# EDGAR Filing Document

**Accession Number:** 0001791703
**File Stem:** 0001213900-26-056668
**Filing Date:** 2026-5
**Character Count:** 395586
**Document Hash:** fa1f057ac53533f75ee2c0811b29c751
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-056668.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001213900-26-056668

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 65

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**EFFECTIVENESS DATE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Titan Mining Corp
- **CENTRAL INDEX KEY:** 0001791703
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295891
- **FILM NUMBER:** 26979452

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 555 - 999 CANADA PLACE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3E1
- **BUSINESS PHONE:** (604) 638-2003

**MAIL ADDRESS:**
- **STREET 1:** SUITE 555 - 999 CANADA PLACE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3E1

**As filed with the Securities and Exchange Commission on May 14, 2026**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Titan Mining Corporation**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **British Columbia** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| **999 Canada Place, Suite 555<br> **Vancouver, British Columbia<br> Canada** | **V6C 3E1** |
| (Address of Principal Executive Offices) | (Zip Code) |

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**Titan Mining Corporation Stock Option Plan** 

**Restricted Share Unit Plan for Designated Participants of Titan Mining Corporation and its Affiliates**

(Full title of the plan)

**C T Corporation**

**28 Liberty Street**

**New York, NY 10005**

(Name and address of agent for service)

**(212) 894-8940**

(Telephone number, including area code, of agent for service)

*Copies to:*

 

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| | |
|:---|:---|
| **Thomas M. Rose**<br> **Shona Smith**<br> **Troutman Pepper Locke LLP**<br> **111 Huntington Avenue, 9th Floor<br> Boston, Massachusetts 02199-7613**<br> **United States**<br> **(757) 687-7715** | **Graeme D. Martindale**<br> **Michelle Wilkinson**<br> **Borden Ladner Gervais LLP**<br> **1200 Waterfront Centre**<br> **200 Burrard Street**<br> **P.O. Box 48600**<br> **Vancouver, BC V7X 1T2**<br> **Canada**<br> **(416) 863-1200** |

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This registration statement on Form S-8 is being filed by Titan Mining Corporation, a corporation incorporated under the laws of the Province of British Columbia, Canada (the "**Company**" or the "**Registrant**"), to register 9,828,810 common shares, no par value per share, of the Company (referred to herein as "common shares") pursuant to the Titan Mining Corporation Stock Option Plan (the "**Stock Option Plan**") and the Restricted Share Unit Plan for Designated Participants of Titan Mining Corporation and its Affiliates (the "**RSU Plan**," and together with the Stock Option Plan, the "**Plans**"), consisting of (i) 7,999,446 common shares issuable upon exercise of outstanding stock options (referred to herein as "options") previously granted under the Stock Option Plan; and (ii) 1,829,364 common shares not subject to outstanding awards under the Plans. In addition, this registration statement registers the resale of up to 294,048 common shares issued upon exercise of options by the Selling Shareholders named herein that were issued prior to the filing of this registration statement.

This registration statement contains two parts. The first part contains a "reoffer" prospectus prepared in accordance with Part I of Form F-3 (in accordance with Instruction C of the General Instructions to Form S-8). The reoffer prospectus permits reoffers and resales of those common shares referred to above that constitute "restricted securities" and/or "control securities" within the meaning of the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), by the Selling Shareholders named herein. The second part contains information required to be set forth in the registration statement pursuant to Part II of Form S-8.

In accordance with General Instruction C of Form S-8, the amount of common shares to be reoffered or resold under the reoffer prospectus by each Selling Shareholder, and any other person with whom he or she is acting in concert for the purpose of selling such common shares, may not exceed, during any three-month period, the amount specified in Rule 144(e) under the U.S. Securities Act. The inclusion of such common shares in the reoffer prospectus does not necessarily represent a present intention to sell any or all of such common shares.

**Part I — Information Required in the Section 10(a) Prospectus**

Item 1. <u>Plan Information</u>.\*

Item 2. <u>Registrant Information and Employee Plan Annual Information</u>.\*

\* The document(s) containing the information specified in "Item 1. Plan Information" and "Item 2. Registrant Information and Employee Plan Annual Information" of Form S-8 will be sent or given to participants, as specified by Rule 428(b)(1) under the U.S. Securities Act. Such documents are not required to be, and are not, filed with the United States Securities and Exchange Commission (the "**SEC**") either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the U.S. Securities Act. These documents and the documents incorporated by reference in this registration statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the U.S. Securities Act.

**REOFFER PROSPECTUS**

**Titan Mining Corporation**

**294,048 Common Shares**

This prospectus relates to 294,048 common shares, no par value per share (which we refer to as "common shares"), of Titan Mining Corporation, a corporation incorporated under the laws of the Province of British Columbia, Canada (the "**Company**"), which may be reoffered and resold from time to time by certain of our shareholders (which we refer to collectively as the "**Selling Shareholders**") for their own accounts. We will not receive any of the proceeds from the sale of common shares by the Selling Shareholders pursuant to this prospectus.

The common shares that may be reoffered and resold under this prospectus consist of 294,048 common shares issued upon exercise of options granted to the Selling Shareholders under the Titan Mining Corporation Stock Option Plan (the "**Stock Option Plan**").

The Selling Shareholders may sell the common shares described in this prospectus in a number of different ways and at varying prices, including sales in the open market, sales in negotiated transactions, and sales by a combination of these methods. The Selling Shareholders may sell any, all, or none of their common shares, and we do not know when or in what amount the Selling Shareholders may sell their common shares under this prospectus. The price at which any of the common shares may be sold, and the commissions, if any, paid in connection with any such sale, are unknown and may vary from transaction to transaction. The common shares may be sold at the market price of the common shares at the time of a sale, at prices relating to the market price over a period of time, or at prices negotiated with the buyers of the common shares. The Selling Shareholders will bear any and all sales commissions and similar expenses in connection with sales of their common shares hereunder. We provide more information regarding how the Selling Shareholders may sell their common shares in the section entitled "Plan of Distribution".

Our common shares are listed on the Toronto Stock Exchange under the symbol "TI" and on the NYSE American under the symbol "TII". On May 13, 2026, the last sale price of our common shares reported on the Toronto Stock Exchange was CAD$4.18 and on the NYSE American was $3.06.

The amount of common shares to be offered or resold under this prospectus by each Selling Shareholder, or other person with whom he or she is acting in concert for the purpose of selling common shares, may not exceed, during any three-month period, the amount specified in Rule 144(e) under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**").

**Investing in our common shares involves a high degree of risk. Before buying any common shares, you should carefully read the discussion of the risks of investing in our common shares in the section entitled "*Risk Factors*" on page 2 of this prospectus.**

**We are a "foreign private issuer" as defined under the U.S. federal securities laws and, as such, may elect to comply with certain reduced public company disclosure and reporting requirements. See "Where You Can Find More Information".** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is May 14, 2026.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_001) | ii |
| [THE COMPANY](#a_002) | 1 |
| [RISK FACTORS](#a_003) | 2 |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_004) | 3 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_005) | 5 |
| [INFORMATION INCORPORATED BY REFERENCE](#a_006) | 6 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_007) | 7 |
| [OFFER STATISTICS AND EXPECTED TIMETABLE](#a_008) | 8 |
| [USE OF PROCEEDS](#a_009) | 8 |
| [MATERIAL CHANGES](#a_010) | 8 |
| [CAPITALIZATION AND INDEBTEDNESS](#a_011) | 8 |
| [DILUTION](#a_012) | 8 |
| [SELLING SHAREHOLDERS](#a_013) | 9 |
| [PLAN OF DISTRIBUTION](#a_014) | 11 |
| [DESCRIPTION OF SECURITIES TO BE REGISTERED](#a_015) | 13 |
| [DESCRIPTION OF ARTICLES](#a_016) | 14 |
| [EXCHANGE CONTROLS](#a_017) | 18 |
| [TAXATION](#a_018) | 19 |
| [EXPENSES](#a_019) | 32 |
| [INDEMNIFICATION](#a_020) | 32 |
| [LEGAL MATTERS](#a_021) | 32 |
| [EXPERTS](#a_022) | 32 |

---

i

**ABOUT THIS PROSPECTUS**

As used in this prospectus, unless the context otherwise requires or otherwise states, references to "Titan Mining", our/the "Company", "we", "us", "our", and similar references refer to Titan Mining Corporation, a corporation incorporated under the laws of the Province of British Columbia, Canada, and, where applicable, its subsidiaries.

You should rely only on the information contained in this prospectus or in any accompanying prospectus supplement provided by us or on our behalf. Neither we nor the Selling Shareholders have authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Selling Shareholders are not making an offer to sell common shares in any jurisdiction where the offer or sale is not permitted. You should assume the information appearing in this prospectus and the documents incorporated by reference is accurate only as of the date on such documents, regardless of the time of delivery of this prospectus or of any sale of common shares. Our business, results of operations, financial condition, and prospects may have changed since that date.

Our consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Such financial statements may not be comparable to financial statements prepared in accordance with United States generally accepted accounting principles. In this prospectus, unless otherwise indicated, references to "**$**" or "**US$**" indicate references to United States dollars. References to "**CAD$**" indicate references to Canadian dollars. On May 13, 2026, the exchange rate as reported by the Bank of Canada was US$1.00 = CAD$1.3703.

Unless otherwise indicated, all mineral resource and mineral reserve estimates included in the documents incorporated by reference into this prospectus have been prepared in accordance with Canadian National Instrument 43-101 ("**NI 43-101**") and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian securities administrators, which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ from the requirements of the United States Securities and Exchange Commission ("**SEC**"). Accordingly, mineral resource and mineral reserve estimates, and other scientific and technical information, contained in the documents incorporated by reference into this prospectus may not be comparable to similar information disclosed by U.S. companies.

Before you invest, you should read this prospectus together with the information incorporated by reference into this prospectus and the additional information described below under the heading "*Where You Can Find More Information*". You should refer to the registration statement of which this prospectus forms a part and the exhibits to the registration statement for further information.

ii

**THE COMPANY**

**Business Overview** 

Titan Mining is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. The Company's principal asset is its indirect ownership interest of Empire State Mines, LLC, which owns the Empire State Mines project in St. Lawrence County, New York ("**ESM**" or the "**Empire State Mine**"). ESM is comprised of the Company's Kilbourne Graphite Project as well as a group of past producing zinc mines including the #2, #3, #4, Hyatt, Pierrepont and Edwards mines. Titan declared commercial production at its ESM zinc operations as at and for the period ended December 31, 2020. Titan is also a natural flake graphite producer and the USA's first end-to-end producer of natural flake graphite in 70 years.

The Company's primary source of revenue is from sales of zinc concentrates produced at ESM. The zinc concentrates produced by the Company at ESM are 100% sold to Glencore Ltd. pursuant to an off-take agreement between the Company and Glencore Ltd. dated October 27, 2017. The Company is also advancing its Kilbourne Graphite Project located at ESM. The Company announced results of a preliminary economic assessment for Kilbourne on December 11, 2025. A summary of results are included under the heading "*Empire State Mine*" in the Company's Annual Information Form for the year ended December 31, 2025, which is attached as Exhibit 99.1 to the Company's Annual Report on Form 40-F for the year ended December 31, 2025, filed with the SEC on March 19, 2026, as amended by Amendment No. 1 to the Company's Annual Report on Form 40-F/A, filed with the SEC on March 27, 2026, which are incorporated by reference herein.

**Corporate Information** 

Our legal and commercial name is Titan Mining Corporation. We were incorporated on October 15, 2012 under the *Business Corporations Act* (British Columbia).

Our common shares are listed on the Toronto Stock Exchange under the symbol "TI" and on the NYSE American under the symbol "TII".

As of May 13, 2026, there were 98,288,104 of our common shares issued and outstanding.

Our principal executive offices are located at 999 Canada Place, Suite 555, Vancouver, British Columbia, Canada,V6C 3E1, and our main telephone number is (604) 687-1717. Our internet website is www.titanminingcorp.com. The information contained in, or that can be accessed through, our website is not incorporated by reference into, and is not a part of, this prospectus or our registration statement of which this prospectus forms a part. You should not consider any information on our website to be a part of this prospectus or our registration statement of which this prospectus forms a part, or use any such information in your decision on whether to purchase our common shares.

**RISK FACTORS**

Investing in our common shares involves a high degree of risk. Before investing in our common shares, you should carefully consider the risks set forth under "*Risk Factors*" in our Annual Information Form for the year ended December 31, 2025, which is attached as Exhibit 99.1 to our Annual Report on Form 40-F for the year ended December 31, 2025, filed with the SEC on March 19, 2026, as amended by Amendment No. 1 to our Annual Report on Form 40-F/A, filed with the SEC on March 27, 2026, which are incorporated by reference herein, and in subsequent reports filed by us with the SEC that are incorporated by reference herein, together with the financial and other information contained or incorporated by reference in this prospectus. If any of the risks actually occur, our business, results of operations, liquidity, financial condition, and prospects could be materially and adversely affected. In such an event, the market price of our common shares could decline, and you could lose part or all of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

Various statements contained or incorporated by reference in this prospectus, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning our possible or assumed future results of operations, financial condition, business strategies and plans, market opportunity, competitive position, industry environment, and potential growth opportunities. In some cases, you can identify forward-looking statements by terms such as "may", "will", "should", "believe", "expect", "could", "intend", "plan", "anticipate", "estimate", "continue", "predict", "project", "potential", "target", "goal" or other words that convey the uncertainty of future events or outcomes. You can also identify forward-looking statements by discussions of strategy, plans, or intentions. Forward-looking statements in this prospectus include, but are not limited to, statements with respect to:

● the Company's 2026 priorities and planned activities at ESM and the Kilbourne Graphite Project;

● 2026 production guidance and related expectations;

● the Company's continuing examination of various financing options to expand production and to bolster the Company's treasury;

● Mineral Resource estimates;

● results from economic analyses on ESM;

● production forecasts;

● anticipated underground development and access to higher-quality ore bodies at ESM;

● plans to evaluate and implement operating efficiencies and support future production from existing mining areas, including the #2 and #4 mine complex;

● exploration, drilling and other work programs across the broader district (including the Company's expanded mineral tenure) and at the Kilbourne Graphite Project, and the timing and results thereof;

● the discovery of significant concentrations of germanium and the advancement of test work to evaluate the recovery of germanium identified within existing ESM process streams;

● the technical and economic viability of recovering germanium as a potential byproduct from zinc operations;

● advancement of the Kilbourne Graphite Project through feasibility, including anticipated workstreams such as drilling, mine design, metallurgical and process optimization, infrastructure and permitting activities, and customer qualification efforts through the demonstration facility;

● the continued operation of the Kilbourne Graphite Project demonstration facility and production of natural flake graphite concentrate for customer and government qualification programs;

● the Company's expectations regarding downstream process design, partnerships and commercial discussions in support of its integrated U.S. graphite strategy;

● the timing of any construction decision for the Kilbourne Graphite Project; and

● the Company's ability to maintain and enhance financial flexibility through cash flow from ESM, existing financing arrangements and access to capital markets.

We caution you that the foregoing list does not contain all of the forward-looking statements made in this prospectus or the documents incorporated by reference.

We have based the forward-looking statements in this prospectus and the documents incorporated by reference on our current expectations, estimates, and assumptions about future events. Although we believe that we have a reasonable basis for the forward-looking statements in this prospectus and the documents incorporated by reference, we cannot guarantee that future results, performance, or events and circumstances reflected in such forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to numerous risks, uncertainties, and other factors described in "*Risk Factors*" and elsewhere in this prospectus and the documents incorporated by reference. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements in this prospectus and the documents incorporated by reference. The results, events, and circumstances reflected in such forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in such forward-looking statements.

The forward-looking statements in this prospectus and the documents incorporated by reference relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements in this prospectus or the documents incorporated by reference to reflect events or circumstances after the date of such documents or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in such forward-looking statements, and you should not place undue reliance on such forward-looking statements. The forward-looking statements in this prospectus and the documents incorporated by reference do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

Additionally, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the respective date of this prospectus and the documents incorporated by reference, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to place undue reliance on these statements.

You should read this prospectus and the documents that we incorporate by reference in this prospectus and that we have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this prospectus and the documents incorporated by reference by these cautionary statements.

**WHERE YOU CAN FIND MORE INFORMATION** 

We have filed under the U.S. Securities Act a registration statement on Form S-8 relating to the common shares. This prospectus forms a part of the registration statement. This prospectus does not contain all of the information included in the registration statement, certain portions of which have been omitted as permitted by the rules and regulations of the SEC. For further information about us and our common shares you are encouraged to refer to the registration statement and the exhibits that are incorporated by reference into it.

We file reports, including annual reports on Form 40-F (or Form 20-F), and other information with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers. The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding our Company and other issuers that file electronically with the SEC. The address of the SEC internet site is www.sec.gov. This information is also available on our website at www.titanminingcorp.com. The information on our website is not incorporated by reference into the registration statement and should not be considered a part of the registration statement or this prospectus.

We are a foreign private issuer, and therefore are exempt from the rules under the U.S. Exchange Act related to the furnishing and content of proxy statements, and our Company's officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the U.S. Exchange Act relating to their purchases and sales of our Company's securities. In addition, we are not required under the U.S. Exchange Act to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the U.S. Exchange Act.

**INFORMATION INCORPORATED BY REFERENCE**

The SEC allows us to "incorporate by reference" into this prospectus the information we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. The following documents are incorporated by reference into this reoffer prospectus:

● Our Annual Report on Form 40-F for the fiscal year ended December 31, 2025 filed with the SEC on [March 19, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001791703/000121390026031504/ea0281557-40f_titan.htm) , as amended by Amendment No. 1 to Form 40-F filed with the SEC on [March 27, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001791703/000121390026035613/ea0283343-40fa1_titan.htm) ;

● Our Report on Form 6-K with the financial statements and management's discussion and analysis for the three months ended March 31, 2026, furnished to the SEC on [May 13, 2026](https://www.sec.gov/Archives/edgar/data/1791703/000121390026055261/ea0289588-6k_titan.htm) ;

● Our Report on Form 6-K with the management information circular for the annual general meeting of shareholders to be held on June 25, 2026, furnished to the SEC on [May 13, 2026](https://www.sec.gov/Archives/edgar/data/1791703/000121390026055918/ea0290263-6k_titan.htm) ;

● Our Report on Form 6-K with a material change report dated February 9, 2026, furnished to the SEC on [February 9, 2026](https://www.sec.gov/Archives/edgar/data/1791703/000121390026013637/ea0276189-6k_titan.htm) ; and

● The description of our common shares contained under the heading "General Description of Capital Structure" in [Exhibit 99.61](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-61_titan.htm) to our registration statement on Form 40-F (File No. 001-42955), filed with the SEC on [November 13, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea0260655-40fr12b_titan.htm) , as amended on [November 18, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025111742/ea0266060-40fr12ba1_titan.htm) , and declared effective on [November 20, 2025](https://www.sec.gov/Archives/edgar/data/1791703/999999999725003787/filename1.pdf) , including any amendment or report filed for the purpose of updating such description.

All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the U.S. Exchange Act and any document of the type referred to in the list above, as well as Form 6-Ks furnished by us to the SEC that include interim financial statements and related management's discussion and analysis, information circulars, material change reports, and business acquisition reports, filed or furnished by us subsequent to the date of this prospectus and prior to the termination of the offering of the securities offered by this prospectus shall be deemed to be incorporated by reference into this prospectus and to be a part hereof commencing on the respective dates on which such documents are filed or furnished. We may incorporate by reference into this prospectus any other Form 6-K (or portions thereof) that is submitted to the SEC after the date of the filing of the registration statement of which this prospectus forms a part and before the date of termination of this offering. In addition to any Form 6-K furnishing the type of documents referred to in the list above (which shall be deemed to be incorporated by reference into this prospectus), any such other Form 6-K (or portions thereof) that we intend to so incorporate shall state in such form that it is being incorporated by reference into this prospectus.

Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes that statement. Any such 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 that it modifies or supersedes. Any statement so modified or superseded shall not be considered in its unmodified or superseded form to constitute part of this prospectus; rather only such statement as so modified or superseded shall be considered to constitute part of this prospectus.

We hereby undertake to provide without charge to each person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon written or oral request of any such person, a copy of any and all of the information that has been incorporated by reference in this prospectus but not delivered with the prospectus, other than the exhibits to those documents, unless such exhibits are specifically incorporated by reference in this prospectus. Requests for such documents should be directed to Titan Mining Corporation, attention: General Counsel, at 999 Canada Place, Suite 555, Vancouver, British Columbia, Canada, V6C 3E1, or by telephone at (604) 687-1717.

**ENFORCEABILITY OF CIVIL LIABILITIES** 

We are a corporation organized under the laws of British Columbia, Canada and our principal offices are located in Vancouver, British Columbia, Canada. The enforcement by investors of civil liabilities under the United States federal or state securities laws may be affected adversely by the fact that we have been incorporated under the laws of British Columbia, Canada, that most of our officers and directors are residents of Canada, that some or all of the experts named in this prospectus are residents of Canada, and that all or a substantial portion of their assets and certain of our assets are located outside of the United States. As a result, it may be difficult for United States investors to effect service of process within the United States upon us and upon those directors, officers or experts who are not residents of the United States, or to realize in the United States upon judgments of courts of the United States, predicated upon civil liability of such persons under United States federal or state securities laws. There is doubt as to the enforceability in Canada against us or against our directors, officers or experts who are not residents of the United States, in original actions or in actions for enforcement of judgments of United States courts of liabilities based solely upon the United States federal or state securities laws.

**OFFER STATISTICS AND EXPECTED TIMETABLE**

The Selling Shareholders may sell from time to time pursuant to this prospectus (as may be detailed in prospectus supplements) up to 294,048 common shares. The actual per share price of the common shares that the Selling Shareholders will offer pursuant hereto will depend on a number of factors that may be relevant as of the time of offer. See "*Plan of Distribution*".

**USE OF PROCEEDS**

The offers and resales of our common shares under this prospectus are being conducted by the Selling Shareholders, and we will not receive any of the proceeds from the respective sales of our common shares by the Selling Shareholders. All proceeds from the respective sales of our common shares under this prospectus will be for the respective accounts of the Selling Shareholders. See the sections in this prospectus entitled "*Selling Shareholders*" and "*Plan of Distribution*".

**MATERIAL CHANGES**

Except as otherwise disclosed in this prospectus there have been no material changes to our operations that have occurred since December 31, 2025, and that have not been described in a report on Form 6-K furnished under the U.S. Exchange Act and incorporated by reference into this prospectus.

**CAPITALIZATION AND INDEBTEDNESS**

The following table sets forth our consolidated capitalization and indebtedness as at March 31, 2026, the date of our most recently filed unaudited interim consolidated financial statements. This table should be read in conjunction with our unaudited interim consolidated financial statements and the related notes and management's discussion and analysis of financial condition and results of operations in respect of those statements that are incorporated by reference in this prospectus.

---

| | |
|:---|:---|
| ***(US$ in thousands)*** | **As of<br> March 31,<br> 2026** |
| **Components of capital:** | |
| &nbsp;&nbsp;&nbsp;Shareholders' capital | $88419 |
| &nbsp;&nbsp;&nbsp;Debt | $26671 |
| **Total Capitalization** | $115090 |

---

**DILUTION**

We are registering for resale up to 294,048 common shares. Sales of substantial amounts of our common shares in the public market, or the perception that such sales might occur, could adversely affect the market price of our common shares. We cannot predict if and when the Selling Shareholders may sell the common shares in the public markets, if at all. Furthermore, in the future, we may issue additional common shares or other equity or debt securities convertible into common shares. Any such issuance could result in substantial dilution to our existing shareholders and could cause our share price to decline.

**SELLING SHAREHOLDERS**

This prospectus relates to the reoffer and resale from time to time by the Selling Shareholders of up to 294,048 common shares issued upon exercise of options acquired by the Selling Shareholders under our Stock Option Plan.

The following table sets forth (i) the number and percentage of common shares beneficially owned by each Selling Shareholder as of May 13, 2026, (ii) the number of common shares being offered for resale under this prospectus by each Selling Shareholder, and (iii) the number and percentage of common shares that each Selling Shareholder will beneficially own immediately following the completion of the offering, assuming that (a) all common shares being offered for resale under this prospectus are sold, (b) no other common shares beneficially owned by each respective Selling Shareholder are also sold, and (c) no Selling Shareholder will acquire additional common shares prior to the completion of the offering. The Selling Shareholders may sell any, all or none of the common shares being offered for resale under this prospectus, and we do not know when or in what amount the Selling Shareholders may sell such common shares. The inclusion of such common shares in the table below does not necessarily represent a present intention by the Selling Shareholders to sell any or all of such common shares. However, for the purposes of the table below, we have assumed that, after the completion of the offering, all common shares covered by this prospectus have been sold. We have based percentage ownership of our common shares on 98,288,104 common shares outstanding as of May 13, 2026.

The amount of common shares that may be reoffered or resold by means of this prospectus by each Selling Shareholder, and any other person with whom such Selling Shareholder is acting in concert for the purpose of selling such common shares, may not exceed, during any three-month period, the amount specified in Rule 144(e) under the U.S. Securities Act.

Beneficial ownership is determined in accordance with Rule 13d-3 under the United States Securities Exchange Act of 1934, as amended (the "**U.S. Exchange Act**"), is generally determined by voting power and/or investment power with respect to such securities, and, for purposes of the following table, includes common shares issuable pursuant to stock options, warrants or other derivative securities that are exercisable, vested or convertible as of May 13, 2026 or that will become exercisable, vested or convertible within 60 days after May 13, 2026. Common shares issuable pursuant to stock options, warrants or other derivative securities are deemed outstanding for purposes of computing the beneficial ownership percentage of such Selling Shareholder holding such securities, but are not deemed to be outstanding for purposes of computing the beneficial ownership percentage of any other Selling Shareholder. Unless otherwise noted below, to our knowledge, all common shares set forth in the following table are owned of record by such Selling Shareholder named as beneficial owner thereof, and such Selling Shareholder has sole voting and investment power with respect to such common shares, subject to applicable community property laws. Except as otherwise described below, based on the information provided to us by the Selling Shareholders, no Selling Shareholder is a broker-dealer or an affiliate of a broker dealer.

Except as noted in the footnotes to the following table, the address for each of the Selling Shareholders named in the table below is c/o Titan Mining Corporation, 999 Canada Place, Suite 555, Vancouver, British Columbia, Canada, V6C 3E1.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Shares<br> Beneficially<br> Owned Prior to the<br> Offering<sup>(1)</sup>** | **Common Shares<br> Beneficially<br> Owned Prior to the<br> Offering<sup>(1)</sup>** | | **Common Shares<br> Beneficially<br> Owned After the<br> Offering<sup>(3)</sup>** | **Common Shares<br> Beneficially<br> Owned After the<br> Offering<sup>(3)</sup>** |
| <br>**Name of Selling Shareholder** | **Number** | **Percent** | **Common<br> Shares Being<br> Registered<br> for**<br>**Resale<sup>(2)</sup>** | **Number** | **Percent** |
| Donald Taylor<sup>(4)</sup> | 4504391 | 4.5% | 53676 | 4450715 | 4.5% |
| William Mulrow<sup>(5)</sup> | 466666 | \* | 100000 | 366666 | \* |
| John Boehner<sup>(6)</sup> | 418204 | \* | 51538 | 366666 | \* |
| George Pataki<sup>(7)</sup> | 418204 | \* | 51538 | 366666 | \* |
| Joel Rheault<sup>(8)</sup> | 315075 | \* | 37296 | 277779 | \* |

---

\* Represents less than 1% of the Company's total outstanding common shares.

(1) In
 computing the number of common shares beneficially owned by a person and the percentage ownership
 of that person, we deemed to be outstanding all common shares subject to options, warrants
 or other derivative securities held by that person that are exercisable, vested or convertible
 as of May 13, 2026 or that will become exercisable, vested or convertible within 60 days
 after May 13, 2026, but we did not deem these common shares outstanding for the purpose of
 computing the percentage ownership of any other person.

(2) Reflects
 our common shares offered under this prospectus.

(3) In
 computing the number of common shares beneficially owned by a person and the percentage ownership
 of that person, we deemed to be outstanding all common shares subject to options, warrants
 or other derivative securities held by that person that are exercisable, vested or convertible
 as of May 13, 2026 or that will become exercisable, vested or convertible within 60 days
 after May 13, 2026, but we did not deem these common shares outstanding for the purpose of
 computing the percentage ownership of any other person. We further presumed that
 the person sold all common shares eligible to be resold in this offering, but retained ownership
 of all other common shares beneficially owned as of May 13, 2026.

(4) Mr.
 Taylor's beneficial ownership includes: (i) 53,676 common shares previously issued
 upon exercise of options granted under the Company's Stock Option Plan, which are being
 registered for resale pursuant to this reoffer prospectus; and (ii) 1,033,334 common shares
 issuable upon exercise of currently vested options that are exercisable within 60 days of
 May 13, 2026. Mr. Taylor is Vice Chair and a director of the Company.

