the Election Date; and in the case of a newly appointed Electing Person who is a U.S. Participant, an Election Notice
may be filed within 30 days of such appointment only with respect to compensation paid for services to be performed after the Election
Date. If no election is made within the foregoing time frames, the Electing Person shall be deemed to have elected to be paid the entire
amount of his or her Cash Fees in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to subsection 6.1(d), the election of an Electing Person under subsection 6.1(b) shall
be deemed to apply to all Cash Fees that would be paid subsequent to the filing of the Election Notice, and such Electing Person is not
required to file another Election Notice for subsequent calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Electing Person who is not a U.S. Participant is entitled once per calendar year to terminate his
or her election to receive DSUs in lieu of Cash Fees by filing with the Chief Financial Officer of the Corporation a notice in the form
of Exhibit F hereto. Such termination shall be effective immediately upon receipt of such notice, provided that the Corporation has
not imposed a Blackout Period. Thereafter, any portion of such Electing Person's Cash Fees payable or paid in the same calendar year and,
subject to complying with subsection 6.1(b), all subsequent calendar years shall be paid in cash. For greater certainty, to the extent
an Electing Person terminates his or her participation in the grant of DSUs pursuant to this Article 6, he or she shall not be entitled
to elect to receive the Elected Amount, or any other amount of his or her Cash Fees in DSUs in lieu of cash again until the calendar year
following the year in which the termination notice is delivered. An election by a U.S. Participant to receive the Elected Amount in DSUs
in lieu of cash for any calendar year is irrevocable for that calendar year after the expiration of the election period for that year,
and any termination of the election will not take effect until the first day of the calendar year following the calendar year in which
the termination notice in the form of Exhibit G is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any DSUs granted pursuant to this Article 6 prior to the delivery of a termination notice pursuant
to Section 6.1(d) shall remain in the Plan following such termination and will be redeemable only in accordance with the terms
of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The number of DSUs (including fractional DSUs) granted at any particular time pursuant to this Article 6
will be calculated by dividing (i) the amount of any compensation that is to be paid in DSUs (including Director Fees and any Elected
Amount), as determined by the Administrator, by (ii) the Market Price of a Common Share on the Award Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In addition to the foregoing, the Administrators may, from time to time, subject to the provisions of
this Plan and such other terms and conditions as the Administrators may prescribe, award DSUs to any Participant.

**6.2** **Deferred Share Unit Agreement: Upon** the award of each Deferred Share Unit to a Participant, a Deferred
Share Unit Agreement shall be delivered by the Administrators to the Participant.

**6.3** **Vesting:** Subject to sections 6.7 and 7.1(a), Deferred Share Units shall vest on the date that is
12 months following the date of grant or issue.

**6.4** **Blackout Periods:** Should the date of vesting of a Deferred Share Unit fall within a Blackout Period
formally imposed by the Corporation, such date of vesting shall be automatically extended without any further act or formality to that
date which is the tenth Business Day after the end of the Blackout Period, such tenth Business Day to be considered the date of vesting
for such Deferred Share Unit for all purposes under the Plan. Notwithstanding section 7.3 hereof, the ten Business Day period referred
to in this section 6.4 may not be extended by the Board.

**6.5** **Settlement:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DSUs shall be settled on the date established in the Deferred Share Unit Agreement; provided, however
that in no event shall a DSU be settled prior to a Participant's Termination Date, or, in the case of a Canadian Participant, later than
one (1) year following the date of the applicable Canadian Participant's Termination Date. In the case of a Participant (other than
a Canadian Participant), in no event shall a DSU be settled later than three (3) years following the date of the applicable Participant's
Termination Date. If the Deferred Share Unit Agreement does not establish a date for the settlement of the DSUs, then the settlement date
shall be the Participant's Termination Date, subject to the delay that may be required pursuant to the Code in the case of a U.S. Participant.
Subject to the Code in the case of a U.S. Participant, and except as otherwise provided in a Deferred Share Unit Agreement, on the settlement
date for any DSU, each vested DSU will be redeemed for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one fully paid and non-assessable Common Share issued from treasury to the Participant or as the Participant
may direct, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a cash payment, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a combination of Common Shares and cash as contemplated by paragraphs (i) and (ii) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in each case as determined by the Administrators in their discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any cash payments made under this section 6.4 by the Corporation to a Participant in respect of DSUs
to be redeemed for cash shall be calculated by multiplying the number of DSUs to be redeemed for cash by the Market Price per Share as
at the settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Payment of cash to Participants on the redemption of vested DSUs may be made through the Corporation's
payroll in the pay period that the settlement date falls within.

**6.6** **Taxes and Source Deductions:** the Corporation or an affiliate of the Corporation may take such reasonable
steps for the deduction and withholding of any taxes and other required source deductions which the Corporation or the affiliate, as the
case may be, is required by any law or regulation of any governmental authority whatsoever to remit pursuant to the Withholding Obligations
in connection with this Plan, any Deferred Share Units or any issuance of Common Shares. Without limiting the generality of the foregoing,
the Corporation may, at its discretion: (i) deduct and withhold those amounts it is required to remit pursuant to the Withholding
Obligations from any cash remuneration or other amount payable to the Participant, whether or not related to the Plan, the vesting or
settlement of any Deferred Share Units or the issue of any Common Shares; (ii) allow the Participant to make a cash payment to the
Corporation equal to the amount required to be remitted, pursuant to the Withholding Obligations, which amount shall be remitted by the
Corporation to the appropriate governmental authority for the account of the Participant; or (iii) settle a portion of vested Deferred
Share Units of a Participant in cash equal to the amount the Corporation is required to remit, pursuant to the Withholding Obligations,
which amount shall be remitted by the Corporation to the appropriate governmental authority for the account of the Participant. Where
the Corporation considers that the steps undertaken in connection with the foregoing result in inadequate withholding or a late remittance
of taxes, the delivery of any Common Shares to be issued to a Participant on settlement of any Deferred Share Units may be made conditional
upon the Participant (or other person) reimbursing or compensating the Corporation or making arrangements satisfactory to the Corporation
for the payment to it in a timely manner of all taxes required to be remitted, pursuant to the Withholding Obligations, for the account
of the Participant.

**6.7** **Rights Upon an Event of Termination:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to section 0, if an Event of Termination has occurred in respect of any Participant, any
and all Common Shares corresponding to any vested Deferred Share Units in the Participant's DSU Account shall be issued as soon as practicable
after the Event of Termination to the former Participant in accordance with section 6.5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Event of Termination has occurred in respect of any Participant, any unvested Deferred Share Units
in the Participant's DSU Account shall, unless otherwise determined by the Administrators in their discretion or otherwise agreed to by
the Corporation in an agreement with an Eligible Person, and subject to the requirements set out in section 4.6 of TSXV Policy 4.4,
vest and be settled before the earlier of (i) the vesting schedule set out in the applicable Deferred Share Unit Agreement and (ii) 12
months after the date of the Event of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Event of Termination involving the death of a Participant occurs and such Participant is entitled
to any Deferred Share Units in accordance with this section 6.7, the heirs or administrators of such Participant must claim such
Security Based Compensation within one year of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to section 0 and the requirements set out in section 4.6 of TSXV Policy 4.4, notwithstanding
the foregoing subsection (b), if a Participant retires in accordance with the Corporation's retirement policy, at such time, any
unvested performance-based Deferred Share Units in the Participant's DSU Account shall not be forfeited by the Participant or cancelled
and instead shall be eligible to become vested in accordance with the vesting conditions set forth in the applicable Deferred Share Unit
Agreement after such retirement (as if retirement had not occurred), but only if the performance vesting criteria, if any, are met on
the applicable date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing subsection 6.7(b), for greater certainty, if a Participant's employment
is terminated for just cause or if a Participant resigns without good reason, each unvested Deferred Share Unit in the Participant's DSU
Account shall forthwith and automatically be forfeited by the Participant and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the purposes of this Plan and all matters relating to the Deferred Share Units, the date of the Event
of Termination shall be determined without regard to any applicable severance or termination pay, damages, or any claim thereto (whether
express, implied, contractual, statutory, or at common law).

**6.8** **Deferred Share Unit Account:** A separate notional account for Deferred Share Units shall be maintained
for each Participant (which, for greater certainty includes Electing Persons) (a "**DSU Account** "). Each DSU Account will
be credited with Deferred Share Units awarded to the Participant from time to time pursuant to section 6.1 hereof by way of a bookkeeping
entry in the books of the Corporation.

**6.9** **Record Keeping:** the Corporation shall maintain records in which shall be recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Deferred Share Units credited to each Participant's DSU Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any and all adjustments made to Deferred Share Units recorded in each Participant's DSU Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other information which the Corporation considers appropriate to record in such records.

**7.** **GENERAL** 

**7.1** **Effective Date of Plan:** The Plan shall be effective as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Change of Control:** 

If there is a Change of Control transaction then, notwithstanding any other provision of this Plan except subsection 4.3(d) which will continue to apply in all circumstances, any or all unvested Restricted Share Units, any or all Options (whether or not currently exercisable) and any or all unvested Deferred Share Units shall automatically vest or become exercisable, as applicable, such that Participants under the Plan shall be able to participate in the Change of Control transaction, including, at the election of the holder thereof, by surrendering such Restricted Share Units, Options and Deferred Share Units to the Corporation or a third party or exchanging such Restricted Share Units, Options or Deferred Share Units, for consideration in the form of cash and/or securities, to be determined by the Administrators in their sole discretion, subject to any necessary Exchange approvals. For greater certainty, the occurrence of a Change of Control will not trigger the right of a Participant to receive a payment in respect of a Deferred Share Unit prior to a Termination Date for such Participant. For clarity, Restricted Share Units, Options or Deferred Share Units of a Participant will only be accelerated as contemplated in this subsection 0 if such Participant ceases to be an Eligible Person in connection with the Change of Control. Notwithstanding the foregoing, with respect to Options of U.S. Participants, any exchange, substitution or amendment of such Options will occur only to the extent and in a manner that will not result in the imposition of taxes under Section 409A of the Code, and with respect to Restricted Share Units or Deferred Share Units, as applicable, of U.S. Participants, any surrender or other modification of Restricted Share Units or Deferred Share Units, as applicable, will occur only to the extent such surrender or other modification will not result in the imposition of taxes under Section 409A of the Code. Notwithstanding the foregoing, there can be no acceleration of the vesting requirements applicable to Options granted to an Investor Relations Service Provider without the prior written approval of the Exchange.

**7.2** **Reorganization Adjustments:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any declaration by the Corporation of any stock dividend payable in securities (other
than a dividend which may be paid in cash or in securities at the option of the holder of Common Shares), or any subdivision or consolidation
of Common Shares, reclassification or conversion of Common Shares, or any combination or exchange of securities, merger, consolidation,
recapitalization, amalgamation, plan of arrangement, reorganization, spin off involving the Corporation, distribution (other than normal
course cash dividends) of company assets to holders of Common Shares, or any other corporate transaction or event involving the Corporation
or the Common Shares, the Administrators, in the Administrators' sole discretion, may, subject to any relevant resolutions of the Board
and any necessary Exchange approvals, and without liability to any person, make such changes or adjustments, if any, as the Administrators
consider fair or equitable, in such manner as the Administrators may determine, to reflect such change or event including, without limitation,
adjusting the number of Options, Restricted Share Units and Deferred Share Units outstanding under this Plan, the type and number of securities
or other property to be received upon exercise or redemption thereof, and the Exercise Price of Options outstanding under this Plan, provided
that the value of any Option, Restricted Share Unit and Deferred Share Units immediately after such an adjustment, as determined by the
Administrators, shall not exceed the value of such Option, Restricted Share Unit and Deferred Share Units prior thereto, as determined
by the Administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, with respect to Options, Restricted Share Units and Deferred Share Units
of U.S. Participants, such changes or adjustments will be made in a manner so as to not result in the imposition of taxes under Section 409A
of the Code and will comply with the requirements in subsection 4.3(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation shall give notice to each Participant in the manner determined, specified or approved
by the Administrators of any change or adjustment made pursuant to this section and, upon such notice, such adjustment shall be conclusive
and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrators may from time to time, subject to any necessary Exchange approvals, adopt rules, regulations,
policies, guidelines or conditions with respect to the exercise of the power or authority to make changes or adjustments pursuant to section 7.1(a) or
section 7.2(a). The Administrators, in making any determination with respect to changes or adjustments pursuant to section 7.1(a) or
section 7.2(a) shall be entitled to impose such conditions as the Administrators consider or determine necessary in the circumstances,
including conditions with respect to satisfaction or payment of all applicable taxes (including, but not limited to, withholding taxes).

**7.3** **Amendment or Termination of Plan:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may amend this Plan or any Restricted Share Unit or any Option or any Deferred Share Unit at
any time without the consent of Participants provided that such amendment shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not adversely alter or impair any Restricted Share Unit previously awarded or any Option previously granted
or any Deferred Share Unit previously awarded except as permitted by the provisions of section 7.2 hereof, and, with respect to Restricted
Share Units, Options and Deferred Share Units of U.S. Participants, such amendment will not result in the imposition of taxes under Section 409A
of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be subject to any regulatory approvals including, where required, the approval of the Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be subject to shareholder approval, where required by the requirements of the Exchange, provided that
shareholder approval shall not be required for the following amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amendments of a "housekeeping nature", including any amendment to the Plan or a Restricted Share
Unit or Option or Deferred Share Unit that is necessary to comply with applicable laws, tax or accounting provisions or the requirements
of any regulatory authority or stock exchange and any amendment to the Plan or a Restricted Share Unit or Option or deferred share unit
to correct or rectify any ambiguity, defective provision, error or omission therein, including any amendment to any definitions therein;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amendments that are necessary or desirable for Restricted Share Units or Options or Deferred Share Units
to qualify for favourable treatment under any applicable tax law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) be subject to disinterested shareholder approval in the event of any reduction in the Exercise Price,
or the extension of the term, of any Option granted under the Plan to an Insider Participant.

For greater certainty and subject to approval by the TSX Venture Exchange (if applicable), shareholder approval shall be required in circumstances where an amendment to the Plan would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) change from a fixed maximum percentage of issued and outstanding Common Shares to a fixed maximum number
of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) increase the limits in section 2.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reduce the Exercise Price of any Option (including any cancellation of an Option for the purpose of reissuance
of a new Option at a lower Exercise Price to the same person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) extend the term of any Option beyond the original term (except if such period is being extended by virtue
of section 5.4 hereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) amend this section 7.3.

**7.4** **Termination:** The Administrators may terminate this Plan at any time in their absolute discretion.
If the Plan is so terminated, no further Restricted Share Units shall be awarded and no further Options shall be granted and no further
Deferred Share Units shall be awarded, but the Restricted Shares Units then outstanding and credited to Participants' RSU Accounts and
the Options then outstanding and the Deferred Share Units then outstanding and credited to Participants' DSU Accounts shall continue in
full force and effect in accordance with the provisions of this Plan. Any termination of this Plan shall occur in a manner that will not
result in the imposition of taxes on a U.S. Participant under Section 409A of the Code.

**7.5** **Transferability:** A Participant shall not be entitled to transfer, assign, charge, pledge or hypothecate,
or otherwise alienate, whether by operation of law or otherwise, the Participant's Restricted Share Units or Options or Deferred Share
Units or any rights the Participant has under the Plan.

**7.6** **Rights as a Shareholder:** Under no circumstances shall the Restricted Share Units or Options or
Deferred Share Units be considered Common Shares nor shall they entitle any Participant to exercise voting rights or any other rights
attaching to the ownership of Common Shares (including, but not limited to, the right to dividend equivalent payments).

**7.7** **Credits for Dividends:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to section 7.7(b), whenever cash or other dividends are paid on Common Shares, additional
Restricted Share Units or Deferred Share Units, as applicable, will be automatically granted to each Participant who holds Restricted
Share Units or Deferred Share Units, as applicable, on the record date for such dividends. The number of such Restricted Share Units or
Deferred Share Units (rounded to the nearest whole Restricted Share Unit or Deferred Share Unit, as applicable) to be credited to such
Participant as of the date on which the dividend is paid on the Common Shares shall be an amount equal to the quotient obtained when (i) the
aggregate value of the cash or other dividends that would have been paid to such Participant if the Participant's Restricted Share Units
or Deferred Share Units, as applicable, as of the record date for the dividend had been Common Shares, is divided by (ii) the Market
Price of the Common Shares as of the date on which the dividend is paid on the Common Shares. Restricted Share Units and Deferred Share
Units granted to a Participant pursuant to this section 7.7 shall be subject to the same vesting conditions (time and performance
(as applicable)) as the Restricted Share Units and the Deferred Share Units, as applicable, to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the number of Restricted Share Units or the Deferred Share Units, as applicable, to
be granted in accordance with section 7.7(a) would result in the number of Common Shares issuable pursuant to all Security Based
Compensation granted or awarded hereunder to exceed the limits set out in sections 2.2, 2.2(b), 2.2(c), 2.2(d), 0 and 0, such Restricted
Share Units or Deferred Share Units, as applicable, shall not be granted and the Administrators may determine, in their sole discretion,
to make a cash payment to the Participant in lieu thereof equal to the aggregate value determined pursuant to section 7.7(a).

**7.8** **No Effect on Employment, Rights or Benefits:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms of employment shall not be affected by participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing contained in the Plan shall confer or be deemed to confer upon any Participant the right to continue
as a director, officer, employee or Consultant nor interfere or be deemed to interfere in any way with any right of the Corporation, the
Board or the shareholders of the Corporation to remove any Participant from the Board or of the Corporation or any Subsidiary to terminate
any Participant's employment or agreement with a Consultant at any time for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Under no circumstances shall any person who is or has at any time been a Participant be able to claim
from the Corporation or any Subsidiary any sum or other benefit to compensate for the loss of any rights or benefits under or in connection
with this Plan or by reason of participation in this Plan.

**7.9** **Market Value of Common Shares:** The Corporation makes no representation or warranty as to the future
market value of any Common Shares. No Participant shall be entitled, either immediately or in the future, either absolutely or contingently,
to receive or obtain any amount or benefit granted to or to be granted for the purpose of reducing the impact, in whole or in part, of
any reduction in the market value of the shares of the Corporation or a corporation related thereto.

**7.10** **Compliance with Applicable Law:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any provision of the Plan contravenes any law or any order, policy, by-law or regulation of any regulatory
body having jurisdiction, then such provision shall be deemed to be amended to the extent necessary to bring such provision into compliance
therewith. Notwithstanding the foregoing, the Corporation shall have no obligation to register any securities provided for in this Plan
under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The award of Restricted Share Units, the grant of Options, the award of Deferred Share Units and the issuance
of Common Shares under this Plan shall be carried out in compliance with applicable statutes and with the regulations of governmental
authorities and the Exchange. If the Administrators determine in their discretion that, in order to comply with any such statutes or regulations,
certain action is necessary or desirable as a condition of or in connection with the award of a Restricted Share Unit, the grant of an
Option, the award of a Deferred Share Unit or the issue of a Common Share upon the vesting of a Restricted Share Unit or exercise of an
Option or settlement of a Deferred Share Unit, as applicable, that Restricted Share Unit may not vest in whole or in part, that Option
may not be exercised in whole or in part and that the Deferred Share Unit may not vest in whole or in part, as applicable, unless that
action shall have been completed in a manner satisfactory to the Administrators. In addition, unless the Restricted Share Units, the Options,
the Deferred Share Units and the Common Shares issuable pursuant to the Restricted Share Units, Options and Deferred Share Units, as applicable,
have been registered under the 1933 Act and any applicable U.S. state securities laws, all rights of a Participant under this Plan shall
be subject to and conditioned upon the availability of exemptions or exclusions from the registration requirements of the 1933 Act and
any applicable U.S. state securities, as determined by the Corporation in its sole discretion. Any Restricted Share Units or Options or
Deferred Share Units granted or issued to a person in the United States or a U.S. Person, as well as the issue of Common Shares pursuant
thereto, will result in any certificate representing such securities bearing a United States restrictive legend restricting transfer of
such securities under United States federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Common Shares are listed on the TSX Venture Exchange and the award of Restricted Share Units, grant
of Options or award of Deferred Share Units and the issuance of Common Shares under this Plan is made to a director, officer, promoter
or other insider of the Corporation, and unless the respective award, grant or issuance or is qualified by prospectus, or issued under
a securities take- over bid, rights offering, amalgamation, or other statutory procedure, then the Restricted Share Unit Agreement, Option
Agreement or the Deferred Share Unit Agreement will bear an Exchange Hold Period, and the following legend will be inserted onto the first
page of the Restricted Share Unit Agreement or Option Agreement:

"WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS AGREEMENT AND ANY SECURITIES ISSUED UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL __________, 20___ [i.e., four months and one day after the date of grant].

**7.11** **Governing Law:** This Plan shall be governed by and construed in accordance with the laws of the
Province of British Columbia and the laws of Canada applicable therein.

**7.12** **Subject to Approval:** The Plan is adopted subject to the approval of the Exchange and any other
required regulatory approval. To the extent a provision of the Plan requires regulatory approval which is not received, such provision
shall be severed from the remainder of the Plan until the approval is received and the remainder of the Plan shall remain in effect.

**7.13** **Special Terms and Conditions Applicable to U.S. Participants:** Options issued to U.S. Participants
are intended to be exempt from Section 409A of the Code pursuant to Treas. Reg. Section 1.409A-1(b)(5)(i)(A) and the Plan
and such Options will be construed and administered accordingly. Options may be issued to U.S. Participants under the Plan only if the
shares with respect to the Options qualify as "service recipient stock" as defined in Treas. Reg. Section 1.409A-1(b)(5)(E)(iii).
Restricted Share Units and Deferred Share Units awarded to U.S. Participants are intended to be compliant with Section 409A of the
Code and such Restricted Share Units and Deferred Share Units will be construed and administered accordingly. Any waiver or acceleration
of vesting under the Plan or any Restricted Share Unit Agreement for a U.S. Participant may occur only to the extent that such acceleration
or waiver will not result in the imposition of taxes under Section 409A of the Code. Any payments made under this Plan or any Restricted
Share Unit Agreement or any Deferred Share Unit Agreement to a U.S. Participant as a result of a termination of employment that are deemed
to be subject to Section 409A of the Code shall occur only if such termination constitutes a "separation from service"
as defined in Treas. Reg. 1.409A-1(h). Additionally, any payments resulting from a separation from service made to a U.S. Participant
who is a "specified employee" as defined in Treas. Reg. 1.409A-1(i) shall be subject to the six month delay in payments
required by Treas. Reg. 1.409A-1(3)(v) if such payments are deemed to be subject to Section 409A of the Code. Although the Corporation
intends Options, Restricted Share Units and Deferred Share Units granted to U.S. Participants to be exempt from or compliant with Section 409A
of the Code, the Corporation makes no representation or guaranty as to the tax treatment of such Options, Restricted Share Units and Deferred
Share Units. Each U.S. Participant (and any beneficiary or the estate of the Participant, as applicable) is solely responsible and liable
for the satisfaction of all taxes and penalties that may be imposed on or for the account of such U.S. Participant in connection with
this Plan. Neither the Corporation nor any affiliate, nor any employee or director of the Corporation or an affiliate, shall have any
obligation to indemnify or otherwise hold such U.S. Participant, beneficiary or estate harmless from any or all such taxes or penalties.

**APPROVED by the shareholders of Corporation on the 12th day of September, 2024.**

## Exhibit 5.1

#### Exhibit 5.1

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265255d1_ex5-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the inclusion in this Registration Statement on Form F-10 (the "Form F-10") of Blue Moon Metals Inc. of our report dated April 11, 2025, relating to the consolidated financial statements Blue Moon Metals Inc. for the years ended December 31, 2024 and 2023. We also consent to the reference to us under the heading "Interests of Experts" in the Annual Information Form for the year ended December 31, 2024, which is filed as Exhibit 4.1 to the Form F-10. /s/ DAVIDSON & COMPANY LLP Vancouver, Canada Chartered Professional Accountants February 18, 2026  |

---

## Exhibit 5.2

#### Exhibit 5.2

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265255d1_ex5-2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG AS Drenning Eufemias gate 6A P.O. Box 7000 Majorstuen N-0306 Oslo Telephone +47 45 40 40 63 Internet www.kpmg.no Enterprise 935 174 627 MVA Consent of Independent Auditor We consent to the incorporation by reference in the registration statement on Form F-10 of our report dated May 10, 2025 with respect to the consolidated financial statements of Nye Sulitjelma Gruver AS. Oslo, Norway February 18, 2026 Offices in OKPMG AS, a Norwegian limited hability company and a member firm of the KPMG global organization of independent member Oslo firms affiliated with KPMG International Limited, a private English company limited by guarantee All nghts reserved Arendal Bergen Statsautonserte revisorer medlemmer av Den norske Revisorforening Drammen Hamar Molde Stavanger Trondheim Tynset |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265255d1_ex5-2img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG AS Dronning Eufemias gate 6A P.O. Box 7000 Majorstuen N-0306 Oslo Consent of Independent Auditor Telephone +47 45 40 40 63 Internet www.kpmg.no Enterprise 935 174 627 MVA We consent to the incorporation by reference in the registration statement on Form F-10 of our report dated May 10, 2025, with respect to the consolidated financial statements of Nussir ASA. Oslo, Norway February 18, 2026 Offices in KPMG AS, a Norwegian limited liability company and a member firm of the KPMG global organization of independent member Oslo firms affiliated with KPMG International Limited, a private English company limited by guarantee All nights reserved Arendal Bergen Statsautonserte revisorer - medlemmer av Den norske Revisorforening Drammen Hamar Molde Stavanger Trondheim Tynset |

---

## Exhibit 5.3

#### Exhibit 5.3

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm265255d1_ex5-3img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent February 18, 2026 I, Alan J. San Martin, P. Eng., consent to the public filing of the technical report titled Report 43-101 Technical Report For the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California, dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 and with an effective date of Mineral Resource Estimate of December 24, 2024, prepared by Scott Wilson, C.P.G. SME-RM, Peter Szkilnyk, P. Eng., Alan J. San Martin, P. Eng., Richard Gowans, P.Eng., Justin Taylor, P.Eng., and Christopher Jacobs, C. Eng., MIMMM dated September 12, 2025 (the "Technical Report") by Blue Moon Metals Inc. (the "Issuer"), and the information derived from the Technical Report, as well as to the reference to my name, in each case where used or incorporated by reference in the Issuer's Registration Statement on Form F-10, including in the Annual Information Form filed as Exhibit 4.1 thereto, being filed with the United States Securities and Exchange Commission, and any amendments thereto. Alan J. San Martin, P. Eng. SLR Consulting (Canada) Ltd. 26-5255-1 C3.6 P38 |

---

## Exhibit 5.4

**Exhibit 5.4**

**<u>CONSENT</u>**

February 18, 2026

I, Adam Wheeler, C. Eng., Eur Ing., FIMMM, consent to the public filing of the technical report titled

Report 43-101 Technical Report On The Mineral Resources Of The Sulitjelma Project, Norway, dated February 20, 2025 (as amended and restated on September 12, 2025) with an effective date of May 20, 2025, prepared by Adam Wheeler, B.Sc., M.Sc., C.Eng., Eur Ing., FIMMM dated September 12, 2025 (the "**Technical Report**")

by Blue Moon Metals Inc. (the "**Issuer**"), and the information derived from the Technical Report, as well as to the reference to my name, in each case where used or incorporated by reference in the Issuer's Registration Statement on Form F-10, including in the Annual Information Form filed as Exhibit 4.1 thereto, being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Adam Wheeler, C. Eng., Eur Ing., FIMMM |
| Adam Wheeler, C. Eng., Eur Ing., FIMMM |

---

**<u>CONSENT</u>**

February 18, 2026

I, Adam Wheeler, C. Eng., Eur Ing., FIMMM, consent to the public filing of the technical report titled

Report 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway, dated January 24, 2025 (as amended and restated on September 12, 2025) with an effective date of January 20, 2025, prepared by Adam Wheeler, B.Sc., M.Sc., C.Eng., Eur Ing., FIMMM dated September 12, 2025 (the "**Technical Report**")

by Blue Moon Metals Inc. (the "**Issuer**"), and the information derived from the Technical Report, as well as to the reference to my name, in each case where used or incorporated by reference in the Issuer's Registration Statement on Form F-10, including in the Annual Information Form filed as Exhibit 4.1 thereto, being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Adam Wheeler, C. Eng., Eur Ing., FIMMM |
| Adam Wheeler, C. Eng., Eur Ing., FIMMM |

---

## Exhibit 5.5

**Exhibit 5.5**

**<u>CONSENT</u>**

February 18, 2026

I, Christopher Jacobs, C.Eng., MIMMM, consent to the public filing of the technical report titled

Report 43-101 Technical Report For the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California, dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 and with an effective date of Mineral Resource Estimate of December 24, 2024, prepared by Scott Wilson, C.P.G. SME-RM, Peter Szkilnyk, P. Eng., Alan J. San Martin, P. Eng., Richard Gowans, P.Eng., Justin Taylor, P.Eng., and Christopher Jacobs, C. Eng., MIMMM dated September 12, 2025 (the "**Technical Report**")

by Blue Moon Metals Inc. (the "**Issuer**"), and the information derived from the Technical Report, as well as to the reference to my name, in each case where used or incorporated by reference in the Issuer's Registration Statement on Form F-10, including in the Annual Information Form filed as Exhibit 4.1 thereto, being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Christopher Jacobs, C.Eng., MIMMM |
| Christopher Jacobs, C.Eng., MIMMM |

---

## Exhibit 5.6

**Exhibit 5.6**

**<u>CONSENT</u>**

February 18, 2026

I, Justin Taylor, P. Eng., consent to the public filing of the technical report titled

Report 43-101 Technical Report For the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California, dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 and with an effective date of Mineral Resource Estimate of December 24, 2024, prepared by Scott Wilson, C.P.G. SME-RM, Peter Szkilnyk, P. Eng., Alan J. San Martin, P. Eng., Richard Gowans, P.Eng., Justin Taylor, P.Eng., and Christopher Jacobs, C. Eng., MIMMM dated September 12, 2025 (the "**Technical Report**")

by Blue Moon Metals Inc. (the "**Issuer**"), and the information derived from the Technical Report, as well as to the reference to my name, in each case where used or incorporated by reference in the Issuer's Registration Statement on Form F-10, including in the Annual Information Form filed as Exhibit 4.1 thereto, being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Justin Taylor, P. Eng. |
| Justin Taylor, P. Eng. |

---

## Exhibit 5.7

**Exhibit 5.7**

**<u>CONSENT</u>**

February 18, 2026

I, Peter Szkilnyk, P. Eng., consent to the public filing of the technical report titled

Report 43-101 Technical Report For the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California, dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 and with an effective date of Mineral Resource Estimate of December 24, 2024, prepared by Scott Wilson, C.P.G. SME-RM, Peter Szkilnyk, P. Eng., Alan J. San Martin, P. Eng., Richard Gowans, P.Eng., Justin Taylor, P.Eng., and Christopher Jacobs, C. Eng., MIMMM dated September 12, 2025 (the "**Technical Report**")

by Blue Moon Metals Inc. (the "**Issuer**"), and the information derived from the Technical Report, as well as to the reference to my name, in each case where used or incorporated by reference in the Issuer's Registration Statement on Form F-10, including in the Annual Information Form filed as Exhibit 4.1 thereto, being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Peter Szkilnyk, P. Eng. |
| Peter Szkilnyk, P. Eng. |

---

## Exhibit 5.8

**Exhibit 5.8**

**<u>CONSENT</u>**

February 18, 2026

I, Richard Gowans, P. Eng., consent to the public filing of the technical report titled

Report 43-101 Technical Report For the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California, dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 and with an effective date of Mineral Resource Estimate of December 24, 2024, prepared by Scott Wilson, C.P.G. SME-RM, Peter Szkilnyk, P. Eng., Alan J. San Martin, P. Eng., Richard Gowans, P.Eng., Justin Taylor, P.Eng., and Christopher Jacobs, C. Eng., MIMMM dated September 12, 2025 (the "**Technical Report**")

by Blue Moon Metals Inc. (the "**Issuer**"), and the information derived from the Technical Report, as well as to the reference to my name, in each case where used or incorporated by reference in the Issuer's Registration Statement on Form F-10, including in the Annual Information Form filed as Exhibit 4.1 thereto, being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Richard Gowans, P. Eng. |
| Richard Gowans, P. Eng. |

---

## Exhibit 5.9

**Exhibit 5.9**

**<u>CONSENT</u>**

February 18, 2026

I, Scott Wilson, C.P.G, SME-RM, consent to the public filing of the technical report titled

Report 43-101 Technical Report For the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California, dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 and with an effective date of Mineral Resource Estimate of December 24, 2024, prepared by Scott Wilson, C.P.G. SME-RM, Peter Szkilnyk, P. Eng., Alan J. San Martin, P. Eng., Richard Gowans, P.Eng., Justin Taylor, P.Eng., and Christopher Jacobs, C. Eng., MIMMM dated September 12, 2025 (the "**Technical Report**")

by Blue Moon Metals Inc. (the "**Issuer**"), and the information derived from the Technical Report, as well as to the reference to my name, in each case where used or incorporated by reference in the Issuer's Registration Statement on Form F-10, including in the Annual Information Form filed as Exhibit 4.1 thereto, being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Scott Wilson, C.P.G, SME-RM |
| Scott Wilson, C.P.G, SME-RM |

---

## Exhibit 7.1

**Exhibit 7.1**

**BLUE MOON METALS INC.**

**AND**

**[·]**

**Trustee**

**TRUST INDENTURE**

**made as of [·], 20[·]**

**[·] Debentures**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE 1 - INTERPRETATION | ARTICLE 1 - INTERPRETATION |  |
| &nbsp;&nbsp;&nbsp;1.01 | Definitions | 6.0 |
| &nbsp;&nbsp;&nbsp;1.02 | Meaning of "Outstanding" for Certain Purposes | 17.0 |
| &nbsp;&nbsp;&nbsp;1.03 | Headings | 17.0 |
| &nbsp;&nbsp;&nbsp;1.04 | Extended Meanings | 18.0 |
| &nbsp;&nbsp;&nbsp;1.05 | Applicable Law | 18.0 |
| &nbsp;&nbsp;&nbsp;1.06 | Language | 18.0 |
| &nbsp;&nbsp;&nbsp;1.07 | Accounting Principles | 18.0 |
| &nbsp;&nbsp;&nbsp;1.08 | Interest Calculations and Payment | 18.0 |
| &nbsp;&nbsp;&nbsp;1.09 | *Interest Act* (Canada) | 19.0 |
| &nbsp;&nbsp;&nbsp;1.10 | Statutory References | 19.0 |
| &nbsp;&nbsp;&nbsp;1.11 | Day Not a Business Day | 19.0 |
| &nbsp;&nbsp;&nbsp;1.12 | Currency | 19.0 |
| &nbsp;&nbsp;&nbsp;1.13 | Shareholders, Directors and Officers Exempt from Individual Liability | 19.0 |
| &nbsp;&nbsp;&nbsp;1.14 | Schedules | 20.0 |
| ARTICLE 2 - THE DEBENTURES | ARTICLE 2 - THE DEBENTURES |  |
| &nbsp;&nbsp;&nbsp;2.01 | Amount Unlimited; Issuable in Series | 20.0 |
| &nbsp;&nbsp;&nbsp;2.02 | Designation, Terms and Form of Series A Debentures | 20.0 |
| &nbsp;&nbsp;&nbsp;2.03 | Issue of Series A Debentures | 21.0 |
| &nbsp;&nbsp;&nbsp;2.04 | Debentures to Rank *Pari Passu* | 21.0 |
| &nbsp;&nbsp;&nbsp;2.05 | Signing of Debentures | 21.0 |
| &nbsp;&nbsp;&nbsp;2.06 | Certification by Trustee | 21.0 |
| &nbsp;&nbsp;&nbsp;2.07 | Replacement of Debentures | 22.0 |
| &nbsp;&nbsp;&nbsp;2.08 | Computation of Interest | 22.0 |
| &nbsp;&nbsp;&nbsp;2.09 | Payment | 22.0 |
| &nbsp;&nbsp;&nbsp;2.10 | Payment Agreements for Debentures | 23.0 |
| &nbsp;&nbsp;&nbsp;2.11 | Creation and Issue of Additional Debentures | 23.0 |
| &nbsp;&nbsp;&nbsp;2.12 | Interim Debentures | 24.0 |
| &nbsp;&nbsp;&nbsp;2.13 | Global Debentures | 24.0 |
| ARTICLE 3 - REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP | ARTICLE 3 - REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP |  |
| &nbsp;&nbsp;&nbsp;3.01 | Fully Registered Debentures | 26.0 |
| &nbsp;&nbsp;&nbsp;3.02 | Coupon Debentures | 26.0 |
| &nbsp;&nbsp;&nbsp;3.03 | Exchange of Debentures | 27.0 |
| &nbsp;&nbsp;&nbsp;3.04 | Charges for Transfer and Exchange | 27.0 |
| &nbsp;&nbsp;&nbsp;3.05 | Inspection of Registers and Lists of Holders | 27.0 |
| &nbsp;&nbsp;&nbsp;3.06 | Closing of Registers | 28.0 |
| &nbsp;&nbsp;&nbsp;3.07 | Ownership of Debentures | 28.0 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE 4 - SECURITY | ARTICLE 4 - SECURITY |  |
| &nbsp;&nbsp;&nbsp;4.01 | Fixed and Floating Charge | 29.0 |
| &nbsp;&nbsp;&nbsp;4.02 | Pledged Securities | 31.0 |
| &nbsp;&nbsp;&nbsp;4.03 | Reservation of Last Day of Leasehold Terms | 32.0 |
| &nbsp;&nbsp;&nbsp;4.04 | Dealing with Collateral by the Corporation | 33.0 |
| &nbsp;&nbsp;&nbsp;4.05 | Effective Date of Security | 33.0 |
| &nbsp;&nbsp;&nbsp;4.06 | Defeasance | 33.0 |
| &nbsp;&nbsp;&nbsp;4.07 | After Acquired Property and Further Assurances | 33.0 |
| &nbsp;&nbsp;&nbsp;4.08 | Registration | 34.0 |
| &nbsp;&nbsp;&nbsp;4.09 | Attachment | 34.0 |
| &nbsp;&nbsp;&nbsp;4.10 | Expropriation | 34.0 |
| &nbsp;&nbsp;&nbsp;4.11 | Funds Held by Trustee | 35.0 |
| &nbsp;&nbsp;&nbsp;4.12 | Power of Attorney for Québec Registrations | 35.0 |
| &nbsp;&nbsp;&nbsp;4.13 | Sub-attorney for Québec Discharges | 35.0 |
| ARTICLE 5 - REDEMPTION AND PURCHASE | ARTICLE 5 - REDEMPTION AND PURCHASE |  |
| &nbsp;&nbsp;&nbsp;5.01 | Optional Redemption of Series A Debentures | 36.0 |
| &nbsp;&nbsp;&nbsp;5.02 | Places of Payment | 36.0 |
| &nbsp;&nbsp;&nbsp;5.03 | Partial Redemption | 36.0 |
| &nbsp;&nbsp;&nbsp;5.04 | Notice of Redemption | 36.0 |
| &nbsp;&nbsp;&nbsp;5.05 | Payment of Redemption Price | 37.0 |
| &nbsp;&nbsp;&nbsp;5.06 | Purchase of Debentures | 37.0 |
| &nbsp;&nbsp;&nbsp;5.07 | Cancellation of Retired Debentures | 37.0 |
| &nbsp;&nbsp;&nbsp;5.08 | Application to Subsequent Series | 37.0 |
| ARTICLE 6 - SINKING FUND PAYMENTS FOR SERIES A DEBENTURES | ARTICLE 6 - SINKING FUND PAYMENTS FOR SERIES A DEBENTURES |  |
| &nbsp;&nbsp;&nbsp;6.01 | Mandatory Sinking Fund Payments for Series A Debentures | 38.0 |
| &nbsp;&nbsp;&nbsp;6.02 | Credit for Non-Sinking Fund Redemptions | 38.0 |
| &nbsp;&nbsp;&nbsp;6.03 | Sinking Fund Redemption Price | 38.0 |
| ARTICLE 7 - COVENANTS OF THE CORPORATION | ARTICLE 7 - COVENANTS OF THE CORPORATION |  |
| &nbsp;&nbsp;&nbsp;7.01 | Positive Covenants | 38.0 |
| &nbsp;&nbsp;&nbsp;7.02 | Reporting Requirements | 42.0 |
| &nbsp;&nbsp;&nbsp;7.03 | Negative Covenants | 42.0 |
| &nbsp;&nbsp;&nbsp;7.04 | Financial Covenants | 43.0 |
| &nbsp;&nbsp;&nbsp;7.05 | Trustee's Remuneration and Expenses | 44.0 |
| &nbsp;&nbsp;&nbsp;7.06 | Not to Accumulate Interest | 44.0 |
| &nbsp;&nbsp;&nbsp;7.07 | Payment of Additional Amounts | 44.0 |
| &nbsp;&nbsp;&nbsp;7.08 | Principal, Interest, Etc. to Include Additional Amounts | 45.0 |
| &nbsp;&nbsp;&nbsp;7.09 | Performance of Covenants by Trustee | 45.0 |
| ARTICLE 8 - DEFAULT AND ENFORCEMENT | ARTICLE 8 - DEFAULT AND ENFORCEMENT |  |
| &nbsp;&nbsp;&nbsp;8.01 | Events of Default | 45.0 |
| &nbsp;&nbsp;&nbsp;8.02 | Acceleration on Default | 47.0 |
| &nbsp;&nbsp;&nbsp;8.03 | Waiver of Default | 48.0 |
| &nbsp;&nbsp;&nbsp;8.04 | Remedies in Case of Default | 48.0 |
| &nbsp;&nbsp;&nbsp;8.05 | Suits by Debentureholders | 52.0 |
| &nbsp;&nbsp;&nbsp;8.06 | Application of Money Received by Trustee | 53.0 |
| &nbsp;&nbsp;&nbsp;8.07 | Distribution of Proceeds | 53.0 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE 9 - SATISFACTION AND DISCHARGE | ARTICLE 9 - SATISFACTION AND DISCHARGE |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.01 | Cancellation and Destruction | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.02 | Non-Presentment of Debentures or Coupons | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.03 | Repayment of Unclaimed Money to Corporation | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.04 | Release from Covenants and Discharge | 55.0 |
| ARTICLE 10 - SUCCESSOR CORPORATIONS | ARTICLE 10 - SUCCESSOR CORPORATIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.01 | Certain Requirements in Respect of Merger, etc. | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.02 | Vesting of Powers in Successor | 56.0 |
| ARTICLE 11 - MEETINGS OF DEBENTUREHOLDERS | ARTICLE 11 - MEETINGS OF DEBENTUREHOLDERS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.01 | Right to Convene Meeting | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.02 | Notice | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.03 | Chair | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.04 | Quorum | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.05 | Power to Adjourn | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.06 | Show of Hands | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.07 | Poll | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.08 | Voting | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.09 | Regulations | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.10 | Corporation and Trustee may be Represented | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.11 | Powers Exercisable by Extraordinary Resolution | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.12 | Meaning of "Extraordinary Resolution" | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.13 | Powers Cumulative | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.14 | Minutes | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.15 | Instruments in Writing | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.16 | Binding Effect of Resolutions | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.17 | Series Approval | 62.0 |
| ARTICLE 12 - SUPPLEMENTAL INDENTURES | ARTICLE 12 - SUPPLEMENTAL INDENTURES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;12.01 | Execution of Supplemental Indentures | 63.0 |
| ARTICLE 13 - ADMINISTRATION OF THE TRUST | ARTICLE 13 - ADMINISTRATION OF THE TRUST |  |
| &nbsp;&nbsp;&nbsp;&nbsp;13.01 | Sufficiency of Execution of Instruments | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.02 | Trustee May Require Indemnity | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.03 | Trustee May Employ Assistants | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.04 | Trustee May Act on Opinions or Advice | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.05 | Trustee May Rely upon Declarations | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.06 | Corporation Must Furnish Evidence of Compliance | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.07 | Trustee May Accept a Certificate of the Corporation | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.08 | Trustee May Act on Instruments Believed to be Genuine | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.09 | Counsel Fees Need Not be Assessed | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.10 | No Person Dealing with Trustee Need Enquire | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.11 | Investment of Trust Funds | 66.0 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE 14 - CONCERNING THE TRUSTEE | ARTICLE 14 - CONCERNING THE TRUSTEE |  |
| &nbsp;&nbsp;&nbsp;14.01 | Duty of Care of Trustee | 67.0 |
| &nbsp;&nbsp;&nbsp;14.02 | Resignation, etc. of Trustee and Appointment of New Trustee | 67.0 |
| &nbsp;&nbsp;&nbsp;14.03 | Trustee May Deal in Debentures | 67.0 |
| &nbsp;&nbsp;&nbsp;14.04 | Trustee Not Required to Give Security | 67.0 |
| &nbsp;&nbsp;&nbsp;14.05 | Protection of Trustee | 68.0 |
| &nbsp;&nbsp;&nbsp;14.06 | Indemnification of Trustee | 68.0 |
| &nbsp;&nbsp;&nbsp;14.07 | Conflict of Interest | 68.0 |
| &nbsp;&nbsp;&nbsp;14.08 | Acceptance of Trusts | 69.0 |
| ARTICLE 15 - NOTICES | ARTICLE 15 - NOTICES |  |
| &nbsp;&nbsp;&nbsp;15.01 | Notice to Corporation | 69.0 |
| &nbsp;&nbsp;&nbsp;15.02 | Notice to Debentureholders | 69.0 |
| &nbsp;&nbsp;&nbsp;15.03 | Notice to Trustee | 69.0 |
| &nbsp;&nbsp;&nbsp;15.04 | Waiver | 70.0 |
| ARTICLE 16 - EXECUTION | ARTICLE 16 - EXECUTION |  |
| &nbsp;&nbsp;&nbsp;16.01 | Counterparts and Formal Date | 70.0 |

---

**THIS TRUST INDENTURE** is made as of [·], 20[·]

BETWEEN

**BLUE MOON METALS INC**., a corporation incorporated under the *Business Corporations Act* (British Columbia) (the "**Corporation**"),

- and -

[·], a trust company incorporated under the laws of [·] (the "**Trustee**").

WHEREAS the Corporation wishes to provide for the issuance from time to time of the Debentures in one or more series and, under the laws relating thereto, has the power and authority to create and issue the Debentures;

AND WHEREAS the Corporation has done and performed things necessary to make the Debentures, when issued and certified by the Trustee as in this Indenture provided, legally binding obligations of the Corporation with the benefits and subject to the terms of this Indenture;

AND WHEREAS the foregoing recitals are made by the Corporation;

NOW THEREFORE, in consideration of the premises, the covenants and agreements herein contained, the sum of $1.00 and other good and valuable consideration now paid by the Trustee to the Corporation (the receipt and sufficiency of which are hereby acknowledged), the parties agree as follows:

**<u>ARTICLE 1 - INTERPRETATION</u>**

1.01  **<u>Definitions</u>** 

In this Indenture, unless something in the subject matter or context is inconsistent therewith:

**"Acquisition"** means, with respect to any Person, any purchase or other acquisition, regardless of how accomplished or effected (including any purchase or other acquisition effected by way of amalgamation, merger, arrangement, business combination or other form of corporate reorganization or by way of purchase, lease or other acquisition arrangements) of (a) any other Person (including any purchase or acquisition of such number of the issued and outstanding securities of, or such portion of an equity interest in, such other Person that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates) or of all or substantially all of the assets of any other Person or (b) any division, business, operation or undertaking of any other Person or of all or substantially all of the assets of any division, business, operation or undertaking of any other Person.