(5) Mr.
 Mulrow's beneficial ownership includes: (i) 100,000 common shares previously issued
 upon exercise of options granted under the Company's Stock Option Plan, which are being
 registered for resale pursuant to this reoffer prospectus; and (ii) 366,666 common shares
 issuable upon exercise of currently vested options that are exercisable within 60 days of
 May 13, 2026. Mr. Mulrow is a director of the Company.

(6) Mr.
 Boehner's beneficial ownership includes: (i) 51,538 common shares previously issued
 upon exercise of options granted under the Company's Stock Option Plan, which are being
 registered for resale pursuant to this reoffer prospectus; and (ii) 366,666 common shares
 issuable upon exercise of currently vested options that are exercisable within 60 days of
 May 13, 2026. Mr. Boehner is a director of the Company.

(7) Mr.
 Pataki's beneficial ownership includes: (i) 51,538 common shares previously issued
 upon exercise of options granted under the Company's Stock Option Plan, which are being
 registered for resale pursuant to this reoffer prospectus; and (ii) 366,666 common shares
 issuable upon exercise of currently vested options that are exercisable within 60 days of
 May 13, 2026. Mr. Pataki is a director of the Company.

(8) Mr.
 Rheault's beneficial ownership includes: (i) 37,296 common shares previously issued
 upon exercise of options granted under the Company's Stock Option Plan, which are being
 registered for resale pursuant to this reoffer prospectus; and (ii) 277,779 common shares
 issuable upon exercise of currently vested options that are exercisable within 60 days of
 May 13, 2026. Mr. Rheault is Vice President Operations of the Company.

**PLAN OF DISTRIBUTION**

We are registering the offer and resale of our common shares covered by this prospectus to permit the Selling Shareholders to conduct offers and resales of these common shares from time to time after the date of this prospectus. We will not receive any of the proceeds from the sales of our common shares offered by the Selling Shareholders under this prospectus. The aggregate proceeds to the Selling Shareholders from the sale of our common shares will be the purchase price of the common shares less any discounts and commissions. The Selling Shareholders reserve the right to accept or reject any proposed purchases of the common shares offered by this prospectus.

The common shares offered by this prospectus may be sold from time to time to purchasers:

● directly by the Selling Shareholders, or

● through underwriters, broker-dealers, or agents, who may receive compensation in the form of discounts, commissions or agent's commissions from the Selling Shareholders or the purchasers of the common shares.

Any underwriters, broker-dealers, or agents who participate in the sale or distribution of the common shares offered by this prospectus may be deemed to be "underwriters" within the meaning of the U.S. Securities Act. As a result, any discounts, commissions, or concessions received by any such broker-dealers or agents who are deemed to be underwriters will be deemed to be underwriting discounts and commissions under the U.S. Securities Act. Underwriters are subject to the prospectus delivery requirements under the U.S. Securities Act and may be subject to certain statutory liabilities under the U.S. Securities Act and the U.S. Exchange Act. We will make copies of this prospectus available to the Selling Shareholders for the purpose of satisfying the prospectus delivery requirements under the U.S. Securities Act. To our knowledge, there are currently no plans, arrangements, or understandings between any of the Selling Shareholders and any underwriter, broker-dealer, or agent regarding the sale of common shares by any of the Selling Shareholders.

The common shares offered by this prospectus may be sold in one or more transactions at:

● fixed prices;

● prevailing market prices at the time of sale;

● prices related to such prevailing market prices;

● varying prices determined at the time of sale; or

● negotiated prices.

Sales of the common shares offered by this prospectus may be effected in one or more transactions:

● on the NYSE American, the Toronto Stock Exchange or any other national securities exchange or quotation service on which our common shares may be listed or quoted at the time of sale;

● in the over-the-counter market;

● in transactions otherwise than on such securities exchanges or quotation services or in the over-the-counter market;

● any other method permitted by applicable law; or

● through any combination of the foregoing.

These transactions may include block transactions or crosses. Crosses are transactions in which the same broker acts as an agent on both sides of the trade.

At the time a particular offering of common shares is made, a prospectus supplement, if required, will be distributed, which will set forth the name of the Selling Shareholder(s), the aggregate amount of common shares being offered, and the terms of the offering, including, to the extent required, (i) the name or names of any underwriters, broker-dealers, or agents, (ii) any discounts, commissions, and other terms constituting compensation to any such underwriters, broker-dealers, or agents, and (iii) any discounts, commissions, or concessions allowed or reallowed to be paid to broker-dealers.

The Selling Shareholders will act independently from us in making decisions with respect to the timing, manner, and size of each resale or other transfer of the common shares offered by this prospectus. There can be no assurance that the Selling Shareholders will sell any or all of the common shares offered by this prospectus. Additionally, we cannot assure you that the Selling Shareholders will not transfer, distribute, devise, or gift common shares by other means not described in this prospectus. Furthermore, any common shares covered by this prospectus that qualify for sale under Rule 144 under the U.S. Securities Act may be sold under Rule 144 rather than under this prospectus. Common shares may be sold in certain states only through registered or licensed brokers or dealers, and in certain states, common shares may not be sold unless they have been registered or qualified for sale or an exemption from registration or qualification is available and complied with.

The Selling Shareholders and any other person participating in the sale of the common shares offered by this prospectus will be subject to the U.S. Exchange Act. The U.S. Exchange Act rules include, without limitation, Regulation M, which may limit the timing of sales and purchases of any common shares by the Selling Shareholders or any other person. Additionally, Regulation M may restrict the ability of any person engaged in the distribution of common shares to engage in market-making activities with respect to the particular common shares being distributed. This may affect the marketability of the common shares and the ability of any person or entity to engage in market-making activities with respect to the common shares.

The Selling Shareholders may indemnify any underwriter or broker that participates in transactions involving the sale of the common shares offered by this prospectus against certain liabilities, including liabilities arising under the U.S. Securities Act.

**DESCRIPTION OF SECURITIES TO BE REGISTERED** 

Our common shares are listed on the Toronto Stock Exchange under the symbol "TI" and on the NYSE American under the symbol "TII".

We are authorized to issue an unlimited number of common shares without par value.

A description of our common shares is set forth under the heading "*Capital Structure*" and "*Dividends*" in our Annual Information Form for the fiscal year ended December 31, 2025, which is attached as Exhibit 99.1 to our Annual Report on Form 40-F for the year ended December 31, 2025, filed with the SEC on March 19, 2026, as amended by Amendment No. 1 to our Annual Report on Form 40-F/A, filed with the SEC on March 27, 2026, which are incorporated herein by reference. The foregoing description is only a summary of certain terms and conditions of our common shares and is qualified in its entirety by reference to our Articles (as defined below), which have been filed as an exhibit to the registration statement of which this prospectus forms a part.

**DESCRIPTION OF ARTICLES**

1. The
 Company was incorporated to carry on business without restrictions under the *Business Corporations Act* (British Columbia) (the "**BCBCA**") as "Triton
 Mining Corporation" on October 15, 2012, with registration number BC0952775 on
 November 10, 2016, the Company changed its name to its current name "Titan Mining Corporation".

1100951 B.C. Ltd. was incorporated under the BCBCA on December 20, 2016, with registration number BC1100951. 1100951 B.C. Ltd. remains as the wholly owned subsidiary of the Company.

The Company's Notice of Articles and Articles (collectively, the "**Articles**") do not specify the objects or purposes of the Company.

2. A
 director who holds a disclosable interest in a contract or transaction into which the Company
 has entered or proposes to enter is not entitled to vote on any directors' resolution
 to approve that contract or transaction, unless all the directors have a disclosable interest
 in that contract or transaction, in which case any or all of those directors may vote on
 such resolution.

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the BCBCA.

The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.

The Company, if authorized by the directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;(1) borrow
 money in the manner and amount, on the security, from the sources and on the terms and conditions
 that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;(2) issue
 bonds, debentures and other debt obligations either outright or as security for any liability
 or obligation of the Company or any other person and at such discounts or premiums and on
 such other terms as they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;(3) guarantee
 the repayment of money by any other person or the performance of any obligation of any other
 person; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) mortgage,
 charge, whether by way of specific or floating charge, grant a security interest in, or give
 other security on, the whole or any part of the present and future assets and undertaking
 of the Company.

The Articles do not contain an age limit requirement for the retirement or non-retirement of directors and they do not require directors to hold a minimum number of shares of the Company to qualify as a director.

3. Subject
 to the provisions of the following paragraph, the Company may by board resolution subdivide
 or consolidate all or any of its unissued, or fully paid, shares.

Subject to the provisions of the following paragraph and the BCBCA, the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;(1) create
 one or more classes or series of shares or, if none of the shares of a class or series of
 shares are allotted or issued, eliminate that class or series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;(2) increase,
 reduce or eliminate the maximum number of shares that the Company is authorized to issue
 out of any class or series of shares or establish a maximum number of shares that the Company
 is authorized to issue out of any class or series of shares for which no maximum is established;

&nbsp;&nbsp;&nbsp;&nbsp;(3) subdivide
 or consolidate all or any of its unissued, or fully paid issued, shares;

&nbsp;&nbsp;&nbsp;&nbsp;(4) if
 the Company is authorized to issue shares of a class of shares with par value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decrease
 the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 none of the shares of that class of shares are allotted or issued, increase the par value
 of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;(5) change
 all or any of its unissued, or fully paid issued, shares with par value into shares without
 par value or any of its unissued shares without par value into shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;(6) alter
 the identifying name of any of its shares; or

&nbsp;&nbsp;&nbsp;&nbsp;(7) otherwise
 alter its shares or authorized share structure or permitted to do so by the BCBCA.

Subject to the BCBCA, the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;(1) create
 special rights or restrictions for, and attach those special rights or restrictions to, the
 shares of any class or series of shares, whether or not any or all of those shares have been
 issued; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) vary
 or delete any special rights or restrictions attached to the shares of any class or series
 of shares, whether or not any or all of those shares have been issued.

The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

If the BCBCA does not specify the type of resolution and the Articles do not specify another type of resolution, the Company may by special resolution alter the Articles.

4. Unless
 an annual general meeting is deferred or waived in accordance with the BCBCA, the Company
 must hold an annual general meeting at least once in each calendar year and not more than
 15 months after the last annual reference date at such time and place as may be determined
 by the directors.

If all the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution under the BCBCA to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any such unanimous resolution, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

The directors may, whenever they think fit, call a meeting of shareholders. The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;(1) if
 and for so long as the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;(2) otherwise,
 10 days.

The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

&nbsp;&nbsp;&nbsp;&nbsp;(1) if
 and for so long as the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;(2) otherwise,
 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the BCBCA, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

The accidental omission to send notice of any meeting to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.

If a meeting of shareholders is to consider special business within the meaning set out in the Articles, the notice of meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;(1) state
 the general nature of the special business; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) if
 the special business includes considering, approving, ratifying, adopting or authorizing
 any document or the signing of or giving of effect to any document, have attached to it a
 copy of the document or state that a copy of the document will be available for inspection
 by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 the Company's records office, or at such other reasonably accessible location in British
 Columbia as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during
 statutory business hours on any one or more specified days before the day set for the holding
 of the meeting.

5. Except
 as provided in the Investment Canada Act (Canada), there are no limitations specific to the
 rights of non-Canadians to hold or vote our shares under the laws of Canada or in our charter
 documents.

There are no limitations on the right to own securities of our company by non-resident or foreign shareholders imposed either by the BCBCA or our Articles.

There are no limitations on the rights of non-resident or foreign shareholders to hold or exercise voting rights under the BCBCA or our Articles.

Except as provided for by the Business Corporations Act, no share may be issued until it is fully paid. A share is fully paid when:

&nbsp;&nbsp;&nbsp;&nbsp;(1) consideration
 is provided to the Company for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) past
 services performed for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) money;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 value of the consideration received by the Company equals or exceeds the issue price set
 for the share under the Articles.

Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

6. The
 Articles contain no provisions that would have an effect of delaying, deferring or preventing
 a change of control of the Company or that would operate only with respect to a merger, acquisition
 or corporate restructuring involving the Company (or any of its subsidiaries). However, certain
 types of change of control transactions will require shareholder approval of the Company's
 shareholders and calling the necessary shareholder meeting for such transaction would delay
 the completion of the transaction.

7. There
 are no provisions in the Articles that require disclosure of share ownership above a specified
 threshold.

8. The
 conditions imposed by the Articles governing changes in the Company's capital that
 are more stringent than the BCBCA are outlined in paragraph 3 above.

**EXCHANGE CONTROLS**

There are no governmental laws, decrees, regulations or other legislation, including foreign exchange controls, in Canada which may affect the export or import of capital or that may affect the remittance of dividends, interest or other payments to non-resident holders of the Company's securities. Any remittances of dividends to United States residents, however, are subject to a withholding tax pursuant to the *Income Tax Act* (Canada) and the Canada-U.S. Income Tax Convention (1980), each as amended. (See "*Material Canadian Federal Income Tax Considerations - Non-Residents of Canada*" below.) Remittances of interest to U.S. residents that deal with the Company at arm's length are generally not subject to withholding taxes except in limited circumstances, including those involving participating interest payments. Certain other types of remittances, such as royalties paid to U.S. residents, may be subject to a withholding tax depending on all of the circumstances.

**TAXATION**

**Material Canadian Federal Income Tax Considerations**

The following is, as of the date of this prospectus, a general summary of the principal Canadian federal income tax considerations under the *Income Tax Act* (Canada) (the "**Canadian Tax Act**"), generally applicable to an investor who acquires our common shares ("Shares") pursuant to this offering and who, for the purposes of the Canadian Tax Act and at all relevant times, deals at arm's length with the Company, is not affiliated with the Company and who acquires and holds the Shares as capital property (a "**Holder**"). Generally, the Shares will be considered to be capital property to a Holder thereof provided that the Holder does not use the Shares in the course of carrying on a business of trading or dealing in securities and such Holder has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary does not apply to a Holder (i) that is a "financial institution" for the purposes of the mark-to-market rules contained in the Canadian Tax Act; (ii) that is a "specified financial institution" as defined in the Canadian Tax Act; (iii) if an interest in such a Holder is a "tax shelter" or a "tax shelter investment," each as defined in the Canadian Tax Act; (iv) a holder that reports its "Canadian tax results," as defined in the Canadian Tax Act, in a currency other than Canadian currency; (v) that has or will enter into a "derivative forward agreement" or a "synthetic disposition arrangement", as those terms are defined in the Canadian Tax Act, with respect to the Shares; or (vi) that receives dividends on the Shares under or as part of a "dividend rental arrangement", as defined in the Canadian Tax Act, with respect to the Shares. In addition, this summary does not address the deductibility of interest by a holder who has borrowed money to acquire Shares. **Such Holders should consult their own tax advisors with respect to the consequences of acquiring Shares.**

Additional considerations, not discussed herein, may be applicable to a Holder that is a corporation resident in Canada that is, or becomes, or does not deal at arm's length for purposes of the Canadian Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or event or series of transactions or events that includes the acquisition of Shares, controlled by a non-resident corporation or a non-resident person or group of persons (comprised of any combination of non-resident corporations, non-resident individuals or non-resident trusts) that do not deal with each other at arm's length for the purposes of the "foreign affiliate dumping" rules in Section 212.3 of the Canadian Tax Act.

This summary is based upon the current provisions of the Canadian Tax Act and the regulations thereunder (the "**Regulations**"), in force as of the date hereof and the Company's understanding of the current published administrative and assessing practices of the Canada Revenue Agency (the "**CRA**"). This summary takes into account all specific proposals to amend the Canadian Tax Act and the Regulations publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "**Tax Proposals**"), and assumes that the Tax Proposals will be enacted in the form proposed, although no assurance can be given that the Tax Proposals will be enacted in their current form or at all. This summary does not otherwise take into account any changes in law or in the administrative policies or assessing practices of the CRA, whether by legislative, governmental or judicial decision or action, nor does it take into account or consider any provincial, territorial or foreign income tax considerations, which considerations may differ significantly from the Canadian federal income tax considerations discussed in this summary.

This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations and is not intended to be, nor should it be construed to be, legal or tax advice to any particular holder and no representations with respect to the income tax consequences to any holder or prospective holder are made. Consequently, holders and prospective holders of Shares should consult their own tax advisors for advice with respect to the tax consequences to them of acquiring Shares pursuant to this offering, having regard to their particular circumstances.

All amounts in a currency other than the Canadian dollar relevant in computing a Holder's liability under the Canadian Tax Act with respect to the acquisition, holding or disposition of Shares must generally be converted into Canadian dollars using the single daily exchange rate quoted by the Bank of Canada for the day on which the amount arose or such other rate of exchange that is acceptable to the CRA.

***Residents of Canada***

The following section of this summary applies to a Holder who, for the purposes of the Canadian Tax Act, is or is deemed to be resident in Canada at all relevant times (a "**Canadian Resident Holder**"). Certain Canadian Resident Holders whose Shares might not constitute capital property may in certain circumstances make an irrevocable election in accordance with subsection 39(4) of the Canadian Tax Act to deem the Shares, and every other "Canadian security" as defined in the Canadian Tax Act, held by such Canadian Resident Holder, in the taxation year of the election and each subsequent taxation year to be capital property. Canadian Resident Holders should consult their own tax advisors regarding this election.

***Dividends***

Dividends received or deemed to be received on the Shares will be included in computing a Canadian Resident Holder's income. In the case of an individual (other than certain trusts), such dividends will be subject to the gross-up and dividend tax credit rules normally applicable in respect of "taxable dividends" received from "taxable Canadian corporations" (each as defined in the Canadian Tax Act). An enhanced dividend tax credit will be available to individuals in respect of "eligible dividends" designated by the Company to the Canadian Resident Holder in accordance with the provisions of the Canadian Tax Act. There may be limitations on the ability of the Company to designate dividends as eligible dividends.

Dividends received or deemed to be received by a corporation that is a Canadian Resident Holder on the Shares must be included in computing its income but generally will be deductible in computing its taxable income. In certain circumstances, subsection 55(2) of the Canadian Tax Act will treat a taxable dividend received by a Canadian Resident Holder that is a corporation as proceeds of disposition or a capital gain. A Canadian Resident Holder that is a corporation should consult its own tax advisors having regard to its own circumstances.

A Canadian Resident Holder that is a "private corporation" as defined in the Canadian Tax Act and certain other corporations controlled, by or for the benefit of an individual (other than a trust) or a related group of individuals (other than trusts) generally will be liable to pay an additional tax on dividends received or deemed to be received on the Shares to the extent such dividends are deductible in computing taxable income. Such additional tax may be refundable in certain circumstances.

***Dispositions of Shares***

Upon a disposition (or a deemed disposition) of a Share (other than to the Company, unless purchased by the Company in the open market in the manner in which shares are normally purchased by any member of the public in the open market), a Canadian Resident Holder generally will realize a capital gain (or a capital loss) equal to the amount by which the proceeds of disposition of such Share, net of any reasonable costs of disposition, are greater (or are less) than the adjusted cost base of such Share to the Canadian Resident Holder. The tax treatment of capital gains and capital losses is discussed in greater detail below under the subheading "Capital Gains and Capital Losses."

The adjusted cost base to a Canadian Resident Holder of a Share acquired pursuant to this offering will be averaged with the adjusted cost base of any other of the Company's common shares held by such Canadian Resident Holder as capital property for the purposes of determining the Canadian Resident Holder's adjusted cost base of each common share.

***Capital Gains and Capital Losses***

A Canadian Resident Holder is required to include in computing its income for a taxation year one-half of the amount of any capital gain (a "taxable capital gain") realized in the year. Subject to and in accordance with the provisions of the Canadian Tax Act, a Canadian Resident Holder is required to deduct one-half of the amount of any capital loss (an "allowable capital loss") realized in a taxation year from taxable capital gains realized in the year by such Canadian Resident Holder. Allowable capital losses in excess of taxable capital gains may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any following taxation year against taxable capital gains realized in such year to the extent and under the circumstances described in the Canadian Tax Act.

The amount of any capital loss realized on the disposition or deemed disposition of Shares by a Canadian Resident Holder that is a corporation may be reduced by the amount of dividends received or deemed to have been received by it on such shares or shares substituted for such shares to the extent and in the circumstances specified by the Canadian Tax Act. Similar rules may apply where a Canadian Resident Holder that is a corporation is a member of a partnership or beneficiary of a trust that owns such shares directly or indirectly through a partnership or a trust. Canadian Resident Holders to whom these rules may be relevant should consult their own tax advisors.

A Canadian Resident Holder that is: (i) throughout the relevant taxation year a "Canadian-controlled private corporation" or (ii) at any time during the relevant taxation year a "substantive CCPC" (each, as defined in the Canadian Tax Act) may also be liable to pay an additional refundable tax on its "aggregate investment income" (as defined in the Canadian Tax Act) for the year, which will include taxable capital gains.

***Alternative Minimum Tax***

Capital gains realized and dividends received by a Canadian Resident Holder that is an individual or a trust, other than certain specified trusts, may give rise to alternative minimum tax under the Canadian Tax Act. Such Canadian Resident Holders should consult their own advisors with respect to the application of alternative minimum tax.

***Non-Residents of Canada***

The following section of this summary is generally applicable to a Holder who, for the purposes of the Canadian Tax Act, and at all relevant times: (i) has not been and will not be deemed to be resident in Canada; and (ii) does not use or hold the Shares or in the course of carrying on a business, or part of a business, in Canada (each a "**Non-Canadian Holder**"). Special rules, which are not discussed in this summary, may apply to a Non-Canadian Holder that is an insurer carrying on business in Canada and elsewhere or that is an "authorized foreign bank" as defined in the Canadian Tax Act. Such a Non-Canadian Holder should consult its own tax advisors.

The term "**U.S. Holder**", for the purposes of this summary, means a Non-Canadian Holder who, for purposes of the *Canada-United States Tax Convention (1980)* (the "**Treaty**"), is at all relevant times a resident of the United States and is a "qualifying person" within the meaning of the Treaty.

***Dividends***

Dividends on the Shares paid or credited or deemed to be paid or credited to a Non-Canadian Holder will be subject to Canadian withholding tax at the rate of 25% on the gross amount of the dividend unless such rate is reduced by the terms of an applicable tax treaty. Under the Treaty, the rate of withholding tax on dividends paid or credited to a U.S. Holder that is the beneficial owner of the dividend is generally limited to 15% of the gross amount of the dividend, or 5% in the case of a U.S. Holder that is a corporation which owns at least 10 per cent of the voting stock of the Company. Not all persons who are residents of the U.S. for purposes of the Treaty will qualify for the benefits of the Treaty. Non-Canadian Holders that are resident in the U.S. are advised to consult their tax advisors in this regard. The rate of withholding tax on dividends may also be reduced under other bilateral income tax treaties or conventions to which Canada is a signatory. However, the *Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting* (the "**MLI**"), of which Canada is a signatory, affects many of Canada's bilateral tax treaties (but not the Treaty), including the ability to claim benefits thereunder. Non-Canadian Holders that are resident of countries other than the U.S. should consult their own tax advisors in this regard.

***Dispositions of Shares***

A Non-Canadian Holder generally will not be subject to tax under the Canadian Tax Act in respect of a capital gain realized on the disposition or deemed disposition of a Share nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless the Share constitutes "taxable Canadian property" to the Non-Canadian Holder thereof for purposes of the Canadian Tax Act, and the gain is not exempt from Canadian federal income tax pursuant to the terms of an applicable tax treaty.

Generally the Shares acquired pursuant to this offering will not be "taxable Canadian property" to a Non-Canadian Holder if the common shares of the Company are listed on a "designated stock exchange", as defined in the Canadian Tax Act (which currently includes the Toronto Stock Exchange and the NYSE American) at the time of disposition, unless at any time during the 60-month period immediately preceding the disposition the following two conditions are met concurrently: (i) one or any combination of (a) the Non-Canadian Holder, (b) persons with whom the Non-Canadian Holder did not deal at arm's length, or (c) partnerships in which the Non-Canadian Holder or a person with whom the Non-Canadian Holder did not deal at arm's length holds a membership interest (directly or indirectly through one or more partnerships), owned 25% or more of the issued shares of any class or series of shares of the Company; and (ii) more than 50% of the fair market value of such shares was derived directly or indirectly from one, or any combination of, real or immovable property situated in Canada, "Canadian resource properties" (as defined in the Canadian Tax Act), "timber resource properties" (as defined in the Canadian Tax Act) or an option, an interest or right in such property, whether or not such property exists. Notwithstanding the foregoing, a Share may otherwise be deemed to be taxable Canadian property to a Non-Canadian Holder for purposes of the Canadian Tax Act. Even if the Shares are taxable Canadian property to a Non-Canadian Holder, such Non-Canadian Holder may be exempt from tax under the Canadian Tax Act on the disposition of such Shares by virtue of an applicable income tax treaty or convention.

A Non-Canadian Holder's capital gain (or capital loss) in respect of Shares that constitute or are deemed to constitute taxable Canadian property (and are not "treaty-protected property" as defined in the Canadian Tax Act) will generally be computed and included in income in the manner described above under the subheadings "*Residents of Canada - Dispositions of Shares*" and "*Residents of Canada - Capital Gains and Capital Losses*".

Non-Canadian Holders whose Shares may be taxable Canadian property should consult their own tax advisors.

**SHAREHOLDERS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE CANADIAN OR OTHER TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON SHARES, INCLUDING, IN PARTICULAR, THE EFFECT OF ANY NON-U.S., STATE OR LOCAL TAXES.**

**Material U.S. Federal Income Tax Considerations for U.S. Holders**

The following is a general summary of certain U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership and disposition of our common shares ("Shares") acquired from an initial holder of such Shares.

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder as a result of the acquisition of securities pursuant to this offering. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including specific tax consequences to a U.S. Holder under an applicable tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any particular U.S. Holder. This summary does not address the U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences to U.S. Holders of the acquisition, ownership, and disposition of the securities. In addition, except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of the securities.

No ruling from the U.S. Internal Revenue Service ("**IRS**") has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the ownership or disposition of Shares. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the discussion set forth in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and U.S. courts could disagree with one or more of the positions taken in this summary.

***Scope of this Summary***

*Authorities*

This summary is based on the Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations (whether final, temporary, or proposed) promulgated under the Code, published rulings of the IRS, published administrative positions of the IRS and U.S. court decisions, that are in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied retroactively. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.

*U.S. Holders*

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of the securities acquired pursuant to this offering that is for U.S. federal income tax purposes:

● a citizen or individual resident of the United States;

● a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons (within the meaning of Section 7701(a)(30) of the Code) for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

 

*U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed*

This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) are brokers or dealers in securities or currencies or U.S. Holders that are traders in securities that elect to apply a mark-to-market accounting method; (d) have a "functional currency" other than the U.S. dollar; (e) own securities as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other integrated transaction; (f) acquired the securities in connection with the exercise of employee stock options or otherwise as compensation for services; (g) hold the securities other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) are partnerships and other pass-through entities (and investors in such partnerships and entities); (i) are subject to special tax accounting rules or required to accelerate the recognition of any item of gross income with respect to the Shares as a result of such income being recognized on an applicable financial statement; (j) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power or value of our outstanding shares; (k) are U.S. expatriates or former long-term residents of the U.S.; or (l) are subject to taxing jurisdictions other than, or in addition to, the United States. U.S. Holders that are subject to special provisions under the Code, including U.S. Holders described immediately above, should consult their own tax advisors regarding the U.S. federal, U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of the securities.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds the securities, the U.S. federal income tax consequences to such entity or arrangement and the owners of such entity or arrangement generally will depend on the activities of such entity or arrangement and the status of such owners. This summary does not address the tax consequences to any such entity or arrangement or owner. Owners of entities or arrangements that are classified as partnerships for U.S. federal income tax purposes should consult their own tax advisor regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership, and disposition of the securities.

***Passive Foreign Investment Company Rules***

If we are considered a "passive foreign investment company" within the meaning of Section 1297 of the Code (a "**PFIC**") at any time during a U.S. Holder's holding period, the following sections will generally describe the potentially adverse U.S. federal income tax consequences to U.S. Holders of the acquisition, ownership, and disposition of the securities.

In any year in which we are classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or other IRS guidance may require. In addition to penalties, a failure to satisfy such reporting requirements may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file an IRS Form 8621.

We generally will be a PFIC for any tax year in which (a) 75% or more of our gross income for such tax year is passive income (the "**PFIC income test**") or (b) 50% or more of the value of our assets either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets (the "**PFIC asset test**"). "Gross income" generally includes sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and "passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising from the sale of commodities generally are excluded from passive income if substantially all of a foreign corporation's commodities are stock in trade or inventory, depreciable property used in a trade or business, or supplies regularly used or consumed in the ordinary course of its trade or business, and certain other requirements are satisfied.

For purposes of the PFIC income test and PFIC asset test described above, if we own, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation, we will be treated as if we (a) held a proportionate share of the assets of such other corporation and (b) received directly a proportionate share of the income of such other corporation. In addition, for purposes of the PFIC income test and PFIC asset test described above, "passive income" does not include any interest, dividends, rents, or royalties that are received or accrued by us from a "related person" (as defined in Section 954(d)(3) of the Code), to the extent such items are properly allocable to the income of such related person that is not passive income.

Under certain attribution rules, if we are a PFIC, U.S. Holders will be deemed to own their proportionate share of any of our subsidiaries which is also a PFIC (a "**Subsidiary PFIC**"), and will generally be subject to U.S. federal income tax under the "Default PFIC Rules Under Section 1291 of the Code" discussed below on their proportionate share of any (i) distribution on the shares of a Subsidiary PFIC and (ii) disposition or deemed disposition of shares of a Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC. Accordingly, U.S. Holders should be aware that they could be subject to tax under the PFIC rules even if no distributions are received and no redemptions or other dispositions of the securities are made. In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition of the securities.

Based upon the current and expected composition of our income and assets, we believe that we were not a PFIC for the taxable year ended December 31, 2025 and expect that we will not be a PFIC for the current taxable year. Because our PFIC status must be determined annually with respect to each taxable year and will depend on the composition and character of our assets and income, which may be volatile) over the course of such taxable year, we may become a PFIC in the current and subsequent taxable year. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current or any future taxable year. In addition, it is possible that the IRS may challenge our classification of certain income and assets as non-passive, which may result in us being or becoming a PFIC in the current or subsequent years.

*Default PFIC Rules Under Section 1291 of the Code*

If we are a PFIC, the U.S. federal income tax consequences to a U.S. Holder of the acquisition, ownership, and disposition of the securities will depend on whether such U.S. Holder makes a "qualified electing fund" or "QEF" election (a "**QEF Election**") or makes a mark-to-market election under Section 1296 of the Code (a "**Mark-to-Market Election**") with respect to the Shares. A U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election (a "**Non-Electing U.S. Holder**") will be taxable as described below.

A Non-Electing U.S. Holder will be subject to the rules of Section 1291 of the Code with respect to (a) any gain recognized on the sale or other taxable disposition of the securities and (b) any excess distribution received on the securities. A distribution generally will be an "excess distribution" to the extent that such distribution (together with all other distributions received in the current tax year) exceeds 125% of the average distributions received during the three preceding tax years (or during a U.S. Holder's holding period for the securities, if shorter).

Under Section 1291 of the Code, any gain recognized on the sale or other taxable disposition of the securities of a PFIC (including an indirect disposition of shares of a Subsidiary PFIC), and any excess distribution received on such securities (or a distribution by a Subsidiary PFIC to its shareholder that is deemed to be received by a U.S. Holder) must be ratably allocated to each day in a Non-Electing U.S. Holder's holding period for the securities. The amount of any such gain or excess distribution allocated to the tax year of disposition or distribution of the excess distribution and to years before the entity became a PFIC, if any, would be taxed as ordinary income (and not eligible for certain preferential tax rates, as discussed below). The amounts allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year, and an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in each such year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as "personal interest," which is not deductible.

If we are a PFIC for any tax year during which a Non-Electing U.S. Holder holds the securities, it will continue to be treated as a PFIC with respect to such Non-Electing U.S. Holder, regardless of whether it ceases to be a PFIC in one or more subsequent tax years. If we cease to be a PFIC, a Non-Electing U.S. Holder may terminate this deemed PFIC status with respect to the Shares by electing to recognize gain (which will be taxed under the rules of Section 1291 of the Code as discussed above) as if such securities were sold on the last day of the last tax year for which we were a PFIC.

*QEF Election*

A U.S. Holder that makes a QEF Election for the first tax year in which its holding period of its Shares begins generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to its Shares. However, a U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such U.S. Holder's pro rata share of (a) our net capital gain, which will be taxed as long-term capital gain to such U.S. Holder, and (b) our ordinary earnings, which will be taxed as ordinary income to such U.S. Holder. Generally, "net capital gain" is the excess of (a) net long-term capital gain over (b) net short-term capital loss, and "ordinary earnings" are the excess of (a) "earnings and profits" over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such amounts for each tax year in which we are a PFIC, regardless of whether such amounts are actually distributed to such U.S. Holder by us. However, for any tax year in which we are a PFIC and have no net income or gain, U.S. Holders that have made a QEF Election would not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election has an income inclusion, such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated as "personal interest," which is not deductible.

A U.S. Holder that makes a timely QEF Election generally may receive a tax-free distribution from us to the extent that such distribution represents "earnings and profits" that were previously included in income by the U.S. Holder because of such QEF Election and will adjust such U.S. Holder's tax basis in the Shares to reflect the amount included in income or allowed as a tax-free distribution because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the sale or other taxable disposition of Shares.

The procedure for making a QEF Election, and the U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely. A QEF Election will be treated as "timely" for purposes of avoiding the default PFIC rules discussed above if such QEF Election is made for the first year in the U.S. Holder's holding period for the Shares in which we were a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents at the time such U.S. Holder files a U.S. federal income tax return for such year.

A QEF Election will apply to the tax year for which such QEF Election is made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, we cease to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which we are not a PFIC. Accordingly, if we become a PFIC in another subsequent tax year, the QEF Election will be effective, and the U.S. Holder will be subject to the QEF rules described above during any subsequent tax year in which we qualify as a PFIC.

A U.S. Holder makes a QEF Election by attaching a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed U.S. federal income tax return. However, if we do not satisfy the record keeping requirements that apply to a qualified electing fund or we do not provide the required information with regard to us or any of our Subsidiary PFICs, U.S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules of Section 1291 of the Code discussed above that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions. U.S. Holders should be aware that, for each tax year, if any, that we are a PFIC, we can provide no assurances that we will satisfy the record-keeping requirements or make available to U.S. Holders a PFIC Annual Information Statement or any other information such U.S. Holders require to make a QEF Election.

 

*Mark-to-Market Election*

A U.S. Holder may make a Mark-to-Market Election with respect to the Shares only if such shares are marketable stock. The Shares generally will be "marketable stock" if the Shares are regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established pursuant to Section 11A of the U.S. Exchange Act or (c) a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial disclosure, and other requirements and the laws of the country in which such foreign exchange is located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such foreign exchange ensure active trading of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock generally will be considered "regularly traded" for any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. Provided that the Shares are "regularly traded" as described in the preceding sentence, such shares are expected to be marketable stock. There can be no assurance that the Shares will be "regularly traded" in subsequent calendar quarters. U.S. Holders should consult their own tax advisors regarding the marketable stock rules. The balance of this discussion generally assumes that a Mark-to-Market Election may be made with respect to the Shares.

A U.S. Holder that makes a Mark-to-Market Election with respect to its Shares generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to such Shares. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S. Holder's holding period for the Shares and such U.S. Holder has not made a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions on, the Shares.

A U.S. Holder that makes a Mark-to-Market Election will include in ordinary income, for each tax year in which we are a PFIC, an amount equal to the excess, if any, of (a) the fair market value of the Shares as of the close of such tax year over (b) such U.S. Holder's tax basis in such securities. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of (i) such U.S. Holder's adjusted tax basis in the Shares, over (ii) the fair market value of such securities (but only to the extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years).

A U.S. Holder that makes a Mark-to-Market Election generally also will adjust such U.S. Holder's tax basis in the Shares to reflect the amount included in gross income or allowed as a deduction because of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition of such securities, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss (not to exceed the excess, if any, of (a) the amount included in ordinary income because of such Mark-to-Market Election for prior tax years over (b) the amount allowed as a deduction because of such Mark-to-Market Election for prior tax years).

A U.S. Holder makes a Mark-to-Market Election by attaching a completed IRS Form 8621 to a timely filed U.S. federal income tax return. A timely Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the securities cease to be "marketable stock" or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a Mark-to-Market Election.

Although a U.S. Holder may be eligible to make a Mark-to-Market Election with respect to the Shares, no such election may be made with respect to the stock of any Subsidiary PFIC that a U.S. Holder is treated as owning because such stock is not marketable. Hence, the Mark-to-Market Election will not be effective to eliminate the interest charge and other income inclusion rules described above with respect to deemed dispositions of Subsidiary PFIC stock or distributions from a Subsidiary PFIC to its shareholder.

*Other PFIC Rules*

Under Section 1291(f) of the Code, the IRS has issued proposed Treasury Regulations that, subject to certain exceptions, would cause a U.S. Holder that had not made a timely QEF Election to recognize gain (but not loss) upon certain transfers of securities that would otherwise be tax-deferred (e.g., gifts and exchanges pursuant to corporate reorganizations). However, the specific U.S. federal income tax consequences to a U.S. Holder may vary based on the manner in which the securities are transferred.

If finalized in their current form, the proposed Treasury Regulations applicable to PFICs would be effective for transactions occurring on or after April 1, 1992. Because the proposed Treasury Regulations have not yet been adopted in final form, they are not currently effective, and there is no assurance that they will be adopted in the form and with the effective date proposed. Nevertheless, the IRS has announced that, in the absence of final Treasury Regulations, taxpayers may apply reasonable interpretations of the Code provisions applicable to PFICs and that it considers the rules set forth in the proposed Treasury Regulations to be reasonable interpretations of those Code provisions. The PFIC rules are complex, and the implementation of certain aspects of the PFIC rules requires the issuance of Treasury Regulations which in many instances have not been promulgated and which, when promulgated, may have retroactive effect. U.S. Holders should consult their own tax advisors about the potential applicability of the proposed Treasury Regulations.

Certain additional adverse rules will apply with respect to a U.S. Holder if we are a PFIC, regardless of whether such U.S. Holder makes a QEF Election. For example, under Section 1298(b)(6) of the Code, a U.S. Holder that uses the securities as security for a loan will, except as may be provided in Treasury Regulations, be treated as having made a taxable disposition of such securities.

In addition, a U.S. Holder who acquires securities from a decedent will not receive a "step up" in tax basis of such securities to fair market value.

Special rules also apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with their own tax advisor regarding the availability of the foreign tax credit with respect to distributions by a PFIC.

**The PFIC rules are complex, and each U.S. Holder should consult its own tax advisor regarding the PFIC rules (including the applicability and advisability of a QEF Election and Mark-to-Market Election) and how the PFIC rules may affect the U.S. federal income tax consequences of the acquisition, ownership, and disposition of the securities.**

***General Rules Applicable to U.S. Federal Income Tax Consequences of the Acquisition, Ownership, and Disposition of the Shares***

The following discussion describes the general rules applicable to the ownership and disposition of the Shares, but is subject in its entirety to the special rules described above under the heading "*Passive Foreign Investment Company Rules*."

<u>Distributions on Shares</u>

In general, subject to the PFIC rules discussed above, the gross amount of any distribution received by a U.S. Holder with respect to the Shares (including amounts withheld to pay Canadian withholding taxes) will be included in the gross income of the U.S. Holder as a dividend to the extent attributable to the Company's current and accumulated earnings and profits, as determined under U.S. federal income tax principles. A dividend generally will be taxed to a U.S. Holder at ordinary income tax rates if we are a PFIC for the tax year of such distribution or the preceding tax year. To the extent that a distribution exceeds our current and accumulated "earnings and profits," such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in such securities and thereafter as gain from the sale or exchange of such securities (see "*Sale, Exchange or Other Taxable Disposition of Shares*" below). However, because the Company does not expect to maintain calculations of the Company's earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect that a distribution will generally be treated as a dividend for U.S. federal income tax purposes.

A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory for purposes of this provision and which includes an exchange of information provision, or (ii) with respect to any dividend it pays on Shares that are readily tradable on an established securities market in the United States. We believe that we qualify as a resident of Canada for purposes of, and are eligible for the benefits of, the Treaty, which the IRS has determined is satisfactory for purposes of the qualified dividend rules and that it includes an exchange of information provision, although there can be no assurance in this regard. Further, our Offered Common Shares will generally be considered to be readily tradable on an established securities market in the United States if they remain listed on the NYSE American. Therefore, subject to the PFIC rules discussed, if the Treaty is applicable, or if the Shares are readily tradable on an established securities market in the United States, dividends paid on Shares will generally be "qualified dividend income" in the hands of non-corporate U.S. Holders, provided that certain conditions are met, including conditions relating to holding period and the absence of certain risk reduction transactions. Each non-corporate U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to its particular circumstances.

Distributions to a U.S. Holder with respect to the Shares may be subject to Canadian non-resident withholding tax. Any Canadian withholding tax paid will not reduce the amount treated as received by the U.S. Holder for U.S. federal income tax purposes. However, subject to limitations imposed by U.S. law, a U.S. Holder may be eligible to receive a foreign tax credit for the Canadian withholding tax. The rules governing the foreign tax credit are complex. U.S. Holders are urged to consult their own tax advisors regarding the availability of the foreign tax credit under their particular circumstances, including the impact of, and any exception available to, the special income sourcing rule described in this paragraph. U.S. Holders who do not elect to claim a foreign tax credit may be able to claim an ordinary income tax deduction for Canadian income tax withheld, but only for a taxable year in which the U.S. Holder elects to do so with respect to all non-U.S. income taxes paid or accrued in such taxable year.

<u>Sale, Exchange or Other Taxable Disposition of Shares</u>

Subject to the PFIC rules discussed above, upon a sale, exchange or other taxable disposition of the Shares, a U.S. Holder will generally recognize a capital gain or loss equal to the difference between the amount realized on such sale, exchange or other taxable disposition and the adjusted tax basis of such Shares. If any foreign tax is imposed on the sale, exchange or other disposition of the Shares, a U.S. Holder's amount realized will include the gross amount of the proceeds of the disposition before deduction of the tax. A U.S. Holder's initial tax basis in the Shares generally will equal the cost of such Shares. Such gain or loss will be a long-term capital gain or loss if the Shares have been held for more than one year and will be short-term gain or loss if the holding period is equal to or less than one year. Such gain or loss generally will be considered U.S. source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of certain non-corporate U.S. Holders are eligible for reduced rates of taxation. For both corporate and non-corporate U.S. Holders, limitations apply to the deductibility of capital losses.

***Additional Tax Considerations***

*Receipt of Foreign Currency*

The amount of any distribution paid to a U.S. Holder in foreign currency or on the sale, exchange or other taxable disposition of the securities generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). If the foreign currency received is not converted into U.S. dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder who receives payment in foreign currency and engages in a subsequent conversion or other disposition of the foreign currency may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method of tax accounting. Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

*Foreign Tax Credit*

Subject to the PFIC rules discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the securities generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid or accrued (whether directly or through withholding) by a U.S. Holder during a year. The foreign tax credit rules are complex and involve the application of rules that depend on a U.S. Holder's particular circumstances. Accordingly, each U.S. Holder should consult its own tax advisor regarding the foreign tax credit rules.

***Information Reporting and Backup Withholding***

Under U.S. federal income tax laws certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person, and any interest in a non-U.S. entity. U. S. Holders may be subject to these reporting requirements unless the securities are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should consult their own tax advisors regarding the requirements of filing information returns, including the requirement to file IRS Form 8938. In addition, U.S. Holders should consult with their own tax advisors regarding the requirements of filing information returns, and, if applicable, filing obligations relating to the PFIC rules, including possible reporting on an IRS Form 8621.

Payments made within the U.S., or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of the Shares generally may be subject to information reporting and backup withholding tax, currently at the rate of 24%, if a U.S. Holder (a) fails to furnish its correct U.S. taxpayer identification number (generally on Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that it has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons, such as U.S. Holders that are corporations, generally are excluded from these information reporting and backup withholding tax rules. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner. The information reporting and backup withholding rules may apply even if, under the Canada-U.S. Tax Convention, payments may be exempt from the dividend withholding tax rules or otherwise eligible for a reduced withholding rate. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup withholding rules.

The discussion of reporting requirements set forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax and, under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisors regarding the information reporting and backup withholding rules.

**THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF THE SHARES. EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN THE SECURITIES IN LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES.** 

**EXPENSES**

The following is an estimate of the expenses that we expect to incur in connection with the securities being registered hereby.

---

| | |
|:---|:---|
|  | **Amount** |
| SEC registration fee | $1624.40 |
| Legal fees and expenses | $85000 |
| Accounting fees and expenses | $7500 |
| Miscellaneous | $5000 |
| Total | $99124.40 |

---

**INDEMNIFICATION**

Insofar as indemnification for liabilities arising under the U.S. Securities Act may be permitted to our directors, officers or persons controlling the Company pursuant to the provisions of our Articles, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the U.S. Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or person controlling the registrant in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed in the U.S. Securities Act and will be governed by the final adjudication of such issue.

**LEGAL MATTERS** 

The validity of the common shares being offered by this prospectus will be passed upon for us by Borden Ladner Gervais LLP, Vancouver, British Columbia, Canada. Troutman Pepper Locke LLP, Boston, Massachusetts, has advised us with respect to certain U.S. legal matters.

**EXPERTS**

Ernst & Young LLP, independent registered public accounting firm, has audited our consolidated financial statements as of December 31, 2025 and 2024, and for the years then ended, as set forth in its report thereon. Such consolidated financial statements have been incorporated by reference into this prospectus and the registration statement, of which this prospectus is a part, in reliance on the report of Ernst & Young LLP, given on their authority as experts in accounting and auditing. Ernst & Young LLP is independent with respect to us in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the Public Company Accounting Oversight Board on auditor independence.

Information relating to the Empire State Mine in this prospectus and the documents incorporated by reference herein and therein has been derived from the Technical Report titled "Empire State Mines 2025 NI 43-101 Technical Report" with an effective date of December 1, 2025 prepared by Donald R. Taylor, MSc., PG of Titan Mining Corporation, Todd McCracken, P.Geo of BBA USA Inc., Bahareh Asi, P.Eng. of BBA USA Inc., David Willock, P.Eng. of BBA USA Inc., Deepak Malhotra, P.Eng. of Forte Dynamics, Inc., Oliver Peters, MSc, P.Eng., MBA of Metpro Management Inc., Derick de Wit, FAusIMM of Dorfner Anzaplan UK Limited, and Steven M. Trader, PG, CPG of Alpha Geoscience, and this information has been included in reliance on such persons' expertise. Messrs. Taylor, McCracken, Asi, Willock, Malhotra, Peters, de Wit, and Trader are each a qualified person and, except for Mr. Taylor, are independent of the Company, as such terms are defined in NI 43-101.

![](ea029028301_img2.jpg)

**TITAN MINING CORPORATION**

**294,048 Common Shares**

**REOFFER PROSPECTUS**

**Part II — Information Required in the Registration Statement**

Item 3. <u>Incorporation of Documents by Reference</u>.

Titan Mining Corporation (the "**Company**") incorporates by reference in this registration statement the following information:

● The Company's Annual Report on Form 40-F for the fiscal year ended December 31, 2025 filed with the SEC on [March 19, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001791703/000121390026031504/ea0281557-40f_titan.htm) , as amended by Amendment No. 1 to Form 40-F filed with the SEC on [March 27, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001791703/000121390026035613/ea0283343-40fa1_titan.htm) ;

● The Company's Report on Form 6-K with the financial statements and management's discussion and analysis for the three months ended March 31, 2026, furnished to the SEC on [May 13, 2026](https://www.sec.gov/Archives/edgar/data/1791703/000121390026055261/ea0289588-6k_titan.htm) ;

● The Company's Report on Form 6-K with the management information circular for the annual general meeting of shareholders to be held on June 25, 2026, furnished to the SEC on [May 13, 2026](https://www.sec.gov/Archives/edgar/data/1791703/000121390026055918/ea0290263-6k_titan.htm) ;

● The Company's Report on Form 6-K with a material change report dated February 9, 2026, furnished to the SEC on [February 9, 2026](https://www.sec.gov/Archives/edgar/data/1791703/000121390026013637/ea0276189-6k_titan.htm) ; and

● The description of the Company's common shares contained under the heading "General Description of Capital Structure" in [Exhibit 99.61](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-61_titan.htm) to the Company's registration statement on Form 40-F (File No. 001-42955), filed with the SEC on [November 13, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea0260655-40fr12b_titan.htm) , as amended on [November 18, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025111742/ea0266060-40fr12ba1_titan.htm) , and declared effective on [November 20, 2025](https://www.sec.gov/Archives/edgar/data/1791703/999999999725003787/filename1.pdf) , including any amendment or report filed for the purpose of updating such description.

All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the United States Securities Exchange Act of 1934, as amended (the "**U.S. Exchange Act**"), and any document of the type referred to in the list above, as well as Form 6-Ks furnished by the Company to the SEC that include interim financial statements and related management's discussion and analysis, information circulars, material change reports, and business acquisition reports, filed or furnished by the Company subsequent to the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this registration statement and to be a part hereof commencing on the respective dates on which such documents are filed or furnished. The Company may incorporate by reference into this registration statement any other Form 6-K (or portions thereof) that is submitted to the SEC after the date of the filing of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold. In addition to any Form 6-K furnishing the type of documents referred to in the list above (which shall be deemed to be incorporated by reference into this registration statement), any such other Form 6-K (or portions thereof) that the Company intends to so incorporate shall state in such form that it is being incorporated by reference into this registration statement.

Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes that statement. Any such 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 that it modifies or supersedes. Any statement so modified or superseded shall not be considered in its unmodified or superseded form to constitute part of this registration statement; rather only such statement as so modified or superseded shall be considered to constitute part of this registration statement.

Item 4. <u>Description of Securities</u>.

Not applicable.

Item 5. <u>Interests of Named Experts and Counsel</u>.

Not applicable.

Item 6. <u>Indemnification of Directors and Officers</u>.

Division 5 of Part 5 of the *Business Corporations Act* of British Columbia (the "**BCBCA**") consists of Sections 159 through 165. Section 160 provides that a corporation may: (i) indemnify an individual who is or was a director or officer of the company, is or was a director of another corporation at a time when the corporation is or was an affiliate of the company or at the request of the company, or at the request of the company, is or was or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity (an "**Eligible Party**") against judgments, penalties or fines awarded or imposed in, or an amount paid in settlement of, a proceeding in which an Eligible Party or any of the heirs and personal or other legal representatives of the Eligible Party, by reason of the Eligible Party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the corporation or an associated corporation is or may be joined as a party, or is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to the proceeding (an "**Eligible Proceeding**"); and/or (ii) pay the expenses of an Eligible Party actually and reasonably incurred by the Eligible Party in respect of such an Eligible Proceeding after final disposition. Section 161 provides that a British Columbia corporation must pay the expenses actually and reasonably incurred by an Eligible Party in respect of an Eligible Proceeding if the Eligible Party has not been reimbursed for those expenses and is wholly successful in the outcome of the proceeding, on the merits or otherwise or is substantially successful on the merits in the outcome of the proceeding. Notwithstanding the foregoing, Section 163 prohibits a British Columbia corporation from granting such an indemnity or paying such expenses to an Eligible Party if:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 indemnity or payment is made under an earlier agreement to indemnify or pay expenses and,
 at the time the agreement to give indemnity was made, the corporation was prohibited from
 agreeing to grant it by its memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 indemnity or payment is made otherwise than under an earlier agreement to indemnify and,
 at the time the indemnity or payment is made, the corporation is prohibited from giving the
 indemnity or paying the expenses by its memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 relation to the subject matter of the Eligible Proceeding, the Eligible Party did not act
 honestly and in good faith with a view to the best interests of the corporation or associated
 corporation, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 the case of an Eligible Proceeding other than a civil proceeding, if the Eligible Party did
 not have reasonable grounds for believing his or her conduct in respect of which the proceeding
 was brought was lawful.

Section 164 of the BCBCA provides that, regardless of whether the payment of expenses or indemnification has been sought, authorized or declined under Division 5, on the application of a corporation or an Eligible Party, the court may do one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) order
 a corporation to indemnify an Eligible Party against any liability incurred in respect of
 an Eligible Proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;(b) order
 a corporation to pay some or all of the expenses incurred by an Eligible Party in respect
 of an Eligible Proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;(c) order
 the enforcement of, or a payment under, an agreement of indemnification entered into by the
 corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(d) order
 a corporation to pay some or all expenses actually and reasonably incurred by any person
 in obtaining a court order under Section 164 of the BCBCA; or

&nbsp;&nbsp;&nbsp;&nbsp;(e) make
 any other order that the court deems appropriate.

The articles of the registrant provide that, subject to the BCBCA, the registrant must indemnify a director or former director of the registrant and his or her heirs and legal personal representatives against all eligible penalties (as defined in the articles of the registrant) to which such person is or may be liable, and the registrant must, after the final disposition of an eligible proceeding (as defined in the articles of the registrant), pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director is deemed to have contracted with the registrant on the terms of this indemnity. In addition, the articles of the registrant provide that, subject to any restrictions in the BCBCA, the registrant may indemnify any person. Furthermore, the registrant may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who: (1) is or was a director, alternate director, officer, employee or agent of the registrant; (2) is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the registrant; (3) 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 (4) at the request of the registrant, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity; against any liability incurred by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.

**Insofar as indemnification for liabilities arising under the U.S. Securities Act 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 U.S. Securities Act, and is therefore unenforceable.** 

Item 7. <u>Exemption from Registration Claimed</u>.

The common shares being reoffered and resold pursuant to the reoffer prospectus were deemed to be exempt from registration under the U.S. Securities Act in reliance on Section 4(a)(2) of the U.S. Securities Act promulgated thereunder, as transactions by an issuer not involving a public offering and pursuant to a written compensatory benefit plan.

Item 8. <u>Exhibits</u>.

The exhibits listed under the caption "Exhibit Index" of this registration statement are incorporated by reference herein.

Item 9. <u>Undertakings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 include any prospectus required by Section 10(a)(3) of the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 reflect in the prospectus any facts or events arising after the effective date of the registration
 statement (or the most recent post-effective amendment thereof) which, individually or in
 the aggregate, represent a fundamental change in the information set forth in the registration
 statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities
 offered (if the total dollar value of securities offered would not exceed that which was
 registered) and any deviation from the low or high end of the estimated maximum offering
 range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b)
 if, in the aggregate, the changes in the volume and price represent no more than a 20% change
 in the maximum aggregate offering price set forth in the "Calculation of Registration
 Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 include any material information with respect to the plan of distribution not previously
 disclosed in the registration statement or any material change to such information in the
 registration statement;

*Provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the U.S. Exchange Act that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That,
for the purpose of determining any liability under the U.S. Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
registrant hereby undertakes that, for purposes of determining any liability under the U.S. Securities Act, each filing of the registrant's
annual report pursuant to Section 13(a) or Section 15(d) of the U.S. Exchange Act (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to Section 15(d) of the U.S. Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Insofar
as indemnification for liabilities arising under the U.S. Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the U.S. Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the U.S. Securities Act and will be governed by the final adjudication
of such issue.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1\* | [Articles of Titan Mining Corporation.](ea029028301ex4-1.htm) |
| 4.2\* | [Titan Mining Corporation form of common share certificate.](ea029028301ex4-2.htm) |
| 4.3\* | [Titan Mining Corporation Stock Option Plan.](ea029028301ex4-3.htm) |
| 4.4\* | [Form of Stock Option Plan Certificate under the Titan Mining Corporation Stock Option Plan (included as Exhibit A to Exhibit 4.3 hereto).](ea029028301ex4-3.htm) |
| 4.5\* | [Restricted Share Unit Plan for Designated Participants of Titan Mining Corporation and its Affiliates.](ea029028301ex4-5.htm) |
| 5.1\* | [Opinion of Borden Ladner Gervais LLP.](ea029028301ex5-1.htm) |
| 23.1\* | [Consent of Borden Ladner Gervais LLP (contained in Exhibit 5.1 hereto).](ea029028301ex5-1.htm) |
| 23.2\* | [Consent of Ernst & Young LLP.](ea029028301ex23-2.htm) |
| 23.3\* | [Consent of Bahareh Asi, P.Eng.](ea029028301ex23-3.htm) |
| 23.4\* | [Consent of David Willock, P.Eng.](ea029028301ex23-4.htm) |
| 23.5\* | [Consent of Deepak Malhotra, SME-RM](ea029028301ex23-5.htm) |
| 23.6\* | [Consent of Derick de Wit, FAusIMM](ea029028301ex23-6.htm) |
| 23.7\* | [Consent of Donald R. Taylor, MSc., PG](ea029028301ex23-7.htm) |
| 23.8\* | [Consent of Oliver Peters, MSc, P.Eng., MBA](ea029028301ex23-8.htm) |
| 23.9\* | [Consent of Steven M. Trader, PG, CPG](ea029028301ex23-9.htm) |
| 23.10\* | [Consent of Todd McCracken, P.Geo.](ea029028301ex23-10.htm) |
| 24.1\* | [Power of Attorney (included on the signature page of this registration statement).](#a_023) |
| 107\* | [Filing Fee Table](ea029028301ex-fee.htm) |

---

\* Filed herewith.