**"Additional Amounts"** has the meaning set out in Section 7.07.

**"Additional Debentures"** mean Debentures issued hereunder, other than Series A Debentures.

**"Affiliate"** has the meaning attributed thereto in the *Business Corporations Act* (British Columbia).

**"Applicable Law"** means

(i) any applicable domestic or foreign law including any statute, subordinate legislation or treaty, and

(ii) any applicable guideline, directive, rule, standard, requirement, policy, order, judgment, injunction, award or decree of a Governmental
Authority having the force of law.

**"Authorized Investments"** means:

(i) negotiable instruments or securities in bearer or registered form with a term to maturity of not more than 45 days which evidence:

(A) obligations of or guaranteed by the Government of Canada as to both credit and timeliness;

(B) obligations of or guaranteed by a province or municipality of Canada so long as they have the Required Rating;

(C) deposits, bankers' acceptances or subordinated debentures issued or accepted by any Canadian bank so long as they have the Required
Rating; or

(D) commercial paper, secured bonds or senior unsecured obligations of Canadian corporations or other Canadian issuers so long as they
have the Required Rating; or

(ii) demand deposits in any Canadian bank so long as they have the Required Rating,

provided that, the aggregate balance of all investments in securities of any one issuer, other than securities referred to in clause (i)(A) above, will be limited to 10% of the face amount of all Authorized Investments.

**"Book Based System"** has the meaning set out in Section 2.13(a).

**"Business Day"** means a day on which banks are generally open for business in Toronto, Ontario, but does not include Saturday or Sunday.

**"CDS"** means The Canadian Depositary for Securities Ltd. and its successors.

**"Canada Yield Price"** means, with respect to any Debenture, an amount calculated to provide a yield to maturity of such Debenture equal to the Government of Canada Yield plus [·]%, such calculation to be made on the Business Day preceding the giving of notice of redemption pursuant to Section 5.04.

**"Capital Expenditure"** means any expenditure made by any Person for the purchase or acquisition, repair or replacement of capital assets, net of proceeds of disposition of capital assets (other than proceeds received on a sale-leaseback transaction), and any expenditure related to a Capitalized Lease Obligation; but excluding the amount expended on repair or replacement of assets to the extent of insurance proceeds or third party funding received by such Person on account of damage or destruction, all as determined in accordance with GAAP.

**"Capital Lease"** means a capital lease or a lease that should be treated as a capital lease in accordance with GAAP.

**"Capitalized Lease Obligation"** means a lease obligation of any Person which is in respect of a Capital Lease.

**"Certificate of the Corporation"**, **"Order of the Corporation"** or **"Request of the Corporation"** mean, respectively, a written certificate, order or request signed in the name of the Corporation by any two of its Chief Executive Officer, Chief Financial Officer or **[·]** and may consist of one or more instruments so executed.

"**Certificated Security"** means a Security that is represented by a certificate.

**"Certified Resolution"** means a copy of a resolution certified by an officer of the Corporation to have been duly passed by the Directors and to be in full force and effect on the date of such certification.

**"Clearing Agency"** means CDS.

**"Collateral"** has the meaning set out in Section 4.01.

**"Compliance Certificate"** means a certificate of the Corporation signed by the chief financial officer of the Corporation substantially in the form set forth in Schedule 7.02(c).

**"Contingent Obligation"** means, as to any Person, any obligation, whether secured or unsecured, of such Person guaranteeing or indemnifying, or in effect guaranteeing or indemnifying, for any indebtedness, leases, dividends, letters of credit or other monetary obligations (the "primary obligations") of any other Person (the "primary obligor") in any manner, whether directly or indirectly, including any obligation of such Person as an account party in respect of a letter of credit or letter of guarantee issued to assure payment by the primary obligor of any such primary obligation and any obligations of such Person, whether or not contingent, (i) to purchase any such primary obligation or any assets constituting direct or indirect security therefor, (ii) to advance or supply funds for the purchase or payment of any such primary obligation or to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase assets, securities or services primarily for the purpose of assuring the obligee under any such primary obligation of the ability of the primary obligor to make payment of such primary obligation, or (iv) otherwise to assure or hold harmless the obligee under such primary obligation, against loss in respect of such primary obligation; but excluding endorsements of instruments for deposit or collection in the ordinary course of business.

**"Corporation"** has the meaning set out in the description of the parties above.

**"Corporation's Auditors"** means [·], the independent firm of chartered accountants duly appointed as auditors of the Corporation.

**"Counsel"** means a law firm retained by the Trustee or retained by the Corporation and acceptable to the Trustee.

**"Current Assets"** and **"Current Liabilities"** of the Corporation mean the assets and liabilities of the Corporation on a consolidated basis which, at the date of determination, in accordance with GAAP, would be classified as current on a balance sheet.

**"Current Assets to Current Liabilities Ratio"** means the ratio of the Corporation's Current Assets to the Corporation's Current Liabilities.

**"DBRS"** means DBRS Limited and its successors.

**"Debentureholders"** or **"holders"** means the Persons whose names are for the time being entered in the registers hereinafter mentioned as holders of Debentures.

**"Debentures"** means the debentures of the Corporation issued and certified hereunder and for the time being outstanding.

**"Debentureholders' Request"** means an instrument signed in one or more counterparts by the holders of not less than 25% in principal amount of the Debentures (or, in respect of a request relating solely to a particular series of Debentures, the Debentures of such series) requesting the Trustee to take the action or proceeding specified therein.

**"Debt"** means, with respect to any Person, without duplication:

(i) all items which would then be classified as a liability on a consolidated balance sheet of the Person or the notes thereto; and

(ii) to the extent not otherwise included as Debt pursuant to the provisions of paragraph (i) of this definition, without duplication,
any item that is:

(A) an obligation of any Person in respect of the borrowed money or for the deferred purchase price of assets
or services or an obligation of any Person that is evidenced by a note, bond, debenture or any other similar instrument;

(B) a transfer with recourse or with an obligation to repurchase, to the extent of the liability of any Person
with respect thereto;

(C) an obligation secured by any Lien on any assets of any Person to the extent attributable to its interest
in such assets, even though such Person has not assumed or become liable for the payment thereof;

(D) a Capitalized Lease Obligation of any Person;

(E) an obligation of any Person arising in connection with an acceptance facility or letter of credit or letter
of guarantee issued by or for the account of any Person;

(F) a Contingent Obligation of any Person to the extent that the primary obligation so guaranteed is not otherwise
classified as a liability on the consolidated balance sheet of the Person; or

(G) the aggregate amount at which any securities in the capital of any Person that are redeemable or retractable
at the option of the holder of such securities (except where the holder is such Person) may be redeemed or retracted;

provided, however, that there will not be included for the purpose of this definition any item that is on account of (I) subject to clause (F) above, issued share capital or surplus, (II) reserves for deferred income taxes or general contingencies, (III) minority interests in Subsidiaries or (IV) trade account payables and accrued liabilities (including income taxes payable) incurred in the ordinary course of business.

**"Debt to Tangible Net Worth Ratio"** means the ratio of the Corporation's Debt to the Corporation's Tangible Net Worth.

**"Depositary"** means, with respect to Debentures of any series issuable in whole or in part in the form of one or more Global Debentures, CDS or any other Clearing Agency that is designated to act as depositary for such Debentures.

**"Depreciation Expense"** means, for any period with respect to any Person, depreciation, amortization, depletion and other like reductions to income of such Person for such period not involving any outlay of cash, determined on a consolidated basis in accordance with GAAP.

**"Designated Subsidiary"** means, at any time, any Subsidiary of the Corporation which has then been designated as a Designated Subsidiary by notice in writing by the Corporation to the Trustee or any other Subsidiary of the Corporation whose Current Assets are equal to or exceed 10% of the Current Assets of the Corporation determined on a consolidated basis as at the date at which the then latest audited annual or unaudited quarterly consolidated financial statements of the Corporation were prepared.

**"Director"** means a director of the Corporation and reference without more to action by the Directors means action by the directors of the Corporation as a board or, whenever duly empowered, action by an executive committee of the board.

**"Disposition"** means any sale, assignment, transfer, conveyance, lease, licence or other disposition of any nature or kind whatsoever of any assets or of any right, title or interest in or to any assets, and the verb **"dispose"** has a corresponding meaning.

**"Distribution"** means (i) any payment or declaration of dividends, or any payment of royalties or fees of any kind, or the making of any other distribution, whether in cash or assets, (but expressly excluding any such distribution by way of the payment of dividends by the issuance of equity securities of the issuer) to any holder of shares of any class of the capital stock of, or any holder of any partnership or other ownership interest in, the Corporation or any Designated Subsidiary or (ii) any repurchase, redemption or other retirement or purchase for cancellation of shares in the capital stock of, or any other partnership or other ownership interest in, the Corporation or any Designated Subsidiary, or of any options, warrants or other rights to acquire any of such shares or interests.

**"EBITDA"** means, for any period with respect to any Person, determined on a consolidated basis, the Net Income of such Person for such period:

(i) increased (without duplication) by the sum of:

(A) Total Interest Expense for such period;

(B) Income Tax Expense for such period; and

(C) Depreciation Expense for such period,

---

| | |
|:---|:---|
|  | in each case to the extent that such amounts were included in the calculation of Net Income for such period; and |
| (ii) | decreased by all cash payments made by such Person during such period relating to losses that were (or for previous periods not covered by the calculations under this Indenture would have been) added back into Net Income in determining EBITDA for any prior period. |

---

**"Event of Default"** has the meaning set out in Section 8.01.

**"Extraordinary Resolution"** has the meaning set out in Section 11.12.

**"Financial Year"** means a financial year of the Corporation ending on December 31 of such year.

**"Financial Quarter"** means the period of three consecutive months ending on March 31, June 30, September 30 or December 31, as the case may be, of each Financial Year.

**"Fixed Charge Coverage Ratio"** means the ratio of the Corporation's EBITDA to the Corporation's Fixed Charges.

**"Fixed Charges"** means, without duplication, and on a consolidated basis, with respect to any Person, for any period, the sum of (i) Total Interest Expense of such Person, (ii) all debt repayments of such Person actually paid during such period, (iii) the amount of all Capital Expenditures of such Person actually incurred and paid in such period, (iv) all rental payments on Capitalized Lease Obligations paid during such period, (v) the aggregate amount actually incurred and paid during the period in respect of Investments, and (vi) all rent and other charges paid during such period with respect to all operating leases.

**"GAAP"** has the meaning set out in Section 1.07.

**"Global Debenture"** means a Debenture issued in the manner contemplated by Section 2.13.

**"Government of Canada Yield"** means, on any particular date, the yield to maturity compounded semi-annually that a non-callable Canadian dollar denominated Government of Canada bond would carry if issued at par in Canadian dollars on such date with a term to maturity equal to the remaining term of the applicable series of Debentures.

**"Governmental Authority"** means any domestic or foreign legislative, executive, judicial or administrative body or Person having or purporting to have jurisdiction in the relevant circumstances.

**"Guarantee Security"** has the meaning set out in Section 7.01(l).

**"Income Tax Expense"** means, with respect to any Person, for any period, the aggregate of all Taxes on the income of such Person for such period, whether current or deferred (net of any incentive tax credits or other similar credits), determined on a consolidated basis in accordance with GAAP.

**"Indenture"** means this Trust Indenture, including its recitals and schedules, as amended, supplemented or restated from time to time.

**"Investment"** in any Person means any direct or indirect (i) acquisition of any shares of capital stock or other equity securities of such Person or (ii) acquisition, by purchase or otherwise, of all or substantially all of the business, assets or stock or other evidence of beneficial ownership of such Person. The amount of any Investment will be the original cost of such Investment, plus the cost of all additions thereto and minus the amount of any portion of such Investment repaid to such Person in cash as a return of capital, but without any other adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment. In determining the amount of any Investment involving a transfer of any assets other than cash, such assets will be valued at its fair market value at the time of such transfer. For greater certainty, an Acquisition will not be treated as an Investment.

**"Lien"** means, in respect of any Person, any mortgage, debenture, pledge, hypothec, lien, charge, assignment by way of security, hypothecation or security interest granted or permitted by such Person or arising by operation of law, in respect of any of such Person's assets, or any consignment or Capitalized Lease Obligation by such Person as consignee or lessee or any other security agreement, trust or arrangement having the effect of security for the payment of any debt, liability or obligation.

**"Net Income"** means, for any period, with respect to any Person, the net revenue of such Person, on a consolidated basis, for such period, less all expenses and other charges not otherwise deducted in computing such net revenue for such period, determined in accordance with GAAP, but excluding extraordinary items as determined in accordance with GAAP.

**"Net Proceeds"** means, with respect to any Disposition, the aggregate fair market value of the proceeds of such Disposition (whether such proceeds are in the form of cash or other assets or part cash and part other assets) net of reasonable, *bona fide* direct transaction costs and expenses incurred in connection with such Disposition including (i) reasonable legal fees and disbursements, the customary fees of agents or brokers payable in connection with such Disposition within one year of such Disposition and title and recording expenses payable in connection with such Disposition and (ii) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Debt that is secured by a Permitted Lien, if any, on any of the assets that are the subject matter of such Disposition ranking in priority to the Lien of the security created hereby and that is required to be repaid under the terms of such Debt as a result of such Disposition.

**"Participating Shares"** means shares of a corporation that carry a residual right to participate to an unlimited degree in earnings of the issuer and in its assets upon liquidation or winding-up.

**"Permitted Acquisition"** means

(i) [ · ] and

(ii) [ · ].

**"Permitted Debt"** means:

(i) Debt under this Agreement;

(ii) Debt
 in respect of Purchase Money Security Interests granted by the Corporation or any of its
 Designated Subsidiaries in an amount not to exceed Cdn.$**[** · **]** in the aggregate; and

(iii) [ · ].

**"Permitted Distribution"** means [·].

**"Permitted Investment"** means [·].

**"Permitted Liens"** means, with respect to any Person, the following:

(i) liens for taxes, rates, assessments or other governmental charges or levies not yet due, or for which
instalments have been paid based on reasonable estimates pending final assessments, or if due, the validity of which is being contested
diligently and in good faith by appropriate proceedings by that Person;

(ii) undetermined or inchoate liens, rights of distress and charges incidental to current operations which
have not at such time been filed or exercised, or which relate to obligations not due or payable, or if due, the validity of which is
being contested diligently and in good faith by appropriate proceedings by that Person;

(iii) reservations, limitations, provisos and conditions expressed in any original grants from the Crown or
other grants of real or immovable property, or interests therein, that do not materially affect the use of the affected land for the purpose
for which it is used by that Person;

(iv) licences, easements, rights-of-way and rights in the nature of easements (including licences, easements,
rights-of-way and rights in the nature of easements for railways, sidewalks, public ways, sewers, drains, gas, steam and water mains or
electric light and power, or telephone and telegraph conduits, poles, wires and cables) that do not materially impair the use of the affected
land for the purpose for which it is used by that Person;

(v) title defects, or irregularities or other matters relating to title that are of a minor nature and in
the aggregate do not materially impair the use of the affected property for the purpose for which it is used by that Person;

(vi) the right reserved to or vested in any municipality or governmental or other public authority by the terms
of any lease, licence, franchise, grant or permit acquired by that Person or by any statutory provision to terminate any such lease, licence,
franchise, grant or permit, or to require annual or other payments as a condition to the continuance thereof;

(vii) the
 Lien resulting from the deposit of cash or securities in connection with contracts, tenders
 or expropriation proceedings, or to secure workmen's compensation, unemployment insurance,
 surety or appeal bonds, costs of litigation when required by law not to exceed Cdn. $[ · ] in aggregate outstanding at any time, liens and claims incidental to current construction,
 mechanics', warehousemen's, carriers' and other similar liens, and public, statutory and
 other like obligations incurred in the ordinary course of business;

(viii) security given to a public utility or any municipality or governmental authority when required by such
utility or authority in connection with the operations of that Person in the ordinary course of its business;

contested diligently and in good faith by appropriate proceedings by that Person and does not result in an Event of Default;

(x) the Lien of the security created hereby; and

(xi) any Lien securing Permitted Debt.

**"Person"** includes any individual, corporation, limited or unlimited liability company, general or limited partnership, association, trust, unincorporated organization, joint venture and Governmental Authority.

**"Purchase Money Security Interest"** means a Lien securing Debt incurred to finance the Acquisition of assets, provided that (i) such Lien is created substantially simultaneously with the Acquisition of such assets, (ii) such Lien does not at any time encumber any assets other than the assets financed by such Debt, (iii) the amount of Debt secured thereby is not increased subsequent to such Acquisition and (iv) the principal amount of Debt secured by any such Lien at no time exceeds 100% of the original purchase price of such assets at the time they were acquired, and for the purposes of this definition the term "**Acquisition**" will include a Capitalized Lease Obligation and the term "**acquire**" will have a corresponding meaning.

**"Redemption Date"** means, with respect to any Debenture, the date specified in a notice of redemption as the date on which such Debenture will be redeemed.

**"Redemption Price"** means, with respect to any Debenture, the aggregate amount payable in respect of the redemption of such Debenture including the principal amount thereof, any premium and unpaid interest accrued thereon.

**"Required Rating"** means, in respect of any Person, a rating of such Person's short term indebtedness of R-1 (middle) or better from DBRS (or an equivalent rating should such designation change) or such lower rating as DBRS may permit for any particular purpose or, in the event that such Person is not rated by DBRS, the lower of the rating by Standard and Poor's, a division of the McGraw-Hill Companies, Inc. or Moody's Investors Service, Inc. or either of their successors in respect of such Person, provided that such rating is equivalent to a rating of R-1 (middle) or better from DBRS.

**"Requirements of Environmental Law"** means all requirements of the common law or of statutes, regulations, by-laws, ordinances, treaties, judgements and decrees, and (to the extent that they have the force of law) rules, policies, guidelines, orders, approvals, notices, permits, directives, and the like, of any federal, territorial, provincial, state, regional, municipal or local judicial, regulatory or administrative agency, board or Governmental Authority in Canada and any other jurisdiction in which the Corporation or any Designated Subsidiary has assets relating to environmental or occupational health and safety matters and the assets and undertaking of the Corporation or any Designated Subsidiary and the intended uses thereof including, but not limited to, all such requirements relating to: (i) the protection, preservation or remediation of the natural environment (the air, land, surface water or groundwater); (ii) solid, gaseous or liquid waste generation, handling, treatment, storage, disposal or transportation; and (iii) hazardous substances or conditions (matters that are prohibited, controlled or otherwise regulated, such as contaminants, pollutants, toxic substances, dangerous goods, wastes, hazardous wastes, liquid industrial wastes, hazardous materials, urea formaldehyde foam type of insulation, asbestos or asbestos-containing materials, polychlorinated biphenyls (PCBs) or PCB contaminated fluids or equipment, explosives, radioactive substances, petroleum and associated products, underground storage tanks or surface impoundments).

**"Securities"** has the meaning set out in Section 4.01(a)(viii).

**"Senior Debt"** means, for any period, with respect to any Person, on a consolidated basis, without duplication, the Debt of such Person but excluding (i) current trade payables, accrued liabilities, minority interest, income taxes payable and deferred income taxes and (ii) Subordinated Debt.

**"Senior Debt to EBITDA Ratio"** means the ratio of the Corporation's Senior Debt to the Corporation's EBITDA.

**"Series A Debentures"** has the meaning set out in Section 2.02.

**"Shareholders' Equity"** means, at any date, with respect to any corporation, the aggregate of (i) the stated capital of the shares of all classes in the capital of a corporation, (ii) any surplus, whether contributed or capital and (iii) retained earnings, all as set forth or reflected in the most recent consolidated balance sheet of such corporation.

**"Subordinated Debt"** means any other Debt that is expressly subordinated in right of payment to the Debentures.

**"Subsidiary"** mean, in relation to any Person, (i) any corporation of which Voting Shares carrying more than 50% of the voting rights attached to all outstanding Voting Shares of the corporation are owned, directly or indirectly, by or for such Person or (ii) any other Person of which at least a majority of the voting interest therein under ordinary circumstances is owned, directly or indirectly, by or for such Person.

**"Successor Corporation"** has the meaning set out in Section 10.01.

**"Tangible Net Worth"** means, for any period, with respect to any Person, without duplication, the Shareholders Equity of such Person but excluding such Person's intangible assets, all as determined in accordance with GAAP.

**"Tax"** or **"Taxes"** means all taxes, charges, fees, levies, imposts and other assessments, including all income, sales, use, goods and services, value added, capital, capital gains, alternative, net worth, transfer, profits, withholding, payroll, employer health, excise, franchise, real property and personal property taxes, and any other taxes, customs duties, fees, assessments, royalties, duties, deductions, compulsory loans or similar charges in the nature of a tax including Canada Pension Plan and provincial pension plan contributions, employment insurance payments and workers compensation premiums, together with any instalments, and any interest, fines and penalties, imposed by any Governmental Authority, whether disputed or not.

**"Total Interest Expense"** means, for any period, with respect to any Person, without duplication, the aggregate amount of interest and other financing charges expensed by such Person on account of such period with respect to Debt including interest, discount and financing fees, commissions, discounts, the interest or time value of money component of costs related to factoring or securitizing receivables or monetizing inventory and other fees and charges payable with respect to letters of credit, letters of guarantee and bankers' acceptances, standby fees and the interest component of Capitalized Lease Obligations, but excluding any amount, such as amortization of debt discount and expenses, that would qualify as Depreciation Expense and the amount reflected in Net Income for such period in respect of gains (or losses) attributable to the translation of Debt from one currency to another currency, all as determined on a consolidated basis in accordance with GAAP.

**"Trustee"** means [·] and its successors for the time being in the trusts hereby created.

**"Uncertificated Security"** means a Security that is not represented by a certificate.

**"Voting Shares"** means shares of any class of a corporation carrying voting rights generally under all circumstances.

1.02  **<u>Meaning of "Outstanding" for Certain Purposes</u>** 

Every Debenture certified and delivered by the Trustee hereunder will be deemed to be outstanding until it is cancelled or delivered to the Trustee for cancellation or money for the payment thereof has been set aside pursuant to Article 9, provided that:

(a) Debentures that have been partially redeemed will be deemed to be outstanding only to the extent of the
unredeemed part of the principal amount thereof;

(b) if a new Debenture has been issued in substitution for a Debenture that has been mutilated, lost, stolen
or destroyed, only one of them will be counted for the purpose of determining the aggregate principal amount of Debentures outstanding;
and

(c) for the purpose of any provision of this Indenture entitling holders of Debentures to vote, sign consents,
requests or other instruments or take any other action or constitute a quorum under this Indenture, Debentures owned legally or equitably
by the Corporation or any Affiliate of the Corporation will be disregarded except that

(i) for the purpose of determining whether the Trustee will be protected in relying on any such vote, consent,
request or other instrument or other action or the existence of such a quorum, only the Debentures that the Trustee knows are so owned
will be so disregarded and

(ii) Debentures so owned that have been pledged in good faith other than to the Corporation or any Affiliate
of the Corporation will not be so disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee's right to vote
such Debentures in the pledgee's discretion free from the control of the Corporation or such Affiliate.

1.03  **<u>Headings</u>** 

The division of this Indenture into Articles, Sections and Schedules and the insertion of a table of contents and headings are for convenience of reference only and do not affect the construction or interpretation of this Indenture. The terms "hereof", "hereunder" and similar expressions refer to this Indenture and not to any particular Article, Section, Schedule or other portion hereof. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles, Sections and Schedules are to Articles and Sections of and Schedules to this Indenture.

1.04  **<u>Extended Meanings</u>** 

In this Indenture, words importing the singular number only include the plural and *vice versa* and words importing any gender include all genders. The term "including" means "including without limiting the generality of the foregoing".