**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 S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, Province of British Columbia, Canada, on May 14, 2026.

---

| | | |
|:---|:---|:---|
| **Titan Mining Corporation** | **Titan Mining Corporation** | **Titan Mining Corporation** |
| By: | /s/ Rita Adiani | /s/ Rita Adiani |
|  | Name: | Rita Adiani |
|  | Title: | Chief Executive Officer |

---

**POWERS OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Rita Adiani, Kevin Hart and Tom Ladner, or any of them, as his or her true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to prepare, execute and deliver any or all amendments to this registration statement, including post-effective amendments and supplements to this registration statement, registration statements filed pursuant to Rule 429 under the U.S. Securities Act, and any related registration statements necessary to register additional securities, 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, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her 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 U.S. Securities Act, this registration statement has been signed by the following persons in the capacities indicated on May 14, 2026.

---

| | |
|:---|:---|
| **Signatures** | **Title** |
| /s/ Rita Adiani | President and Chief Executive Officer, Director |
| Rita Adiani | (Principal Executive Officer) |
| /s/ Kevin Hart | Chief Financial Officer |
| Kevin Hart | (Principal Financial and Accounting Officer) |
| /s/ Richard Warke | Executive Chairman |
| Richard Warke |  |
| /s/ Donald R. Taylor | Director |
| Donald R. Taylor |  |
| /s/ John Boehner | Director |
| John Boehner |  |
| /s/ Lenard Boggio | Director |
| Lenard Boggio |  |
| /s/ William Mulrow | Director |
| William Mulrow |  |
| /s/ George Pataki | Director |
| George Pataki |  |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Form S-8, solely in its capacity as duly authorized representative of Titan Mining Corporation in the United States, on May 14, 2026.

---

| | | |
|:---|:---|:---|
| **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** | **PUGLISI & ASSOCIATES** |
| By: | /s/ Donald J. Puglisi | /s/ Donald J. Puglisi |
|  | Name: | Donald J. Puglisi |
|  | Title: | Managing Director |

---

## Exhibit 4.1

**Exhibit 4.1**

![](ea029028301_ex4-1img1.jpg)

ARTICLES TITAN 4IINING COItPORA"fI ON (the "Company") The Company has as its articles the following articles. Incorporation Nwnber: BC0952775 ARTICLES 1. Interpretation............. .........................................................................................................................2 2. Shares and Share Certificates..............................................................................................................2 3. Issue of Shares ............................................................................................................................. ... ....4 4. Share Registers.................................................................................................................... ... .............4 5. Share Transfers.................................................................................................................... ... .............5 6. Transmission of Shares .......................................................................................................................6 7. Purchase of Shares ............................................................................................................................. .6 8. Borrowing Powers....................................................................................................................... ... .....7 9. Alterations.................................................................................................................. ... ......................7 10. Meetings of Shareholders................................................................................................................. ... 8 11. Proceedings at Meetings of Shareholders .........................................................................................10 12. Votes of Shareholders................................................................................................................. .. .....13 13. Directors............................. ..............................................................................................................16 14. Election and Removal of Directors...................................................................................................18 15. Alternate Directors.................................................................................................................... ... .....20 16. Powers and Duties of Directors ........................................................................................................21 17. Disclosure of Interest of Directors ....................................................................................................22 18. Proceedings of Directors...................................................................................................................2 3 19. Executive and Other Committees .....................................................................................................25 20. Officers..................................................................................................................... ... ......................27 21. Indemnification.............................................................................................................. ... ................27 22. Dividends and Reserves....................................................................................................................2 8 23. Documents, Records and Reports.....................................................................................................30 24. Notices ............................................................................................................................. ... ..............30 25. Seal.... . ............................................................................................................................. ... .............32 26. Prohibitions................................................................................................................. ... ...................32 Full name and signature of each incorporator RICHARD W. WARKE Amended by Director's R esolutions Dated Oct 18, 2016 Effective: November 10, 2016 Date of signing October 15.2012 (3964 - 001 \ 00350617.DOC.)

![](ea029028301_ex4-1img2.jpg)

- 2 - 1. Interpretation 1. Definitions In these Articles, unless the context otherwise requires: (1) "board of directors", "directors" and "board" mean the directors or sole director of the Company for the time being ; (2) "Business Corporations Act" means the Business Corporations Act (British Columbia) as amended from time to time and includes all regulations as amended from time to time made pursuant to that Act ; (3) "legal personal representative" means the personal or other legal representative of the shareholder; (4) "registered address" of a shareholder means the shareholder's address as recorded in the central securities register ; (5) "seal" means the seal of the Company, if any. 1.2 Business Corporiitions Act and Interpretiition Act Definitions Applicable The definitions in the Business Corporations Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were an enactment . If there is a conflict between a definition in the Business Corporations Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the definition in the Business Corporations Act will prevail in relation to the use of the term in these Articles . If there is a conflict between these Articles and the Business CorporatiOnS Act, the Busfness Corporations Act will prevail . 2. SnARES AND SHARE CERTIFICATES 1. Authorized Share Structure The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company. 2. Form of Share Certificate Each share certificate issued by the Company must comply with, and be signed as required by, the Business Corporations Act. 3. Shareholder Entitled to Certificate or Acknowledgment Each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or (b) a non - transferable written acknowledgment of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders' duly authorized agents will be sufficient delivery to all .

![](ea029028301_ex4-1img3.jpg)

- 3 - 4. Delivery by Mail Any share certificate or non - transferable written acknowledgment of a shareholder's right to obtain a share certificate may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen . 5. Replacement of Worn Out or Defaced Certificate or Acknowledgement If the directors are satisfied that a share certificate or a non - transferable written acknowledgment of the shareholder's right to obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as they think fit : (1) order the share certificate or acknowledgment, as the case may be, to be cancelled; and (2) issue a replacement share certificate or acknowledgment, as the case may be. 2.6 Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment If a share certificate or a non - transferable written acknowledgment of a shareholder's right to obtain a share certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgment, as the case may be, must be issued to the person entitled to that share certificate or acknowledgment, as the case may be, if the directors receive : (1) proof satisfactory to them that the share certificate or acknowledgment is lost, stolen or destroyed; and (2) any indemnity the directors consider adequate. 7. Splitting Share Certificates If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request . 8. Certificate Fee There must be paid to the Company, in relation to the issue of any share certificate under Articles 2 . 5 , 2 . 6 or 2 . 7 , the amount, if any and which must not exceed the amount prescribed under the Business Corporations Act, determined by the directors . 9. Recognition of Trusts Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder . (3964 - 001 \ 00350617.DOC.)

![](ea029028301_ex4-1img4.jpg)

![](ea029028301_ex4-1img5.jpg)

- 5 - appoint an agent to maintain the central securities register . The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be . The directors may terminate such appointment of any agent at any time and may appoint another agent in its place . 4.2 Closing Register The Company must not at any time close its central securities register . 5. SHARE TRANSFERS 1. Registering Transfers A transfer of a share of the Company must not be registered unless : (1) a duly signed instrument of transfer in respect of the share has been received by the Company; (2) if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate has been surrendered to the Company ; and (3) if a non - transferable written acknowledgment of the shareholder's right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment has been surrendered to the Company . 2. Form of Instrument of Transfer The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form that may be approved by the directors from time to time . 3. Transferor Remains Shareholder Except to the extent that the Business Corporations Act otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer . 4. Signing of Instrument of Transfer If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer : (1) in the name of the person named as transferee in that instrument of transfer; or (2) if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered . (3964 - 001 \ 00350617.DOC.}

![](ea029028301_ex4-1img6.jpg)

- 6 - 5. Enquiry as to Title Not Required Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares . 6. Transfer Fee There must be paid to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors . 6. TRANSMISSION OF Series 1. Legal Personal Representative Recognized on Death In case of the death of a shareholder, the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares . Before recognizing a person as a legal personal representative, the directors may require proof of appointment by a court of competent jurisdiction, a grant of letters probate, letters of administration or such other evidence or documents as the directors consider appropriate . 2. Rights of Legal Personal Representative The legal personal representative has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Business Corporations Act and the directors have been deposited with the Company . 7. PURCHASE OF SHARES 1. Company Authorized to Purchase Shares Subject to Article 7 . 2 , the special rights and restrictions attached to the shares of any class or series and the Business Corporations Act, the Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and upon the terms specified in such resolution . 2. Purchase When Insolvent The Company must not make a payment or provide any other consideration to purchase or otherwise acquire any of its shares if there are reasonable grounds for believing that : (1) the Company is insolvent; or (2) making the payment or providing the consideration would render the Company insolvent.

![](ea029028301_ex4-1img7.jpg)

- 7 - 7.3 Sale and Voting of Purchased Shares If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it: (1) is not entitled to vote the share at a meeting of its shareholders; (2) must not pay a dividend in respect of the share; and (3) must not make any other distribution in respect of the share. 8. BoRROWING POWERS The Company, if authorized by the directors, may: (1) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate ; (2) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as they consider appropriate ; (3) guarantee the repayment of money by any other person or the performance of any obligation of any other person ; and (4) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company . 9. ALTERATIONS 9.1 Alteration of Authorized Share Structure Subject to Article 9.2 and the Business Corporations Act, the Company may by special resolution: (1) create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares ; (2) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established ; (3) subdivide or consolidate all or any of its unissued, or fully paid issued, shares; (4) if the Company is authorized to issue shares of a class of shares with par value: (a) decrease the par value of those shares; or (b) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares; {3964 - 001 \ 00350617.DOC.)

![](ea029028301_ex4-1img8.jpg)

New Article 9.5 approved by special resolution dated June 30, 2021.

![](ea029028301_ex4-1img9.jpg)

- 9 - 10.4 Notice for Meetings of Shareholders The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting : (1) if and for so long as the Company is a public company, 21 days; (2) otherwise, 10 days. 10.5 Record Date for Notice The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders . The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months . The record date must not precede the date on which the meeting is held by fewer than : (1) if and for so long as the Company is a public company, 21 days; (2) otherwise, 10 days. If no record date is set, the record date is 5 p . m . on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting . 6. Record Date for Voting The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders . The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months . If no record date is set, the record date is 5 p . m . on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting . 7. Failure to Give Notice and Waiver of Notice The accidental omission to send notice of any meeting to, or the non - receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting . Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting . 8. Notice of Special Business at Meetings of Shareholders If a meeting of shareholders is to consider special business within the meaning of Article 11 . 1 , the notice of meeting must : (1) state the general nature of the special business; and (2) if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders : (3964 - 001 \ 003506I7.DOC.)

![](ea029028301_ex4-1img10.jpg)

- 10 - (a) at the Company's records office, or at such other reasonably accessible location in British Columbia as is specified in the notice ; and (b) during statutory business hours on any one or more specified days before the day set for the holding of the meeting . 11. PROCEEDINGS AT MEETINGS OF SHAREHOLDERS 1. Special Business At a meeting of shareholders, the following business is special business : (1) at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting; (2) at an annual general meeting, all business is special business except for the following: (a) business relating to the conduct of or voting at the meeting; (b) consideration of any financial statements of the Company presented to the meeting; (c) consideration of any reports of the directors or auditor; (d) the setting or changing of the number of directors; (e) the election or appointment of directors; (f) the appointment of an auditor; (g) business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution ; (h) any other business which, under these Articles or the Business Corporations Act, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders . 2. Special Majority The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two - thirds of the votes cast on the resolution . 3. Quorum Subject to the special rights and restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two shareholders entitled to vote at the meeting whether in person or by proxy who hold, in the aggregate, at least 5 % of the issued shares entitled to be voted at the meeting . 4. One Shareholder May Constitute Quorum If there is only one shareholder entitled to vote at a meeting of shareholders : (1) the quorum is one person who is, or who represents by proxy, that shareholder, and

![](ea029028301_ex4-1img11.jpg)

- 11 - (2) that shareholder, present in person or by proxy, may constitute the meeting. 5. Other Persons May Attend The directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any other persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a meeting of shareholders, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting . 6. Requirement of Quorum No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting . 7. Lack of Quorum If, within one - half hour from the time set for the holding of a meeting of shareholders, a quorum is not present : (1) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and (2) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place. 8. Lack of Quorum at Succeeding Meeting If, at the meeting to which the meeting referred to in Article 11 . 7 (2) was adjourned, a quorum is not present within one - half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute a quorum . 9. Chair The following individual is entitled to preside as chair at a meeting of shareholders : (1) the chair of the board, if any; or (2) if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any. 11.10 Selection of Alternate Chair If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose one of their number to be chair of the meeting or if all of the directors present decline to take the chair or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting . {3964 - 001 \ 00350617.DOC.)

![](ea029028301_ex4-1img12.jpg)

- 12 - 11. Adjournments The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place . 12. Notice of Adjourned Meeting It is not necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting . 13. Decisions by Show of Hands or Poll Subject to the Business Corporations Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by at least one shareholder entitled to vote who is present in person or by proxy . 14. Declaration of Result The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting . A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11 . 13 , conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution . 15. Motion Need Not be Seconded No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion . 16. Casting Vote In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder . 17. Manner of Taking Poll Subject to Article 11 . 18 , if a poll is duly demanded at a meeting of shareholders : (1) the poll must be taken: (a) at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and (b) in the manner, at the time and at the place that the chair of the meeting directs; (2) the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

![](ea029028301_ex4-1img13.jpg)

- 13 - (3) the demand for the poll may be withdrawn by the person who demanded it. 18. Demand for Poll on Adjournment A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting . 19. Chair Must Resolve Dispute In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive . 20. Casting of Votes On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way . 21. Demand for Poll No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected . 22. Demand for Poll Not to Prevent Continuance of Meeting The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded . 23. Retention of Ballots and Proxies The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxyholder entitled to vote at the meeting . At the end of such three month period, the Company may destroy such ballots and proxies . 12. VOTES OF SHAREHOLDERS 1. Number of Votes by Shareholder or by Shares Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12 . 3 : (1) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote ; and (2) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy . 12.2 Votes of Persons in Representative Capacity A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies {3964 - 001 \ 00350617.DOC.)

![](ea029028301_ex4-1img14.jpg)

- 14 - the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting . 12.3 Votes by Joint Holders If there are joint shareholders registered in respect of any share : (I) any one of the joint shareholders may vote at any meeting, either personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it ; or (2) if more than one of the joint shareholders is present at any meeting, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted . 12.4 Legal Personal Representatives as Joint Shareholders Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12 . 3 , deemed to be joint shareholders . 12.5 Representative of a Corporate Shareholder If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and : (1) for that purpose, the instrument appointing a representative must: (a) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting ; or (b) be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting ; (2) if a representative is appointed under this Article 12.5: (a) the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder ; and (b) the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting . Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages . 12.6 Proxy Provisions Do Not Apply to All Companies If and for so long as the Company is a public company or a pre - existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, Articles 12 . 7 to 12 . 14 apply only insofar as they are not inconsistent with

![](ea029028301_ex4-1img15.jpg)

- 15 - any securities legislation in any province or territory of Canada or in the federal jurisdiction of the United States or in any states of the United States that is applicable to the Company and insofar as they are not inconsistent with the regulations and rules made and promulgated under that legislation and all administrative policy statements, blanket orders and rulings, notices and other administrative directions issued by securities commission or similar authorities appointed under that legislation . 7. Appointment of Proxy Holders Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders of the Company may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy . 8. Alternate Proxy Holders A shareholder may appoint one or more alternate proxy holders who need not be shareholders to act in the place of an absent proxy holder. 9. Deposit of Proxy A proxy for a meeting of shareholders must: (1) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting ; or (2) unless the notice provides otherwise, be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting . A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages. 12.10 Validity of Proxy Vote A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received : (1) at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used ; or (2) by the chair of the meeting, before the vote is taken. 12.11 Form of Proxy A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting: [name of company] (the "Company") (3964 - 001 \ 00350617.DOC.}

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- 16 - The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting . Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name of the shareholder) : Signed [month, day, year] [Signature ofshareholder] [Names ofshareholder — printed] 12.12 Revocation of Proxy Subject to Article 12.14, every proxy may be revoked by an instrument in writing that is: (1) received at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or (2) provided, at the meeting, to the chair of the meeting. 12.13 Revocation of Proxy Must Be Signed An instrument referred to in Article 12.13 must be signed as follows: (1) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or his or her legal personal representative or trustee in bankruptcy; (2) if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under Article 12.5. 12.14 Production of Evidence of Authority to Vote The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote . 13. DIRECTORS 1. First Directors; Number of Directors The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the Business Corporations Act . The number of directors, excluding additional directors appointed under Article 14 . 8 , is set at : (1) subject to paragraphs (2) and (3), the number of directors that is equal to the number of the Company's first directors; (2) if the Company is a public company, the greater of three and the most recently set of:

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- 17 - (a) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and (b) the number of directors set under Article 14.4; (3) if the Company is not a public company, the most recently set of: (a) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and (b) the number of directors set under Article 14.4. 13.2 Change in Number of Directors If the number of directors is set under Articles 13 . 1 (2)(a) or 13 . 1 (3)(a) : (1) the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number ; (2) if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number contemporaneously with the setting of that number, then the directors may appoint, or the shareholders may elect or appoint, directors to fill those vacancies . 3. Directors' Acts Valid Despite Vacancy An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office . 4. Qualifications of Directors A director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as required by the Business Corporations Act to become, act or continue to act as a director . 5. Remuneration of Directors The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine . If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders . That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director . 6. Reimbursement of Expenses of Directors The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company . 7. Special Remuneration for Directors If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company's business, he or she may be paid remuneration fixed by the directors, or, at the {3964 - 001 \ 00350617.DOC.}

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- 18 - option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that he or she may be entitled to receive . 13.8 Gratuity, Pension or Allowance on Retirement of Director Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance . 14. ELECTION AND REMOVAL OF DIRECTORS 1. Election at Annual General Meeting At every annual general meeting and in every unanimous resolution contemplated by Article 10 . 2 : (1) the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles ; and (2) all the directors cease to hold office immediately before the election or appointment of directors under paragraph (1), but are eligible for re - election or re - appointment . 14.2 Consent to be a Director No election, appointment or designation of an individual as a director is valid unless : (1) that individual consents to be a director in the manner provided for in the Business Corporations Act, (2) that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or (3) with respect to first directors, the designation is otherwise valid under the Business Corporations Act. 14.3 Failure to Elect or Appoint Directors If: (1) the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10 . 2 , on or before the date by which the annual general meeting is required to be held under the Business Corporations Act, or (2) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by Article 10.2, to elect or appoint any directors; then each director then in office continues to hold office until the earlier of: (3) the date on which his or her successor is elected or appointed; and

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- 19 - (4) the date on which he or she otherwise ceases to hold office under the Business Corporations Act or these Articles. 4. Places of Retiring Directors Not Filled If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re - elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose . If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office . 5. Directors May Fill Casual Vacancies Any casual vacancy occurring in the board of directors may be filled by the directors . 6. Remaining Directors Power to Act The directors may act notwithstanding any vacancy in the board of directors but, if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purposes of appointing directors up to that number, summoning a meeting of shareholders for the purpose of filling any vacancies on the board of directors, or, subject to the Business Corporations Act, for any other purpose . 7. Shareholders May Fill Vacancies If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fi 11 any vacancies on the board of directors . 8. Additional Directors Notwithstanding Articles 13 . 1 and 13 . 2 , between annual general meetings or unanimous resolutions contemplated by Article 10 . 2 , the directors may appoint one or more additional directors, but the number of additional directors appointed under this Article 14 . 8 must not at any time exceed : (1) one - third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or (2) in any other case, one - third of the number of the current directors who were elected or appointed as directors other than under this Article 14.8. Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14 . 1 (1), but is eligible for re - election or re - appointment . 14.9 Ceasing to be a Director A director ceases to be a director when : (1) the term of office of the director expires; (3964 - 001 \ 003506I7.DOC.)

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- 20 - (2) the director dies; (3) the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or (4) the director is removed from office pursuant to Articles 14.10 or 14.11. 10. Removal of Director by Shareholders The Company may remove any director before the expiration of his or her term of office by special resolution . In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fi 11 the resulting vacancy . If the shareholders do not elect or appoint a director to fi 11 the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fi 11 that vacancy . 11. Removal of Director by Directors The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy . 15. ALTERNATE DIRECTORS 1. Appointment of Alternate Director Any director (an "appointor") may by notice in writing received by the Company appoint any person (an "appointee") who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to his or her appointor within a reasonable time after the notice of appointment is received by the Company . 2. Notice of Meetings Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present . 3. Alternate for More Than One Director Attending Meetings A person may be appointed as an alternate director by more than one director, and an alternate director : (1) will be counted in determining the quorum for a meeting of directors once for each of his or her appointors and, in the case of an appointee who is also a director, once more in that capacity; (2) has a separate vote at a meeting of directors for each of his or her appointors and, in the case of an appointee who is also a director, an additional vote in that capacity; (3) will be counted in determining the quorum for a meeting of a committee of directors once for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, once more in that capacity ;

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- 21 - (4) has a separate vote at a meeting of a committee of directors for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity . 4. Consent Resolutions Every alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing. 5. Alternate Director Not an Agent Every alternate director is deemed not to be the agent of his or her appointor. 6. Revocation of Appointment of Alternate Director An appointor may at any time, by notice in writing received by the Company, revoke the appointment of an alternate director appointed by him or her. 7. Ceasing to be an Alternate Director The appointment of an alternate director ceases when: (1) his or her appointor ceases to be a director and is not promptly re - elected or re - appointed; (2) the alternate director dies; (3) the alternate director resigns as an alternate director by notice in writing provided to the Company or a lawyer for the Company ; (4) the alternate director ceases to be qualified to act as a director; or (5) his or her appointor revokes the appointment of the alternate director. 15.8 Remuneration and Expenses of Alternate Director The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct . 16. POWERS AND DUTIES OF DIRECTORS 1. Powers of Management The directors must, subject to the Business Corporations Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Business Corporations Act or by these Articles, required to be exercised by the shareholders of the Company . 2. Appointment of Attorney of Company The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, (3964 - 001 \ 00350617.DOC.}

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- 22 - authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fi 11 vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit . Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit . Any such attorney may be authorized by the directors to sub - delegate all or any of the powers, authorities and discretions for the time being vested in him or her . 16.3 Remuneration of the auditor The directors may set the remuneration of the auditor without the prior approval of the shareholders . 17. DISCLOSURE OF INTEREST OF DIRECTORS 1. Obligation to Account for Profits A director or senior officer who holds a disclosable interest (as that term is used in the Business Corporations Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Business Corporations Act . 2. Restrictions on Voting by Reason of Interest A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution . 3. Interested Director Counted in Quorum A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting . 4. Disclosure of Conflict of Interest or Property A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Business Corporations Act . 5. Director Holding Other Office in the Company A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine .

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- 23 - 6. No Disqualification No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason . 7. Professional Services by Director or Officer Subject to the Business Corporations Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer . 8. Director or Officer in Other Corporations A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Business Corporations Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person . 18. PROCEEDINGS OF DIRECTORS 1. Meetings of Directors The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine . 2. Voting at Meetings Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote . 3. Chair of Meetings The following individual is entitled to preside as chair at a meeting of directors : (1) the chair of the board, if any; (2) in the absence of the chair of the board, the president, if any, if the president is a director; or (3) any other director chosen by the directors if: (a) neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting; (b) neither the chair of the board nor the president, if a director, is willing to chair the meeting; or (3964 - 001 \ 003506I7.DOC.}

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- 24 - (c) the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting. 4. Meetings by Telephone or Other Communications Medium A director may participate in a meeting of the directors or of any committee of the directors in person or by telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other . A director may participate in a meeting of the directors or of any committee of the directors by a communications medium other than telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all directors who wish to participate in the meeting agree to such participation . A director who participates in a meeting in a manner contemplated by this Article 18 . 4 is deemed for all purposes of the Business Corporations Act and these Articles to be present at the meeting and to have agreed to participate in that manner . 5. Calling of Meetings A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time . 6. Notice of Meetings Other than for meetings held at regular intervals as determined by the directors pursuant to Article 18 . 1 , reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors and the alternate directors by any method set out in Article 24 . 1 or orally or by telephone . 7. When Notice Not Required It is not necessary to give notice of a meeting of the directors to a director or an alternate director if : (1) the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or (2) the director or alternate director, as the case may be, has waived notice of the meeting. 18.8 Meeting Valid Despite Failure to Give Notice The accidental omission to give notice of any meeting of directors to, or the non - receipt of any notice by, any director or alternate director, does not invalidate any proceedings at that meeting . 18.9 Waiver of Notice of Meetings Any director or alternate director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal . After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and, unless the director otherwise requires by notice in writing to the Company, to his or her alternate director, and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director or alternate director .

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- 25 - 10. Quorum The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at two directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting . 11. Validity of Acts Where Appointment Defective Subject to the Business Corporations Act, on act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer . 12. Consent Resolutions in Writing A resolution of the directors or of any committee of the directors may be passed without a meeting : (1) in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or (2) in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who are entitled to vote on the resolution consents to it in writing . A consent in writing under this Article may be by signed document, fax, email or any other method of transmitting legibly recorded messages . A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing . A resolution of the directors or of any committee of the directors passed in accordance with this Article 18 . 12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Business Corporations Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors . 19. EXECUTIVE AND OTHER COMMITTEES 1. Appointment and Powers of Executive Committee The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors' powers, except : (l) the power to fill vacancies in the board of directors; (2) the power to remove a director; (3) the power to change the membership of, or fill vacancies in, any committee of the directors; and (4) such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution. 19.2 Appointment and Powers of Other Committees The directors may, by resolution : (3964 - 001 \ 00350617.DOC.)

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- 26 - (1) appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate ; (2) delegate to a committee appointed under paragraph (1) any of the directors' powers, except: (a) the power to fill vacancies in the board of directors; (b) the power to remove a director; (c) the power to change the membership of, or fill vacancies in, any committee of the directors; and (d) the power to appoint or remove officers appointed by the directors; and (3) make any delegation referred to in paragraph (2) subject to the conditions set out in the resolution or any subsequent directors' resolution . 19.3 Obligations of Committees Any committee appointed under Articles 19.1 or 19.2, in the exercise of the powers delegated to it, must: (1) conform to any rules that may from time to time be imposed on it by the directors; and (2) report every act or thing done in exercise of those powers at such times as the directors may require . 19.4 Powers of Board The directors may, at any time, with respect to a committee appointed under Articles 19 . 1 or 19 . 2 : (1) revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding ; (2) terminate the appointment of, or change the membership of, the committee; and (3) fill vacancies in the committee. 19.5 Committee Meetings Subject to Article 19 . 3 (1) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 19 . 1 or 19 . 2 : (1) the committee may meet and adjourn as it thinks proper; (2) the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting ; (3) a majority of the members of the committee constitutes a quorum of the committee; and

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- 27 - (4) questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote . 20. OFFICERS 1. Directors May Appoint Officers The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment . 2. Functions, Duties and Powers of Officers The directors may, for each officer : (1) determine the functions and duties of the officer; (2) entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit ; and (3) revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer. 20.3 Qualifications No officer may be appointed unless that officer is qualified in accordance with the Business Corporations Act . One person may hold more than one position as an officer of the Company . Any person appointed as the chair of the board or as a managing director must be a director . Any other officer need not be a director . 20.4 Remuneration and Terms of Appointment All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity . 21. INDEMNIFICATION 1. Definitions In this Article 21 : (1) "eligible penalty" means a judgment, penalty or fme awarded or imposed in, or an amount paid in settlement of, an eligible proceeding ; (2) "eligible proceeding" means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director, former director or alternate director of the Company (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 Company : (3964 - 001 \ 00350617.DOC.)