1.05  **<u>Applicable Law</u>** 

This Indenture and the Debentures will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. Each of the parties hereto irrevocably attorns to the non-inclusive jurisdiction of the courts of the Province of Ontario.

1.06  **<u>Language</u>** 

The parties hereto expressly request and require that this document and all documents related thereto be drawn up in English. Les parties aux présentes conviennent et exigent que cette entente et tous les documents qui s'y rattachent soient rédigés en anglais. In the event of any contradiction, discrepancy or difference between the English language version and the French language version of the text of the forms of Debentures, the English language version of the text will govern.

1.07  **<u>Accounting Principles</u>** 

Wherever in this Indenture reference is made to a calculation to be made or an action to be taken in accordance with generally accepted accounting principles or "GAAP", such reference will be deemed to be to the generally accepted accounting principles from time to time approved by the Canadian Institute of Chartered Accountants, or any successor institute, applicable as at the date on which such calculation or action is made or taken or required to be made or taken, which shall initially refer to International Financial Reporting Standards issued by the International Accounting Standards Board. For the purpose of determining compliance with the financial ratios and financial covenants contained in this Indenture, all calculations will be made on the basis of a consolidation of the accounts of the Corporation and the Designated Subsidiaries and the phrase "on a consolidated basis" contained in the defined terms used in connection with such determination will be construed accordingly.

1.08  **<u>Interest Calculations and Payment</u>** 

Unless otherwise stated, wherever reference is made in this Indenture to a rate of interest "*per annum*" or a similar expression is used, such interest will be calculated on the basis of a calendar year of 365 days or 366 days, as the case may be, and using the nominal rate method of calculation, and will not be calculated using the effective rate method. All payments of interest to be made hereunder will be made without allowance or deduction for deemed re-investment or otherwise, both before and after maturity and both before and after any default or judgment or both, until payment thereof, and interest will accrue on any overdue interest.

1.09  ***<u>Interest Act</u>* <u>(Canada</u>)** 

For the purposes of disclosure under the *Interest Act* (Canada), whenever interest to be paid hereunder is to be calculated on the basis of a year of 360 days or any other number of days that is less than the number of days in a calendar year, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by a fraction of which the numerator is the actual number of days in the calendar year in which the same is to be ascertained and the denominator is either 360 or such other number of days, as the case may be.

1.10  **<u>Statutory References</u>** 

In this Indenture, unless something in the subject matter or context is inconsistent therewith or unless otherwise herein provided, a reference to any statute is to that statute as now enacted or as the same may from time to time be amended, re- enacted or replaced and includes any regulation made thereunder.

1.11  **<u>Day Not a Business Day</u>** 

Unless otherwise stated, in the event that any day on which, or on or before which, any action is required to be taken hereunder or under a Debenture is not a Business Day, then such action must be taken on or before the required time on the next succeeding day that is a Business Day.

1.12  **<u>Currency</u>** 

Except where otherwise expressly stated, all references to currency herein are to lawful money of Canada.

1.13  **<u>Shareholders, Directors and Officers Exempt from Individual Liability</u>** 

No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Debenture or coupon, or because of any indebtedness evidenced thereby can be had against any past, present or future shareholder, director or officer, as such, of the Corporation or of any successor, either directly or through the Corporation or any successor, under any Applicable Law or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of any Debenture or coupon appertaining thereto by the holder thereof and as part of the consideration for the issue of such Debenture and any coupon appertaining thereto.

1.14  **<u>Schedules</u>** 

The following are the Schedules to this Indenture:

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| |
|:---|
| Schedule 2.02 – Form of Series A Debentures |
| Schedule 4.01(a)(i) – Real Property |
| Schedule 7.01(k) – Form of Guarantee Agreement |
| Schedule 7.01(l) A – Form of Floating Charge Debenture |
| Schedule 7.01(l) B – Form of Debenture Pledge Agreement |
| Schedule 7.01(l) C – Form of Share Pledge Agreement |
| Schedule 7.02(c) – Form of Compliance Certificate |

---

**<u>ARTICLE 2 - THE DEBENTURES</u>**

2.01  **<u>Amount Unlimited; Issuable in Series</u>** 

The aggregate principal amount of Debentures that may be issued hereunder is unlimited. The Debentures may be issued in one or more series subject to compliance with the terms and conditions herein set forth.

2.02  **<u>Designation, Terms and Form of Series A Debentures</u>** 

The first series of Debentures authorized to be issued will:

(a) consist of and be limited to an aggregate principal amount of $[ · ];

(b) be designated "[ · ]% Debentures, Series A" (the "**Series A Debentures** ");

(c) bear interest from the date of issuance (subject to Section 2.12) at the rate of [ · ]% *per annum* payable semi- annually on April 30 and October 31 in each year commencing on [ · ];

(d) mature on [ · ];

(e) be issuable as fully registered Debentures in denominations of $1,000 and integral multiples thereof;

(f) be substantially in the form set out in Schedule 2.02 with such insertions, deletions, substitutions and
variations as may be required or permitted by the terms of this Indenture or as may be required to comply with any law or the rules of
any securities exchange as may be determined by the officers of the Corporation executing any Series A Debenture;

(g) be in the English and French languages; and

(h) bear such distinguishing letters and numbers as the Trustee may approve.

2.03  **<u>Issue of Series A Debentures</u>** 

Series A Debentures in the aggregate principal amount specified in the Order of the Corporation referred to below, but in any event not more than $[·], will forthwith be executed by the Corporation and certified by the Trustee and delivered by the Trustee to, or to the order of, the Corporation upon receipt of the following:

(a) a Certified Resolution authorizing the issuance, certification and delivery of a specified principal amount of Series A Debentures;

(b) an Order of the Corporation for the certification and delivery of such Debentures specifying the principal amount of the Series A
Debentures to be certified;

(c) an opinion of Counsel in favour of the Trustee that all legal requirements in connection with the issue of such Debentures have been
complied with; and

(d) such certificate as the Corporation is required to furnish to the Trustee pursuant to Section 13.06 in connection with the issue,
certification and delivery of the Series A Debentures.

2.04  **<u>Debentures to Rank *Pari Passu*</u>** 

All Debentures will rank *pari passu* without discrimination, preference or priority whatever may be the actual date or terms of issue of the Debentures except as to sinking funds, if any, for the exclusive benefit of Debentures of different series or different maturities.

2.05  **<u>Signing of Debentures</u>** 

The Debentures will be signed by any two of the Chief Executive Officer, Chief Financial Officer and **[·]** of the Corporation. The signatures of such officers may be mechanically reproduced and Debentures bearing such signatures will be binding upon the Corporation as if they had been manually signed by such officers. Notwithstanding that any of the individuals whose signature appears on any Debenture as one of such officers may no longer hold office at the date hereof or at the date of such Debenture or at the date of certification and delivery thereof, any Debenture signed as aforesaid will be valid and binding upon the Corporation and be entitled to the benefit of this Indenture.

2.06  **<u>Certification by Trustee</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Debenture will be obligatory or entitle the holder to the benefit hereof until it has been certified by the Trustee in substantially the form of the certificate provided for the Debentures of the series being issued or in some other form approved by the Trustee. Certification by the Trustee will be conclusive evidence as against the Corporation that the Debenture so certified has been duly issued and is a valid obligation of the Corporation and that the holder is entitled to the benefit hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The certificate of the Trustee on Debentures will not be construed as a representation or warranty by the Trustee as to the validity of this Indenture or of the Debentures (except the due certification thereof and any other warranties imposed by Applicable Law) and the Trustee will in no respect be liable or answerable for the use made of the Debentures or any of them or of the proceeds thereof.

2.07  **<u>Replacement of Debentures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Debenture is mutilated or lost, destroyed or stolen, the Corporation will, in the absence of notice that such Debenture has been acquired by a *bona fide* purchaser (as defined in the *Business Corporations Act* (British Columbia)) and subject to Section 2.07(b), issue, and the Trustee will certify and deliver, a new Debenture of like date and tenor as the one mutilated, lost, destroyed or stolen in exchange for and upon surrender and cancellation of such mutilated Debenture or in lieu of and in substitution for such lost, destroyed or stolen Debenture, and the new Debenture will be entitled to the benefit hereof and rank equally in accordance with its terms with all other Debentures of the same series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The applicant for the issue of a new Debenture pursuant to this Section 2.07 must bear the reasonable charges of the Corporation and the Trustee or other registrar in connection therewith and in case of loss, destruction or theft must, as a condition precedent to the issue thereof, furnish to the Corporation and to the Trustee or other registrar such evidence of ownership and of the loss, destruction or theft of the Debenture so lost, destroyed or stolen as is satisfactory to the Corporation in its discretion and such applicant will also furnish an indemnity in amount and form satisfactory to the Corporation in its discretion.

2.08  **<u>Computation of Interest</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentures, whether issued originally or upon exchange or in substitution for previously issued Debentures, will bear interest from and including their date of issuance or from and including the last interest payment date on which interest on the Debentures has been paid or made available for payment, whichever is the later, to but excluding the earlier of (a) if called for redemption, the date fixed for redemption and (b) their maturity date, unless, upon due presentation, payment of the redemption price or amount payable on maturity, as the case may be, of any Debenture is improperly withheld or refused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The coupons (if any) matured at the date of delivery by the Trustee of any coupon Debenture will be detached therefrom and cancelled before delivery, unless such Debenture is being issued in exchange or in substitution for a previously issued Debenture (whether in interim or definitive form) and such matured coupons represent unpaid interest to which the holder of such exchanged or substituted Debenture is entitled.

2.09  **<u>Payment</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in Sections 2.09(b) and 2.10, as interest becomes due on each Debenture (except interest payable at maturity or on redemption which may, at the option of the Corporation, be paid on presentation and surrender of a Debenture for payment) the Corporation will send or cause to be sent, at least three Business Days prior to each interest payment date, by prepaid ordinary mail a cheque for such interest (less any tax required to be deducted or withheld) payable to the holder of such Debenture and addressed to the holder at the holder's last address appearing on the register unless otherwise directed in writing by the holder or, in the case of joint holders, payable to all of them and addressed to one of such joint holders at such holder's last address appearing on the register unless otherwise directed in writing by all of them. The forwarding of such cheque will satisfy and discharge the liability for interest on such Debenture to the extent of the sum represented thereby (plus the amount of any tax deducted or withheld) unless such cheque is not paid on presentation at any of the places where such interest is payable. Notwithstanding the foregoing, in the event of the non-receipt of any such cheque by the holder of such Debenture or the loss, theft or destruction thereof, the Corporation upon being furnished with reasonable evidence of such non-receipt, loss, theft or destruction and an indemnity reasonably satisfactory to it will issue to such holder a replacement cheque for the amount of such cheque.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If directed by the holder of a Debenture, the Corporation will, on the due date, pay such interest (less any tax required to be deducted or withheld) by electronic funds transfer to an account maintained by the holder with a bank in Canada. Any such direction to the Corporation must be in writing and received by the Corporation and the Trustee at least 15 Business Days prior to any interest payment date. Any payment of interest pursuant to the provisions of this Section 2.09(b) will be valid and binding on the Corporation, the Trustee and all holders of Debentures.

2.10  **<u>Payment Agreements for Debentures</u>** 

Notwithstanding anything contained in this Indenture to the contrary, the Corporation may enter into an agreement with the holder of a Debenture or with the Person for whom such holder is acting as nominee providing for the payment, without presentation or surrender of the Debenture or notation of payment thereon, to such holder of the principal sum of, any premium and interest on such Debenture and all other money payable hereunder at a place, and by electronic funds transfer or in such other manner, other than the places or the manner specified in this Indenture and in such Debenture as the places and the manner for such payment. Any payment of the principal of, any premium and interest on any such Debenture and other money payable hereunder at such other place or in such other manner pursuant to such agreement will, notwithstanding any other provision of this Indenture or the Debentures, be valid and binding on the Corporation, the Trustee and all holders of Debentures.

2.11  **<u>Creation and Issue of Additional Debentures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may from time to time authorize the creation of any one or more subsequent series of Debentures hereunder. The Debentures of any such subsequent series ("**Additional Debentures**") will contain such terms as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the issuance of any Additional Debentures, the Corporation will execute and deliver to the Trustee an indenture supplemental hereto for the purpose of establishing the terms thereof and the forms and denominations in which they may be issued, together with a Certified Resolution authorizing the same, and the Trustee will execute and deliver such supplemental indenture pursuant to Article 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever any series of Additional Debentures has been authorized, they may from time to time be executed by the Corporation and delivered to the Trustee, and subject to Sections 2.09(b) and 13.06, must be certified by the Trustee and delivered by the Trustee to or to the order of the Corporation upon receipt by the Trustee of:

(i) a Certified Resolution authorizing the issuance, certification and delivery of a specified principal amount of Debentures of such
subsequent series;

(ii) an Order of the Corporation for the certification and delivery of such Debentures specifying the principal amount of the Debentures
to be certified and delivered;

(iii) an opinion of Counsel in favour of the Trustee to the effect that all legal requirements in connection with the issue of such Debentures
have been complied with; and

(iv) such certificate as the Corporation is required, pursuant to Section 13.06, to furnish to the Trustee in connection with the
issue, certification and delivery of the Debentures.

2.12  **<u>Interim Debentures</u>** 

Pending the delivery of definitive Debentures of any series to the Trustee, the Corporation may issue and the Trustee may certify interim Debentures, with or without coupons, in such forms and in such denominations and signed in such manner as the Trustee and the Corporation may approve, entitling the holders thereof to definitive Debentures of the said series when they are ready for delivery. When so issued and certified, the interim Debentures will, for all purposes, be deemed to be Debentures and, pending the exchange thereof for definitive Debentures, the holders of the interim Debentures will be entitled to the benefit of this Indenture to the same extent and in the manner as though such exchange had actually been made. Forthwith after the Corporation has executed and delivered the definitive Debentures to the Trustee, the Trustee must call in for exchange all interim Debentures that have been issued and forthwith after such exchange will cancel the interim Debentures together with any unmatured coupons pertaining thereto. No charge will be made by the Corporation or by the Trustee to the holders of such interim Debentures for such exchange. All interest paid upon interim Debentures without coupons will be noted thereon as a condition precedent to such payment unless paid by cheque to the registered holders thereof.

2.13  **<u>Global Debentures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the Corporation's option, any of the Debentures may be represented in the form of fully registered Global Debentures held by, or on behalf of, a Depositary as custodian of the Global Debentures (for its participants) and registered in the name of the Depositary or its nominee. It is expressly acknowledged that any registrations of ownership and transfers of such Debentures will be made only through the record entry securities transfer and pledge system administered by the Depositary in accordance with the Depositary's operating rules and procedures for security settlement in force from time to time (the "**Book Based System**"). The rights of the holder of any interest in the Debentures represented by a Global Debenture (including the right to receive a certificate or other instrument evidencing an ownership interest in such Debenture) will be limited to those established by Applicable Law and agreements between the Depositary and its participants and between such participants and holders of such interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every Global Debenture of a series authenticated and delivered by the Trustee must bear a legend in substantially the following form:

**THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE TRUST INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A REGISTERED DEBENTURE, AND NO TRANSFER OF THIS DEBENTURE IN WHOLE OR IN PART MAY BE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Global Debenture authenticated hereunder must be registered in the name of the Depositary designated for such Global Debenture or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Debenture will constitute a single Debenture for all purposes of this Indenture. Neither the Corporation nor the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made by any Depositary on account of the beneficial interests in any Global Debenture. Except as provided in this Section 2.13, owners of beneficial interests in any Global Debenture will not be entitled to have Debentures registered in their names, receive or be entitled to receive Debentures in definite form or be considered owners or holders thereof hereunder. Nothing herein prevents the owners of beneficial interests in Global Debentures from voting using duly executed proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision in this Indenture, no Global Debenture may be exchanged in whole or in part for registered Debentures, and no transfer of a Global Debenture in whole or in part may be registered in the name of any Person other than the Depositary for such Global Debenture or a nominee thereof unless:

(i) such Depositary:

(A) has notified the Corporation that it is unwilling or unable to continue as Depositary for such Global Debenture;

(B) has ceased to be a Clearing Agency (registered, if required, under the securities legislation governing such Global Debenture) or
otherwise ceased to be eligible to be a depositary;

(C) has been notified by the Corporation, at the Corporation's option, that the Corporation elects or is required by law to terminate
the book entry system through such Depositary or otherwise; or

(D) an Event of Default has occurred and is continuing.

**<u>ARTICLE 3 - REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP</u>**

3.01  **<u>Fully Registered Debentures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each series of Debentures consisting in whole or in part of fully registered Debentures, the Corporation must cause to be kept a central register at the principal office of the Trustee in [·] and branch registers at the principal office of the Trustee, or such other registrar as the Corporation may appoint, wherever specified in such Debentures, and at such other places as the Corporation may designate with the approval of the Trustee. Each register will contain all particulars required by Applicable Law including the names and latest known addresses of the holders of Debentures of such series and particulars of the Debentures held by them and of all transfers of such Debentures. Each branch register will contain the same particulars as the central register but only with respect to Debentures issued or transferred at the office at which such branch register is kept. The registration of any Debenture will be noted on such Debenture by the Trustee or other registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No transfer of a fully registered Debenture will be valid unless made on one of the registers herein provided for by the registered holder or such holder's executors, administrators or other legal representatives or such holder's attorney duly appointed by an instrument in writing in form and execution satisfactory to the Trustee or other registrar upon compliance with such reasonable requirements as the Trustee or other registrar may prescribe, nor unless the name of the transferee has been noted on the Debenture by the Trustee or other registrar.

3.02  **<u>Coupon Debentures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Title to coupon Debentures issued hereunder will pass by delivery unless registered for the time being as hereinafter provided. Notwithstanding registration of coupon Debentures as to principal, the coupons when detached will continue to be payable to bearer and title thereto will pass by delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to each series of Debentures consisting in whole or in part of coupon Debentures registrable as to principal only, the Corporation will cause to be kept a central register at the principal office of the Trustee in [·] and branch registers at the principal office of the Trustee, or such other registrar as the Corporation may appoint, wherever specified in such Debentures and at such other places as the Corporation may designate with the approval of the Trustee, in which holders of such Debentures may register the same as to principal only. Each register will contain all particulars required by Applicable Law including the names and latest known addresses of the holders of Debentures of such series and particulars of the Debentures held by them and of all transfers of such Debentures. Each branch register will contain the same particulars as the central register but only with respect to Debentures issued or transferred at the office at which such branch register is kept. The registration of any Debenture will be noted on such Debenture by the Trustee or other registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After registration of a coupon Debenture, no transfer thereof will be valid unless made on one of such registers by the registered holder or such holder's executors, administrators or other legal representatives or such holder's attorney duly appointed by an instrument in writing in form and execution satisfactory to the Trustee or other registrar upon compliance with such reasonable requirements as the Trustee or other registrar may prescribe, or unless the name of the transferee has been noted on the Debenture by the Trustee or other registrar. Any such Debenture may be discharged from registration by being transferred to bearer after which it will be transferable by delivery but may again from time to time be registered and discharged from registration.

3.03  **<u>Exchange of Debentures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.06, Debentures of any series and any denomination may be exchanged for Debentures of the same series and same aggregate principal amount in any other authorized denominations for such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such exchanges may be made upon reasonable notice at the principal office of the Trustee in [·] or at the principal office of the Trustee or other registrar wherever specified in the fully registered Debentures of such series or at such other places as the Corporation may designate with the approval of the Trustee. Any Debenture tendered for exchange will be surrendered and cancelled. The Corporation will execute and the Trustee will certify all Debentures necessary to carry out such exchanges.

3.04  **<u>Charges for Transfer and Exchange</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in Sections 3.04(b) and 5.03, for each Debenture exchanged or transferred, if required by the Corporation and subject to any limitation prescribed by Applicable Law, the Trustee may make a reasonable charge for its services and for any new Debenture issued, and payment of such charges and reimbursement of the Trustee or the Corporation for any transfer taxes or governmental or other charges required to be paid must be made by the party requesting such exchange or transfer as a condition precedent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) No charge to a Debentureholder will be made hereunder:

(i) for any transfer or exchange of any Debenture applied for within the period of two months from and including the date of such Debenture;

(ii) for any exchange after the expiration of such two-month period of any Debenture issued within such period in a denomination in excess
of $[ · ] for Debentures of smaller denominations; or

(iii) for any exchange of any Debenture that has been issued under Sections 2.06 or 5.03 in a denomination in excess of $[ · ] for Debentures
of smaller denominations.

3.05  **<u>Inspection of Registers and Lists of Holders</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registers provided for in Sections 3.01 and 3.02 will at all reasonable times be open for inspection by the Corporation, the Trustee or any holder of Debentures of the series to be inspected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every registrar, including the Trustee, will from time to time

(i) at the request of the Corporation or the Trustee, furnish the Corporation or the Trustee with a list of
the names and addresses of the holders of Debentures entered on the register kept by such registrar for that series, showing the principal
amount of the Debentures held by each such holder and the aggregate principal amount of the Debentures and

(ii) at the request of any holder of Debentures of such series, furnish such a list to such holder upon fulfillment
by such holder of the conditions prescribed by Applicable Law in that respect.

3.06  **<u>Closing of Registers</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Neither the Corporation nor the Trustee nor any other registrar will be required

(i) to make transfers or exchanges of any Debenture of any series on any interest payment date for the Debentures
of that series or during the 10 preceding Business Days or

(ii) to make transfers or exchanges of any Debenture of any series,

(A) on the day of any selection by the Trustee of Debentures of that series to be redeemed or during the 10 preceding Business Days or

(B) that has been selected or called for redemption in whole or in part unless, upon due presentment thereof for redemption, such Debenture
is not redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any restriction herein, the Corporation with the approval of the Trustee may at any time close any register for any series of Debentures, other than that kept at the principal office of the Trustee in [·], and transfer the registration of the Debentures registered thereon to another register and thereafter such Debentures will be deemed to be registered on such other register. Notice of such transfer will be given to the holders of such Debentures.

3.07  **<u>Ownership of Debentures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise required by Applicable Law, the Person in whose name any Debenture is registered will for all purposes of this Indenture be deemed to be the owner thereof and payment of or on account of the principal of such Debenture and any premium and interest thereon will be made only to or upon the order in writing of such registered holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise required by Applicable Law, the Corporation and the Trustee may treat the bearer of any unregistered Debenture and the bearer of any coupon, whether or not the Debenture from which it has been detached is registered as to principal, as the absolute owner of such Debenture or coupon, as the case may be, for all purposes and neither the Corporation nor the Trustee nor any registrar will be affected by any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Corporation nor the Trustee or other registrar will be bound to take notice of or see to the performance or observance of any duty owed to a third Person, whether under a trust, express, implied, resulting or constructive in respect of any Debenture or otherwise, by the registered holder or any Person who the Corporation or the Trustee treats, as permitted or required by Applicable Law, as the owner or the registered holder of such Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registered holder for the time being of any registered Debenture and the bearer of any unregistered Debenture and the bearer of any coupon will be entitled to the principal, any premium and interest evidenced by such instrument, free from all equities or rights of set-off or counterclaim between the Corporation and the original or any intermediate holder thereof except in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction, and all Persons may act accordingly and the receipt of any such holder for any such principal, premium or interest will be a good discharge to the Corporation and the Trustee for the same and neither the Corporation nor the Trustee will be bound to inquire into the title of any such holder save as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Corporation and the Trustee may treat the holder of any Debenture as the owner thereof without actual production of such Debenture for the purpose of any Debentureholders' Request, requisition, direction, consent, instrument or other document. Upon receipt of a certificate of any bank, trust company or other depositary satisfactory to the Trustee stating that the unregistered Debentures specified therein have been deposited by a named Person with such bank, trust company or other depositary and will remain so deposited until the expiry of the period specified therein, the Corporation and the Trustee may treat the Person so named as the owner, and such certificate as sufficient evidence of the ownership by such Person during such period, of such Debentures, for the purpose of any Debentureholder's Request, requisition, direction, consent, instrument or other document to be made, signed or given by the holder of the Debenture so deposited.