![](ea029028301_ex4-1img28.jpg)

- 28 - (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; (3) "expenses" has the meaning set out in the Business Corporations Act. 2. Mandatory Indemnification of Directors and Former Directors Subject to the Business Corporations Act, the Company must indemnify a director, former director or alternate director of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding . Each director and alternate director is deemed to have contracted with the Company on the terms of the indemnity contained in this Article 21 . 2 . 3. Indemnification of Other Persons Subject to any restrictions in the Business Corporations Act, the Company may indemnify any person . 4. Non - Compliance with Business Corporations Act The failure of a director, alternate director or officer of the Company to comply with the Business Corporations Act or these Articles does not invalidate any indemnity to which he or she is entitled under this Part . 5. Company May Purchase Insurance The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who: (1) is or was a director, alternate director, officer, employee or agent of the Company; (2) is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Company; (3) at the request of the Company, 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; (4) at the request of the Company, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity; against any liability incurred by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position. 22. DIVIDENDS 1. Payment of Dividends Subject to Special Rights The provisions of this Article 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

![](ea029028301_ex4-1img29.jpg)

- 29 - 2. Declaration of Dividends Subject to the Business Corporations Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable. 3. No Notice Required The directors need not give notice to any shareholder of any declaration under Article 22.2. 4. Record Date The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend . The record date must not precede the date on which the dividend is to be paid by more than two months . If no record date is set, the record date is 5 p . m . on the date on which the directors pass the resolution declaring the dividend . 5. Manner of Paying Dividend A resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company, or in any one or more of those ways . 6. Settlement of Difficulties If any difficulty arises in regard to a distribution under Article 22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may: (1) set the value for distribution of specific assets; (2) determine that cash payments in substitution for all or any part of the specific assets to which any shareholders are entitled may be made to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties ; and (3) vest any such specific assets in trustees for the persons entitled to the dividend. 7. When Dividend Payable Any dividend may be made payable on such date as is fixed by the directors. 8. Dividends to be Paid in Accordance with Number of Shares All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held. 9. Receipt by Joint Shareholders If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share. 10. Dividend Bears No Interest No dividend bears interest against the Company. (3964 - 001 \ 00350617.DOC.)

![](ea029028301_ex4-1img30.jpg)

- 30 - 11. Fractional Dividends If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in malting payment of the dividend and that payment represents full payment of the dividend . 12. Payment of Dividends Any dividend or other distribution payable in cash in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the address of the shareholder, or in the case of joint shareholders, to the address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing . The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority . 13. Capitalization of Surplus Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of the surplus . 23. DOCUMENTS, RECORDS AND REPORTS 1. Recording of Financial Affairs The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Business Corporations Act . 2. Inspection of Accounting Records Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company . 24. NOTICES 1. Method of Giving Notice Unless the Business Corporations Act or these Articles provides otherwise, a notice, statement, report or other record required or permitted by the Business Corporations Act or these Articles to be sent by or to a person may be sent by any one of the following methods : (1) mail addressed to the person at the applicable address for that person as follows: (a) for a record mailed to a shareholder, the shareholder's registered address; (b) for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class ;

![](ea029028301_ex4-1img31.jpg)

- 31 - (c) in any other case, the mailing address of the intended recipient; (2) delivery at the applicable address for that person as follows, addressed to the person: (a) for a record delivered to a shareholder, the shareholder's registered address; (b) for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class ; (c) in any other case, the delivery address of the intended recipient; (3) sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class; (4) sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class; (5) physical delivery to the intended recipient. 24.2 Deemed Receipt of Mailing A record that is mailed to a person by ordinary mail to the applicable address for that person referred to in Article 24 . 1 is deemed to be received by the person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the date of mailing . @ 24.3 Certificate of Sending A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a notice, statement, report or other record was addressed as required by Article 24 . 1 , prepaid and mailed or otherwise sent as permitted by Article 24 . 1 is conclusive evidence of that fact . 24.4 Notice to Joint Shareholders A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing the notice to the joint shareholder first named in the central securities register in respect of the share . 24.5 Notice to Trustees A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by : (1) mailing the record, addressed to them: (a) by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description ; and (b) at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled ; or {3964 - 001 \ 003506I7.DOC.}

![](ea029028301_ex4-1img32.jpg)

- 32 - (2) if an address referred to in paragraph (1)(b) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred . 25. SEAL 1. Who May Attest Seal Except as provided in Articles 25 . 2 and 25 . 3 , the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of : (1) any two directors; (2) any officer, together with any director; (3) if the Company only has one director, that director; or (4) any one or more directors or officers or persons as may be determined by the directors. 25.2 Sealing Copies For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 25 . 1 , the impression of the seal may be attested by the signature of any director or officer . 25.3 Mechanical Reproduction of Seal The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time . To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Business Corporations Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior officer together with the secretary, treasurer, secretary - treasurer, an assistant secretary, an assistant treasurer or an assistant secretary - treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies . Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them . 26. PROHIBITIONS 1. Definitions In this Article 26 : (1) "designated security" means: (a) a voting security of the Company;

![](ea029028301_ex4-1img33.jpg)

- 33 - (b) a security of the Company that is not a debt security and that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets ; or (c) a security of the Company convertible, directly or indirectly, into a security described in paragraph (a) or (b) ; (2) "security" has the meaning assigned in the Securities Act (British Columbia); (3) "voting security" means a security of the Company that: (a) is not a debt security, and (b) carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing . 26.2 Application Article 26 . 3 does not apply to the Company if and for so long as it is a public company or a pre - existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply . 26.3 Consent Required for Transfer of Shares or Designated Securities No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition . {3964 - 001 \ 00350617.DOC.}

![](ea029028301_ex4-1img34.jpg)

TRITON MINING CORPORATION DIRECTORS' CONSENT RESOLUTIONS The undersigned, being all the directors of TRITON MINING CORPORATION (the " Company "), hereby consent in writing to the following resolutions as of October 18 th , 2016: NAME CHANGE TO TITAN MINING CORPORATION WHEREAS: A. Pursuant to section 9.3 of the Company's Articles, the board of directors of the Company are authorized to approve a change of name of the Company; and The Company wishes to change its name to Titan Mining Corporation. B. BE IT RESOLVED that: 1. The name of the Company be changed from " Triton Mining Corporation " to " Titan Mining Corporation " or such other name as may be acceptable to the regulatory authorities having jurisdiction ; 2. The Notice of Articles of the Company be altered to reflect the name change set out in resolution (1) above; 3. The specimen form of share certificate for the Company is hereby approved and adopted as the certificate representing the common shares of the Company; and 4. The certificates issued by the Company representing common shares of the Company may be signed by the sole director and officer of the Company whose signature thereon shall constitute adoption by the Company of such form of certificate with respect to the shares represented thereby . MISCELLANEOUS ACTS AND DOCUMENTS BE IT RESOLVED that: 1. The sole director of the Company be and is hereby authorized and directed on behalf of the Company to perform all such acts, deeds and things and execute, under seal of the Company if applicable, all such documents and other writings as may be necessary or desirable, including without limitation the necessary filing with the BC Registrar of Companies in order to carry out fully the purpose and intent of the foregoing resolutions . Richard Warke

![](ea029028301_ex4-1img35.jpg)

TITAN MINING CORPORATION (the "Company") OFFICER CERTIFICATE I, Susy H . Horna, Corporate Secretary of the Company certify on behalf of the Company, and not in my personal capacity, that the following is a true and correct copy of the special resolution approved by shareholders on June 30 , 2021 : " Amendment to the Articles RESOLVED THAT: 1. the articles of the Company be amended by adding as new Article 9.5: "9.5 Subdivisions and Consolidations Notwithstanding Article 9.1(3), the Company may by board resolution subdivide or consolidate all or any of its unissued, or fully paid, shares." 2. any one director or officer of the Company be and is hereby authorized and directed, for and in the name of and on behalf of the Company, to take all such steps as are necessary to amend the articles of the Company, including to execute and to deliver all such agreements, instruments, amendments, certificates and other documents and to perform all such acts or things as such director or officer may determine to be necessary or advisable for the purpose of giving full force and effect to the provisions of this resolution, the execution by such director or officer and delivery of any such agreement, instrument, amendment, certificate or other document or the performance of any such other act or thing being conclusive evidence of such determination . " DATED on June 30, 2021. Susy H. Hor a Corporate Secretary

## Exhibit 4.2

**Exhibit 4.2**

![](ea029028301_ex4-2img1.jpg)

A BRITISH COLUMBIA BUSINESS CORPORATIONS ACT COMPANY SEE REVERSE FOR CERTAIN DEFINITIONS C0000000230 \| M \*\*SPECIMEN88831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN88831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN8 883 1 AN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN88831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN88831L20200000000TITAN\*MINING\*C ORP O RATIONzero\*\*\*\*SPECIMEN88831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN88831L20200000000TITAN\*MINING\*CORPORATIONzero\* \*\*\* S PECIMEN88831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN88831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN8883 1L2 0 200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN88831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN88831L20200000000TI TAN \* MINING\*CORPORATIONzero\*\*\*\*SPECIMEN 88831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN 88831 L 20200000000 TITAN\*MINING\*CORPORAT IONzero\*\*\*\*SPECIMEN 88831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN 88831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPEC IMEN 88831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN 88831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN 88831 L 20200 000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN 88831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN 88831 L 20200000000 TITAN\*MIN ING\*CORPORATIONzero\*\*\*\*SPECIMEN 88831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN 88831 L 20200000000 TITAN\*MINING\*CORPORATION SPECIMEN \*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN \*MI N L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\* COR P ORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L202 000 0 0000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORAT ION z ero\*\*\*\* 088831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\* 088831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\* 088831 L 20200000000 TITA N\*MINING\*CORPORATIONzero\*\*\*\* 088831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\* 088831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\* 0 88831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\* 088831 L 20200000000 TITAN\*MINING\*CORPORATIONzero\*\*\*\* 088831 L 20200000000 TITAN\*MINING \*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*08883 1L2 0 200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*COR POR A \* \* \* 0 \* \* \* 00000000 Number IS THE REGISTERED HOLDER OF ING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*088831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*08 883 1 THIS CERTIFIES THAT L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN88831L20200000000TITAN\*MINING\*CORPORATIONzero\*\*\*\*SPECIMEN88831L2020000000 0TI T Dated: The shares represented by this certificate are transferable at the offices of Computershare Investor Services Inc. in Vancouver, BC and Toronto, ON or at the offices of Computershare Trust Company, N.A. in Canton, MA and Jersey City, NJ. FULLY PAID AND NON - ASSESSABLE COMMON SHARES WITHOUT PAR VALUE IN THE CAPITAL OF TITAN MINING CORPORATION transferable on the books of the Corporation only upon surrender of this certificate properly endorsed. This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Corporation. IN WITNESS WHEREOF the Corporation has caused this certificate to be signed on its behalf by the facsimile signatures of its duly authorized officers. COUNTERSIGNED AND REGISTERED COMPUTERSHARE TRUST COMPANY, N.A. (CANTON, MA AND JERSEY CITY, NJ) TRANSFER AGENT AND REGISTRAR COUNTERSIGNED AND REGISTERED COMPUTERSHARE INVESTOR SERVICES INC. (VANCOUVER) (TORONTO) TRANSFER AGENT AND REGISTRAR OR By Authorized Officer By Authorized Officer Shares \* \* \* \* 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 \* \* \* \* \* \* \* \* \* \* \* \* \* \* 0 \* \* \* \* \* CUSIP 88831L202 ISIN CA88831L2021 CSAE_WIP_TQQQ_C02.mtl.pulls/000001/000001/i /s/ Rita Adiani President & CEO /s/ Kevin Hart CFO

![](ea029028301_ex4-2img2.jpg)

The following abbreviations shall be construed as though the words set forth below opposite each abbreviation were written out in full where such abbreviation appears: TEN COM TEN ENT JT TEN as tenants in common as tenants by the entireties as joint tenants with rights of sun/ivorship and not as tenants in common shares represented by this certificate and does hereby irrevocably constitute and appoint _ the attorney of the undersigned to transfer the said shares on the books of the Corporation with full power of substitution in the premises. (Name) CUST (Name) UNIF GIFT MIN ACT (State) Additional abbreviations may also be used though not in the above list. For value received the undersigned hereby sells, assigns and transfers unto Insert name and address of transferee (Name) as Custodian for (Name) under the (State) Uniform Gits to Minors Act DATED Signature of Shareholder Signature of Guarantor Signature Guarantee : The signature on this assignment must correspond with the name as written upon the face of the certificate(s), in every particular, without alteration or enlargement, or any change whatsoever and must be guaranteed by a major Canadian Schedule I chartered bank or a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, MSP) . The Guarantor must affix a stamp bearing the actual words "Signature Guaranteed" In the USA, signature guarantees must be done by members of a "Medallion Signature Guarantee Program" only . Signature guarantees are not accepted from Treasury Branches, Credit Unions or Caisses Populaires unless they are members of the Stamp Medallion Program SECURITY INSTFtUCTIOMS - INSTRUCTIONS OE SECURITE \ I II IN ',VAT LI \ ' \ / \ I \ I \ U.J I'AI ' I. I I , I.MCI NU I A \ ?I. I' 1 \ "JI I I IT:JU I NO I INT VJr I I I tl',1AI ‹lx \| I(/I \| I \| I I I II i I - I I \| t" i VI I I\| \| Y \ ^J /+\| [" I If‹1Al ‹K EN CORP V2 01

## Exhibit 4.3

**Exhibit 4.3**

**STOCK OPTION PLAN**

**TITAN MINING CORPORATION**

**(the "Company")**

**June 1, 2017**

**Amended to: May 27, 2021**

**ARTICLE 1<br> <u>INTRODUCTION</u>**

**1.1.**  **<u>Purpose of Plan</u>** 

The purpose of the Plan is to secure for the Company and its shareholders the benefits of the incentives inherent to share ownership by directors, officers, key employees and consultants of the Company and its Subsidiaries who, in the judgment of the Board, will be largely responsible for Company's future growth and success.

**1.2.**  **<u>Definitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Adjustment Provisions**" has the meaning set out in Section 2.20.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Associate**" has the meaning ascribed thereto in the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Black Out Period**" means any period during which a policy of the Company prevents an
Optionee from trading in the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Board**" means the board of directors of the Company, or any committee of the board
of directors to which administration of the Plan has been delegated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Business Day**" means any day, other than a Saturday, Sunday or statutory holiday in
the Province of British Columbia, on which commercial banks in the City of Vancouver are open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Change of Control**" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any one person holds a sufficient number of voting shares of the Company or resulting company to affect
materially the control of the Company or resulting company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any combination of persons, acting in concert by virtue of an agreement, arrangement, commitment or understanding,
hold in total a sufficient number of voting shares of the Company or its successor to affect materially the control of the Company or
its successor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Board adopts a resolution to the effect that the circumstances in clause (i) or (ii) of this definition
have occurred or are imminent,

where such person or combination of persons referred to in clause (i) or (ii) of this definition did not previously hold a sufficient number of voting shares to affect materially control of the Company or its successor. In the absence of evidence to the contrary, any person or combination of persons acting in concert by virtue of an agreement, arrangement, commitment or understanding holding more than 20% of the voting shares of the Company or its successor is deemed to materially affect control of the Company or its successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Company**" means Titan Mining Corporation, a corporation duly incorporated under the
laws of the Province of British Columbia, and includes any successor corporation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Consultant**" means a "consultant" (as such term is defined in NI 45-106)
that has been engaged to provide services to the Company or any of its Subsidiaries for an initial, renewable or extended period of 12
months or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Director**" means a director of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Eligible Person**" means any Director, Officer, Employee, Management Company Employee
or Consultant, and includes a company that is wholly-owned by such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Employee**" means an individual who is a *bona fide* employee of the Company or
any Subsidiary of the Company and includes a *bona fide* permanent part-time employee of the Company or any Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Exchange**" means the TSX or, if the Board in its discretion so determines, any other
stock exchange or quotation system on which the Shares are, at the relevant time, listed or quoted for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Exercise Price**" in respect of an Option, means the price per share at which Shares
may be purchased under such Option, as the same may be adjusted from time to time in accordance with the Adjustment Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Expiry Date**" in respect of an Option, means the date determined by the Board at the
time of grant on which the Option will expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Heir**" has the meaning set out in Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Insider**" has the meaning ascribed thereto in the TSX Company Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Management Company Employee**" means an individual who (i) is a *bona fide* employee
of a company that has been engaged to provide management services or support to the Company or any of its Subsidiaries under a written
contract for an initial, renewable or extended period of 12 months or more and (ii) spends or will spend a significant amount of time
and attention on the affairs and business of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**NI 45-106**" means National Instrument 45-106 - *Prospectus and Registration Exemptions* of the Canadian Securities Administrators, as amended from time to time, or such other successor and/or additional regulatory rules, instruments
or policies from time to time of Canadian provincial securities regulatory authorities which may govern the trades of securities pursuant
to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Notice of Cashless Exercise**" means a notice, substantially in the form set out in
Exhibit "C" hereto, or in such other form as may be approved by the Board from time to time, delivered by an Optionee to the
Company providing notice of the cashless exercise of an Option previously granted to the Optionee pursuant to Section 2.8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Notice of Exercise**" means a notice, substantially in the form set out in Exhibit "B"
hereto, or in such other form as may be approved by the Board from time to time, delivered by an Optionee to the Company providing notice
of the exercise or partial exercise of an Option previously granted to the Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Offer**" has the meaning set out in Section 2.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Officer**" means a senior officer of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Option**" means an option to purchase Shares granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Optioned Shares**" has the meaning set out in Section 2.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Optionee**" means a Participant to whom an Option has been granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Participant**" means an Eligible Person who elects to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Plan**" means this amended and restated stock option plan, as the same may be further
amended, restated, modified or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Securities Act**" means the *Securities Act* (British Columbia), R.S.B.C., 1996
c.418, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Share Compensation Arrangement**" means the Plan and any other stock option, stock option
plan, employee stock purchase plan, share distribution plan or any other compensation or incentive mechanism involving the issuance or
potential issuance of Shares to one or more Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Shareholders**" means the holders of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Shares**" means the common shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Stock Option Plan Certificate**" means the option certificate delivered by the Company
to an Optionee, substantially in the form set out in Exhibit "A" hereto or in such other form as may be approved from time
to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Subsidiary**" has the meaning ascribed thereto in the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**TSX**" means The Toronto Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**TSX Company Manual**" means the Company Manual of the TSX, as amended from time to time,
including such Staff Notices of the TSX from time to time which may supplement the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**U.S. Option Holder**" means an Option Holder who is a U.S. Person or who is holding
or exercising Options in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**U.S. Person**" has the meaning set forth in Rule 902(k) of Regulation S under the U.S.
Securities Act and generally includes, but is not limited to, any natural person resident in the United States, any partnership or corporation
organized under the laws of the United States and any estate or trust of which any executor, administrator or trustee is a U.S. Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**U.S. Securities Act**" means the United States Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Withholding Tax Amount**" has the meaning set out in Section 3.8.

**1.3.**  **<u>Construction</u>** 

In the Plan, unless otherwise expressly stated or if the context otherwise requires:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to Articles and Sections followed by a number or letter refer to the specified articles and
sections of the Plan;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whenever the Board is to exercise discretion in the administration of the terms and conditions of this
Plan, the term "discretion" means the sole and absolute discretion of the Board.

**ARTICLE 2<br> STOCK OPTION PLAN**

**2.1.**  **<u>Participation</u>** 

The Board may, from time to time, in its discretion, subject to the provisions of the Plan, grant Options to Eligible Persons.

**2.2.**  **<u>Determination of Option Recipients</u>** 

The Board shall make all necessary or desirable determinations regarding the granting of Options to such Eligible Persons as the Board deems appropriate, and may take into consideration the present and potential contributions of a particular Eligible Person to the success of the Company and any other factors which it may deem proper and relevant.

**2.3.**  **<u>Exercise Price</u>** 

The Exercise Price for each Share subject to an Option shall be determined by the Board, in its discretion, at the time of the Option grant, which Exercise Price will not be lower than (i) if the Shares are not listed on an Exchange, the fair market value of a Share as determined by the Board in good faith, and (ii) if the Share are listed on an Exchange, the last closing price of a Share on the Exchange preceding the time of the Option grant, rounded up to the nearest whole cent. If the Exercise Price of an Option is expressed in a different currency than the closing price of a Share on the Exchange, the closing price will be converted into the currency of the Exercise Price using the Bank of Canada daily indicative exchange rate on the trading day immediately preceding the date of the Option grant.

**2.4.**  **<u>Grant of Options</u>** 

The Board may at any time authorize the granting of Options to such Eligible Persons as it may select for the number of Shares that it shall designate, subject to the provisions of the Plan. The date of each grant of Options shall be determined by the Board when the grant is authorized.

**2.5.**  **<u>Stock Option Plan Certificate</u>** 

Each Option granted to an Optionee shall be evidenced by a Stock Option Plan Certificate detailing the terms of the Option. Upon the delivery of a Stock Option Plan Certificate to an Optionee by the Company, the Optionee shall have the right to purchase the Shares underlying the Option at the Exercise Price set out therein, subject to any provisions with respect to the vesting of the Option and the provisions of the Plan.

**2.6.**  **<u>Terms of Options</u>** 

The periods during which Options may be exercised and the number of Options which may be exercised in any given period shall be determined by the Board at the time of granting Options. Unless the Board determines otherwise and subject to any accelerated termination in accordance with the Plan, each Option shall expire on the fifth anniversary of the date on which it was granted. In no event may an Option expire later than the tenth anniversary of the date on which it was granted.

**2.7.**  **<u>Exercise of Option</u>** 

Subject to the provisions of the Plan and any vesting provisions to which the Option may be subject, an Option that has vested may be exercised from time to time by delivery to the Company of a completed Notice of Exercise, specifying the number of Shares with respect to which the Option is being exercised and accompanied by payment in full of the aggregate Exercise Price for such Shares and any amount required by the Company pursuant to Section 3.8 as a condition to the exercise of the Option. Certificates for such Shares shall be issued and delivered to the Optionee within a reasonable time following the receipt of such Notice of Exercise and payment.

**2.8.**  **<u>Cashless Exercise of Option</u>** 

In lieu of paying the aggregate Exercise Price to purchase Shares as set forth in Section 2.7, but subject to Section 3.8, the Optionee may elect to receive, without payment of cash, in consideration for the surrender of the applicable portion of a then vested and exercisable Option to the Company, a number of Shares determined in accordance with the following formula:

A = B (C – D)/C,

where:

A = the number of Shares to be issued to the Optionee pursuant to this Section 2.8;

B = the number of Shares otherwise issuable upon the exercise of the Option or the portion of the Option being exercised;

C = the closing price of a Share on the Exchange on the trading day immediately preceding the date of delivery of a Notice of Cashless Exercise by the Optionee to the Company, rounded up to the nearest whole cent.

D = the Exercise Price.

If the Exercise Price of an Option is expressed in a different currency than the closing price of a Share on the Exchange, the closing price will be converted into the currency of the Exercise Price using the Bank of Canada noon rate of exchange on the trading day immediately preceding the date of the Option grant.

**2.9.**  **<u>Hold Period</u>** 

Shares issued upon the exercise of an Option may be subject to a hold period imposed by the TSX or under applicable securities laws, in which case the certificates representing such Shares shall be legended accordingly.

**2.10.**  **<u>Vesting</u>** 

Options granted pursuant to the Plan shall vest and become exercisable by an Optionee at such time or times as may be determined by the Board on the date of the Option grant, and as indicated in the Stock Option Plan Certificate. The Board in its discretion may accelerate the date upon which any Option vests and becomes exercisable. No unvested Options may be exercised by an Optionee. An Optionee has no entitlement to compensation in respect of unvested, non-exercised and/or terminated Options, nor any claim for damages in lieu thereof, except as otherwise expressly required by minimum standards legislation, if applicable.

**2.11.**  **<u>Black Out Periods</u>** 

If the date on which an Option held by an Optionee is scheduled to expire occurs during, or within 10 Business Days after the last day of, a Black Out Period applicable to such Optionee, then the date on which such Option will expire shall be extended to the last day of such 10 Business Day period.

**2.12.**  **<u>Death of Optionee</u>** 

If an Optionee ceases to be an Eligible Person by reason of death, any Options held by such Optionee on the date of his death shall only be exercisable by the Heir of such Optionee. All such Options shall be exercisable only (i) to the extent that the Optionee was entitled to exercise such Options on the date of his death and (ii) until the one-year anniversary of the death of the Optionee or the Expiry Date of the Option, whichever is earlier.

**2.13.**  **<u>Permanent Disability of Optionee</u>** 

If an Optionee ceases to be an Eligible Person while on permanent disability (which determination shall be made by the Board in its discretion, subject to the duty to accommodate in accordance with human rights legislation if applicable), any Options held by such Optionee shall be exercisable by the Optionee or his legal representatives. Such Optionee's Options shall be exercisable only (i) to the extent that the Optionee was entitled to exercise such Option on the date the Board determined his permanent disability and (ii) until the Expiry Date of the Option.

**2.14.**  **<u>Termination for Cause</u>** 

If an Employee, Management Company Employee or Officer is dismissed for cause (for this purpose, as determined by the Board in its discretion, or if applicable, as defined in the applicable person's employment agreement) or a consulting agreement or arrangement is terminated by the Company or any of its Subsidiaries as a result of a breach or default committed thereunder by a Consultant (as determined by the Board in its discretion, and whether or not such termination is effected in compliance with any termination provisions contained in the applicable consulting agreement or arrangement), any Options (whether vested or unvested) held by the Employee, Management Company Employee, Officer or applicable Consultant, as the case may be, shall terminate immediately upon receipt by the Optionee (or consulting firm, if applicable) of notice of such dismissal or termination and shall no longer be exercisable as of the date of such notice (or, if applicable, such other period set out in the Optionee's employment or consulting agreement or arrangement or prescribed by law). In all such cases, where the cause asserted does not disqualify the Optionee from statutory notice in accordance with minimum standards legislation, if applicable, the exercisable date shall instead cease at the end of the required statutory notice period.

**2.15.**  **<u>Termination of Employment, Term of Office or Agreement</u>** 

If an Optionee ceases to be an Eligible Person (including upon the expiry of a consulting or management services agreement or arrangement), other than in the circumstances described in Section 2.12, 2.13 or 2.14, any Options held by such Optionee on the date the Optionee ceases to provide services to the Company or any of its Subsidiaries shall be exercisable only (i) to the extent that the Optionee is entitled to exercise such Options as of such date, which date shall be adjusted to reflect the end of the statutory notice period where required under minimum standards legislation, if applicable, and (ii) until the 30th day after such date (or such other period as may be determined by the Board in its discretion, set out in the Optionee's employment or consulting agreement or arrangement, if applicable, or prescribed by law) or the Expiry Date of the Option, whichever is earlier.

**2.16.**  **<u>Effect of Take-Over Bid</u>** 

If a *bona fide* take-over bid (as such term is defined in the Securities Act, and referred to herein as an "**Offer**") for Shares is made, which Offer, if successful, would result in a Change of Control, then the Company shall, immediately upon receipt of notice of the Offer, notify each Optionee of the full particulars of the Offer. The Board may, in its discretion, amend, abridge or otherwise eliminate any vesting schedule so that notwithstanding the other terms of any outstanding Option or the Plan, each outstanding Option may be exercised in whole or in part by the Optionee so as to permit the Optionee to tender the Shares received upon such exercise (the "**Optioned Shares**") pursuant to the Offer. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Offer expires or is withdrawn and no Shares are taken up pursuant to the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Optionee does not tender the Optioned Shares pursuant to the Offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all of the Optioned Shares tendered by the Optionee pursuant to the Offer are not taken up and paid for
by the offeror in respect of the Offer;

then at the discretion of the Board, the Optioned Shares or, in the case of clause (c) above, the Optioned Shares that are not taken up and paid for, shall, subject to applicable laws, be returned by the Optionee to the Company and reinstated as authorized but unissued Shares and the terms of such Option as set forth in the Plan and the applicable Stock Option Plan Certificate shall again apply to the Option. If any Optioned Shares are returned to the Company under this Section, the Company shall refund the Exercise Price paid for such Optioned Shares without interest or deduction.

**2.17.**  **<u>Effect of Reorganization, Amalgamation or Merger</u>** 

If the Company is reorganized, amalgamated or merges or combines with or into another person or completes a plan of arrangement, then, at the discretion of the Board, the Optionee shall be entitled to receive upon the subsequent exercise of his Option in accordance with the terms thereof, and shall accept in lieu of the number of Shares to which he was theretofore entitled upon such exercise, but for the same aggregate consideration payable therefor, the aggregate number or amount of securities, property, cash and/or any other consideration the Optionee would have been entitled to receive as a result of such transaction if, on the record date of such transaction, the Optionee had been the registered holder of the number of Shares to which he was theretofore entitled upon the exercise of his Option, and such adjustment shall be binding for all purposes of the Plan.

**2.18.**  **<u>Effect of Change of Control</u>** 

If a Change of Control occurs the Board may in its discretion, (a) amend, abridge or otherwise eliminate any vesting schedule so that notwithstanding the other terms of any outstanding Option or the Plan, such that any outstanding Option may be exercised in whole or in part by the Optionee and/or (b) determine that all holders of outstanding Options with an exercise price equal to or greater than the price per Share provided for in the transaction giving rise to such Change of Control shall be entitled to receive and shall accept, immediately prior to or concurrently with the transaction giving rise to such Change of Control, in consideration for the surrender of such Options, the value of such Options determined in accordance with the Black and Scholes Option Pricing Model, as determined by the Board.

**2.19.**  **<u>Adjustment in Shares</u>** 

If there is any change in the Shares resulting from or by means of a declaration of stock dividends, or any consolidation, subdivision or reclassification of the Shares, or otherwise, the number of Shares subject to any Option, the Exercise Price thereof and the maximum number of Shares which may be issued under the Plan in accordance with Section 3.1(a) shall be adjusted appropriately by the Board in its discretion and such adjustment shall be effective and binding for all purposes of the Plan.

**2.20.**  **<u>Effect of an Adjustment</u>** 

Any adjustment under Section 2.17 or Section 2.19 (collectively, the "Adjustment Provisions") will take effect at the time of the event giving rise to such adjustment. The Adjustment Provisions are cumulative. The Company will not be required to issue fractional Shares in satisfaction of its obligations under the Plan. Any fractional interest in a Share that would, except for this provision, be deliverable upon the exercise of an Option will be cancelled and not be deliverable by the Company. If any questions arise at any time with respect to the Exercise Price or number of Shares deliverable upon the exercise of an Option as a result of any of the events set out in Section 2.16, 2.17, 2.18, 2.19 or 2.20 such questions will be conclusively determined by the Company's auditors, or, if they decline to so act, any other firm of chartered accountants that the Board may designate and who will have access to all appropriate records of the Company, and such determination will be binding upon the Company and all Optionees.

**ARTICLE 3<br> GENERAL**

**3.1.**  **<u>Maximum Number of Shares</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate number of Shares that may be reserved for issuance pursuant to the Plan and all other Share
Compensation Arrangements shall not exceed 10% of the number of Shares issued and outstanding from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Shares subject to an Option that expires or terminates without having been fully exercised may be
made the subject of a further Option. No fractional Shares may be issued under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the partial or full exercise of an Option, the Shares issued upon such exercise automatically become
available to be made the subject of a new Option, provided that the total number of Shares reserved for issuance under the Plan does not
exceed 10% of the number of Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate number of Shares reserved for issuance pursuant to the Plan or any other Share Compensation
Arrangement to any one Participant shall not exceed 5% of the number of Shares issued and outstanding at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The aggregate number of Shares issuable pursuant to the Plan or any other Share Compensation Arrangement
to Insiders shall not exceed 10% of the number of Shares issued and outstanding at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The aggregate number of Shares issued to Insiders pursuant to the Plan or any other Share Compensation
Arrangement, within any one-year period, shall not exceed 10% of the number of Shares then issued and outstanding.

**3.2.**  **<u>Transferability</u>** 

Options are non-assignable and non-transferable. During the lifetime of the Optionee, an Option granted to the Optionee shall be exercisable only by the Optionee and, upon the death of an Optionee, the person to whom the Optionee's rights shall have passed by testate succession or by the laws of descent and distribution (the **"Heir"**) may exercise any Option in accordance with the provisions of Section 2.12, as applicable. Any attempt to otherwise assign or transfer an Option (or any interest therein) shall be null and void.

**3.3.**  **<u>Employment</u>** 

Nothing contained in the Plan shall confer upon any Optionee any right with respect to employment or continuance of employment with the Company or any of its Subsidiaries, or interfere in any way with the right of the Company or any of its Subsidiaries, to terminate the Optionee's employment at any time. Participation in the Plan by an Optionee is voluntary.

**3.4.**  **<u>No Shareholder Rights</u>** 

An Optionee shall not have any of the rights or privileges of a Shareholder with respect to any of the Shares covered by an Option until the Optionee exercises such Option in accordance with the terms thereof and the Plan (including tendering payment in full of the aggregate Exercise Price for the Shares in respect of which the Option is being exercised) and the issuance of the Shares by the Company.

**3.5.**  **<u>Record Keeping</u>** 

The Company shall maintain a register in which shall be recorded the name and address of each Optionee, the number of Options granted to each Optionee, the details of each Option granted and the number of Options outstanding.

**3.6.**  **<u>Necessary Approvals</u>** 

Notwithstanding any of the provisions contained in the Plan or in any Option, the Company's obligation to issue Shares to an Optionee upon the exercise of an Option shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) completion of such registration or other qualification of such Shares and the receipt of any approvals
of governmental authority or stock exchange as the Company shall determine to be necessary or advisable in connection with the authorization,
issuance or sale thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the admission of such Shares to listing on the TSX or any other stock exchange on which the Shares may
then be listed for trading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the receipt from the Optionee of such representations, agreements and undertakings, including as to future
dealings in such Shares, as the Company or its counsel determines to be necessary or advisable in order to safeguard against the violation
of the securities laws of any jurisdiction.

In connection with the foregoing, the Company shall, to the extent necessary, take all steps determined by the Board in its discretion to be reasonable to obtain such approvals, registrations and qualifications as may be necessary for the issuance of such Shares in compliance with applicable securities laws and for the listing of such Shares on the TSX or any other stock exchange on which the Shares are then listed for trading. If any Shares cannot be issued to an Optionee for any reason, including the failure to obtain the aforementioned approvals, registrations and qualifications, then the obligation of the Company to issue such Shares shall terminate (without penalty or payment of any compensation or damages) and any Exercise Price paid by an Optionee to the Company shall be returned to the Optionee without interest or deduction.

**3.7.**  **<u>Administration of the Plan</u>** 

The Board is authorized to administer and interpret the Plan and to from time to time adopt, amend and rescind rules and regulations relating to the Plan; provided that the Board shall be entitled to delegate such administration to a committee of the Board. The interpretation and construction of any provision of the Plan by the Board shall be conclusive and binding on the Company and other persons. Day-to-day administration of the Plan shall be the responsibility of the appropriate Officers and all costs in respect thereof shall be paid by the Company.

**3.8.**  **<u>Taxes</u>** 

Upon the exercise of an Option, the Optionee shall make arrangements satisfactory to the Company regarding the payment of any taxes required by any applicable law to be paid in connection with the exercise of the Option. In order to satisfy the Company's or any Subsidiaries' obligation, if any, to remit an amount to a taxation authority on account of the Optionee's taxes in respect of the exercise or other disposition of an Option (the "**Withholding Tax Amount**"), each of the Company and applicable Subsidiary shall have the right, in its discretion, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) withhold amounts from any amount or amounts owing to the Optionee, whether under this Plan or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) require the Optionee to pay to the Company the Withholding Tax Amount as a condition to the exercise of
the Option by the Optionee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) withhold from the Shares otherwise deliverable to the Optionee upon the exercise of the Option such number
of Shares as have a market value not less than the Withholding Tax Amount and cause such withheld Shares to be sold on the Optionee's
behalf to fund the Withholding Tax Amount, provided that any proceeds from such sale in excess of the Withholding Tax Amount shall be
promptly paid over to the Optionee.

Notwithstanding the foregoing, nothing shall preclude the Company and the Optionee from agreeing to use a combination of the methods described in this Section 3.8 or some other method to fund the Withholding Tax Amount.

**3.9.**  **<u>Amendment or Discontinuance of the Plan</u>** 

The Board may from time to time, subject to applicable law and any required approval of the TSX, any other stock exchange on which the Shares are then listed for trading or any other regulatory authority having authority over the Company or the Plan, suspend, terminate or discontinue the Plan at any time, or amend or revise the terms of the Plan or of any Option granted thereunder and the Stock Option Plan Certificate relating thereto; provided, however, that no such amendment, revision, suspension, termination or discontinuance shall in any manner adversely affect the rights of an Optionee under any Option previously granted under the Plan without the consent of that Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For greater certainty and without limiting the generality of the foregoing, Shareholder approval shall
not be required for the following amendments, subject to any regulatory approvals, including, where required, the approval of the TSX:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amendments to the Plan to ensure continuing compliance with applicable laws, regulations, requirements,
rules or policies of any governmental or regulatory authority or any stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amendments of a "housekeeping", clerical, technical or stylistic nature, which include amendments
relating to the administration of the Plan or to eliminate any ambiguity or correct or supplement any provision herein which may be incorrect
or incompatible with any other provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) changing the terms and conditions governing any Option(s) granted under the Plan, including the vesting
terms, the exercise and payment method, the Exercise Price and the effect of the Optionee's death or permanent disability, the termination
of the Optionee's employment, term of office or consulting engagement or the Optionee ceasing to be an Eligible Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determining that any of the provisions of the Plan concerning the effect of the Optionee's death or permanent
disability, the termination of the Optionee's employment, term of office or consulting engagement or the Optionee ceasing to be an Eligible
Person shall not apply for any reason acceptable to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) amendments to the definition of Eligible Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) changing the termination provisions of the Plan or any Option which, in the case of an Option, does not
entail an extension beyond an Option's originally scheduled expiry date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) changing the terms and conditions of any financial assistance which may be provided by the Company to
Optionees to facilitate the purchase of Shares under the Plan, or adding or removing any provisions providing for such financial assistance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) amendments to the cashless exercise feature set out in Section 2.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the addition of or amendments to any provisions necessary for Options to qualify for favourable tax treatment
to Optionees or the Company under applicable tax laws or otherwise address changes in applicable tax 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;(x) amendments relating to the administration of the Plan; 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;(xi) any other amendment, whether fundamental or otherwise, not requiring Shareholder approval under applicable
law or the rules or policies of any stock exchange upon which the Shares trade from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything contained in the Plan to the contrary, no amendment requiring the approval of
the Shareholders under applicable law or the rules or policies of any stock exchange upon which the Shares trade from time to time shall
become effective until such approval is obtained. In addition to the foregoing, the approval the Shareholders by ordinary resolution shall
be required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amendment to the provisions this Section 3.9 that is not an amendment within the nature of Sections
3.9(a)(i) and 3.9(a)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any increase in the maximum number of Shares that can be issued under the Plan, except in connection with
an adjustment made in accordance with the Adjustment Provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any reduction in the Exercise Price of an Option granted under the Plan (including the cancellation and
re-grant of an Option, constituting a reduction of the Exercise Price of an Option), except in connection with an adjustment made in accordance
with the Adjustment Provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any amendment to extend the expiry of an Option beyond its original Expiry Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amendment to Section 3.1(e) or Section 3.1(f) to increase participation by Insiders; 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;(vi) any amendment to the provisions of the Plan that would permit Options to be transferred or assigned other
than for normal estate settlement purposes,

provided further that, in the case of any amendment or variance referred to (I) in clause (v) of this Section 3.9(b), Insiders are not eligible to vote their Shares in respect of the required approval of the Shareholders, and (II) in clauses (iii), (iv) or (vi) of this Section 3.9(b), Insiders who shall benefit from such amendment or variance are not eligible to vote their Shares in respect of the required approval of the Shareholders.

**3.10.**  **<u>No Representation or Warranty</u>** 

The Company makes no representation or warranty as to the future market value of any Shares issued in accordance with the provisions of the Plan.

**3.11.**  **<u>Interpretation</u>** 

The Plan and all other agreements entered into pursuant to the Plan shall be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

**3.12.**  **<u>Compliance with Applicable Law</u>** 

If any provision of the Plan or any agreement entered into pursuant to the Plan contravenes any law or any order, policy, by-law or regulation of any regulatory body or stock exchange having authority over the Company or the Plan then such provision shall be deemed to be amended to the extent required to bring such provision into compliance therewith.

**3.13.**  **<u>Effective Date</u>** 

The Plan (as amended and restated) shall only become effective upon the approval of the Board by ordinary resolution. Unless and until the Board approves the Plan (as amended and restated), the amended and restated stock option plan dated as of May 28, 2012 will continue to be in full force and effect.

**3.14.**  **<u>Application of U.S. Securities Laws</u>** 

Neither the Options which may be granted pursuant to the provisions of the Plan nor the Shares which may be purchased pursuant to the exercise of Options have been registered under the U.S. Securities Act or under any securities law of any state of the United States of America, unless the Company has made a determination to register such Shares or Options. Accordingly, any Participant who is or becomes a U.S. Option Holder, who is granted an Option in the United States, who is a resident of the United States or who is otherwise subject to the U.S. Securities Act or the securities laws of any state of the United States shall by acceptance of the Options be deemed to represent, warrant, acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Participant is acquiring the Options and any Shares acquired upon the exercise of such Options as
principal and for the account of the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in granting the Options and issuing the Shares to the Participant upon the exercise of such Options, the
Company is relying on the representations and warranties of the Participant contained in this Plan relating to the Options to support
the conclusion of the Company that the granting of the Options and the issue of Shares upon the exercise of such Options do not require
registration under the U.S. Securities Act or to be qualified under the securities laws of any state of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each certificate representing shares issued upon the exercise of such Options to a U.S. Option Holder
shall bear the following legends:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

provided that if such Shares are being sold outside the United States of America in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities Act the foregoing legends may be removed by providing a written declaration by the holder to the registrar and transfer agent for the Shares to the following effect:

"The undersigned (A) acknowledges that the sale of ____________________ common shares represented by Certificate Number(s) ________________________, to which this declaration relates, is being made in reliance on Rule 904 of Regulation S ("Regulation S") under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and (B) certifies that (1) the undersigned is not an "affiliate" (as defined in Rule 405 under the U.S. Securities Act) of the Company or a "distributor", as defined in Regulation S, or an affiliate of a "distributor"; (2) the offer of such securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of a "designated offshore securities market" within the meaning of Rule 902(b) of Regulation S under the U.S. Securities Act, and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any person acting on its behalf engaged in any directed selling efforts in connection with the offer and sale of such securities; (4) the sale is *bona fide* and not for the purpose of "washing off" the resale restrictions imposed because the securities are "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act); (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of Regulation S under the U.S. Securities Act with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or a scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings as used in Regulation S.";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other than as contemplated by subsection (c) of this Section 3.14, prior to making any disposition of
any Shares acquired pursuant to the exercise of such Options which might be subject to the requirements of the U.S. Securities Act, the
U.S. Option Holder shall give written notice to the Company describing the manner of the proposed disposition and containing such other
information as is necessary to enable counsel for the Company to determine whether registration under the U.S. Securities Act or qualification
under any securities laws of any state of the United States of America is required in connection with the proposed disposition and whether
the proposed disposition is otherwise in compliance with such legislation and the regulations thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) other than as contemplated by subsection (c) of this Section 3.14, the U.S. Option Holder will not attempt
to effect any disposition of the Shares owned by the U.S. Option Holder and acquired pursuant to the exercise of such Options or of any
interest therein which might be subject to the requirements of the U.S. Securities Act in the absence of an effective registration statement
relating thereto under the U.S. Securities Act or an opinion of counsel satisfactory in form and substance to counsel for the Company
that such disposition would not constitute a violation of the U.S. Securities Act or any securities laws of any state of the United States
of America and then will only dispose of such Shares in the manner so proposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company may place a notation on the records of the Company to the effect that none of the Shares acquired
by the U.S. Option Holder pursuant to the exercise of such Options shall be transferred unless the provisions of the Plan have been complied
with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the effect of these restrictions on the disposition of the Shares acquired by the U.S. Option Holder pursuant
to the exercise of such Options is such that the U.S. Option Holder may not be able to sell or otherwise dispose of such Shares for a
considerable length of time in a transaction which is subject to the provisions of the U.S. Securities Act other than as contemplated
by subsection (c) of this Section 3.14.

**ARTICLE 4<br> OPTIONS GRANTED TO U.S. PARTICIPANTS**

**4.1.**  **<u>Definitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following definitions will apply solely for purposes of this Article 4.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Disability**" means, with respect to any U.S. Participant, that such U.S. Participant
is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can
be expected to result in death or that has lasted, or can be expected to last, for a continuous period of not less than twelve (12) months.
The preceding definition of the term "Disability" is intended to comply with, and will be interpreted consistently with, sections
22(e)(3) and 422(c)(6) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**ISO Employee**" means a person who is an employee of the Company (or of any Parent or
Subsidiary) for purposes of section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Fair Market Value**" means, with respect to any property (including, without limitation,
any Share), the fair market value, as of a given date, of such property, determined by such methods or procedures as are established from
time to time by the Board. Unless otherwise determined by the Board, the fair market value of a Share as of a given date will be the closing
price of the Company's Shares traded through the facilities of the Exchange (or, if the Shares are no longer listed for trading
on the Exchange, then such other exchange or quotation system on which the Shares are listed or quoted for trading) on the day preceding
the date the Shares are to be valued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Grant Date**" means, with respect to any Option, the date on which the Board makes the
determination to grant such Option or any later date specified by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Incentive Stock Option**" means an Option that is intended to qualify as an "incentive
stock option" pursuant to section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Nonqualified Stock Option**" means an Option that is not an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Parent**" means any corporation (other than the Company) in an unbroken chain of corporations
ending with the Company, if each corporation in such chain (other than the Company) owns stock possessing fifty percent (50%) or more
of the total combined voting power of all classes of stock in one of the other corporations in such chain. The preceding definition of
the term "Parent" is intended to comply with, and will be interpreted consistently with, section 424(e) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Subsidiary**" means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company, if each corporation (other than the last corporation) in such chain owns stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. The preceding
definition of the term "Subsidiary" is intended to comply with, and will be interpreted consistently with, section 424(f)
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**U.S. Participant**" means a Participant who is a citizen of the United States or a resident
of the United States, in each case as defined in section 7701(a)(30)(A) and section 7701(b)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**10% Shareholder**" means any person who owns, taking into account the constructive ownership
rules set forth in section 424(d) of the Code, more than ten percent (10%) of the total combined voting power of all classes of stock
of the Company (or of any Parent or Subsidiary).

**4.2.**  **<u>Terms and Conditions of Options Granted to U.S. Participants</u>** 

In addition to the other provisions of this Plan (and notwithstanding any other provision of this Plan to the contrary), the following limitations and requirements will apply to Options granted to a U.S. Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The number of Shares available for granting Incentive Stock Options under the Plan may not exceed 2,200,000.
For greater certainty, such number of Shares is a subset of, and not in addition to, the maximum number of Shares reserved for issuance
pursuant to Section 3.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The stock option agreement relating to any Option granted to a U.S. Participant shall specify whether
such Option is an Incentive Stock Option or a Nonqualified Stock Option. If no such specification is made, the Option will be (a) an Incentive
Stock Option if all of the requirements under the Code are satisfied or (b) in all other cases, a Nonqualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the other provisions of this Plan, the following limitations and requirements will apply
to an Incentive Stock Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An Incentive Stock Option may be granted only to an ISO Employee (including a director or officer who
is also an ISO Employee) of the Company (or any Subsidiary of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options
are exercisable for the first time by any U.S. Participant during any calendar year (under this Plan and all other plans of the Company
and of any parent or subsidiary of the Company) exceeds US$100,000 or any limitation subsequently set forth in section 422(d) of the Code,
such excess shall be considered Nonqualified Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The exercise price payable per Share upon exercise of an Incentive Stock Option will not be less than
100% of the Fair Market Value of a Share on the Grant Date of such Incentive Stock Option; provided, however, that, in the case of the
grant of an Incentive Stock Option to a U.S. Participant who, at the time such Incentive Stock Option is granted, is a 10% Shareholder,
the exercise price payable per Share upon exercise of such Incentive Stock Option will be not less than 110% of the Fair Market Value
of a Share on the Grant Date of such Incentive Stock Option. For greater certainty, the minimum Exercise Price set forth in Section 2.3
will also apply to each Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding any other provision of this Plan to the contrary, an Incentive Stock Option will terminate
and no longer be exercisable no later than ten years after the date of grant of such Incentive Stock Option; provided, however, that in
the case of a grant of an Incentive Stock Option to a U.S. Participant who, at the time such Incentive Stock Option is granted, is a 10%
Shareholder, such Incentive Stock Option will terminate and no longer be exercisable no later than five years after the date of grant
of such Incentive Stock Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the extent that an Incentive Stock Option is not exercised on or prior to the date that is three (3)
months following the date on which the Participant ceases to be employed by the Company (or by any Parent or Subsidiary of the Company),
such Option will no longer qualify as an Incentive Stock Option. Notwithstanding the foregoing, if a Participant's termination of
employment is due to Disability, to the extent that an Incentive Stock Option is not exercised on or prior to the date that is one year
following the date on which the Participant ceases to be employed by the Company (or by any subsidiary of the Company), such Option will
no longer qualify as an Incentive Stock Option. For greater certainty, the limitations in this paragraph govern the U.S. federal income
tax treatment of an outstanding Option and whether it will continue to qualify as an ISO. Nothing in this paragraph shall have the effect
of extending the period during which an Option otherwise may be exercised pursuant to its terms. For purposes of this Section 4.2(c)(v),
the employment of a U.S. Participant who has been granted and Incentive Stock Option will not be considered interrupted or terminated
upon (a) sick leave, military leave or any other leave of absence approved by the Administrator that does not exceed ninety (90) days
in the aggregate; provided, however, that if reemployment upon the expiration of any such leave is guaranteed by contract or applicable
law, such ninety (90) day limitation will not apply, or (b) a transfer from one office of the Company (or of any Parent or Subsidiary)
to another office of the Company (or of any Parent or Subsidiary) or a transfer between the Company and any Parent or Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provision of this Plan to the contrary, an Incentive Stock Option granted to
a U.S. Participant may be exercised during such U.S. Participant's lifetime only by such U.S. Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Notwithstanding any other provision of this Plan to the contrary, an Incentive Stock Option granted to
a U.S. Participant may not be transferred, assigned, pledged or hypothecated or otherwise disposed of by such U.S. Participant, except
by will or by the laws of descent and distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) No Incentive Stock Option will be granted more than ten years after the earlier of the date this Plan
is adopted by the Board or the date this Plan is approved by the shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Options granted under the Plan are intended to be exempt from section 409A of the Code. The Plan, and
Options granted under the Plan, will be interpreted and administered accordingly.

 ****

***[the remainder of this page is intentionally left blank]***

**EXHIBIT "A"**

**TITAN MINING CORPORATION**

**STOCK OPTION PLAN CERTIFICATE**

This Certificate is issued pursuant to the provisions of the Amended and Restated Stock Option Plan dated as of June 1, 2017, as amended (the "**Plan**") of Titan Mining Corporation (the "**Company**") and evidences that ___________________ (the "**Optionee**") is the holder of an option (the "**Option**") to purchase up to _________________ common shares ("**Shares**") in the capital stock of the Company at a purchase price of $_____________ per Share.

Subject to the provisions of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Option was awarded to the Optionee as of ____________ (the "**Award Date**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Option shall expire on ___________________ (the "**Expiry Date**").

The right to purchase Shares under the Option shall vest in increments over the term of the Option as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Number of Shares which may be Purchased** |

---

The Option may be exercised in accordance with its terms, subject to the provisions of the Plan, at any time and from time to time from and including the Award Date through to and including up to 5:00 pm local time in Vancouver, British Columbia on the Expiry Date, by delivery to the Company a Notice of Exercise or a Notice of Cashless Exercise (as each such term is defined in the Plan), in the form provided in the Plan, together with this Certificate and a certified cheque or bank draft payable to "Titan Mining Corporation" in an amount equal to the aggregate exercise price of the Shares in respect of which the Option is being exercised. No unvested Options can be exercised.

This Certificate and the Option evidenced hereby are not assignable or transferable and are subject to the terms and conditions contained in the Plan. This Certificate is issued for convenience only and in the case of any dispute with regard to any matter in respect hereof, the provisions of the Plan and the records of the Company shall prevail.

The foregoing Option has been awarded as of this _____ day of _____________________.

By signing this Certificate, the Optionee acknowledges that:

1. the Optionee has read and understands the Plan and agrees to the terms and conditions of both the Plan and this Certificate;

2. the Optionee is a *bona fide* Director, Officer, Employee, Management Company Employee or Consultant (as each such term is defined
in the Plan), as the case may be, and is participating in the Plan voluntarily;

3. in order to satisfy the Company's obligation, if any, to remit a Withholding Tax Amount (as such term is defined in the Plan), the
Company has the right to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) withhold amounts from any amount or amounts owing to the Optionee, whether under the Plan or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) require the Optionee to pay to the Company the Withholding Tax Amount as a condition to the exercise of
the Option by the Optionee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) withhold from the Shares otherwise deliverable to the Optionee upon the exercise of the Option such number
of Shares as have a market value not less than the Withholding Tax Amount and cause such withheld Shares to be sold on the Optionee's
behalf to fund the Withholding Tax Amount, provided that any proceeds from such sale in excess of the Withholding Tax Amount shall be
promptly paid over to the Optionee;

4. the Optionee consents to the disclosure by the Company of personal information regarding the Optionee
to the Toronto Stock Exchange (the "TSX") (or any other stock exchange or quotation system on which the Shares are listed
or quoted for trading) and to the collection, use and disclosure of such information by the TSX, as the TSX (or any other stock exchange
or quotation system on which the Shares are listed or quoted for trading) may determine; and

5. if the Optionee is a U.S. person (the definition of which includes, but is not limited to, a person resident
in the United States, a partnership or corporation organized or incorporated under the laws of the United States, and a trust or estate
of which any trustee, executor or administrator is a U.S. person), the Optionee has prepared, executed and delivered herewith a supplemental
Acknowledgment and Agreement for U.S. Option Holders substantially in the form provided by the Company (attached hereto as Schedule A),
which is true and correct in every material respect as of the date hereof.

The terms "United States" and "U.S. person" are as defined by Rule 902 of Regulation S under the United States Securities Act of 1933, as amended.

The certificate for the Shares shall bear any legend required under applicable securities laws or by the TSX (or any other stock exchange or quotation system on which the Shares are listed or quoted for trading).

---

| | | |
|:---|:---|:---|
|  | **TITAN MINING CORPORATION** | **TITAN MINING CORPORATION** |
|  | By | |
|  |  | Name: |
|  |  | Title: |
| Witness | Signature of Optionee | Signature of Optionee |
| Name of Witness (Print) | Name of Optionee (Print) | Name of Optionee (Print) |

---

**SCHEDULE A TO EXHIBIT A**

**STOCK OPTION PLAN<br> SUPPLEMENTAL ACKNOWLEDGMENT AND AGREEMENT<br> (U.S. OPTION HOLDER)**

Notice is hereby given that, effective this _______ day of ______________, 20___ (the "**Effective Date**") Titan Mining Corporation (the "**Company**") has granted to _______________ (the "**Option Holder**") an option (the "**Option**") to acquire _______________ common chares ("**Shares**") up to 5:00 p.m., Vancouver Time, on the _______ day of _______________, 20___ (the "**Expiry Date**") at a purchase price of Cdn$__________ per share (the "**Exercise Price**").

The Shares may be acquired as follows:

__________________________________________

__________________________________________

__________________________________________

__________________________________________

The grant of the Option evidence hereby is made subject to the terms and conditions of the Amended and Restated Stock Option Plan dated as of June 1, 2017, as amended (the "**Plan**") of the Company, the terms and conditions of which are hereby incorporated herein.

Neither the Option nor the Shares have been registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or any state securities laws. The Option may not be exercised in the United States unless registered under the U.S. Securities Act or an exemption from such registration requirement is available. Any Shares issued to the Option Holder in the United States that have not been registered under the U.S. Securities Act will be deemed "restricted securities" (as defined in Rule 144(a)(3) of the U.S. Securities Act) and bear a restrictive legend to such effect.

The Option Holder acknowledges that the Option is **<u>[not]</u>** intended to qualify as "incentive stock options" in accordance with the terms of Section 422 of Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. The Option Holder acknowledges that the Company may have federal, state, provincial or local tax withholding and reporting obligations and consents to such actions by the Company as may reasonably be required to comply with such obligations in connection with the exercise of the Option. The acceptance and exercise of the Option and the sale of Shares issued pursuant to exercise of the Option may have consequences under federal, provincial and other tax and securities laws which may vary depending on the individual circumstances of the Option Holder. Accordingly, the Option Holder acknowledges that the Option Holder has been advised to consult the Option Holder's personal legal and tax advisors in connection with this Agreement and the Option Holder's dealings with respect to the Option or the Shares.

To exercise your Option, deliver a written Exercise Notice in the form attached as Exhibit B to the Company's Stock Option Plan, specifying the number of Shares you wish to acquire, together with a certified cheque or bank draft payable to "Titan Mining Corporation" in an amount equal to the aggregate of the Exercise Price of the Shares in respect of which the Option is being exercised or deliver a written Exercise Notice in the form attached as Exhibit C to the Company's Stock Option Plan, specifying the number of Shares you wish to acquire. A certificate for the Shares so acquired will be issued by the transfer agent as soon as possible thereafter.

**TITAN MINING CORPORATION**

Per: ____________________________________ ______________________________________ <br> Authorized Signatory Employee Signature

**EXHIBIT "B"**

**NOTICE OF EXERCISE**

TO: Titan Mining Corporation

555 – 999 Canada Place

Vancouver, British Columbia

V6C 3E1

**1. Exercise of Option**

The undersigned hereby irrevocably gives notice pursuant the Amended and Restated Stock Option Plan dated as of June 1, 2017, as amended (the "Plan") of Titan Mining Corporation (the "**Company**") of the exercise of an option (the "**Option**") to purchase common shares ("**Shares**") in the capital stock of the Company at a purchase price of $________________ per Share (the "**Exercise Price**"), and hereby subscribes for (cross out inapplicable item):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) _________________ Shares

which are the subject of the option certificate attached hereto.