**<u>ARTICLE 4 - SECURITY</u>**

4.01  **<u>Fixed and Floating Charge</u>** 

As general and continuing security for the due payment of the principal of and interest (including interest on amounts in default) and any premium on the Debentures and of all other money from time to time owing pursuant to the terms of this Indenture and on the Debentures and the due performance by the Corporation of all of its obligations hereunder, subject to the reservation as to leaseholds hereinafter set forth, the Corporation hereby:

(a) grants a security interest in the present and future undertaking and assets, both real and personal, of
the Corporation (the "**Collateral** "), assigns the Collateral and mortgages, pledges and charges the Collateral as and by
way of a fixed and specific mortgage, pledge and charge, in each case to the Trustee as trustee for the Debentureholders. Without limiting
the generality of the foregoing, the Collateral includes all right, title and interest that the Corporation now has or may hereafter have,
be possessed of, be entitled to, or acquire, by way of amalgamation or otherwise, in all assets of the following kinds:

(i) real property, leaseholds of real property and interests and rights therein described in Schedule [ · ];

(ii) buildings, erections, structures, improvements and fixtures situate on or forming part of the property
referred to in Section 4.01(a)(i);

(iii) machinery, equipment, plant, furniture, vehicles and other tangible personal property which are not inventory;

(iv) debts, accounts, claims and choses in action for monetary amounts which are now or which may hereafter
become due, owing or accruing due to the Corporation;

(v) inventory of whatever kind and wherever situate including all goods held for sale or lease or furnished
or to be furnished under contracts for service or that are raw materials, work in process or material used or consumed in the business
of the Corporation;

(vi) chattel paper;

(vii) warehouse receipts, bills of lading and other documents of title, whether negotiable or not;

(viii) shares, stock, warrants, bonds, debentures, debenture stock and other securities (collectively, "**Securities** ");

(ix) bills, notes or cheques within the meaning of the *Bills of Exchange Act* (Canada) and letters of credit;

(x) intangibles not otherwise described in this Section 4.01(a) including all goodwill, patents,
trademarks, copyrights and other industrial property;

(xi) coins or bills or other medium of exchange adopted for use as part of the currency of Canada or of any
foreign government;

(xii) books, papers, accounts, invoices, documents and other records in any form evidencing or relating to any
of the Collateral and all rights and benefits in respect thereof; and

(xiii) proceeds of any Collateral in any form derived, directly or indirectly, from any dealing with the Collateral
or that indemnifies or compensates for the loss of or damage to the Collateral; and

(b) grants to the Trustee a security interest in the present and future undertaking and assets, both real
and personal, of the Corporation and charges as and by way of a floating charge to the Trustee, all its present and future undertaking
and assets, both present and future, of every nature and kind and wherever situate (other than such as are validly subjected to the fixed
and specific mortgage and charge hereby created) of which it may be possessed of, entitled to, or acquire, now or hereafter, and any and
all proceeds of any of the foregoing.

To have and to hold the Collateral and the mortgages, pledges, charges, security interests and assignments thereof and all rights hereby conferred unto the Trustee, its successors and assigns, forever, but in trust, nevertheless, for the equal benefit and security of all the Debentureholders without any preference or priority except as otherwise specifically provided herein, and with the powers and authorities and subject to the terms and conditions set forth in this Indenture.

4.02  **<u>Pledged Securities</u>** 

In connection with the pledge of the Securities:

(a) the Corporation must:

(i) with respect to all Collateral that is a Certificated Security or an Uncertificated Security credited
on the books of the Clearing Agency, promptly notify the Trustee thereof and promptly (A) take all actions required to comply with
the applicable rules of such Clearing Agency, (B) take all actions required to perfect the security interest of the Trustee
in such Collateral under Applicable Law, and (C) take all such further and other actions as the Trustee, acting reasonably, deems
necessary or desirable to effect the foregoing;

(ii) with respect to all Collateral that are Certificated Securities (other than a Certificated Security credited
on the books of the Clearing Agency) deliver to the Trustee all certificates, instruments and securities representing or evidencing such
Securities in suitable form for transfer by delivery, or accompanied by duly executed instruments of transfer or assignment in blank,
in each case satisfactory to the Trustee, all of which certificates, instruments and securities will remain in the custody of the Trustee;
and

(iii) with respect to all Collateral that are Uncertificated Securities (other than an Uncertificated Security
credited on the books of the Clearing Agency) cause the issuer of such Uncertificated Securities to duly authorize and execute, and deliver
to the Trustee, an agreement for the benefit of the Trustee and the Debentureholders, in form and substance satisfactory to the Trustee,
acting reasonably, pursuant to which such issuer agrees to comply with any and all instructions originated by the Trustee without further
consent by the registered owner and not to comply with instructions regarding such Uncertificated Security originated by any other Person
other than a court of competent jurisdiction;

(b) subject to Section 4.02(d), the Trustee must pay over to the Corporation any cash dividends or cash
distributions received by or for it upon or in respect of such Securities; provided, however, that the Corporation is not entitled to
receive any stock dividends in respect of the Securities and all such stock dividends and capital money (including repayments of capital
and cash proceeds on a redemption of Securities) must be held by the Trustee on the terms herein contained;

(c) the Corporation will be entitled to exercise, and will exercise to prevent any contravention of any provision
of this Indenture, all rights to vote from time to time until an Event of Default in respect of such Securities and the Trustee will from
time to time upon request forthwith execute and deliver to the Corporation or to its nominee suitable authorizations that will remain
in effect until revoked by the Trustee upon an Event of Default to enable the Corporation to exercise all such rights to vote and the
Trustee will not vote such Securities;

(d) if an Event of Default occurs and all authorizations referred to in Section 4.02(c) have been
revoked, the Trustee will have the right to vote in respect of such Securities and to retain any dividends or cash distributions in respect
of the Securities while the default continues, but may pay the dividends or cash distributions over to the Corporation upon the default
ceasing or being rectified;

(e) the Corporation must deliver to the Trustee consents to transfer the Securities, including certified copies
of resolutions, as the Trustee and Counsel may require so that registration of the Securities in the name of the Trustee may be effected
at any time as aforesaid and will cause fresh consents to transfer the Securities to the same effect to be delivered to the Trustee whenever
the Trustee requires them;

(f) the Corporation will forward to the Trustee a copy of all communications received by it from any Person
relating to Securities forthwith upon receipt thereof; and

(g) the Corporation hereby irrevocably authorizes the Trustee or any of its officers or any nominee of the
Trustee as attorney with power of substitution, for and in the name of the Corporation, to sign and seal all documents and to fill in
all blanks in signed powers of attorney and transfers necessary in order to complete the transfer of the Securities to the Trustee or
to any one or more of its nominees or to the Debentureholders or to any of them or to any purchaser, as the case may be.

4.03  **<u>Reservation of Last Day of Leasehold Terms</u>** 

It is hereby declared that the last day of any term reserved by any lease, oral or written, or any agreement therefor, now held or hereafter acquired by the Corporation, is hereby and will be excepted out of the Lien of this Indenture and does not and will not form any part of the Collateral, but the Corporation must stand possessed of the reversion remaining in the Corporation of any leasehold premises for the time being demised as aforesaid upon trust to assign and dispose thereof as any purchaser of such leasehold premises directs.

4.04  **<u>Dealing with Collateral by the Corporation</u>** 

The Corporation must not sell, lease or otherwise dispose of any of the Collateral without the prior written consent of the Trustee, except that the Corporation may, until an Event of Default occurs, deal with its money and sell items of inventory in the ordinary course of its business so that the purchaser thereof takes title thereto free and clear of the security interest, assignment, mortgage, pledge and charge granted hereby but all proceeds of any such sale will continue to be subject to the security interest, assignment, mortgage, pledge and charge granted hereby and, upon the occurrence of an Event of Default, all money received by the Corporation will be received as trustee for the Debentureholders and must be held separate and apart from other money of the Corporation and must be paid over to the Trustee upon request.

4.05  **<u>Effective Date of Security</u>** 

The assignments, mortgages, pledges, charges and other security interests hereby created will be effective and will have effect from and after the date hereof whether or not the money hereby secured or any part thereof is advanced before or after or at the same time as the issue of any of the Debentures intended to be hereby secured or before or after or upon the date of the execution of this Indenture.

4.06  **<u>Defeasance</u>** 

If the Corporation duly pays all money payable by the Corporation under and all obligations secured by the Debentures then the assignments, mortgages, pledges, charges and other security interests and charges hereby granted will cease and become null and void and the Collateral will revert to and revest in the Corporation without any release, reconveyance, re-entry or other act or formality whatsoever.

4.07  **<u>After Acquired Property and Further Assurances</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation must from time to time execute and do, or cause to be executed and done, all deeds, documents and things that, in the opinion of Counsel, are necessary or advisable to ensure that after acquired property of the nature described in Section 4.01 becomes subject to the fixed charges thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation must, subject as herein provided, forthwith, and from time to time, execute and do, or cause to be executed and done, all deeds, documents and things that, in the opinion of Counsel, are necessary or advisable for giving the Trustee (so far as may be possible under the local laws of the places where the Collateral is situate) a valid fixed and floating charge of the nature herein specified upon any undertaking and assets, whether now owned or hereafter acquired, intended to be included in the Collateral and a valid transfer thereof for and to secure the payment of the principal, interest and any premium for the time being and from time to time owing under this Indenture and the Debentures and all other money intended to be secured by this Indenture, and for conferring upon the Trustee the power of sale and other powers over the Collateral as are hereby expressed to be conferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein contained, the Trustee will not be bound to take any conveyance, assignment or transfer pursuant hereto of any asset that, in the opinion of the Trustee, is of an onerous character, but the Corporation must hold any such asset in trust for the Trustee.

4.08  **<u>Registration</u>** 

The Corporation must from time to time record, file, enter or register this Indenture, all indentures supplemental hereto, and all other instruments of further assurance without delay, wherever in the opinion of Counsel it is necessary or advisable to preserve and protect the Lien hereof and the rights of the Debentureholders and the Trustee hereunder for such action to be taken, in any land registry or land titles office against all real and immoveable property and rights referred to in Section 4.01 and under the provisions of all statutes providing for the registration of security interests in Canada, any province or territory of Canada and any other jurisdiction in which the Collateral is situated from time to time. The Corporation must renew such recordings, filings or registrations from time to time as and when required to keep them in full force and effect. The Corporation must from time to time, when requested to do so by the Trustee, furnish the Trustee with an opinion of Counsel that the provisions of this Section 4.08 have been complied with.

4.09  **<u>Attachment</u>** 

The parties intend that the security interests hereby created in the Collateral will attach upon execution of this Indenture.

4.10  **<u>Expropriation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If all or any part of the Collateral is taken by the exercise of any power of expropriation or under any other similar power exercisable by Governmental Authority (in this Section 4.10, an "expropriation") and the compensation for the assets so expropriated (in this Section 4.10, the "compensation") exceeds Cdn. $[·], the Corporation will forthwith pay such compensation to the Trustee to be held and invested in Authorized Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that the Corporation uses or proposes to use the compensation to purchase or enhance real property located in Canada, the compensation funds deposited with the Trustee may be withdrawn by the Corporation substantially in the same manner and subject to the same conditions as provided in Section 7.01(e) with respect to insurance proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Corporation does not use all or any part of the funds deposited with the Trustee under Section 4.10(b), such funds will remain invested by the Trustee in Authorized Investments for the benefit of the Debentureholders, provided that the Corporation will be entitled, from time to time, to withdraw all or part of such funds upon receipt by the Trustee of a certificate of the Corporation describing real property purchased by the Corporation and subjected to the fixed charge hereunder after [·], 20[·] with funds of the Corporation from sources other than proceeds deposited with the Trustee under Sections 4.02, 4.10 or 7.01(e) and certifying that the value of such real property (as shown on the consolidated balance sheet of the Corporation after deducting the principal amount of any Debt secured by Liens thereon other than the Lien of this Indenture) exceeds the value of the funds being withdrawn when aggregated with all other funds previously withdrawn under Section 4.02, this Section 4.10(c) and Section 7.01(e).

4.11  **<u>Funds Held by Trustee</u>** 

All cash that may at any time be deposited with or held by the Trustee in accordance with the provisions of this Indenture will be held by the Trustee in the Province of Ontario and all Certificated Securities will be held by the Trustee in the Province of Ontario.

4.12  **<u>Power of Attorney for Québec Registrations</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee is hereby appointed and accepts its appointment as fonde de pouvoir (power of attorney) of the Debentureholders as contemplated by article 2692 of the *Civil Code of Québec* to enter into, to take and to hold, on behalf of and for the benefit of each of the Debentureholders, any hypothec granted to secure payment of and performance under the Debentures, and to exercise such powers and duties that are conferred upon the Trustee under any deed of hypothec or herein or under any other agreement. Any Person who becomes a Debentureholder will be deemed to have consented to and confirmed the Trustee as fonde de pouvoir and to have ratified as of the date such Person becomes a Debentureholder all actions taken by the fonde de pouvoir.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee hereby appoints the Corporation and its duly authorized agents and their successors to be its attorney in the Province of Québec specifically for the purposes of doing only those things that the Corporation may lawfully do by attorney for the purpose of (a) discharging, releasing, reassigning, retroceding, waiving or subordinating any hypothec, security interest or other charge in respect of any of the accounts receivable forming part of the Collateral where full or partial payment of such account receivable is made to the Corporation in the ordinary course of business and such payment would entitle the obligor of such account receivable to the registration of a full or partial discharge pursuant to article 3065 of the *Civil Code of Québec* and (b) consenting to the discharge, release, reassignment, retrocession, waiver or subordination of any hypothec, security interest or other charge in respect of any accounts receivable not forming part of the Collateral including in the case of both (a) and (b) endorsing the Trustee's name on any consents, filings, registrations or other documents in furtherance thereof.

4.13  **<u>Sub-attorney for Québec Discharges</u>** 

The Trustee hereby authorizes the Corporation and its duly authorized agents to appoint any other person as sub- attorney and to delegate its powers pursuant to Section 4.12, provided that the Corporation is responsible for the acts and omissions of any of its duly authorized agents and their successors, agents and sub-attorneys who have been delegated powers under Section 4.12.

**<u>ARTICLE 5 - REDEMPTION AND PURCHASE</u>**

5.01  **<u>Optional Redemption of Series A Debentures</u>** 

The Series A Debentures will not be redeemable by the Corporation before [·]. The Corporation will have the right to redeem on and after [·], 20[·] and prior to the maturity of the Series A Debentures at any time the whole or from time to time any part of the principal amount of the Series A Debentures upon payment in lawful money of Canada of an amount equal to the higher of (a) the Canada Yield Price of the relevant Debenture and (b) the principal amount thereof, together in either case with unpaid interest accrued thereon.

5.02  **<u>Places of Payment</u>** 

The Redemption Price of Debentures called for redemption under any provision hereof will be payable upon presentment and surrender thereof (together with all unmatured coupons pertaining thereto) at any of the places where the principal of such Debentures is expressed to be payable or at any other place specified in the notice of redemption.

5.03  **<u>Partial Redemption</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If less than all the Debentures of any one series are to be redeemed at any one time, the Debentures to be redeemed will be selected by a method that complies with the requirements, if any, of any stock exchange on which the Debentures are listed and that the Trustee considers fair and appropriate or, in the absence of any such requirement, on a *pro rata* basis (to the nearest multiple of $1,000) based upon the principal amount of such Debentures registered in the name of each holder or in such other manner as the Trustee considers equitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holder of any Debenture to be redeemed in part only must, upon presentment of such Debenture and receipt of the money payable to such holder by reason of such redemption, surrender such Debenture to the paying agent for transmission to the Trustee and the Trustee must cancel the same and, without charge, forthwith certify and deliver to such holder a new Debenture or Debentures in an aggregate principal amount equal to the unredeemed part of the principal amount of the Debenture so surrendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the context otherwise requires, all provisions of this Indenture relating to the redemption of Debentures relate, in the case of Debentures redeemed or to be redeemed only in part, to the portion of the principal amount of such Debenture which has been or is to be redeemed.

5.04  **<u>Notice of Redemption</u>** 

Notice of redemption must be given to the holders of the Debentures that are to be redeemed not more than 60 and not less than 30 days prior to the date fixed for redemption in the manner provided in Article 15. Every such notice must specify the aggregate principal amount of Debentures called for redemption, the date fixed for redemption, the Redemption Price and the places of payment and must state that interest upon the principal amount of Debentures called for redemption will cease to be payable from and after the Redemption Date. In addition, unless all the outstanding Debentures of a series are to be redeemed, the notice of redemption must also identify the Debentures that are to be redeemed and if any such Debenture is to be redeemed in part only, the principal amount of such part.

5.05  **<u>Payment of Redemption Price</u>** 

Upon notice being given in accordance with Section 5.04, the principal amount of the Debentures called for redemption will be due and payable at the Redemption Price, on the Redemption Date and with the same effect as if it were the date of maturity specified in such Debentures, anything therein or herein to the contrary notwithstanding. From and after such Redemption Date, interest upon the principal amount becoming due and payable will cease unless payment of the Redemption Price is not made on presentment for surrender of such Debenture (and all unmatured coupons, if any, pertaining thereto) at any of the places referred to in Section 5.02 on or after the Redemption Date and prior to the setting aside of the Redemption Price pursuant to Article 9.

5.06  **<u>Purchase of Debentures</u>** 

The Corporation may at any time and from time to time purchase Debentures in the market (including purchase from or through an investment dealer or a firm holding membership on an recognized stock exchange) or by tender or by private contract at any price not exceeding the principal amount thereof at the date of purchase, together with unpaid interest accrued thereon to the date of purchase, costs of purchase and any premium that would have been payable had the Corporation redeemed the Debenture, other than through sinking fund operations, on the date of purchase.

5.07  **<u>Cancellation of Retired Debentures</u>** 

Subject to the provisions of Section 5.03 as to Debentures redeemed in part, all Debentures purchased or redeemed in whole or in part under the provisions of this Article 5 must be forthwith delivered to and cancelled by the Trustee and no Debentures of the same series will be issued in substitution therefor.

Notwithstanding any other provision of this Indenture, payment of part of the principal amount of any Debenture may be made by the Corporation or the Trustee to the holder thereof without presentation or surrender thereof to the Trustee if the Corporation has filed with the Trustee a Certificate of the Corporation stating that the Corporation has entered into an agreement with such holder or the Person for which such holder is acting as nominee to the effect that payments will be so made and that such holder or other Person will not dispose of such Debenture or any interest therein without, prior to the delivery thereof, surrendering such Debenture to the Trustee or other registrar in exchange for a Debenture or Debentures aggregating the same principal amount as the principal amount of such Debenture so surrendered which remains unpaid.

5.08  **<u>A</u> pp <u>lication to Subsequent Series</u>** 

The provisions of Sections 5.02 to 5.07, inclusive, apply to the Series A Debentures and to the Debentures of any subsequent series that are by their terms redeemable, unless otherwise provided in the supplemental indentures establishing the terms of Debentures of such subsequent series.

**<u>ARTICLE 6 - SINKING FUND PAYMENTS FOR SERIES A DEBENTURES</u>**

6.01  **<u>Mandatory Sinking Fund Payments for Series A Debentures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation must establish a sinking fund for the benefit of the holders of Series A Debentures by paying to the Trustee on or before [·] in each of the years [·] to [·] inclusive a sum sufficient to redeem $[·] principal amount of Series A Debentures (a "**Mandatory Sinking Fund Payment**") on [·] in such year (a "**Sinking Fund Retirement Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not later than [·] in each of the years [·] to [·] inclusive, the Trustee must select for redemption in accordance with the provisions of Section 5.03 the largest aggregate principal amount of Series A Debentures that may be redeemed on the next Sinking Fund Retirement Date out of the total of the amount in the sinking fund on the date of selection plus the amount of the Mandatory Sinking Fund Payment to be made by the Corporation prior to the next Sinking Fund Retirement Date (as reduced by the application of any available sinking fund credit) and must notify the Corporation as to the Series A Debentures so selected. The Corporation, or the Trustee for and in the name of the Corporation, must call for redemption on such next Sinking Fund Retirement Date the Series A Debentures so selected. The provisions of Sections 5.02 to 5.05 and Section 5.07 apply *mutatis mutandis* to payments under this Section 6.01.

6.02  **<u>Credit for Non-Sinking Fund Redemptions</u>** 

Series A Debentures redeemed by the Corporation pursuant to Section 5.01 or purchased by the Corporation for cancellation in accordance with the provisions of Section 5.06 constitute a credit equal to the principal amount thereof. Such credit will be applied to reduce the Mandatory Sinking Fund Payments falling due after the date of such redemption or purchase *pro rata*.

6.03  **<u>Sinking Fund Redemption Price</u>** 

The amount of the Series A Debentures redeemed under this Article are redeemable at the principal amount thereof together with interest on such principal amount accrued and unpaid to the date specified for redemption, the whole constituting the "**Sinking Fund Redemption Price**".

**<u>ARTICLE 7 - COVENANTS OF THE CORPORATION</u>**

7.01  **<u>Positive Covenants</u>** 

Except on the authority of an Extraordinary Resolution:

(a) <u>Timely Payment</u>. The Corporation must make due and timely payment of the principal of, any premium and accrued interest on every
Debenture required to be paid by it hereunder or under any Debenture.

(b) <u>Conduct of Business and Maintenance of Existence</u>. The Corporation must, and must cause each of
its Designed Subsidiaries to, carry on and conduct its business and operations in a proper, efficient and businesslike manner, in accordance
with good business practice; except as provided in Article 10, maintain its existence; maintain all rights, privileges and franchises
necessary or desirable in the normal conduct of its business; and comply with all its material licences and requirements of Applicable
Law.

(c) <u>Access to Information</u>. The Corporation must, and must cause each of its Designated Subsidiaries
to, permit the Trustee, during normal business hours and from time to time upon reasonable notice, to inspect any of its assets and to
examine and take extracts from its financial books, accounts and records including but not limited to accounts and records stored in computer
data banks and computer software systems, and to discuss its financial condition with its senior officers and (in the presence of such
of its representatives as it may designate) its auditors, the reasonable expense of all of which will be paid by the Corporation.

(d) <u>Obligations and Taxes</u>. The Corporation must, and must cause each of its Designated Subsidiaries
to, pay or discharge, or cause to be paid or discharged, before they become delinquent (i) all Taxes imposed upon it or upon its
income or profits or in respect of its business or assets (and file all tax returns in respect thereof), (ii) all lawful claims for
labour, materials and supplies, (iii) all required payments under any of its Debt and (iv) all of its other obligations; provided,
however, that it will not be required to pay or discharge or to cause to be paid or discharged any such amount so long as the validity
or amount thereof is being contested in good faith by appropriate proceedings and a reserve in accordance with GAAP has been established
on its books.

(e) <u>Insurance</u>.

(i) The Corporation must, and must cause each of its Designated Subsidiaries to, maintain insurance coverage
by financially sound and reputable insurers with a financial strength rating of A or higher by A.M. Best (or the equivalent rating
by another nationally recognized rating agency of similar standing) at the time of the issuance of any such policy and in such forms and
amounts and against such risks as are customary for corporations of established reputation engaged in the same or a similar business and
owning and operating similar assets; provided, however, that if, during the term of any such insurance policy, the rating accorded the
insurer is less than A, the Corporation or such Designated Subsidiary will, on the date of renewal of any such policy, obtain such insurance
policy from an insurer meeting the criteria described above.

(ii) If the proceeds of insurance on the Collateral with respect to a single occurrence exceed $**[5,000,000]**,
the Corporation must cause, and must ensure that each Designated Subsidiary causes, such proceeds to be made payable to the Trustee, to
be held by the Trustee subject to the Lien hereof and to rights under Permitted Liens.

(iii) Insurance proceeds in respect of damage or destruction (but not business interruption insurance) must
be held by the Trustee and invested by the Trustee in Authorized Investments.