Calculation aggregate Exercise Price for the Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) number of Shares to be acquired on exercise of the Option:<u> </u>___________ Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) times the Exercise Price: $_______________<u> </u>

Aggregate Exercise Price, as enclosed herewith: $_________________

The undersigned tenders herewith a cheque or bank draft (circle one) in the amount of $________________ , payable to "Titan Mining Corporation" in an amount equal to the aggregate Exercise Price, as calculated above, and directs the Company to issue a share certificate evidencing the Shares so purchased in the name of the undersigned to be mailed to the undersigned at the following address:

________________________________________________

________________________________________________

________________________________________________

In connection with such exercise, the undersigned represents, warrants and covenants to the Company (and acknowledges that the Company is relying thereon) that **(check one):**

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| | |
|:---|:---|
| ____ | 1. The undersigned is not a U.S. person (the definition of which includes, but is not limited to, a person resident in the United States, a partnership or corporation organized or incorporated under the laws of the United States, and a trust or estate of which any trustee, executor or administrator is a U.S. person), the undersigned was not offered the Shares in the United States and the options are not being exercised within the United States or for the account or benefit of a U.S. person. The terms "United States" and "U.S. person" are as defined by Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (the **"U.S. Securities Act"**); or |

---

____ 2. The undersigned represents, warrants and covenants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned understands and agrees that:

____ (i) the Shares have not been and will not be registered under the U.S. Securities Act and the Shares are being offered and sold by the Company in reliance upon an exemption from registration under the U.S. Securities Act; or

____ (ii) the Shares have been registered under the U.S. Securities Act and paragraph (c) below does not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the undersigned is a U.S. person, the undersigned confirms that the representations and warranties
of the undersigned set forth in the Acknowledgement and Agreement for U.S. Option Holders remain true and correct as of the date hereof;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless the shares have been registered under the U.S. Securities Act, the undersigned understands that
upon the issuance of the Shares, and until such time as the same is no longer required under the applicable requirements of the U.S. Securities
Act or applicable U.S. state laws and regulations, the certificates representing the Shares will bear a legend in substantially the following
form:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

<u>provided</u>, that if Shares of the Company are being sold under clause (B) above, at a time when the Company is a "foreign issuer" as defined in Rule 902 under the U.S. Securities Act, the legend may be removed by providing a declaration to the Company's transfer agent in such form as the Company may from time to time prescribe together with such documentation as the Company or its transfer agent may require, to the effect that the sale of the securities is being made in compliance with Rule 904 of Regulation S under the U.S. Securities Act.

The terms "United States" and "U.S. person" are as defined by Rule 902 of Regulation S under the U.S. Securities Act.

DATED the _______________ day of ___________________________.

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| | |
|:---|:---|
| Witness | Signature of Optionee |
| Name of Witness (Print) | Name of Optionee (Print) |

---

**EXHIBIT "C"**

**NOTICE OF CASHLESS EXERCISE**

TO: Titan Mining Corporation

555 – 999 Canada Place

Vancouver, British Columbia

V6C 3E1

**1. Cashless Exercise of Option**

The undersigned hereby irrevocably gives notice pursuant the Amended and Restated Stock Option Plan dated as of June 1, 2017, as amended (the **"Plan"**) of Titan Mining Corporation (the **"Company"**) of the exercise of an option (the "Option") to purchase common shares (**"Shares"**) in the capital stock of the Company at a purchase price of $_______________ per Share (the **"Exercise Price"**), and hereby elects to receive such number of Shares determined pursuant to the formula set out in Section 2.8 of the Plan, based on the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The number of Shares issuable upon the exercise of the Option or the portion of the Option being exercised: __________________ Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Exercise Price: $________________

In connection with such cashless exercise, the undersigned represents, warrants and covenants to the Company (and acknowledges that the Company is relying thereon) that (check one):

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| | |
|:---|:---|
| ____ | 1. The undersigned is not a U.S. person (the definition of which includes, but is not limited to, a person resident in the United States, a partnership or corporation organized or incorporated under the laws of the United States, and a trust or estate of which any trustee, executor or administrator is a U.S. person), the undersigned was not offered the Shares in the United States and the options are not being exercised within the United States or for the account or benefit of a U.S. person. The terms "United States" and "U.S. person" are as defined by Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (the **"U.S. Securities Act"**); or |

---

---

| | |
|:---|:---|
| ____ | 2. The undersigned is a U.S. person, was offered the Shares in the United States or the options are being exercised within the United States or for the account or benefit of a U.S. person and the Options have been vested for more than one year and no consideration has been paid on exercise of the Options. The terms "United States" and "U.S. person" are as defined by Rule 902 of Regulation S under the U.S. Securities Act. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned understands and agrees that:

____ (i) the Shares have not been and will not be registered under the U.S. Securities Act and the Shares are being offered and sold by the Company in reliance upon an exemption from registration under the U.S. Securities Act; or

____ (ii) the Shares have been registered under the U.S. Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the undersigned is a U.S. person, the undersigned confirms that the representations and warranties
of the undersigned set forth in the Acknowledgement and Agreement for U.S. Option Holders remain true and correct as of the date hereof.

____ 3. If the options have been vested for less than one year and have not been registered under the U.S. Securities Act, the undersigned represents, warrants and covenants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the undersigned understands and agrees that the Shares are being offered and sold by the Company in reliance
upon an exemption from registration under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the undersigned is a U.S. person, the undersigned confirms that the representations and warranties
of the undersigned set forth in the Acknowledgement and Agreement for U.S. Option Holders remain true and correct as of the date hereof;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the undersigned understands that until such time as the same is no longer required under the applicable
requirements of the U.S. Securities Act or applicable U.S. state laws and regulations, the certificates representing the Shares will bear
a legend in substantially the following form:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

<u>provided</u>, that if Shares of the Company are being sold under clause (B) above, at a time when the Company is a "foreign issuer" as defined in Rule 902 under the U.S. Securities Act, the legend may be removed by providing a declaration to the Company's transfer agent in such form as the Company may from time to time prescribe together with such documentation as the Company or its transfer agent may require, to the effect that the sale of the securities is being made in compliance with Rule 904 of Regulation S under the U.S. Securities Act.

The terms "United States" and "U.S. person" are as defined by Rule 902 of Regulation S under the U.S. Securities Act.

DATED the _______________ day of ___________________________.

---

| | |
|:---|:---|
| Witness | Signature of Optionee |
| Name of Witness (Print) | Name of Optionee (Print) |

---

## Exhibit 4.5

**Exhibit 4.5**

**RESTRICTED SHARE UNIT PLAN**

**FOR**

**DESIGNATED PARTICIPANTS**

**OF**

**TITAN MINING CORPORATION AND ITS AFFILIATES**

Adopted with effect from May 11, 2018

Amended to: May 27, 2021

**ARTICLE 1.<br> INTERPRETATION**

**1.** **PREAMBLE AND DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**  **<u>Title</u>** . The Plan herein described shall be called the **"Restricted Share Unit Plan for Designated Participants of Titan Mining Corporation and its Affiliates"**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Purpose of the Plan**.

The purposes of the Plan are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promote further alignment of interests between Designated Participants and the shareholders of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide a compensation system for Designated Participants that is reflective of the responsibility, commitment
and risk accompanying their role over the medium term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) allow Designated Participants to participate in the success of the Corporation over the medium term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3**  **<u>Definitions</u>** .

**"Affiliate"** means an **"affiliate"** as defined in Section 1.3 of National Instrument 45-106 - *Prospectus and Registration Exemptions*, and for purposes of Section 1.3(b) thereof, **"control"** shall be interpreted with reference to Section 2.23 thereof.

**"Applicable Law"** means any applicable provision of law, domestic or foreign, including, without limitation, applicable securities legislation, together with all regulations, rules, instruments, policy statements, rulings, notices, orders or other instruments promulgated thereunder and Stock Exchange Rules.

**"Beneficiary"** means any person designated by a Designated Participant by written instrument filed with the Corporation to receive any Shares issuable or amount payable on account of Restricted Share Units in the event of the Designated Participant's death or, failing any such effective designation, the Designated Participant's estate.

**"Board"** means the Board of Directors of the Corporation.

**"Cause"** means, unless otherwise specified by an individual employment agreement or consulting contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the failure of the Designated Participant to perform, in a material respect, his duties and responsibilities
(including, in the case of a Consultant, those set out in a consulting contract between the Consultant and the Corporation or an Affiliate
of the Corporation), or to follow, in a material respect, the lawful policies, procedures, instructions or directions of the Corporation
or any applicable Affiliate of the Corporation, except as may result from the Disability of the Designated Participant, which failure
is not cured by the Designated Participant within 10 days of being advised of that failure in writing by the Corporation or an Affiliate
of the Corporation, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraudulent or violent activity on the part of the Designated Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the conviction of the Designated Participant for any crime involving fraud, misrepresentation or breach
of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any financial impropriety, intentional dishonesty, breach of duty of loyalty or any intentional act on
the part of the Designated Participant in discharging his duties and responsibilities of employment whether or not having the effect of
materially injuring the reputation, business or business relationships of the Corporation or an Affiliate of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Designated Participant's failure to perform his or her duties competently and diligently, which
failure results in a loss to the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other act constituting cause at common law, if applicable.

**"Change in Control"** means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any one person holds a sufficient number of voting shares of the Corporation or resulting company to affect
materially the control of the Corporation or resulting company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any combination of persons, acting in concert by virtue of an agreement, arrangement, commitment or understanding,
hold in total a sufficient number of voting shares of the Corporation or its successor to affect materially the control of the Corporation
or its successor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Board adopts a resolution to the effect that the circumstances in clause (a) or (b) of this definition
have occurred or are imminent,

where such person or combination of persons referred to in clause (a) or (b) of this definition did not previously hold a sufficient number of voting shares to affect materially control of the Corporation or its successor. In the absence of evidence to the contrary, any person or combination of persons acting in concert by virtue of an agreement, arrangement, commitment or understanding holding more than 20% of the voting shares of the Corporation or its successor is deemed to materially affect control of the Corporation or its successor.

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

**"Committee"** means the Compensation Committee of the Corporation established by the Board or any other committee the Board sees fit, or if no such committees exist, the Board.

**"Consultant"** means, for the Corporation, a person, other than an employee, senior officer or director of the Corporation, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is engaged to provide services to the Corporation or an Affiliate of the Corporation other than in relation
to a distribution of the Corporation's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provides the services under a written contract with the Corporation or an Affiliate of the Corporation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the Corporation's reasonable opinion, spends or will spend a significant amount of time and attention
on the business and affairs of the Corporation or an Affiliate of the Corporation;

and includes, for an individual consultant, a corporation of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is an employee or partner.

**"Corporation"** means Titan Mining Corporation.

**"Designated Participant"** means such directors, officers, employees and Consultants of the Corporation or an Affiliate of the Corporation as the Board may designate from time to time as eligible to participate in the Plan pursuant to Section 4.1, but which shall not include Non-Employee Directors.

**"Disability"** means, in the case of an officer or employee of the Corporation or an Affiliate of the Corporation, the Designated Participant's physical or mental long-term inability to substantially fulfil his duties and responsibilities on behalf of the Corporation or, if applicable, an Affiliate of the Corporation in respect of which the Designated Participant commences receiving, or is eligible to receive, long-term disability benefits under a long-term disability plan of the Corporation or an Affiliate of the Corporation. In the case of a Designated Participant who is not a member of a long-term disability plan of the Corporation or an Affiliate of the Corporation, **"Disability"** means a physical or mental impairment that prevents the Designated Participant from engaging in any employment for which the Designated Participant is reasonably suited by virtue of the Designated Participant's education, training or experience and that can reasonably be expected to last for the remainder of the Designated Participant's lifetime, as determined by the Board.

**"Insider"** means an insider as such term is defined in Part 1 of the Toronto Stock Exchange Company Manual

**"Market Value"** of a Vested Restricted Share Unit or a Share on any date means the closing trading price of the Shares on the Toronto Stock Exchange immediately preceding the relevant date; provided that if the Shares are suspended from trading or have not traded on the Toronto Stock Exchange, the market price will be the fair market value of the Shares as determined by the Board.

**"Non-Employee Director"** means a director of the Corporation who is not also an employee of the Corporation.

**"Performance Period"** means a period as specified by the Board in accordance with Section 4.2 in respect of which a Designated Participant may be or become entitled to receive any Shares issuable or amount payable on account of Restricted Share Units granted to such Designated Participant.

**"Plan"** means this Restricted Share Unit Plan for Designated Participants of Titan Mining Corporation and its Affiliates, including any schedules or appendices hereto, all as amended or amended and restated from time to time.

**"Restricted Share Unit Account"** has the meaning ascribed thereto in Section 10.1.

**"Restricted Share Units"** means a bookkeeping entry, denominated in Shares, credited to the Restricted Share Unit Account of a Designated Participant in accordance with the provisions hereof.

**"Retirement"** means, in the case of an officer or employee of the Corporation or an Affiliate of the Corporation, the retirement of the Designated Participant from employment with the Corporation or an Affiliate of the Corporation as applicable on or after age 65 or such other age as determined by the Board, and "retires" shall have a corresponding meaning. The determination of whether a Designated Participant has retired shall be at the sole discretion of the Board.

**"Share"** means a common share of the Corporation as constituted on the date hereof and includes any rights attached thereto which trade therewith.

**"Stock Exchange"** means the Toronto Stock Exchange, or such other stock exchange where the majority of trading volume and value of the Shares occurs.

**"Stock Exchange Rules"** means the applicable rules of the Stock Exchange.

**"Target Milestone"** has the meaning ascribed thereto in Section 4.3.

**"Termination Date"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the death of a Designated Participant, the date of death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Retirement of a Designated Participant who is an officer or employee of the Corporation
or an Affiliate of the Corporation, the date on which the Designated Participant retires in accordance with the normal retirement policies
of the Corporation or an Affiliate of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Disability of a Designated Participant who is an officer or employee of the Corporation
or an Affiliate of the Corporation, the date on which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Designated Participant commences receiving, or is eligible to receive, long-term disability benefits
under a long-term disability plan of the Corporation or an Affiliate 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;(ii) if a Designated Participant is not a member of a long-term disability plan of the Corporation or an Affiliate
of the Corporation, the date that the Designated Participant has suffered a physical or mental impairment that prevents the Designated
Participant from engaging in any employment for which the Designated Participant is reasonably suited by virtue of the Designated Participant's
education, training or experience and that is reasonably expected to last for the remainder of the Designated Participant's lifetime,
as determined by the Board; and

In either case, such date to be extended in accordance with the statutory notice period where required pursuant to minimum standards legislation, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a U.S. Designated Participant who is an officer or employee of the Corporation or an Affiliate
of the Corporation being terminated without Cause, the date of termination and in the case of a Designated Participant who is not a U.S.
Designated Participant being terminated without Cause, the date that is the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date on which any notice or otherwise binding severance period expires (or, in the case of a Consultant,
the date on which any agreed or otherwise binding notice of termination period expires); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of a Designated Participant who is not a U.S. Designated Participant being terminated with
Cause, but where such cause does not disqualify such Participant from statutory notice, the Date of Termination shall be the end of the
statutory notice period where required by minimum standards legislation, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case of a permitted assign of a Designated Participant, the Termination Date of the related Designated
Participant;

provided that if any date determined in accordance with the foregoing provisions is not a Trading Day, the Termination Date shall be the Trading Day immediately preceding the date determined in accordance with the above provisions.

**"U.S. Designated Participants"** means Designated Participants, including U.S. citizens and U.S. residents, whose Restricted Share Units are subject to income taxation by the United States of America.

**"U.S. Person"** has the meaning set forth in Rule 902(k) of Regulation S under the U.S. Securities Act and generally includes, but is not limited to, any natural person resident in the United States, any partnership or corporation organized under the laws of the United States and any estate or trust of which any executor, administrator or trustee is a U.S. Person.

**"U.S. Securities Act"** means the United States Securities Act of 1933, as amended.

**"Trading Day"** means any date on which the Stock Exchange is open for the trading of Shares and on which at least a board lot of Shares actually traded.

**"Vested Restricted Share Units"** has the meaning ascribed thereto in Section 11.1.

**2.** **CONSTRUCTION AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**  **<u>Gender, Singular, Plural</u>** . In the Plan, references to the masculine include the feminine;
and references to the singular shall include the plural and vice versa, as the context shall require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**  **<u>Severability</u>** . If any provision of the Plan or part hereof is determined to be void or unenforceable
all or in part, such determination shall not affect the validity or enforcement of any other provision or part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**  **<u>Headings, Sections</u>** . Headings wherever used herein are for reference purposes only and do
not limit or extend the meaning of the provisions herein contained. A reference to a section or schedule shall, except where expressly
stated otherwise, mean a section or schedule of the Plan, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4**  **<u>References to Statutes, Etc</u>** . Any reference to a statute, regulation, rule, instrument,
or policy statement shall refer to such statute, regulation, rule, instrument, or policy statement as the same may be amended, replaced
or re-enacted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**  **<u>Currency</u>** . Except where expressly provided otherwise, all references in the Plan to currency
refer to lawful Canadian currency, except that cash payments to Designated Participants who are residents of the United States at the
time of payment shall be converted into and paid in U.S. currency at the exchange rate available to the Corporation at the time of conversion.

**3.** **EFFECTIVE DATE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**  **<u>Effective Date</u>** . The Corporation is establishing the Plan, effective on May 11, 2018.

**ARTICLE 2.<br> GENERAL**

**4.** **TERMS OF GRANTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**  **<u>Grant of Restricted Share Units</u>** . The Board may make grants of Restricted Share Units to
Designated Participants in such number as may be specified by the Board with effect from such date(s) as the Board may specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**  **<u>Performance Periods</u>** . The Board will, in its sole discretion, determine the Performance Period
applicable to each grant of Restricted Share Units under Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**  **<u>Determination of Target Milestones</u>** . The Board shall cause the Designated Participant's
Target Milestones to be determined for each Performance Period at or prior to the time of granting Restricted Share Units to a Designated
Participant for that Performance Period. Target Milestones may be based on performance criteria, the passage of time or both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4**  **<u>Awards Subject to Laws in Foreign Jurisdictions</u>** . If the Board determines it is necessary
or desirable in order to comply with applicable laws of a foreign jurisdiction or to avoid adverse tax consequences in a foreign jurisdiction,
the Board may set forth in the applicable Restricted Share Unit Acknowledgement such terms as it deems appropriate, which will govern
such awards notwithstanding any other provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5**  **<u>Limitations on Grants</u>** . Notwithstanding any other provision of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate number of Shares which may be issued upon the redemption of Restricted Share Units granted
under this Plan shall not at any time, when taken together with any Shares issuable under any other of the Corporation's security
based compensation arrangements then either in effect or proposed, exceed 10% of the issued and outstanding Shares from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the maximum number of Shares issuable to Insiders of the Corporation, at any time, under all security
based compensation arrangements of the Corporation, shall not exceed 10% of the issued and outstanding Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the maximum number of Shares issued to Insiders of the Corporation, within any 12 month period, under
all security based compensation arrangements of the Corporation, shall not exceed 10% of issued and outstanding Shares.

For the purposes of this Section 4.5, the number of issued and outstanding Shares shall be determined on a non-diluted basis. In addition, for purposes of clauses (b) and (c) of this Section 4.5, securities granted prior to the Designated Participant becoming an Insider shall be excluded.

If any Restricted Share Unit granted hereunder shall be cancelled for any reason without having been redeemed in full the Shares reserved for issuance shall again be available for the purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6**  **<u>Notification and Acknowledgement</u>** . A Designated Participant shall complete and deliver to
the Corporation a Restricted Share Unit Acknowledgement, in the form approved by the Board, for a grant of Restricted Share Units within
90 days of the date the Designated Participant receives advice of the grant of Restricted Share Units. If the acknowledgement is not delivered
within this time, the Board reserves the right to revoke the grant of the Restricted Share Units.

**5.** **ADJUSTMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**  **<u>Adjustments</u>** . In the event of any stock dividend, stock split, combination, exchange of shares,
consolidation, spin-off or other capital reorganization or distribution (other than normal cash dividends) of corporate assets to shareholders,
or any other similar changes affecting the Shares, such proportionate adjustments to reflect such change or changes shall be made with
respect to the number of Restricted Share Units outstanding as determined by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**  **<u>Change in Control</u>** . Subject to Stock Exchange and any other regulatory approvals (if required),
and notwithstanding any other provision of this Plan, upon the occurrence of a Change in Control, notwithstanding the achievement or non-achievement
of the Target Milestones set forth in a Restricted Share Unit Acknowledgement, the Board may, in its sole discretion, deem that any or
all unvested Restricted Share Units hereunder to have been vested on the date of the Change in Control and/or that any or all vested Restricted
Share Units shall be redeemable immediately upon the Change in Control.

**6.** **AMENDMENT OR TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1**  **<u>Amendment</u>** . The Board may, subject where required by the Stock Exchange or regulatory approval,
amend the Plan or any outstanding Restricted Share Unit at any time without shareholder approval, including in the following circumstances,
provided that, in the case of any outstanding Restricted Share Unit, no such amendment or revision may, without the consent of the Designated
Participant, materially decrease the rights or benefits accruing to such Designated Participant or materially increase the obligations
of such Designated Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amendments of a "housekeeping" nature including, but not limited to, of a clerical, grammatical
or typographical nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to correct any defect, supply any information or reconcile any inconsistency in the Plan in such manner
and to such extent as shall be deemed necessary or advisable to carry out the purposes of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of any granted Restricted Share Unit, amend, including the acceleration of, the vesting provisions,
the Target Milestones, the Performance Period, subject to Section 6.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of any granted Restricted Share Unit, substitute another award for the same or different type
or make such adjustments contemplated in Section 5.1 of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) amendments to reflect any changes in requirements of any regulatory authority or Stock Exchange to which
the Corporation is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** The Board may, subject where required to regulatory authority and/or Stock Exchange approval, from time
to time, suspend or terminate the Plan in whole or in part. No action by the Board to terminate the Plan pursuant to this Section 6 shall
affect any Restricted Share Units granted hereunder which became effective pursuant to the Plan prior to such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** Notwithstanding any provision contained in the Plan, the Plan must be reconfirmed, every three years,
by a resolution passed by a majority of the votes cast by shareholders at a meeting of shareholders in accordance with the requirements
of the Stock Exchange and if the Plan is not reconfirmed by the shareholders as required by this provision, no further grants of Restricted
Share Units may be made under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** Notwithstanding Section 6.1, no amendments to the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to increase the number of Shares reserved for issuance under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to remove or exceed the limits set out in Section 4.5(b) and (c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to amend this Section 6 or Sections 7.1 and 7.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to allow grants of Restricted Share Units under the Plan to Non-Employee Directors;

shall be made without obtaining approval of the shareholders in accordance with the requirements of the Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** Notwithstanding Section 6.1, no amendments to granted Restricted Share Units to extend the Performance
Period beyond the original expiration date for the benefit of Insiders, other than in accordance with Section 7.3 hereof, shall be made
without obtaining approval of the shareholders in accordance with the requirements of the Stock Exchange; and no action shall be taken
with respect to granted Restricted Share Units without the consent of the Designated Participant, unless the Board determines that such
action does not materially alter or impair such Restricted Share Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** No amendment, suspension or discontinuance of the Plan or of any granted Restricted Share Unit may contravene
the requirements of the Stock Exchange or any securities commission or regulatory body to which the Plan or the Corporation is now or
may hereafter be subject to. Termination of the Plan shall not affect the ability of the Board to exercise the powers granted to it hereunder
with respect to Restricted Share Units granted under the Plan prior to the date of such termination.

**7.** **ASSIGNMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1**  **<u>Assignability</u>** . The Plan shall enure to the benefit of and be binding upon the Corporation
and its Affiliates and their respective successors and assigns. Except as provided in Section 7.2, the interest of any Designated Participant
under the Plan or in any Restricted Share Units shall not be assignable, transferable or negotiable (whether by operation of law or otherwise)
and may not be assigned or transferred other than by will or the laws relating to intestacy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2**  **<u>Idem</u>** . Notwithstanding Section 7.1, a Designated Participant may, subject to the approval
of the Board, transfer a Restricted Share Unit to any of the following permitted assigns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a trustee, custodian or administrator acting on behalf of or for the benefit of the Designated Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a personal holding corporation, partnership, trust or other entity controlled by the Designated Participant;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a registered retirement income fund or a registered retirement savings plan (as each such term is defined
in the Income Tax Act (Canada)) of the Designated Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3**  **<u>Trading Black-Out Periods</u>** . If a Restricted Share Unit expires or is redeemed during a trading
black-out period imposed by the Corporation to restrict trades in the Corporation's securities, then, notwithstanding any other
provision of the Plan, the Restricted Share Unit shall expire or be redeemed 10 business days after the trading black-out period is lifted
by the Corporation, provided that such delay would not result in non-compliance or loss of exemption, as applicable, under Code Section
409A.

**ARTICLE 3.<br> TERMS AND CONDITIONS OF RESTRICTED SHARE UNITS**

**8.** **TERMS OF GRANT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1**  **<u>Performance Period</u>** . Unless otherwise specified by the Board to be a shorter period, the
Performance Period applicable to a grant of Restricted Share Units will commence on the January 1 coincident with or immediately preceding
the grant and end on November 30 of the third year following the calendar year in which such Restricted Share Units were granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2**  **<u>No Rights as Shareholders</u>** . Restricted Share Units are not Shares and the grant of Restricted
Share Units will not entitle a Designated Participant to any shareholder rights, including, without limitation, voting rights, dividend
entitlement or rights on liquidation.

**9.** **RESERVATION OF SHARES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1**  **<u>Sufficient Authorized Shares to be Reserved</u>** . The Board shall reserve a sufficient number
of Shares to satisfy the redemption of Restricted Share Units granted under the Plan. Shares that are the subject of Restricted Share
Units that have failed to vest or are redeemed for cash shall thereupon no longer be in reserve and may once again be subject to Restricted
Share Units granted under the Plan.

**10.** **ACCOUNTS AND DIVIDEND EQUIVALENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1**  **<u>Restricted Share Unit Account</u>** . An account, to be known as a **"Restricted Share Unit Account"**, shall be maintained by the Corporation for each Designated Participant and shall be credited with such notional grants
of Restricted Share Units as are received by a Designated Participant. The Designated Participant's Restricted Share Unit Account
shall indicate the number of Restricted Share Units which have been credited to such account from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2**  **<u>Dividend Equivalent Restricted Share Units</u>** . Whenever cash dividends are paid on the Shares,
additional Restricted Share Units will be credited to the Designated Participant's Restricted Share Unit Account in accordance with
this Section 10.2. The number of such additional Restricted Share Units will be calculated by dividing the cash dividends that would have
been paid to such Designated Participant if the Restricted Share Units recorded in the Designated Participant's Restricted Share
Unit Account as at the record date for the dividend had been Shares by the Market Value on the Trading Day immediately preceding the date
on which the Shares began to trade on an ex-dividend basis, rounded down to the next whole number of Restricted Share Units. No fractional
Restricted Share Units will thereby be created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3**  **<u>Cancellation of Restricted Share Units that Fail to Vest or Are Redeemed</u>** . Restricted Share
Units, including dividend equivalent Restricted Share Units granted in respect of such Restricted Share Units under Section 10.2, that
fail to vest in a Designated Participant's Restricted Share Unit Account in accordance with the Plan, or that are redeemed in accordance
with the Plan, shall be cancelled and shall cease to be recorded in the Designated Participant's Restricted Share Unit Account as
of the date on which such Restricted Share Units fail to vest or are redeemed, as the case may be, and the Designated Participant will
have no further right, title or interest in such Restricted Share Units.

**11.** **VESTING OF RESTRICTED SHARE UNITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1**  **<u>Vesting</u>** . Restricted Share Units granted to a Designated Participant under Section 4.1 in
respect of a Performance Period, and dividend equivalent Restricted Share Units granted to the Designated Participant in respect of such
Restricted Share Units under Section 10.2, shall vest in accordance with this Section 11. Except where the context requires otherwise,
each Restricted Share Unit which is vested pursuant to this Section 11 shall be referred to herein as a **"Vested Restricted Share Unit"**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2**  **<u>Vesting of Restricted Share Units Based on Designated Participant's Target Milestones</u>** .
Unless otherwise specified by the Board, subject to the remaining provisions of this Section 11, Restricted Share Units granted to a Designated
Participant in respect of a Performance Period under Section 4.1, and dividend equivalent Restricted Share Units granted to the Designated
Participant in respect of such Restricted Share Units under Section 10.2, shall vest based upon the Designated Participant's performance
toward Target Milestones for that Performance Period (as determined by the Board acting reasonably), in accordance with the vesting schedule
established by the Board at the time of the grant and as set out in the Restricted Share Unit Acknowledgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3**  **<u>Vesting on Death, Disability or Termination without Cause</u>** . Unless otherwise determined by
the Board, and subject to Section 11.5, if a Designated Participant dies during a Performance Period, or if a Designated Participant who
is an officer or employee of the Corporation or an Affiliate of the Corporation suffers a Disability during a Performance Period, or if
a Designated Participant who is an officer or employee of the Corporation or an Affiliate of the Corporation is terminated without Cause,
or for Cause but such cause does not disqualify the officer or employee from statutory notice under minimum standards legislation, if
applicable, during a Performance Period, and the Designated Participant's Target Milestones for that Performance Period have not
been met, the Board, in its sole discretion and taking into consideration the Designated Participant's proportional achievement
toward Target Milestones, may determine that a portion of such Restricted Share Units will immediately become vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4**  **<u>Vesting on Retirement</u>** . Subject to Section 11.5, if a Designated Participant who is an officer
or employee of the Corporation or an Affiliate of the Corporation retires during a Performance Period or if a Designated Participant who
is a director of the Corporation or an Affiliate of the Corporation ceases to be a director and is not or is no longer an employee of
the Corporation or an Affiliate of the Corporation, and the Designated Participant's Target Milestones for that Performance Period
have not been met, the Board, in its sole discretion and taking into consideration the Designated Participant's proportional achievement
toward Target Milestones, may determine that a portion of such Restricted Share Units will immediately become vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5**  **<u>Employment or Consulting Contracts</u>** . Notwithstanding any other provision of the Plan, Restricted
Share Units shall vest in accordance with the terms and conditions of any employment or consulting contract between the Corporation or
an Affiliate of the Corporation and the Designated Participant, subject to minimum standards legislation where applicable, provided that
with respect to Restricted Share Units of U.S. Designated Participants, redemption of such Restricted Share Units will occur by March
15th of the year following the year in which such Restricted Share Units are not, or are no longer, subject to a substantial risk of forfeiture.

**12.** **REDEMPTION OF RESTRICTED SHARE UNITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1**  **<u>Designated Participant Continuing in Employment or Under Contract</u>** . Subject to the remaining
provisions of this Section 12, each Designated Participant who continues as a director or officer of or in employment by or under contract
with the Corporation or an Affiliate of the Corporation shall have the right to receive, and shall receive, with respect to all Restricted
Share Units that are Vested Restricted Share Units as at the last day of the Performance Period as provided herein (or such earlier date
in the case of Vested Restricted Share Units that are redeemable immediately upon the achievement of Target Milestones) at the election
of the Board in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a cash payment equal to the Market Value of such Vested Restricted Share Units as of the date of redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such number of treasury Shares duly issued by the Corporation as are equal to the number of such Vested
Restricted Share Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any combination of the foregoing, such that the cash payment, plus such number of treasury Shares duly
issued by the Corporation, have a value equal to the Market Value of such Vested Restricted Share Units as of the date of redemption;

in each case at the end of the Performance Period, or such earlier date in the case of Vested Restricted Share Units that are redeemable immediately upon the achievement of Target Milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2**  **<u>Redemption on Death, Retirement, Disability or Termination without Cause</u>** . Unless otherwise
determined by the Board, if a Designated Participant dies during a Performance Period, or if a Designated Participant who is an officer
or employee of the Corporation or an Affiliate of the Corporation retires or suffers a Disability during a Performance Period, or if a
Designated Participant who is an officer or employee of the Corporation or an Affiliate of the Corporation is terminated without Cause,
or for Cause but such cause does not disqualify the officer or employee from statutory notice under minimum standards legislation, if
applicable, during a Performance Period, and the Designated Participant's Target Milestones for that Performance Period have not
been met, the Designated Participant or his Beneficiary, if applicable, shall have the right to receive, and shall receive, with respect
to all Restricted Share Units that are Vested Restricted Share Units as determined in accordance with Section 11.3 or 11.4, mutatis mutandis,
as at the Termination Date, at the election of the Board, in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a cash payment equal to the Market Value of such Vested Restricted Share Units as of the date of redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such number of treasury Shares duly issued by the Corporation as are equal to the number of such Vested
Restricted Share Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any combination of the foregoing, such that the cash payment, plus such number of treasury Shares duly
issued by the Corporation, have a value equal to the Market Value of such Vested Restricted Share Units as of the date of redemption;

in each case as soon as practicable following the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3**  **<u>Termination for Cause and Voluntary Termination during Performance Period</u>** . Unless otherwise
determined by the Board, if the employment of a Designated Participant is terminated for Cause and provided such Cause disqualifies the
Designated Participant from statutory notice under minimum standards legislation, if applicable, or if the Designated Participant terminates
his employment with the Corporation or an Affiliate of the Corporation for any reason other than the circumstances specified in Section
12.2, or, in the case of a Consultant, if the consulting contract between the Corporation or an Affiliate of the Corporation and such
Designated Participant is terminated by such Consultant or by the Corporation or such Affiliate, the Designated Participant shall not
be entitled to be issued any cash or treasury Shares on account of Restricted Share Units relating to the Performance Period(s) in which
the Designated Participant's employment or consulting agreement terminates and any such Restricted Share Units recorded in the Designated
Participant's Restricted Share Unit Account shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** A Designated Participant has no entitlement to compensation in respect of Restricted Share Units which
do not vest, or Vested Restricted Share Units which are not redeemed in accordance with this Plan, nor any claim for damages in lieu thereof,
except as provided herein or otherwise expressly required by minimum standards legislation, if applicable.

**ARTICLE 4.<br> PROVISIONS RELATED TO UNITED STATES TAX AND SECURITIES LAWS**

**13.** **PROVISIONS APPLICABLE TO RESTRICTED SHARE UNITS AWARDED TO U.S. DESIGNATED PARTICIPANTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1**  **<u>Code Section 409A – Exemption</u>** . Restricted Share Units awarded to U.S. Designated Participants
are intended to be exempt from Section 409A of the Code pursuant to U.S. Treasury Regulation Section 1.409A-1(b)(4), and the Plan and
Restricted Share Units awarded under the Plan will be construed and administered accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2**  **<u>Code Section 409A – Compliance</u>** . If any Restricted Share Units awarded to U.S. Designated
Participants are awarded with terms that would subject such awards to Code Section 409A, such awards will be designed and administered
to comply with Code Section 409A. Solely to the extent that Restricted Share Units of U.S. Designated Participants are subject to Code
Section 409A, the following provisions will apply. Notwithstanding anything in the Plan or the applicable Restricted Share Unit Acknowledgement
to the contrary, if such Restricted Share Units become payable/distributable solely by reason of the occurrence of a change in control
or due to the Participant's disability or "separation from service" (as such terms are defined under Code Section 409A),
such amount or benefit will not be payable or distributable by reason of such circumstance unless the Board determines that (i) the circumstances
giving rise to such change in control event, disability or separation from service meet the applicable definitions under Code Section
409A and applicable proposed or final regulations, or (ii) the payment or distribution of such amount or benefit would be permitted under
Code Section 409A. Any payment or distribution that otherwise would be made to a U.S. Designated Participant who is a specified employee
within the meaning of Code Section 409A (as determined by the Board in good faith) on account of separation from service will not be made
before the date which is six months after the date of the specified employee's separation from service (or if earlier, upon the
specified employee's death) unless such payment or distribution is otherwise permitted under Code Section 409A. Any amendment or
substitution of an outstanding Restricted Share Unit and any termination of the Plan will be undertaken in a manner that complies with
Code Section 409A.

**14.** **UNITED STATES SECURITIES LAWS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1**  **<u>Compliance with United States Securities Laws</u>** . All Restricted Share Units and Shares issuable
upon redemption of such Restricted Share Units, if any, issued pursuant to the Plan will be issued pursuant to the registration requirements
of the U.S. Securities Act or an exemption from such registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2**  **<u>No Registration</u>** . Neither the Restricted Share Units granted hereunder nor the Shares issuable
upon redemption of such Restricted Share Units, if any, have been registered under the U.S. Securities Act or under any securities law
of any state of the United States of America. Accordingly, any Designated Participant who is granted Restricted Share Units or Shares
issuable upon redemption of such Restricted Share Units, if any, in the United States, who is a U.S. Person or a resident of the United
States or who is otherwise subject to the U.S. Securities Act or the securities laws of any state of the United States shall by acceptance
of Restricted Share Units or Shares issuable upon redemption of such Restricted Share Units, if any, be deemed to represent, warrant,
acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Designated Participant is acquiring the Restricted Share Units or Shares issuable upon redemption
of such Restricted Share Units, if any, as principal and for the account of the Designated Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in granting the Restricted Share Units or Shares issuable upon redemption of such Restricted Share Units,
if any, the Corporation is relying on the representations and warranties of the Designated Participant to support the conclusion of the
Corporation that the granting of the Restricted Share Units or Shares issuable upon redemption of such Restricted Share Units, if any,
do not require registration under the U.S. Securities Act or to be qualified under the securities laws of any state of the United States
of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each certificate representing Restricted Share Units or Shares issuable upon redemption of such Restricted
Share Units, if any, shall bear the following legends:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, (C) WITHIN THE UNITED STATES, WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY, PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE U.S. SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT GOOD DELIVERY OF THE SHARES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation may place a notation on the records of the Corporation to the effect that none of the
Restricted Share Units or Shares issuable upon redemption of such Restricted Share Units, if any, shall be transferred unless the provisions
of the Plan have been complied with.

**ARTICLE 5.<br> ADMINISTRATION**

**15.** **ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1**  **<u>Committee</u>** . Unless otherwise determined by the Board, the Plan shall be administered by the
Committee and the Board has delegated to the Committee such administrative duties and powers required to administer the Plan. The Committee
may also provide to the Board recommendations relating to the granting of Restricted Share Units, including with respect to the Performance
Periods and Target Milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2**  **<u>Compliance with Laws and Policies</u>** . Each Designated Participant shall acknowledge and agree
(and shall be conclusively deemed to have so acknowledged and agreed by participating in the Plan) that the Designated Participant will,
at all times, act in strict compliance with Applicable Law and all other laws and any policies of the Corporation applicable to the Designated
Participant in connection with the Plan. Such laws, regulations, rules and policies shall include, without limitation, those governing
"insiders" of "reporting issuers" as those terms are construed for the purposes of applicable securities laws,
regulations and rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3**  **<u>No Distribution</u>** . Where necessary to effect exemptions from registration and prospectus requirements
or registration of the Restricted Share Units or Shares issuable upon redemption of such Restricted Share Units, if any, under securities
laws applicable to the securities of the Corporation, a Designated Participant shall be required, upon receipt of any Restricted Share
Units or Shares issuable upon redemption of such Restricted Share Units, as applicable, pursuant to the Plan, to hold such securities
with investment intent (i.e. for investment purposes) and not with a view to their distribution, and to present to the Corporation an
undertaking to that effect in a form acceptable to the Corporation. The Board may take such other action or require such other action
or agreement by such Designated Participant as may from time to time be necessary to comply with applicable securities laws. This provision
shall in no way obligate the Corporation to undertake the filing of a prospectus or other similar document or registration of the Restricted
Share Units or Shares issuable upon redemption of such Restricted Share Units, as applicable, under any securities laws applicable to
the securities of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4**  **<u>Subject to Law</u>** . The Corporation's issuance of any Restricted Share Units or its obligation
to issue Shares or to make any payment under the terms of the Plan is subject to compliance with Applicable Laws. As a condition of participating
in the Plan, each Designated Participant agrees to comply with all such Applicable Laws and agrees to furnish to the Corporation all information
and undertakings as may be required to permit compliance with Applicable Law. Issuance, transfer or delivery of certificates of Restricted
Share Units, or Shares or payment of any amount payable pursuant to the Plan may be delayed, at the discretion of the Committee or Board,
until the Committee or Board is satisfied that the applicable requirements of securities and income tax laws have been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5**  **<u>Withholding</u>** . The Committee or Board may take all such measures as it deems appropriate to
ensure that the Corporation's obligations under the withholding provisions under income tax laws applicable to the Corporation and
the Designated Participants and other provisions of applicable laws are satisfied with respect to the grant and redemption of the Restricted
Share Units under the Plan, including without limiting the generality of the forgoing, the withholding of all or any portion of any payment
or the withholding of the grant of Restricted Share Units or Shares or payment of any amount payable, until such time as the Designated
Participant has paid the Corporation or any Affiliate of the Corporation for any amount which the Corporation or the Affiliate of the
Corporation is required to withhold with respect to such taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.6**  **<u>No Employment or Additional Rights</u>** . Nothing herein contained shall be deemed to give any
person the right to be retained as a director, officer, employee or Consultant of the Corporation or of an Affiliate of the Corporation.
For greater certainty, a period of notice, if any, or payment in lieu thereof, upon termination of employment, wrongful or otherwise,
shall not be considered as extending the period of employment for the purposes of the Plan, except as otherwise required by minimum standards
legislation to comply with the statutory notice period, if applicable. Neither designation of an employee as a Designated Participant
nor the grant of any Restricted Share Units to any Designated Participant entitles any Designated Participant to the grant, or any additional
grant, as the case may be, of any Restricted Share Units under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.7**  **<u>Administration Costs</u>** . The Corporation will be responsible for all costs relating to the
administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.8**  **<u>No Obligation to Fund or Secure</u>** . Unless otherwise determined by the Board, the Plan, including
any right or entitlement of a Designated Participant hereunder, shall remain an unfunded and unsecured obligation of the Corporation and
any applicable Affiliates of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9**  **<u>Legality of Delivery</u>** . No Share shall be delivered under the Plan unless and until the Committee
and Board has determined that all provisions of Applicable Law have been satisfied. The Committee or Board may require, as a condition
of the issuance and delivery of Shares pursuant to the terms hereof, that the recipient of such Shares make such covenants, agreements
and representations, as the Committee or Board in its sole discretion deems necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.10**  **<u>Certificates</u>** . The delivery of treasury Shares by the Corporation under the Plan may be effected
on a non-certificated basis or certificated basis, subject to any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.11**  **<u>No Fractional Shares</u>** . The Corporation shall not be required to issue fractional Shares on
account of the redemption of Restricted Share Units. If any fractional interest in a Share would, except for this provision, be deliverable
on account of the redemption of Restricted Share Units, the Corporation shall, in lieu of delivering any certificate of such fractional
interest, satisfy such fractional interest by paying to the Designated Participant or his Beneficiary, if applicable, a cash amount equal
to the fraction of the Share corresponding to such fractional interest multiplied by the Market Value of such Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.12**  **<u>No Interest</u>** . For greater certainty, no interest shall accrue to, or be credited to, the
Designated Participant on any amount payable under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.13**  **<u>Rules for Administration and Interpretation</u>** . The Board and Committee may enact rules and
regulations relating to the administration and interpretation of the Plan and may amend such rules and regulations from time to time.
The Board and Committee shall have the authority to decide conclusively all matters relating to the administration, application and interpretation
of the Plan.

END OF DOCUMENT

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Borden Ladner Gervais LLP<br> 1200 Waterfront Centre<br> 200 Burrard St, P.O. Box 48600<br> Vancouver, BC, Canada V7X 1T2<br> T 604.687.5744<br> F 604.687.1415<br> blg.com | &nbsp;&nbsp;![](ea029028301_ex5-1img1.jpg) |

---

May 14, 2026

Dear Sirs/Mesdames:

Re: Titan Mining Corporation

**Form S-8 Registration Statement**

We have acted as Canadian counsel to Titan Mining Corporation, a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), in connection with the Corporation's registration statement on Form S-8, including all amendments and supplements thereto (the "**Registration Statement**"), as filed with the U.S. Securities and Exchange Commission (the "**SEC**") on May 14, 2026 under the United States Securities Act of 1933, as amended (the "**Act**").

The Registration Statement relates to the registration of an aggregate of 9,828,810 common shares of the Corporation ("**Common Shares**"), consisting of: (i) 1,829,364 Common Shares ("**Primary Shares**") issuable or deliverable pursuant to future grants of options to purchase Common Shares ("**Options**") under the Corporation's Stock Option Plan dated June 1, 2017, as amended (the "**Option Plan**"), or restricted share units under the Corporation's Restricted Share Unit Plan dated May 11, 2018, as amended (the "**RSU Plan**", and together with the Option Plan, the "**Plans**"); and (ii) 7,999,446 Common Shares ("**Existing Option Shares**") issuable pursuant to outstanding options granted under the Option Plan.

The Registration Statement also relates to the registration for resale from time to time of up to 294,048 Common Shares previously issued on the exercise of options under the Plans (the "**Resale Shares**") by or on behalf of the selling shareholders or their permitted transferees described in the prospectus included in the Registration Statement (the "**Reoffer Prospectus**").

We are furnishing this opinion as Exhibit 5.1 to the Registration Statement.

**A.**  **<u>QUALIFICATIONS, ASSUMPTIONS AND RELIANCES</u>** 

For the purpose of the opinions herein, in connection with certain factual matters, we have relied upon a certificate of an officer of the Corporation dated the date hereof (the "**Officer's Certificate**"), to which is attached a certified copy of certain consent resolutions of the board of directors and the Corporation's constating documents. We have not reviewed the minute books or, except as described above, any other corporate records of the Corporation.

The use herein of the phrase "fully paid and non-assessable" in respect of the Common Shares means that the holder of such Common Shares will not, after the issuance or delivery to them of such Common Shares, be liable to pay further amounts to the Corporation in respect of the issue price payable for such Common Shares. No opinion is expressed as to the actual receipt by the Corporation of the consideration for the issuance of such Common Shares or as to the adequacy of any consideration received.

We have also assumed, for the purposes of the opinions expressed herein:

(a) the
 genuineness and authenticity of all signatures and the conformity to the originals of all
 copies of documents (whether or not certified) examined by us and the authenticity and completeness
 of the originals of documents from which such copies were taken;

(b) the
 accuracy and completeness of all factual representations made in the Registration Statement
 (including the Reoffer Prospectus contained therein) and other documents reviewed by us;

(c) that
 all resolutions contained in the minute books of the Corporation were approved by the requisite
 majority of the directors of the Corporation, remain in full force and effect, and have not
 been and will not be rescinded or amended;

(d) that
 we have been provided with true and correct copies of the Plans, and that the Plans provided
 to us have not been amended, supplemented or modified in any manner, whether by written or
 oral agreement, by conduct of the parties thereto, or otherwise;

(e) that
 insofar as any obligation under the Plans is to be performed in any jurisdiction outside
 of the Province of British Columbia, its performance will not be illegal or unenforceable
 by virtue of the laws of that other jurisdiction;

(f) that
 all Primary Shares, Existing Option Shares and Resale Shares issued or issuable pursuant
 to the Plans and any applicable Option Agreement (as defined in the Option Plan) have been
 or will be issued pursuant to options or restricted share units duly granted under the Plans
 by the board of directors of the Corporation (the "**Board**") or a committee
 of the Board (a "**Committee**") at such times, to such persons and for such
 consideration as was or will be approved by the Board or a Committee or pursuant to a delegation
 of authority granted by the Board or a Committee, and in accordance with the terms of the
 Plans;

(g) that
 all Primary Shares, Existing Option Shares and Resale Shares have been or will be issued
 by the Corporation pursuant to a resolution of the Board that has been approved by the requisite
 majority of the directors of the Corporation;

(h) that
 all required consideration for the Primary Shares, Existing Option Shares and the Resale
 Shares have been or will be fully paid in money or in property (other than a promissory note
 or promise to pay) or past service that was not or will not be less in value than the fair
 equivalent of the money that the Corporation would have received if such Common Shares had
 been issued for money;

(i) that
 all required filings have been or will be made with the NYSE American, the Toronto Stock
 Exchange and all relevant securities regulatory authorities;

(j) the
 capacity, power and authority of all parties other than the Corporation to enter into and
 perform their obligations under any and all documents entered into by such parties in connection
 with the issuance or delivery of the Primary Shares, Existing Option Shares and the Resale
 Shares, and the due execution and delivery thereof by each party thereto; and

(k) that
 the Registration Statement (including the Reoffer Prospectus contained therein) filed with
 the SEC will be in substantially the same form as that examined by us for purposes of this
 opinion.

Other than the review of the Officer's Certificate, the Registration Statement and the Plans we have not undertaken any special or independent investigation to determine the existence or absence of any facts or circumstances relating to the Corporation. No inference as to our knowledge of such facts and circumstances should be drawn merely from our representation of the Corporation.

**B.**  **<u>APPLICABLE LAW</u>** 

We are qualified to practice law in the Province of British Columbia and our opinion herein is restricted to the laws of the Province of British Columbia and the federal laws of Canada applicable therein as at the date hereof.

**C.**  **<u>OPINIONS</u>** 

Based upon and subject to the assumptions, limitations and qualifications expressed herein, we are of the opinion that:

1. when
 the Primary Shares and Existing Option Shares have been issued or delivered in accordance
 with: (i) the terms and conditions of the Plans; (ii) the terms and conditions of any applicable
 Option Agreement, if applicable; and (iii) the Registration Statement; such Primary Shares
 and Existing Option Shares will be validly issued as fully paid and non-assessable Common
 Shares; and

2. the
 Resale Shares have been validly issued as fully paid and non-assessable Common Shares.

This opinion is rendered solely in connection with the Registration Statement and is expressly limited to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Corporation, the Registration Statement, the Plans, options or Common Shares.

The opinions are given as at the date hereof and we disclaim any obligation or responsibility to: (a) update this opinion; (b) take into account or inform the addressees or any other person of any changes in law, facts or other developments subsequent to this date that do or may affect the opinions we express; or (c) advise the addressees or any other person of any other change in any matter addressed in this opinion. Our opinions do not take into account any proposed rules, policies or legislative changes that may come into force following the date hereof.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, or any amendment pursuant to Rule 462 under the Act, and to the reference to our firm under the heading "*Legal Matters*" in the Reoffer Prospectus, or any amendment pursuant to Rule 462 under the Act. In giving this consent, we do not hereby agree that we come within the category of persons whose consent is required by the Act.

Yours very truly,

/s/ Borden Ladner Gervais LLP

Borden Ladner Gervais LLP

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" in this Registration Statement on Form S-8 of Titan Mining Corporation (the "Company") and to the incorporation by reference therein of our report dated March 19, 2026 with respect to the consolidated financial statements of Titan Mining Corporation included in its Annual Report on Form 40-F, as amended by Form 40-F/A (Amendment No.1), for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Chartered Professional Accountants

Vancouver, Canada

May 14, 2026

## Exhibit 23.3

**Exhibit 23.3**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA" with a signing date of December 15, 2025, and an effective date of December 1, 2025 (the "**ESM Technical Report**"), and the information derived from the ESM Technical Report, as well as the reference to the undersigned's name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form S-8 of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments, supplements and/or prospectuses thereto.

---

| | |
|:---|:---|
| /s/ Bahareh Asi | /s/ Bahareh Asi |
| Name: | Bahareh Asi, P.Eng. |

---

Date: May 14, 2026

## Exhibit 23.4

**Exhibit 23.4**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA" with a signing date of December 15, 2025, and an effective date of December 1, 2025 (the "**ESM Technical Report**"), and the information derived from the ESM Technical Report, as well as the reference to the undersigned's name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form S-8 of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments, supplements and/or prospectuses thereto.

---

| | |
|:---|:---|
| /s/ David Willock | /s/ David Willock |
| Name: | David Willock, P.Eng. |

---

Date: May 14, 2026

## Exhibit 23.5

**Exhibit 23.5**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA" with a signing date of December 15, 2025, and an effective date of December 1, 2025 (the "**ESM Technical Report**"), and the information derived from the ESM Technical Report, as well as the reference to the undersigned's name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form S-8 of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments, supplements and/or prospectuses thereto.

---

| | |
|:---|:---|
| /s/ Deepak Malhotra | /s/ Deepak Malhotra |
| Name: | Deepak Malhotra, SME-RM |

---

Date: May 14, 2026

## Exhibit 23.6

**Exhibit 23.6**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA" with a signing date of December 15, 2025, and an effective date of December 1, 2025 (the "**ESM Technical Report**"), and the information derived from the ESM Technical Report, as well as the reference to the undersigned's name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form S-8 of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments, supplements and/or prospectuses thereto.

---

| | |
|:---|:---|
| /s/ Derick de Wit | /s/ Derick de Wit |
| Name: | Derick de Wit, FAusIMM |

---

Date: May 14, 2026

## Exhibit 23.7

**Exhibit 23.7**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA" with a signing date of December 15, 2025, and an effective date of December 1, 2025 (the "**ESM Technical Report**"), and the information derived from the ESM Technical Report, as well as the reference to the undersigned's name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form S-8 of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments, supplements and/or prospectuses thereto.

---

| | |
|:---|:---|
| /s/ Donald R. Taylor | /s/ Donald R. Taylor |
| Name: | Donald R. Taylor, MSc., PG |

---

Date: May 14, 2026

## Exhibit 23.8

**Exhibit 23.8**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA" with a signing date of December 15, 2025, and an effective date of December 1, 2025 (the "**ESM Technical Report**"), and the information derived from the ESM Technical Report, as well as the reference to the undersigned's name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form S-8 of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments, supplements and/or prospectuses thereto.

---

| | |
|:---|:---|
| /s/ Oliver Peters | /s/ Oliver Peters |
| Name: | Oliver Peters, MSc, P.Eng., MBA |

---

Date: May 14, 2026

## Exhibit 23.9

**Exhibit 23.9**

**CONSENT OF EXPERT**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA" with a signing date of December 15, 2025, and an effective date of December 1, 2025 (the "**ESM Technical Report**"), and the information derived from the ESM Technical Report, as well as the reference to the undersigned's name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form S-8 of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments, supplements and/or prospectuses thereto.

---

| | |
|:---|:---|
| /s/ Steven M. Trader | /s/ Steven M. Trader |
| Name: | Steven M. Trader, PG, CPG |

---

Date: May 14, 2026

## Exhibit 23.10

**Exhibit 23.10**

**CONSENT OF EXPERT**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA" with a signing date of December 15, 2025, and an effective date of December 1, 2025 (the "**ESM Technical Report**"), and the information derived from the ESM Technical Report, as well as the reference to the undersigned's name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form S-8 of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments, supplements and/or prospectuses thereto.

---

| | |
|:---|:---|
| /s/ Todd McCracken | /s/ Todd McCracken |
| Name: | Todd McCracken, P.Geo. |

---

Date: May 14, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Titan Mining Corporation**

**Table 1: Newly Registered Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Common Shares not subject to outstanding awards | (1) | Other | 1829364 | $2.94 | $5378330.16 | 0.0001381 | $742.75 |
| Equity | Common Shares subject to outstanding options | (2) | Other | 7999446 | 0.69 | 5519617.74 | 0.0001381 | 762.26 |
| Equity | Common Shares | (3) | Other | 294048 | $2.94 | $864501.12 | 0.0001381 | $119.39 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $11762449.02 |  | 1624.40 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1624.40 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents common shares, no par value, of Titan Mining Corporation (the "Company") to be issued pursuant to future awards under the Company's Stock Option Plan (the "Option Plan") and the Restricted Share Unit Plan for Designated Participants of Titan Mining Corporation and its Affiliates (the "RSU Plan," and together with the Option Plan, the "Plans"). Calculated in accordance with Rule 457(c) and (h) under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), based on the average of the high and low prices for the common shares reported on the NYSE American LLC on May 13, 2026, which was $2.94 per share. Pursuant to Rule 416(a) under the U.S. Securities Act, this registration statement also covers an indeterminate number of additional common shares that may be offered and issued to prevent dilution resulting from share splits, share dividends or similar transactions, as provided in the Plans.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents common shares of the Company that may be issued upon the exercise of outstanding options granted under the Option Plan. Based on weighted average exercise price of CAD$0.94 of options granted under the Option Plan outstanding as of May 13, 2026. On May 13, 2026, the Bank of Canada average daily rate of exchange was $1.00 = CAD$1.3703. Pursuant to Rule 416(a) under the U.S. Securities Act, this registration statement also covers an indeterminate number of additional common shares that may be offered and issued to prevent dilution resulting from share splits, share dividends or similar transactions, as provided in the Option Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents 294,048 common shares of the Company that may be deemed to be "restricted securities" and/or "control securities" under the U.S. Securities Act and the rules and regulations promulgated thereunder that were issued to the Selling Shareholders identified in this registration statement on Form S-8 (the "Re-Sale Shares"). The proposed maximum price per Re-Sale Share is estimated solely for purposes of calculating the registration fee pursuant to Rules 457(c) and (h) of the U.S. Securities Act based on the average of the high and low prices for the common shares reported on the NYSE American LLC on May 13, 2026, which was $2.94 per share. Pursuant to Rule 416(a) under the U.S. Securities Act, this registration statement also covers an indeterminate number of additional common shares that may be offered and issued to prevent dilution resulting from share splits, share dividends or similar transactions, as provided in the Option Plan.