(iv) The Trustee will pay all such proceeds received on account of any such damage or destruction to the Corporation
or as it may direct from time to time as restoration, replacement or rebuilding ()"**Restoration**") progresses to pay (or
reimburse the Corporation for) the cost of Restoration upon receipt by the Trustee of:

(A) a certificate of the Corporation
 describing the proposed Restoration and stating or estimating such cost and, if such cost
 or the proceeds of insurance in respect of such damage or destruction exceeds $[ · ],
 a certificate of an appraiser as to such cost and showing the computation thereof in reasonable
 detail;

(B) such evidence as the Trustee may reasonably require in support of such statement or estimate of costs;

(C) a certificate of the Corporation (and of any appraiser who gave a certificate under Section 7.01(e)(iv)(A))
establishing either (I) that the funds retained by the Trustee, after the withdrawal being applied for (the "**Proposed Withdrawal** "),
with other funds expended by the Corporation not subject to this Indenture, are adequate for the completion of the proposed Restoration
in a functional, useful and efficient form for its intended use and that the aggregate of the amounts previously withdrawn pursuant to
this Section 7.01(e)(iv)(C) in connection with such Restoration and the amount of the Proposed Withdrawal do not exceed the
cost to the Corporation of the Restoration to the extent then completed less any amounts that the Corporation is required by any statute
or regulation to retain or hold back in respect of such Restoration; or (II) that the proposed Restoration has been completed in
such form at least for the period required by statute or regulation for expiration of construction lien rights against the asset restored,
replaced or rebuilt, as the case may be; and

(D) if required by the Trustee, an opinion of Counsel that the asset restored, replaced or rebuilt, as the
case may be, is subject to the fixed charge hereunder.

(v) If the Corporation does not use all of the proceeds deposited with the Trustee under Section 7.01(e)(ii),
the remaining proceeds must remain invested by the Trustee in Authorized Investments for the benefit of the Debentureholders.

(f) <u>Notice of Event of Default</u>. The Corporation must promptly notify the Trustee of any Event of Default
of which it becomes aware, using reasonable diligence, or event which with the passing of time or giving of notice or both would constitute
an Event of Default.

(g) <u>Environmental Compliance</u>. The Corporation must, and must cause each of its Designated Subsidiaries
to, operate all assets owned, leased or otherwise used by it such that no obligation including a clean-up or remedial obligation arises
under any Requirements of Environmental Law; provided, however, that if any such claim is made or any such obligation arises, the Corporation
or Designated Subsidiary, as the case may be, must immediately satisfy or contest such claim or obligation at its own cost and expense.
It must promptly notify the Trustee upon (i) learning of the existence of hazardous materials located on, above or below the surface
of any land which it occupies or controls (except those being stored, used or otherwise handled in substantial compliance with the requirements
of Applicable Law), or contained in the soil or water constituting such land and (ii) the occurrence of any reportable release, spill,
leak, emission, discharge, leaching, dumping or disposal of hazardous materials that has occurred on or from such land which, as to either
(i) or (ii), could materially adversely affect its ability to perform its obligations hereunder or under any Debenture.

(h) <u>Collateral</u>. With respect to the Collateral, the Corporation must:

(i) provide to the Trustee the security required from time to time pursuant to Article 4 in accordance
with the provisions thereof, accompanied by supporting resolutions, certificates and opinions in form and substance satisfactory to the
Trustee, acting reasonably; and

(ii) do, execute and deliver all such things, documents, security
agreements and assurances as may from time to time be requested by the Trustee, acting reasonably, to ensure that the Trustee holds at
all times valid, enforceable, perfected first priority Liens (subject only to Permitted Liens) from the Corporation meeting the requirements
of Article 4.

(i) <u>Maintenance of Assets</u>. The Corporation must, and must cause each of its Designated Subsidiaries
to, keep all assets that are necessary for its business in good working order and condition, normal wear and tear excepted.

(j) <u>Information and Records</u>. The Corporation must, and must cause each of its Designated Subsidiaries
to, maintain a system of accounting that is established and administered in accordance with GAAP, keep adequate and proper books and records
of account in accordance with GAAP and, in all material respects, keep accurate and complete records of any assets in which it has an
interest.

(k) <u>Guarantee Agreements</u>. The Corporation must cause each Designated Subsidiary to enter into a guarantee
agreement substantially in the form set out in Schedule 7.01(k).

(l) <u>Guarantee Security</u>. The Corporation must cause each Designated Subsidiary to execute and deliver
to the Trustee (i) a floating charge debenture
substantially in the form set out in Schedule 7.01(l)A, (ii) a debenture pledge agreement substantially in the form set out in Schedule
7.01(l)B and (iii) if there are shares to be pledged, a share pledge agreement substantially in the form set out in Schedule 7.01(l)C
(collectively, the "**Guarantee Security** ").

7.02  **<u>Reporting Requirements</u>** 

Except on the authority of an Extraordinary Resolution, the Corporation must furnish to the Trustee:

(a) <u>Annual Financials</u>. as soon as available, and in any event within 120 days after the end of each
Financial Year, a copy of the audited annual consolidated financial statements (including a balance sheet and statements of profit and
loss and source and application of funds) of the Corporation and its Subsidiaries and of the Corporation and its Designated Subsidiaries,
for such Financial Year, together with the notes thereto, all prepared in accordance with GAAP and reported upon by the Corporation's
Auditors without qualifications;

(b) <u>Quarterly Financials</u>. as soon as available, and in any event within 60 days after the end of each
of the first, second and third Financial Quarters, a copy of the unaudited quarterly consolidated financial statements (including a balance
sheet and statements of profit and loss and source and application of funds) of the Corporation and its Subsidiaries and of the Corporation
and its Designated Subsidiaries, for such period, all prepared in accordance with GAAP;

(c) <u>Officer's Certificate</u>. together with each delivery of the financial statements referred to in Sections
7.02(a) and (b), a Compliance Certificate; and

(d) <u>Annual Compliance Certificate</u>. as soon as available, and in any event within 60 days after the
end of each Financial Year, a certificate that the Corporation and each Designated Subsidiary is in compliance with the provisions of
any security created hereby.

7.03  **<u>Negative Covenants</u>** 

Except on the authority of an Extraordinary Resolution, the Corporation must not, and must ensure that each of its Designated Subsidiaries does not:

(a) <u>Disposition of Collateral</u>. dispose of, in one transaction or a series of transactions, all or any
part of the Collateral, whether now owned or hereafter acquired, except that it may dispose of, in the normal course of its business,
for fair market value, in accordance with customary trade terms, any tangible personal property that would reasonably be considered to
be the subject matter of sales by it in the normal course of its business for the purpose of carrying on the same, or that is worn out,
obsolete or no longer useful for the purpose of carrying on its business;

(b) <u>No Change of Name</u>. change its name without providing the Trustee with prior written notice thereof;

(c) <u>No Debt</u>. create, incur, assume or permit to remain outstanding any Debt other than Permitted Debt;

(d) <u>No Investments</u>. make, directly or indirectly, any Investment, other than a Permitted Investment;

(e) <u>No Distributions</u>. make any Distribution, other than a Permitted Distribution;

(f) <u>No Liens</u>. create, incur, assume or permit to exist any Lien upon any of its assets, other than a Permitted Lien;

(g) <u>Acquisitions</u>. make any Acquisition, other than a Permitted Acquisition;

(h) <u>No Change to Financial Year</u>. make any change to its Financial Year which is, in respect of the
Corporation currently December 31, and in respect of each Designated Subsidiary currently **[December 31]**;

(i) <u>No Continuance</u>. continue into any other jurisdiction; or

(j) <u>No Change to Business</u>. carry on any business other than as currently carried on as of the date hereof.

7.04  **<u>Financial Covenants</u>** 

Except on the authority of an Extraordinary Resolution, the Corporation must ensure that:

(a) <u>Senior Debt to EBITDA Ratio</u>. the Senior Debt to EBITDA Ratio is at all times (i) during the
period commencing on the date of this Agreement up to [ · ], 20[ · ], not greater than [ · ]:1; and (ii) during the period
commencing [ · ], 20[ · ] and thereafter, not greater than [ · ]:1, as at the end of each Financial Quarter, using the most recent
12 month financial results including the financial results for the Financial Quarter for which the calculation is to be made;

(b) <u>Fixed Charge Coverage Ratio</u>. the Fixed Charge Coverage Ratio is at all times (i) during the
period commencing on [ · ], 20[ · ] and ending on [ · ], 20[ · ], not less than [ · ]:1; and (ii) during the period
commencing on [ · ], 20[ · ] and thereafter, not less than [ · ]:1, as at the end of each Financial Quarter using the most recent
12 month financial results including the financial results for the Financial Quarter for which the calculation is to be made;

(c) <u>Current Assets to Current Liabilities Ratio</u>. the Corporation's Current Assets to Current Liabilities
Ratio is at all times not less than [ · ]:1;

(d) <u>Debt to Tangible Net Worth Ratio</u>. the Debt to Tangible Net Worth Ratio is at all times not greater
than [ · ]:1, as at the end of each Financial Quarter, using the most recent 12-month financial results including the financial results
for the Financial Quarter for which the calculation is to be made; and

(e) <u>Tangible Net Worth</u>. the Corporation's Tangible Net Worth is at all times not less than $[ · ].

7.05  **<u>Trustee's Remuneration and Expenses</u>** 

The Corporation will pay to the Trustee from time to time reasonable remuneration for its services hereunder and will 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 the trusts created hereby (including the reasonable fees and disbursements of its counsel and all other advisers and assistants not regularly in its employ), both before and after any default hereunder until all duties of the Trustee under such trusts are finally and fully performed, except any such expense, disbursement or advance that arises from the negligence or bad faith of the Trustee. Any amount due under this Section 7.05 and unpaid 10 Business Days after request for such payment will bear interest from the expiration of such 10 Business Days at a rate *per annum* equal to the then current rate reasonably charged by the Trustee from time to time, payable on demand. After default, all amounts so payable and the interest thereon will be payable out of any funds coming into the possession of the Trustee in priority to the principal of and any premium and interest on the Debentures.

7.06  **<u>Not to Accumulate Interest</u>** 

The Corporation must not, except on the authority of an Extraordinary Resolution, directly or indirectly, extend or assent to the extension of time for payment of any interest payable hereunder or be a party to or approve any such arrangement by purchasing or funding any interest or in any other manner. If the time for payment of any such interest is so extended, whether for a definite period or otherwise, and there is a default hereunder such interest will not be entitled to the benefit of the security granted hereunder except subject to the prior payment in full of the principal of all Debentures and of all interest on Debentures, the payment of which has not been so extended, and of all other money payable hereunder.

7.07  **<u>Payment of Additional Amounts</u>** 

The Corporation must pay to any Debentureholder who is not a resident of Canada for purposes of the *Income Tax Act* (Canada), such additional amounts ("**Additional Amounts**") as may be necessary in order that every net payment of principal of, any premium and interest on such Debenture, after deduction or withholding for or on account of any present or future tax, assessment or other governmental charge imposed by Canada or any political subdivision or taxing authority thereof or therein, upon or as a result of such payment, will not be less than the amount provided for in such Debenture to be then due and payable; provided, however, that the foregoing will not apply to any tax, assessment or other governmental charge that is required to be deducted or withheld by reason of (i) such holder carrying on a business in Canada for purposes of the *Income Tax Act* (Canada) (except to the extent that the purchase or holding (other than in Canada) of any of the Debentures may at any time be deemed to constitute the carrying on of business in Canada) or (ii) such holder using or having used the Debenture in carrying on a business in Canada for purposes of the *Income Tax Act* (Canada).

7.08  **<u>Principal, Interest, Etc. to Include Additional Amounts</u>** 

References in this Indenture to payments of principal of, any premium and interest on the Debentures will be deemed to include any Additional Amounts that may be payable hereunder.

7.09  **<u>Performance of Covenants by Trustee</u>** 

If the Corporation fails to perform any of its covenants contained in this Indenture, the Trustee may itself perform any of such covenants capable of being performed by it, but will be under no obligation to do so. All sums expended or advanced by the Trustee for such purpose will be repayable as provided in Section 7.05. No such performance or advance by the Trustee will relieve the Corporation of any default hereunder.

**<u>ARTICLE 8 - DEFAULT AND ENFORCEMENT</u>**

8.01  **<u>Events of Default</u>** 

The occurrence of any one or more of the following events (each such event being herein referred to as an "**Event of Default**") will constitute a default under this Indenture:

(a) the Corporation does not pay the principal of or any premium on any Debenture when due under any provision
hereof or of such Debenture;

(b) the Corporation does not pay any interest due on any Debenture and such default continues for a period
of [ · ] days after notice of such default has been given by the Trustee to the Corporation;

(c) the Corporation does not observe or perform any covenant or obligation contained in Article 10;

(d) the Corporation does not observe or perform any covenant or obligation of the Corporation contained in
this Indenture (other than a covenant or condition the breach or default in performance of which is specifically dealt with elsewhere
in this Section 8.01) and such default is not remedied within [ · ] days after notice has been given by the Trustee to the Corporation
specifying such default;

(e) any representation or warranty made by the Corporation herein or in any document or certificate provided
at any time to the Trustee in connection herewith is incorrect or misleading in any material respect on and as of the date thereof and
such default is not remedied within [ · ] days after notice has been given by the Trustee to the Corporation specifying such default;

(f) an event of default as defined in any indenture or instrument evidencing, or under which, any indebtedness
for borrowed money of the Corporation or any Designated Subsidiary is outstanding occurs and is continuing, and such indebtedness has
been accelerated so that not less than $[ · ] of the same will be or have become due and payable prior to the date on which the same
would otherwise become due and payable and such acceleration is not stayed, rescinded or annulled within 10 days after written notice
thereof has been given to the Trustee by the Corporation or to the Corporation by the Trustee (which notice may be given by the Trustee,
in its discretion, and must be given by the Trustee upon receipt of a Debentureholders' Request) or if the Corporation fails, within 10
days after the maturity or extended maturity of any such indebtedness or acceleration, to pay or refund the same; provided, however, that
if such event of default under such indenture or instrument is remedied or cured by the Corporation or is waived by the holders of such
indebtedness before any judgment or decree for the payment of the money due has been obtained or entered, then the Event of Default hereunder
by reason thereof will be deemed likewise to have been thereupon remedied, cured or waived without further action upon the part of the
Trustee or the Debentureholders;

(g) the Corporation ceases or threatens to cease to carry on the business currently being carried on by it
or a substantial portion thereof or makes or agrees to make an assignment, disposition or conveyance, whether by way of sale or otherwise,
of all or a substantial part of its assets or proceedings are commenced for the winding-up, liquidation or dissolution of the Corporation;

(h) the Corporation or any Designated Subsidiary generally does not pay its debts as they become due, or admits
in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or any proceeding is
instituted by or against the Corporation or any Designated Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation,
winding-up, reorganization, arrangement, adjustment, administration, protection, relief or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment
of a receiver, trustee, administrator, liquidator, custodian or other similar official for it or for any substantial part of its property
and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding remains undismissed or
unstayed for a period of **[60]** days or any of the actions sought in such proceeding (including the entry of an order for relief
against it or the appointment of a receiver, trustee, administrator, liquidator, custodian or other similar official for it or for any
substantial party of its property) occurs, or the Corporation or any Designated Subsidiary takes any corporate action to authorize any
of the actions set forth above in this Section 8.01(h);

(i) the Collateral or any part thereof is seized or otherwise attached by anyone pursuant to any legal process
or other means, including distress, execution or any other step or proceeding with similar effect, and the same is not released, bonded,
satisfied, discharged or vacated within the shorter of a period of 15 days and 10 days less than such period as would permit such assets
or any part thereof to be sold pursuant thereto;

(j) a final judgment or decree for the payment of money due has been obtained or entered against the Corporation
or any Designated Subsidiary in an amount that could reasonably be expected to materially and adversely affect the ability of the Corporation
to fulfil its obligations to the Debentureholders under this Indenture or any Debenture and such judgment or decree has not been and remain
vacated, discharged or stayed pending appeal within the applicable appeal period; or

(k) the obligations of the Corporation in this Indenture or under the Debentures cease to constitute legal,
valid and binding obligations of the Corporation or if the Lien hereof ceases to be a valid and perfected first priority security interest
as against third parties and such default is not remedied within · days after notice has been given by the Trustee to the Corporation
specifying such default.

8.02  **<u>Acceleration on Default</u>** 

Subject to the provisions of Section 8.03, if an Event of Default has occurred and is continuing, the Trustee may, in its discretion, and must, upon receipt of a Debentureholders' Request, declare the principal of and interest on the Debentures and all other money payable hereunder to be due and payable on demand. The Corporation must on such demand forthwith pay to the Trustee for the benefit of the Debentureholders the principal of and unpaid interest accrued on, and interest on amounts in default under, the Debentures and all other money payable hereunder together with subsequent interest thereon at the rate borne by the Debentures from the date of such declaration until payment is received by the Trustee. Such money payable hereunder will include any redemption premium which would have been payable upon the redemption of the Debentures on the date of such declaration. Such payment when made will be deemed to have been made in discharge of the Corporation's obligations hereunder and any money so received by the Trustee must be applied as herein provided.

If an Event of Default occurs and is continuing, the Trustee must, within 30 days after it becomes aware of the occurrence of such Event of Default, give notice of such Event of Default to the Debentureholders in the manner provided in Section 15.01, provided that, notwithstanding the foregoing, the Trustee will not be required to give such notice if the Trustee in good faith decides that the withholding of such notice is in the best interests of the Debentureholders and so advises the Corporation in writing.

8.03  **<u>Waiver of Default</u>** 

If an Event of Default has occurred otherwise than by default in payment of any principal money at maturity

(a) the Trustee, so long as it has not become bound to act pursuant to a Debentureholders' Request given as
provided in Section 8.02, has the power to waive the Event of Default if, in the Trustee's opinion, the Event of Default has been
cured or adequate satisfaction made therefor and, in such event, to annul any declaration made by the Trustee in the exercise of its discretion,
upon such terms and conditions as to the Trustee may deem advisable and

(b) the holders of more than 662/3% of the principal amount of the Debentures will have the power (in addition
to and subject to the powers exercisable by Extraordinary Resolution) by requisition in writing to instruct the Trustee to waive the Event
of Default or to annul any declaration made by the Trustee pursuant to Section 8.02 or both and the Trustee must thereupon waive
the Event of Default or annul such declaration or both, upon such terms and conditions as such Debentureholders prescribe,

provided that no act or omission either of the Trustee or of the Debentureholders will extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

8.04  **<u>Remedies in Case of Default</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of Section 8.03 and to the provisions of any Extraordinary Resolution, if an Event of Default has occurred and is continuing, any or all of the security granted hereby will become immediately enforceable and, in addition to any rights or remedies provided by Applicable Law, the Trustee may, in its discretion, and must upon receipt of a Debentureholders' Request and upon being indemnified to its reasonable satisfaction against all costs, expenses and liabilities to be incurred, exercise one or more of the following powers:

(i) the Trustee may by appointment in writing appoint a receiver or receiver and manager (each herein referred
to as "**Receiver**") of the Collateral (which term when used in this Section 8.04 will include the whole or any part
of the Collateral) and may remove or replace such Receiver from time to time or may institute proceedings in any court of competent jurisdiction
for the appointment of a Receiver of the Collateral; and the term "Trustee" when used in this Section 8.04 includes any
Receiver so appointed and the agents, officers and employees of such Receiver; and the Trustee will not be in any way responsible for
any misconduct or negligence of any such Receiver who will be deemed, so far as concerns the responsibility for its acts or omissions,
the agent or attorney of the Corporation and not of the Trustee or the Debentureholders;

(ii) the Trustee may take possession of the Collateral and require the Corporation to assemble the Collateral
and deliver or make the Collateral available to the Trustee at such place or places as may be specified by the Trustee;

(iii) the Trustee may take such steps as it considers desirable to maintain, preserve or protect the Collateral;

(iv) the Trustee may carry on or concur in the carrying on of all or any part of the business of the Corporation;

(v) the Trustee may enforce any rights of the Corporation in respect of the Collateral in any manner permitted
by Applicable Law;

(vi) the Trustee may sell, lease or otherwise dispose of any Collateral at public auction, by private tender,
by private sale or otherwise either for cash or upon credit upon such terms and conditions as the Trustee may determine and without notice
to the Corporation unless required by Applicable Law;

(vii) the Trustee may accept the Collateral in satisfaction of the obligations of the Corporation hereunder
and under the Debentures upon notice to the Corporation of its intention to do so in the manner required by Applicable Law;

(viii) the Trustee may, for any purpose specified herein, borrow money on the security of the Collateral in priority
to the Lien of this Indenture;

(ix) the Trustee may enter upon, occupy and use all or any of the premises, buildings and plant occupied by
the Corporation and use all or any of the equipment and other assets of the Corporation for such time as the Trustee requires to facilitate
the realization of the Collateral, free of charge, and the Trustee will not be liable to the Corporation for any neglect in so doing or
in respect of any rent, charges, depreciation or damages in connection with such actions;

(x) the Trustee may charge on its own behalf and pay to others all reasonable amounts for expenses incurred
and for services rendered in connection with the exercise of the rights and remedies of the Trustee hereunder including reasonable legal,
Receiver and accounting fees and expenses and any costs of complying with any environmental order, and in every such case the amounts
so paid together with all costs, charges and expenses incurred in connection therewith, including interest thereon at such rate as the
Trustee deems reasonable, will be added to and form part of the obligations hereby secured; and

(xi) the Trustee may discharge any Lien that may exist or be threatened against the Collateral, and in every
such case the amounts so paid together with costs, charges and expenses incurred in connection therewith will be added to the obligations
hereby secured.

On any entry or taking of possession, directly or indirectly, as herein provided by the Trustee, the Trustee will have all the powers of a receiver and a receiver and manager and in any judicial proceeding relative to the Corporation, its assets or its creditors the Trustee will be authorized to file such proofs of claim and other documents as may be necessary or advisable in order to have the claims of the Trustee and of the Debentureholders allowed in such judicial proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee may (a) grant extensions of time, (b) take and perfect or abstain from taking and perfecting security, (c) give up securities, (d) accept compositions or compromises, (e) grant releases and discharges and (f) release any part of the Collateral or otherwise deal with the Corporation, debtors of the Corporation, sureties and others and with the Collateral and other security as the Trustee sees fit without prejudice to the liability of the Corporation to the Trustee or the Trustee's rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee will not be liable or responsible for any failure to seize, collect, realize, or obtain payment with respect to the Collateral and is not bound to institute proceedings or to take other steps for the purpose of seizing, collecting, realizing or obtaining possession or payment with respect to the Collateral or for the purpose of preserving any rights of the Trustee, the Corporation or any other Person in respect of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee may apply any proceeds of realization of the Collateral to payment of expenses in connection with the preservation and realization of the Collateral as above described and the Trustee may apply any balance of such proceeds to payment of the obligations in such order as the Trustee sees fit. If there is any surplus remaining, the Trustee may pay the surplus to any Person having a claim thereto in priority to the Corporation of whom the Trustee has knowledge and any balance remaining must be paid to the Corporation. If the disposition of the Collateral fails to satisfy the obligations secured by this Indenture and the aforesaid expenses, the Corporation will be liable to pay any deficiency to the Trustee forthwith on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee, any receiver, any receiver and manager or any one or more of the Debentureholders or any agent or representative thereof may become purchasers at any sale or other realization of the Collateral, or any part thereof, whether made under the power of sale herein contained or pursuant to judicial proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Corporation must yield up possession of the Collateral to the Trustee on demand whenever the Trustee has a right of entry under the foregoing provisions and must put no obstacle in the way of, but must facilitate by all legal means, the actions of the Trustee hereunder and must not interfere with the carrying out of the powers hereby granted to the Trustee, and upon the occurrence of an Event of Default the Corporation will and hereby does consent to the appointment of a liquidator or receiver or receiver and manager with all or any such powers as the Trustee is hereby vested with, if so required by the Trustee. Upon the occurrence of an Event of Default, the Corporation will and hereby does consent to any petition or application presented to the court by the Trustee in order to effectuate the intent of this Indenture. The Corporation will not, after receiving due notice from the Trustee that it has taken possession of the Collateral by virtue hereof, continue in possession of the Collateral unless with the express written consent and authority of the Trustee, and must forthwith execute such documents and transfers as may be necessary to place the Trustee in legal possession of the Collateral. After receipt of such notice, all the powers, functions, rights and privileges of each director and officer of the Corporation will cease and terminate with respect to the Collateral, unless specifically continued in writing by the Trustee, or unless the Collateral has been restored to the Corporation as hereinbefore provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 relative thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No course of dealing on the part of the Trustee or any Debentureholder nor any delay or failure of the Trustee or of the Debentureholders to exercise any remedy referred to in Section 8.04(a) will operate as a waiver of any such remedy or will be construed to be a waiver of any Event of Default hereunder or acquiescence therein or will otherwise prejudice any rights, powers or remedies of the Trustee or such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless and until it is required so to do under the terms hereof, the Trustee is not bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby; nor is the Trustee required to take notice of an Event of Default or any default hereunder, other than in payment of any money required by any provision hereof to be paid to it, unless and until such time as the Trustee has actual knowledge of, or has received notice of, such Event of Default or any default hereunder and in the absence of actual knowledge or any such notice and subject as aforesaid, the Trustee may assume that the Corporation is not in default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In the exercise of any remedy herein contained the Trustee will in no event be obliged to marshall the security hereby constituted in favour of any other creditor of the Corporation or any Designated Subsidiary, and the Corporation waives any right that it may have to require the Trustee to so marshall security. The Corporation further renounces all benefits of discussion and division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Whenever the Trustee determines under the provisions of Section 8.04(a)(i) to appoint a Receiver, the following provisions will apply:

(i) such appointment will be made by the duly authorized officers of the Trustee, and a copy of the authorizing
instrument and of such appointment, certified by an officer of the Trustee under its corporate seal, will be evidence for all purposes
of such appointment. The Trustee may from time to time in the same manner remove any Receiver so appointed and appoint another in its
stead. In making any such appointment, the Trustee will be deemed to be acting as the attorney of the Corporation;

(ii) any such appointment may be limited to any part or parts of the Collateral, or may extend to the whole thereof;

(iii) every such Receiver may in the discretion of the Trustee be vested with all or any of the powers and discretions
of the Trustee;

(iv) the Trustee may from time to time fix the remuneration of every such Receiver and direct the payment thereof
out of the Collateral, the income therefrom or the proceeds thereof;

(v) the Trustee may from time to time require any such Receiver to give security for the performance of its
duties and may fix the nature and amount thereof, but will not be bound to require such security;

(vi) every such Receiver may, with the consent in writing of the Trustee, borrow money for the purposes of
carrying on the business of the Corporation or for the maintenance, protection or preservation of the Collateral or any part thereof,
and the Receiver may issue certificates (herein called "receiver's certificates") for such money as will, in the opinion of
the Trustee, be sufficient for obtaining upon the security of the Collateral or any part thereof the amounts from time to time required,
and such receiver's certificates may be payable either to order or to bearer and may be payable at such time or times as to the Trustee
may appear expedient, and will bear interest as may therein be declared, and the Receiver may sell, pledge or otherwise dispose of the
same in such manner as to the Trustee may seem advisable, and may pay such commission on the sale thereof as to the Trustee may appear
reasonable, and the amounts from time to time payable by virtue of such receiver's certificates will form a charge upon the Collateral
in priority to the security granted to the Debentureholders hereunder;

(vii) every such Receiver will, so far as concerns responsibility for its acts or omissions, be deemed the agent
of the Corporation, and in no event the agent of the Trustee or the Debentureholders, and the Trustee will not, in making or consenting
to such appointment, incur any liability to the Receiver for its remuneration or otherwise howsoever;

(viii) except as may be otherwise directed by the Trustee, all money from time to time received by such Receiver
will be paid over to the Trustee to be held by it on the trusts of this Indenture; and

(ix) the Trustee may pay over to such Receiver any money constituting part of the Collateral with the intent
that the same may be applied for the purposes hereof by such Receiver, and the Trustee may from time to time determine what funds the
Receiver will be at liberty to keep in hand with a view to the performance of its duty as such Receiver.

8.05  **<u>Suits by Debentureholders</u>** 

8.06  **<u>A</u> pp <u>lication of Money Received by Trustee</u>** 

Except as herein otherwise provided, the money arising from any enforcement of the provisions hereof must be held by the Trustee and forthwith applied, together with any other money in the hands of the Trustee available for the purpose, as follows:

(a) first, to pay or reimburse to the Trustee and the Debentureholders the remuneration, expenses, disbursements
and advances of the Trustee earned, incurred or made in the administration or execution of the trusts hereunder or otherwise in relation
to this Indenture, with interest thereon as herein provided;

(b) second, to pay interest on any overdue interest on such Debentures and thereafter pay the accrued and
unpaid interest on such Debentures and interest on any other money owing under the provisions of this Indenture and thereafter to pay
the principal of and any redemption premium of such Debentures (or if the Debentureholders by Extraordinary Resolution have directed payments
to be made in accordance with any other order of priority, or without priority as between principal and interest, then such money will
be applied in accordance with such direction); and

(c) third, to pay the surplus, if any, of such money to the Corporation or its assigns;

provided, however, that no payment will be made pursuant to Section 8.06(b) in respect of any Debenture held, directly or indirectly, by or for the benefit of the Corporation or any of its Affiliates (other than any Debenture pledged for value and in good faith to a Person other than the Corporation or any of its Affiliates, but only to the extent of such Person's interest therein) except after the prior payment in full of all amounts owing under the provisions of this Indenture and the Debentures which are not so held.

8.07  **<u>Distribution of Proceeds</u>** 

Payments to Debentureholders pursuant to Section 8.06(b) must be made as follows:

(a) at least 15 days' notice of every such payment must be given in the manner provided in Article 15
specifying the time when and the place or places where the Debentures are to be presented and the amount of the payment and the application
thereof as between principal, any premium and interest;

(b) payment will be made upon presentment of a Debenture at any one of the places specified in such notice
and any such Debenture thereby paid in full must be surrendered, or, if partially paid, a memorandum of such payment must be endorsed
thereon (although the Trustee may in its discretion dispense with presentment and surrender or endorsement in any special case upon such
indemnity being given as the Trustee deems sufficient);

(c) from and after the date of payment specified in the notice, interest will accrue only on the amount owing
on each Debenture after giving credit for the amount of the payment specified in such notice unless a Debenture is duly presented on or
after the date so specified and payment of such amount is not made; and

(d) the Trustee is not required to make any interim payment to Debentureholders unless, after reserving therefrom
such amount as the Trustee may think necessary to provide for the payments mentioned in Section 8.06(a), the money available to it
exceeds 5% of the principal amount of the outstanding Debentures.

**<u>ARTICLE 9 - SATISFACTION AND DISCHARGE</u>**

9.01  **<u>Cancellation and Destruction</u>** 

All matured Debentures and coupons must, forthwith after payment, be cancelled and delivered to the Trustee. All Debentures and coupons cancelled or required to be cancelled under this or any other provision of this Indenture may, subject to Applicable Law, be destroyed by or under the direction of the Trustee (in the presence of a representative of the Corporation, if the Corporation requires) and the Trustee must prepare and retain a certificate of such destruction and deliver a duplicate thereof to the Corporation.

9.02  **<u>Non-Presentment of Debentures or Coupons</u>** 

If the holder of any Debenture or coupon fails to present the same for payment on the date on which, in the case of a Debenture, the principal thereof, any premium thereon or the interest thereon becomes payable either at maturity or on redemption or, in the case of a coupon, it becomes payable, the Corporation is entitled

(a) to make such payment to the Trustee and direct it to set the same aside or

(b) in respect of money in the hands of the Trustee that may or should be applied to the payment of the Debentures or coupons, to direct
the Trustee to set the same aside,

in trust to be paid to the holder of such Debenture or coupon upon due presentment and surrender thereof in accordance with the provisions of this Indenture; and thereupon the principal money, any redemption premium or the interest payable on or represented by each Debenture and each coupon in respect of which such money has been set aside will be deemed to have been paid and the holder thereof will thereafter have no right in respect thereof except to receive payment of the money so set aside by the Trustee (without interest on such money) upon due presentment and surrender thereof, subject always to the provisions of Section 9.03.

9.03  **<u>Repayment of Unclaimed Money to Corporation</u>** 

Any money set aside under Section 9.02 in respect of any Debenture or coupon and not claimed by and paid to the holder of such Debenture or coupon, as provided in Section 9.02, within six years after the date of such setting aside, must be repaid to the Corporation by the Trustee on demand, and thereupon the Trustee will be released from all further liability with respect to such money, and thereafter such holder will have no rights in respect of such Debenture or coupon except to obtain payment of such money (without interest thereon) from the Corporation, subject to any applicable period of prescription provided hereunder or by Applicable Law.

9.04  **<u>Release from Covenants and Dischar</u> ge** 

Upon proof being given to the reasonable satisfaction of the Trustee that the principal of all Debentures and any premium and interest (including interest on amounts in default, if any) thereon and other money payable hereunder have been paid or satisfied or that, all the Debentures having matured or having been duly called for redemption, or the Trustee having been given irrevocable instructions by the Corporation to publish within 90 days' notice of redemption of all the Debentures, such payment or redemption has been provided for by payment to the Trustee or otherwise, and upon payment of all costs, charges and expenses properly incurred by the Trustee hereunder and all interest thereon and the remuneration of the Trustee, or upon provision satisfactory to the Trustee being made therefor, the Trustee must, at the request and expense of the Corporation, execute and deliver to the Corporation such deeds or other instruments as are necessary to release the Corporation from its covenants herein contained or contained in the Debentures, except those relating to the indemnification of the Trustee and to release and discharge this Indenture and the security created pursuant hereto.

**<u>ARTICLE 10 - SUCCESSOR CORPORATIONS</u>**

10.01  **<u>Certain Requirements in Respect of Merger, etc.</u>** 

The Corporation will not enter into any transaction (whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, lease or otherwise) whereby all or substantially all of its undertaking and assets would become the property of any other Person or, in the case of amalgamation, of the continuing corporation resulting therefrom unless:

(a) such other Person is a body corporate (herein called a "**Successor Corporation**") incorporated
under the laws of Canada or any province thereof;

(b) the Successor Corporation executes, prior to or contemporaneously with the consummation of such transaction,
such instruments as are satisfactory to the Trustee and, in the opinion of Counsel, are necessary or advisable to evidence its agreement
to observe and perform all the covenants and obligations of the Corporation under this Indenture;

(c) such transaction will, to the satisfaction of the Trustee and in the opinion of Counsel, be upon such
terms as substantially to preserve and not to impair any of the rights and powers of the Trustee or of the Debentureholders hereunder;
and

(d) no condition or event exists in respect of the Successor Corporation at the time of such transaction and
after giving full effect thereto that would, with the lapse of time or the giving of notice or both, constitute an Event of Default.

10.02  **<u>Vesting of Powers in Successor</u>** 

Whenever the conditions of Section 10.01 have been observed and performed, the Successor Corporation will succeed to and be substituted for the Corporation with the same effect as if the Successor Corporation had been named herein as the Corporation, and the Successor Corporation will possess and from time to time may exercise each and every right and power of the Corporation under this Indenture in the name of the Corporation or otherwise and any act or proceeding required by any provision of this Indenture to be done or performed by any director or officer of the Corporation may be done and performed with like force and effect by the like director or officer of the Successor Corporation.

**<u>ARTICLE 11 - MEETINGS OF DEBENTUREHOLDERS</u>**

11.01  **<u>Right to Convene Meeting</u>** 

The Trustee may at any time and from time to time and must, on receipt of a request of the Corporation or a Debentureholders' Request and upon being indemnified to its reasonable satisfaction by the Corporation or by the Debentureholders signing such Debentureholders' Request, as the case may be, against the costs that may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Debentureholders. If the Trustee fails, within 30 days after receipt of such request and indemnity, to give notice convening such meeting, the Corporation or such Debentureholders, as the case may be, may convene such meeting. Every such meeting will be held in the City of · or at such other place as may be approved or determined by the Trustee.

11.02  **<u>Notice</u>** 

At least 15 days' notice of any meeting must be given to the Debentureholders in the manner provided in Article 15 and a copy thereof must be sent to the Trustee in the manner set out in Article 15 unless the meeting has been called by the Trustee and to the Corporation unless the meeting has been called by the Corporation. Such notice must state the time when and the place where the meeting is to be held and set out the general nature of the business to be transacted thereat. It is not necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Article 11.

11.03  **<u>Chair</u>** 

Some individual, who need not be a Debentureholder, nominated in writing by the Trustee, will chair the meeting. If no individual is so nominated, or if the individual so nominated is not present within 15 minutes after the time fixed for the holding of the meeting, the Debentureholders present in person or by proxy may choose some individual present to chair the meeting.

11.04 **Q <u>uorum</u>** 

Subject to the provisions of Section 11.12

(a) at any meeting of Debentureholders, a quorum will consist of Debentureholders present in person or by
proxy and representing at least 25% of the principal amount of the outstanding Debentures and

(b) if a quorum of the Debentureholders is not present within 30 minutes after the time fixed for holding
the meeting, such meeting, if convened by the Debentureholders or on a Debentureholders' Request, must be dissolved. If otherwise convened,
the meeting will be adjourned without notice to the same day in the next week (unless such day is not a Business Day in which case it
will stand adjourned to the next following Business Day thereafter) at the same time and place, unless the chair of the meeting appoints
some other place, day or time, of which not less than seven days' notice must be given in the manner provided in Article 15. At the
adjourned meeting, the Debentureholders present in Person or by proxy will constitute a quorum and may transact the business for which
the meeting was originally convened notwithstanding that they may not represent 25% in principal amount of the outstanding Debentures.

11.05  **<u>Power to Ad</u> j <u>ourn</u>** 

The chair 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 adjourned meeting need be given except such notice, if any, as the meeting so adjourned may prescribe.

11.06  **<u>Show of Hands</u>** 

Every question submitted to a meeting will be decided in the first place by a majority of the votes given on a show of hands except that votes on Extraordinary Resolutions must be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chair of the meeting that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority will be conclusive evidence of the fact.

11.07  **<u>Poll</u>** 

On every Extraordinary Resolution, and on any other question submitted to a meeting when demanded after a vote by show of hands by the chair of the meeting or by any Debentureholder acting in person or by proxy, a poll must be taken in such manner as the chair directs. Questions other than Extraordinary Resolutions will, if a poll is taken, be decided by the votes of the holders of a majority in principal amount of the Debentures represented at the meeting and voted on the poll.

11.08  **<u>Voting</u>** 

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 absent Debentureholders or both, will have one vote. On a poll each Debentureholder present in Person or represented by a proxy duly appointed by an instrument in writing will be entitled to one vote in respect of each $[·] principal amount of Debentures of which it is then the holder. A proxy need not be a Debentureholder. In the case of joint registered 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 if more than one of them is present in person or by proxy, they must vote together in respect of the Debentures of which they are joint registered holders.

11.09  **<u>Regulations</u>** 

The Trustee, or the Corporation if its convenes the meeting, may from time to time make and vary such regulations as it thinks fit:

(a) providing for the form of the instrument of proxy and the manner in which the same is to be executed and
the production of the authority of any Person signing on behalf of a Debentureholder;

(b) for the deposit of instruments appointing proxies at such place as the Trustee, the Corporation or the
Debentureholders convening the meeting, as the case may be, may in the notice convening the meeting direct, and the time before the holding
of the meeting, or adjourned meeting, when the same must be deposited; and

(c) enabling particulars of such instruments appointing proxies to be mailed, cabled or sent by any other
electronic means of communication before the meeting to the Corporation or to the Trustee and for the voting of proxies so deposited as
though the instruments themselves were produced at the meeting.

Any regulations so made will be binding and effective and the votes given in accordance therewith will be valid and counted. Except as otherwise provided in such regulations, the only Persons who will 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, will be the registered holders of Debentures and Persons duly appointed as proxy holders.

11.10  **<u>Corporation and Trustee may be Represented</u>** 

The Corporation and the Trustee, by their respective officers and directors, and the legal advisers of the Corporation, the Trustee and the Debentureholders may attend any meeting of the Debentureholders, but will have no vote as such.

11.11  **<u>Powers Exercisable by Extraordinary Resolution</u>** 

In addition to all other powers conferred upon them by other provisions of this Indenture or Applicable Law, at a meeting of the Debentureholders (or of holders of a series of Debentures in respect of matters relating solely to that series), the Debentureholders have the following powers, exercisable from time to time by Extraordinary Resolution only:

(a) to assent to any modification of or change in or omission from or addition to the provisions contained
herein that are agreed to by the Corporation and to authorize the Trustee to concur in and execute any deed or instrument supplemental
hereto embodying such modification, change, omission or addition;

(b) to sanction any modification, abrogation, alteration, compromise or arrangement of the rights of the Debentureholders
or the Trustee against the Corporation or against its undertaking and assets or any part thereof including any release and discharge of
any security created pursuant hereto, whether such rights arise under this Indenture or the Debentures or otherwise;

(c) to direct or authorize the Trustee to exercise or refrain from exercising any power, right, remedy or
authority given to it by this Indenture or the Debentures in any manner specified in such Extraordinary Resolution;

(d) to waive and direct the Trustee to waive any default on the part of the Corporation in complying with
any provision of this Indenture or the Debentures and to annul and to direct the Trustee to annul any declaration made by the Trustee
pursuant to Section 8.02, either unconditionally or upon any conditions specified in such Extraordinary Resolution;

(e) to restrain any Debentureholder from taking, instituting or maintaining any action or other proceeding
for the payment of any amount owing hereunder or for the execution of any trust or power hereunder or for the appointment of a liquidator
or a receiver or a receiver and manager or a trustee in bankruptcy or to have the Corporation wound up or for any other remedy hereunder;

(f) to direct any Debentureholder who, as such, has instituted any such action or other proceeding to stay
or otherwise discontinue or otherwise deal with any such action or proceeding upon payment, if the taking of such action or proceeding
was permitted by Section 8.05, of the costs, charges and expenses reasonably and properly incurred by such holder in connection therewith;

(g) to sanction the exchange of Debentures for, or the conversion of Debentures into, shares, bonds, debentures,
notes or any other securities or obligations of the Corporation or any other Person formed or to be formed and power to sanction the distribution *in specie* to Noteholders of assets of the Corporation or such shares, bonds, debentures, notes or other securities or obligations;

(h) to authorize the Trustees or any other Person to bid or tender at any sale of any Collateral and to take
such actions in connection with such sale as such Person determines to be in the best interests of the Debentureholders;

(i) to authorize the transfer of the security constituted hereunder or the proceeds thereof to any other Person
in exchange for cash or other assets;

(j) to establish and dissolve a committee, and to provide for the appointment of members thereof, to consult
with the Trustee and to delegate to such committee (subject to such limitations, if any, as may be prescribed in the Extraordinary Resolution)
all or any of the powers that the Debentureholders can exercise by Extraordinary Resolution under the foregoing Sections 11.11(a) to
(i). The Extraordinary Resolution making such appointment may provide for payment of the expenses and disbursements of and compensation
to such committee. Such committee will consist of such number of Persons as prescribed in the Extraordinary Resolution appointing it,
and the members need not themselves be Debentureholders. Subject to the Extraordinary Resolution appointing it, every such committee may
elect its chair and may make regulations respecting its quorum, the calling of its meetings, the filling of vacancies occurring in its
number, the manner in which it may act and its procedure generally and such regulations may provide that the committee may act at a meeting
at which a quorum is present or by resolution signed by a majority of the members thereof or the number of members thereof necessary to
constitute a quorum, whichever is the greater. All acts of any such committee within the authority delegated to it will be binding upon
all Debentureholders. Neither the committee nor any member thereof will be liable for any loss arising from or in connection with any
action taken or omitted to be taken by them in good faith;

(k) to authorize the Trustee to grant extensions of time for payment of any principal, premium or interest
on the Debentures, whether or not such principal, premium or interest is at the time due or overdue;

(l) to sanction any scheme for the reconstruction, reorganization or recapitalization of the Corporation,
or for the consolidation, amalgamation or merger of the Corporation into or with any other corporation, or for the transferring, selling
or leasing of the undertaking and assets or any part thereof of the Corporation, where the consent of the Debentureholders may be required
thereto;

(m) to authorize the Trustee to file and prove a claim or debt against the Corporation in any proceeding involving
the Corporation and to generally act for and on behalf of the Debentureholders in any such proceeding and 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;

(n) to indemnify any Person, including any member of any Committee appointed under Section 11.11(j) and
to provide that any such indemnify will be secured by the Collateral and rank ahead of the payment of amounts owing to Debentureholders
hereunder;

(o) to remove the Trustee and appoint a successor Trustee; and

(p) to repeal, modify or amend any Extraordinary Resolution previously passed by the Debentureholders.

11.12  **<u>Meaning of "Extraordinary Resolution"</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The expression "Extraordinary Resolution" means, subject as hereinafter provided in this Section 11.12 and in Section 11.15, a resolution passed at a meeting of Debentureholders (or of holders of a series of Debentures in respect of matters relating solely to that series) duly convened for the purpose and held in accordance with the provisions hereof at which the holders of more than 25% in principal amount of the Debentures are present in Person or by proxy and passed by the affirmative vote of the holders of not less than 662/3% of the principal amount of Debentures represented at the meeting and voted thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any such meeting the holders of at least 25% of the principal amount of the Debentures are not present in Person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by Debentureholders or on a Debentureholders' Request, will be dissolved; but, if otherwise convened, the meeting will stand adjourned to such date, being not less than 10 days later, and to such place and time as may be appointed by the chair of the meeting. Not less than five days' notice must be given of such adjourned meeting in the manner provided in Article 15. Such notice must state that at the adjourned meeting the Debentureholders present in Person or by proxy will constitute a quorum but it is not necessary to set forth the purposes for which the meeting was originally called. At the adjourned meeting, the Debentureholders present in Person or by proxy will constitute a quorum and may transact the business for which the meeting was originally convened and a resolution passed at such adjourned meeting by the affirmative vote of the holders of not less than 66-2/3% of the principal amount of Debentures represented at the meeting and voted thereon is an Extraordinary Resolution within the meaning of this Indenture.

11.13  **<u>Powers Cumulative</u>** 

Any one or more of the powers and any combination 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 will not be deemed to exhaust the right of the Debentureholders to exercise such powers thereafter from time to time.

11.14  **<u>Minutes</u>** 

Minutes of all resolutions and proceedings at every meeting of the Debentureholders will 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, if signed by the chair of the meeting at which such resolutions were passed or proceedings had, or by the chair of the next succeeding meeting of the Debentureholders, will 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 have been made will be deemed to have been duly held and convened, and all resolutions passed thereat or proceedings had to have been duly passed and had.

11.15  **<u>Instruments in Writing</u>** 

All actions that may be taken and all powers that may be exercised by the Debentureholders by Extraordinary Resolution at a meeting held as herein provided may also be taken and exercised by the holders of 662/3% of the principal amount of all such Debentures by an instrument in writing signed in one or more counterparts and the expression "Extraordinary Resolution" when used in this Indenture includes an instrument so signed.

11.16  **<u>Binding Effect of Resolutions</u>** 

Every resolution and every Extraordinary Resolution passed in accordance with the provisions hereof at a meeting of Debentureholders or by an instrument in writing in lieu of a meeting of Debentureholders will be binding upon all Debentureholders entitled to vote at such meeting, and each Debentureholder and the Trustee (subject to the provisions for its indemnity herein contained) will be bound to give effect accordingly to every such resolution and Extraordinary Resolution.

11.17  **<u>Series A</u> pp <u>roval</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 11.15 does not adversely affect the rights of the holders of Debentures of one or more particular series, the provisions of this Article 11 will 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 that by its terms is effective only so long as Debentures of a particular series are outstanding or that is enacted for the exclusive benefit of the holders of Debentures of one or more particular series will be deemed not to adversely affect the rights of the holders of Debentures of any other series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If in the opinion of Counsel 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 11.15 would affect the rights of the Debentureholders of one or more series in a manner different from the holders of Debentures of any other series (as to which such opinion of Counsel will be binding on all Debentureholders, the Trustee and the Corporation for all purposes hereof) then

(i) reference to such fact, indicating each series so affected, will be made in the notice of such meeting and

(ii) the holders of Debentures of a series so affected will not be bound by any action taken at such meeting
or by instrument in writing under Section 11.15 unless in addition to compliance with the other provisions of this Article:

(A) at such meeting:

(1) there are present in Person or by proxy at least 25% of the principal amount of the outstanding Debentures
of such series, subject to the provisions of this Article as to quorum at adjourned meetings; and

(2) 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 662/3%) of the principal amount of Debentures of such series voted on the resolution; or

(B) in the case of action taken or power exercised by instrument in writing under Section 11.15, such
instrument is signed in one or more counterparts by the holders of not less than 662/3% of the principal amount of the outstanding Debentures
of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A proposal (a) to extend the maturity of Debentures of any particular series or reduce the principal amount thereof or the rate of interest or any redemption premium thereon, (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 (c) to reduce with respect to Debentureholders of any particular series or maturity any percentage stated in Sections 1.01, 8.03, 11.04, 11.07, 11.12 or 11.15 or in this Section 11.17, will be deemed to especially affect the rights of the Debentureholders of such series in a manner substantially differing from that in which it affects the rights of Debentureholders 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.

**<u>ARTICLE 12 - SUPPLEMENTAL INDENTURES</u>**

12.01  **<u>Execution of Supplemental Indentures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time the Corporation (when authorized by a resolution of its Directors) and the Trustee may, subject to the provisions of this Indenture, and they must, when so directed by this Indenture, execute and deliver by their proper officers, indentures or other instruments supplemental hereto, which thereafter will form part hereof, for any one or more of the following purposes:

(i) establishing the terms of any subsequent series of Debentures and the forms and denominations in which they may be issued as provided
in Article 2;

(ii) evidencing the succession of Successor Corporations and the covenants of and obligations assumed by such
Successor Corporations in accordance with the provisions of Article 10;

(iii) giving effect to any Extraordinary Resolution or other resolution;

(iv) adding to or altering the provisions hereof in respect of the registration and transfer of Debentures,
making provision for the issue of Debentures in forms or denominations other than those herein provided for and for the exchange of Debentures
of different forms and denominations or making any modification in the forms of the Debentures which does not affect the substance thereof;

(v) making any addition to, deletion from or alteration of the provisions of this Indenture or the Debentures
that, in the opinion of Counsel, is necessary in order to comply with Applicable Law;

(vi) correcting or rectifying any ambiguity, defective provision, error or omission herein, provided that,
in the opinion of the Trustee, the rights of the Debentureholders are not prejudiced thereby in any material respect; and

(vii) for any other purposes not inconsistent with the provisions of this Indenture, provided that, in the opinion
of the Trustee, the rights of the Debentureholders are not prejudiced thereby in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee is hereby specifically authorized to discharge this Indenture or enter into an indenture supplemental hereto which amends this Indenture or amends and restates this Indenture upon the request of the Corporation if there are no Debentures issued and outstanding under this Indenture.

**<u>ARTICLE 13 - ADMINISTRATION OF THE TRUST</u>**

13.01  **<u>Sufficiency of Execution of Instruments</u>** 

Any order, request, direction, certificate or other instrument to be made or given by the Corporation under any of the provisions hereof will, unless otherwise provided, be deemed sufficiently executed if executed by any two officers of the Corporation holding office at the time of signing. The Trustee may receive a certificate signed by any two officers of the Corporation holding office at the time of signing as sufficient evidence of the passage of any resolution of the Directors or of the shareholders of the Corporation.

13.02  **<u>Trustee May Require Indemnity</u>** 

Subject to Section 14.01, the Trustee will not be required to take any measures to enforce this Indenture or any covenant herein contained until furnished with funds for the purpose or indemnified to its reasonable satisfaction.

13.03  **<u>Trustee May Employ Assistants</u>** 

The Trustee may employ or retain such agents, counsel 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.

13.04  **<u>Trustee May Act on Opinions or Advice</u>** 

The Trustee may, in relation to this Indenture, act on the opinion or advice of or on information obtained from any Counsel, notary, valuer, surveyor, engineer, broker, auctioneer, accountant or other expert, whether obtained by the Trustee or by the Corporation or otherwise.

13.05  **<u>Trustee May Rely upon Declarations</u>** 

In the exercise of its rights and duties, the Trustee may, if it is acting in good faith, rely, as to the truth of the statements and accuracy of the opinions expressed therein, upon a statutory declaration, opinion, report or certificate furnished to the Trustee under a provision hereof or at its request where the Trustee examines the same and determines that it complies with the applicable requirement, if any, of this Indenture.

13.06  **<u>Corporation Must Furnish Evidence of Compliance</u>** 

The Corporation must furnish to the Trustee forthwith evidence of compliance with the conditions precedent provided for in this Indenture relating to the issue, certification and delivery of Debentures hereunder, the satisfaction and discharge of this Indenture or the taking of any other action to be taken by the Trustee at the request of or on the application of the Corporation.

Such evidence will consist of (a) Certificate of the Corporation stating that such conditions precedent have been complied with in accordance with the terms of this Indenture and (b) in the case of conditions precedent, compliance with which are by this Indenture subject to review or examination by Counsel, an opinion of Counsel that such conditions precedent have been complied with in accordance with the terms of this Indenture.

Whenever such evidence relates to a matter other than the certification and delivery of Debentures and the satisfaction and discharge of this Indenture, such evidence may consist of or otherwise be in accordance with 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 or her, but if such report or opinion is furnished by a Director, officer or employee of the Corporation, it must be in the form of a Certificate of the Corporation.

Evidence furnished to the Trustee under this Section 13.06 must include (i) a statement by the Person giving the evidence declaring that such Person has read and understands the provisions hereof relating to the conditions precedent with respect to compliance with which such evidence is being given, (ii) a statement describing the nature and scope of the examination or investigation upon which the statements or opinions contained in the evidence are based and (iii) a statement declaring that, in the belief of the Person giving the evidence, such Person has made such examination or investigation as is necessary to enable such Person to make the statements or give the opinions contained or expressed therein.

13.07  **<u>Trustee May Accept a Certificate of the Corporation</u>** 

Except in cases where some other mode of proof is required by this Indenture, the Trustee will be at liberty to accept a Certificate of the Corporation (a) as to any statements of fact, as evidence of the truth of such statements, and (b) to the effect that any particular dealing or transaction or step or thing is, in the opinion of the officers so certifying, expedient, as evidence that it is expedient; provided that the Trustee may in its sole discretion require from the Corporation or otherwise further evidence or information before acting or relying on such certificate.

13.08  **<u>Trustee May Act on Instruments Believed to be Genuine</u>** 

The Trustee will not be bound to act in accordance with any direction or request of the Corporation or of its Directors until a duly authenticated copy of the instrument or resolution containing such direction or request has been delivered to the Trustee, and the Trustee will be empowered to act upon any such copy purporting to be authenticated and believed by the Trustee to be genuine.

13.09  **<u>Counsel Fees Need Not be Assessed</u>** 

Whenever by this Indenture the Trustee is authorized to employ Counsel, the costs of such Counsel need not be judicially assessed unless the Trustee or the Corporation deems it necessary to assess the same, but may be fixed by the Trustee and paid as a lump sum whether incurred before or after a declaration has been made under Section 8.02 or before or during proceedings taken to enforce the provisions of this Indenture and no costs paid in good faith by the Trustee under the provisions of this Section 13.09 will be disallowed in the taking of any accounts by reason only of the fact that such costs are greater than they might have been if assessed or by reason of their not having been assessed but such costs so paid by the Trustee will be allowed and paid to the Trustee.

13.10  **<u>No Person Dealing with Trustee Need Enquire</u>** 

No Person dealing with the Trustee or a Receiver will be concerned to enquire whether the powers that the Trustee or the Receiver is purporting to exercise have become exercisable, or whether any money remains due upon the Debentures or to see to the application of any money paid to the Trustee or the Receiver.

13.11  **<u>Investment of Trust Funds</u>** 

Any money held by the Trustee, which under the trusts of this Indenture may be invested, must be invested and reinvested by the Trustee in its name or under its control in any Authorized Investment.

**<u>ARTICLE 14 - CONCERNING THE TRUSTEE</u>**

14.01  **<u>Duty of Care of Trustee</u>** 

In the exercise of the powers, rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee must exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances.

14.02  **<u>Resignation, etc. of Trustee and A</u> pp <u>ointment of New Trustee</u>** 

The Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to the Corporation three months' notice in writing or such shorter notice as the Corporation may accept as sufficient. If at any time a material conflict of interest in the Trustee's role as a fiduciary hereunder arises, the Trustee must, within 30 days after ascertaining that it has such a conflict, either eliminate such conflict or resign in the manner and with the effect specified in this Section 14.02. In the event of the Trustee resigning or being removed by the Debentureholders by Extraordinary Resolution or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation must 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, for the appointment of a new Trustee; but any new Trustee so appointed by the Corporation or by the Court will be subject to removal as aforesaid by the Debentureholders. Any new Trustee appointed under any provision of this Section 14.02 must be a corporation authorized to carry on the business of a trust company in the Province of Ontario. On any new appointment the new Trustee will be vested with the same powers, rights, duties and obligations as if it had been originally named herein as Trustee.

Any corporation into which the Trustee may be merged or with which it may be consolidated or amalgamated or any corporation resulting from any merger, consolidation or amalgamation to which the Trustee is a party will be the successor Trustee under this Indenture without the execution of any instrument or any further act.

14.03  **<u>Trustee May Deal in Debentures</u>** 

Subject to Section 14.07, the Trustee may buy, lend upon and deal in the Debentures either with the Corporation or otherwise, and generally contract and enter into financial transactions with the Corporation or otherwise, without being liable to account for any profit made thereby.

14.04  **<u>Trustee Not Required to Give Security</u>** 

The Trustee will not be required to give security for the execution of the trusts or its conduct or administration hereunder.

14.05  **<u>Protection of Trustee</u>** 

By way of supplement to the provisions of any law for the time being relating to trustees, it is expressly declared and agreed as follows:

(a) the Trustee will not be liable for or by reason of any statements of facts or recitals in this Indenture
or in the Debentures (except the representation contained in Section 14.07 and in the certificate of the Trustee on the Debentures)
or required to verify the same, but all such statements or recitals are deemed to be made by the Corporation;

(b) nothing herein contained will impose any obligation on the Trustee to see or to require evidence of registration
or filing (or renewals thereof) of this Indenture or any instrument ancillary or supplemental hereto;

(c) the Trustee will not be bound to give any notice of the execution hereof; and

(d) the Trustee will not incur any liability or responsibility whatever or be in any way responsible for the
consequence of any breach on the part of the Corporation of any of the covenants herein contained or of any act of the agents or servants
of the Corporation.

14.06  **<u>Indemnification of Trustee</u>** 

The Trustee will at all times be indemnified and saved harmless by the Corporation from and against all claims, demands, losses, actions, causes of action, costs, charges, expenses, damages and liabilities whatsoever arising in connection with this Indenture including those arising out of or related to actions taken or omitted to be taken by the Trustee contemplated hereby, legal fees and disbursements on a solicitor and client basis and costs and expenses incurred in connection with the enforcement of this indemnity, that the Trustee may suffer or incur, whether at law or in equity, in any way caused by or arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of its duties as Trustee and including any deed, matter or thing in relation to the registration, perfection, release or discharge of security. The foregoing provisions of this Section 14.06 do not apply to the extent that in any circumstances there has been a failure by the Trustee or its employees or agents to act honestly and in good faith or to discharge the Trustee's obligations under Section 14.01. This indemnity will survive the termination or discharge of this Indenture and the resignation of the Trustee.

14.07  **<u>Conflict of Interest</u>** 

The Trustee represents to the Corporation that at the time of the execution and delivery hereof no material conflict of interest exists in the Trustee's role as a fiduciary hereunder and agrees that in the event of a material conflict of interest arising hereafter it will, within 30 days after ascertaining that it has such material conflict of interest, either eliminate the same or resign its trust hereunder.

14.08  **<u>Acceptance of Trusts</u>** 

The Trustee hereby accepts the Trusts in this Indenture declared and provided and agrees to perform the same upon the terms and conditions herein set forth.

**<u>ARTICLE 15 - NOTICES</u>**

15.01  **<u>Notice to Corporation</u>** 

Any notice to the Corporation under the provisions hereof will be valid and effective if (a) sent by facsimile to (416) 230-3440, or (b) mailed by registered letter, postage prepaid, addressed to the Corporation at 220 Bay Street, Suite 550, Toronto, Ontario M5J 2W4, Attention: Frances Kwong, Chief Financial Officer & Corporate Secretary and, subject as provided in this Section 15.01, will be deemed to have been given at the time of delivery or sending by facsimile or on the third Business Day after mailing. Any delivery made or facsimile sent on a day other than a Business Day, or after 3:00 p.m. (Toronto time) on a Business Day, will be deemed to be received on the next following Business Day. The Corporation may from time to time notify the Trustee of a change in address or facsimile number which thereafter, until changed by like notice, will be the address or facsimile number of the Corporation for all purposes of this Indenture.

15.02  **<u>Notice to Debentureholders</u>** 

Any notice to the Debentureholders under the provisions hereof will be valid and effective if delivered, sent by electronic communication or mailed by first class mail, postage prepaid, addressed to such holders, at their addresses or electronic communication numbers, if any, appearing in any of the registers hereinbefore mentioned and, subject as provided in this Section 15.02, will be deemed to have been received at the time of delivery or sending by electronic communication or on the third Business Day after mailing. Any delivery made or electronic communication sent on a day other than a Business Day, or after 3:00 p.m. (Toronto time) on a Business Day, will be deemed to be received on the next following Business Day. During periods of postal strike or disruption, notice to holders of Debentures must, in addition, be given by publication once in the national edition of *The Globe and Mail* or, if such publication is impracticable, by publication once in any newspaper published in the English language having general circulation in Canada. All notices to joint holders of any Debenture may be given to whichever one of the holders thereof is named first in the registers hereinbefore mentioned, and any notice so given will be sufficient notice to all holders of such Debenture.

15.03  **<u>Notice to Trustee</u>** 

Any notice to the Trustee under the provisions hereof will be valid and effective if (a) delivered to [·], Attention: [·], (b) sent by facsimile to [·] or (c) mailed by registered letter, postage prepaid, to the Trustee at [·], Attention: [·], and, subject as provided in this Section 15.03, will be deemed to have been given at the time of delivery or sending by facsimile or on the third Business Day after mailing. Any delivery made or facsimile sent on a day other than a Business Day, or after 3:00 p.m. (Toronto time) on a Business Day, will be deemed to be received on the next following Business Day. The Trustee may from time to time notify the Corporation of a change in address or facsimile number which thereafter, until changed by like notice, will be the address or facsimile number of the Trustee for all purposes of this Indenture.

15.04  **<u>Waiver</u>** 

Where this Indenture or any Debenture provides for or permits notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice by Debentureholders will be filed with the Trustee, but such filing will not be a condition precedent to the validity of any action taken in reliance upon such waiver.

**<u>ARTICLE 16 - EXECUTION</u>**

16.01  **<u>Counterparts and Formal Date</u>** 

This Indenture may be executed in several counterparts, each of which so executed will be deemed to be an original, and such counterparts together will constitute one and the same instrument and notwithstanding their date of execution will be deemed to bear date as of [·].

**IN WITNESS WHEREOF** the parties hereto have executed this Indenture.

---

| | |
|:---|:---|
| **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** |
| Per: | |
|  | Christian Kargl-Simard |
|  | Chief Executive Officer |
|  | Frances Kwong |
|  | Chief Financial Officer & Corporate Secretary |
| [·] | [·] |
| Per: | |
|  | [·] |
|  | [·] |

---

**SCHEDULE 2.02**

**FORM OF SERIES A DEBENTURES**

---

| | |
|:---|:---|
| No. ___________ | $____________ |

---

**BLUE MOON METALS INC.**

(Incorporated under the laws of British Columbia)

[·]**% DEBENTURE, SERIES A**

DUE [·], 20[·]

Bue Moon Metals Inc. (the "**Corporation**"), for value received, hereby promises to pay to the registered holder hereof on ·, or on such earlier date as the principal hereof becomes payable in accordance with the provisions of the Indenture hereinafter mentioned, the principal sum of $[·] in lawful money of Canada, on presentment and surrender of this Debenture at any place designated in any notice of redemption, at the holder's option, and to pay interest on the principal amount hereof from and including the date hereof or from the last date on which interest has been paid or made available for payment on the Debentures, whichever is later, at the rate of [·] per cent *per annum* ([·]%), in like money, semi-annually on April 30 and October 31 in each year (each an "**Interest Payment Date**") (unless this Debenture has been previously redeemed in accordance with the provisions of the Indenture); and should the Corporation at any time make default in the payment of any principal or interest or redemption premium, to pay interest on the amount in default at the same rate, in like money and on a semi-annual basis on the same dates.

The Corporation must, prior to each Interest Payment Date, mail, or cause to be mailed, a cheque for such interest (less any tax required to be deducted or withheld) to the address of the holder appearing on the register or, if directed by the holder of such Debenture, the Corporation must, on the due date, wire transfer funds for such interest (less any tax required to be deducted or withheld) to an account maintained by the holder with a bank in Canada. Any such direction to the Corporation must be in writing and received by the Corporation and the Trustee at least 15 Business Days prior to such Interest Payment Date. Notwithstanding the foregoing, interest payable at maturity or on redemption may, at the option of the Corporation, be paid on presentation and surrender of the Debenture for payment.

This Debenture is one of the Debentures designated [·]% Debentures, Series A (the "**Debentures**") issued or to be issued under a Indenture (the "**Indenture**") made as of [·], 20[·] between the Corporation and [·] (the "**Trustee**"), as Trustee, to which Indenture and all instruments supplemental thereto reference is made for a description of the terms and conditions upon which the Debentures are issued and held and the rights of the holders of the Debentures and of the Corporation and of the Trustee, all to the same effect as if the provisions of the Indenture and all instruments supplemental thereto were herein set forth, to all of which the holder, by acceptance hereof, assents. Terms defined in the Indenture are used in this Debenture with the defined meanings. This Debenture and all other Debentures certified and issued under the Indenture rank *pari passu*. The Debentures are direct obligations of the Corporation and are secured by a fixed and floating charge on all the undertaking and assets of the Corporation.

The Debentures will not be redeemable before [·]. Subject to the foregoing, the Debentures are subject to redemption upon the terms set forth in the Indenture, at any time on or after [·], at the option of the Corporation. Any such redemption will take place for an amount equal to the greater of the Canada Yield Price as defined in the Indenture and the principal amount thereof together with unpaid interest accrued to, but not including, the date fixed for redemption.

This Debenture, if for a principal amount in excess of $[·], is subject to redemption in part (being $[·] or a multiple thereof) all as more fully provided in the Indenture.

In case an Event of Default has occurred and is continuing, the principal of all Debentures then outstanding under the Indenture may be declared due and payable upon the conditions and in the manner and with the effect provided in the Indenture.

The Indenture contains provisions for the holding of meetings of Debentureholders and for binding all Debentureholders by resolutions passed at such meetings by the holders of not less than a specified percentage of the principal amount of the Debentures represented and voted or by instruments in writing signed by the holders of not less than a specified percentage of the principal amount of the Debentures.

Upon presentment at the principal office of the Trustee in one of the cities of [·**]**, subject to the provisions of the Indenture and upon compliance with the reasonable requirements of the Trustee: (a) Debentures of any denomination may be exchanged for Debentures of any authorized denomination or denominations of the same aggregate principal amount and (b) a Debenture may be transferred by the registered holder thereof or such holder's executors, administrators or other legal representatives or attorney duly appointed in writing but no such transfer of a Debenture will be valid as against the Corporation unless it has been duly noted on one of the registers maintained for that purpose.

This Debenture will not become obligatory for any purpose until it is certified by or on behalf of the Trustee for the time being under the Indenture.

**IN WITNESS WHEREOF** the Corporation has caused this Debenture to be signed by its [·] and its [·] as of [·].

---

| | |
|:---|:---|
| Per: | |
|  | Christian Kargl-Simard |
|  | Chief Executive Officer |
|  | Frances Kwong |
|  | Chief Financial Officer & Corporate Secretary |

---

(FORM OF TRUSTEE'S CERTIFICATE)

**TRUSTEE'S CERTIFICATE**

This Debenture is one of the [·]% Debentures, Series A referred to in the Indenture within mentioned.

---

| | |
|:---|:---|
| [·], Trustee | [·], Trustee |
| By: |  |
|  | Authorized Signature |

---

(FORM OF REGISTRATION PANEL)

(No writing hereon except by the Trustee or other registrar)

---

| | | |
|:---|:---|:---|
| Date of Registration | **In Whose Name Registered** | Trustee or Registrar |

---

**SCHEDULE 7.02(c)**

**COMPLIANCE CERTIFICATE**

TO [·]

1. This Compliance Certificate is delivered to you pursuant to Section 7.02(c) of the Trust Indenture
(the "**Indenture**") made as of 20[ · ] between Blue Moon Metals Inc. (the "**Corporation**") and [ · ].
Terms used in this Compliance Certificate that are defined in the Indenture have the same meanings herein as in the Indenture.

2. All the covenants of the Corporation contained in Article 7 of the Indenture have been fully complied with to the date hereof.

3. No Event of Default, or event which with the giving of notice or lapse of time or both would constitute
an Event of Default, has occurred during the period to which this certificate relates and remains outstanding as of the date hereof.

4. Attached hereto are the financial statements of most recent date referred to in Section 7.02(a) and
7.01(b) of the Indenture, from which the figures and calculations expressed herein are based.

The foregoing is a summary and the actual calculations are based on the actual covenants and definitions in the Indenture.

DATED [·], 20[·]

 <br> Per: Frances Kwong <br> Chief Financial Officer & Corporate Secretary

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING 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; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Blue Moon Metals Inc.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule or Instruction**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
|  |  | Equity | Common Shares | 457(o) |  |  |  |
|  |  | Debt | Debt Securities | 457(o) |  |  |  |
|  |  | Other | Warrants | 457(o) |  |  |  |
|  |  | Other | Subscription Receipts | 457(o) |  |  |  |
|  |  | Other | Convertible Securities | 457(o) |  |  |  |
|  |  | Other | Units | 457(o) |  |  |  |
| Fees to be Paid | 1 | Unallocated (Universal) Shelf |  | 457(o) | $200000000.00 | 0.0001381 | $27620.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $200000000.00  |  | $27620.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $27620.00  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> There are being registered under this Registration Statement such indeterminate number of common shares, debt securities, warrants, subscription receipts and convertible securities of the Registrant, and a combination of such securities, separately or as units, as may be sold by the Registrant from time to time, which collectively shall have an aggregate offering price not to exceed $200,000,000. The securities registered hereunder also include such indeterminate number of each class of identified securities as may be issued upon conversion, exercise or exchange of any other securities that provide for such conversion into, exercise for or exchange into such securities. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities. In addition, pursuant to Rule 416 under the Securities Act of 1933, as amended, the common shares being registered hereunder include such indeterminate number of common shares as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends, distributions or similar transactions. The proposed offering price per security will be determined, from time to time, by the Registrant in connection with the sale of the securities under this Registration Statement.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---