# EDGAR Filing Document

**Accession Number:** 0002013223
**File Stem:** 0001213900-26-021707
**Filing Date:** 2026-2
**Character Count:** 3210456
**Document Hash:** b39081062d2c2330839f3ce31cdc3374
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-021707.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001213900-26-021707

**CONFORMED SUBMISSION TYPE**: 40FR12B

**PUBLIC DOCUMENT COUNT**: 302

**FILED AS OF DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Highlander Silver Corp.
- **CENTRAL INDEX KEY:** 0002013223

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 40FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43170
- **FILM NUMBER:** 26700982

**BUSINESS ADDRESS:**
- **STREET 1:** #605 - 130 BREW STREET
- **CITY:** PORT MOODY
- **STATE:** A1
- **ZIP:** V3H 0E3
- **BUSINESS PHONE:** 6042837630

**MAIL ADDRESS:**
- **STREET 1:** #605 - 130 BREW STREET
- **CITY:** PORT MOODY
- **STATE:** A1
- **ZIP:** V3H 0E3

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 40-F**

☒ Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934

or

☐ Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended ____________ Commission File Number ____________

**Highlander Silver Corp.**

(Exact name of Registrant as specified in its charter)

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| |
|:---|
| **N/A** |
| (Translation of Registrant's name into English (if applicable)) |

---

---

| | | |
|:---|:---|:---|
| **British Columbia** | **1040** | **N/A** |
| (Province or Other Jurisdiction of<br> Incorporation or Organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**2500 – 100 King Street West**

**Toronto, Ontario, M5X 1A9 Canada**

**Tel: (416)-366-5678**

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

**C T Corporation System**

**28 Liberty Street**

**New York, New York 10005**

**Tel: (212) 894-8940**

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

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of Each Class:** | **Name of Each Exchange On Which Registered:** |
| **Common Shares, no par value** | **NYSE American LLC** |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

For annual reports, indicate by check mark the information filed with this form:

☐ Annual Information Form ☐ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: **N/A**

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☐ Yes ☐ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

**EXPLANATORY NOTE** 

Highlander Silver Corp. (the "**Company**" or the "**Registrant**") is a Canadian issuer eligible to file this registration statement (this "**Registration Statement**") pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), on Form 40-F pursuant to the multi-jurisdictional disclosure system of the Securities and Exchange Commission (the "**Commission**"). The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. The common shares of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c) and 14(f) of the Exchange Act pursuant to Rule 3a12-3. The Registrant is filing this Form 40-F registration statement with the Commission to register its class of common shares under Section 12(b) of the Exchange Act.

i

**FORWARD LOOKING STATEMENTS** 

The Exhibits incorporated by reference into this Registration Statement contain forward-looking statements within the meaning of Section 21E of the Exchange Act, and Section 27A of the Securities Act of 1933, as amended (the "**Securities Act**") that reflect our management's expectations with respect to future events, our financial performance and business prospects. Additionally, the safe harbor provided in Section 21E of the Exchange Act and Section 27A of the Securities Act applies to any forward-looking information provided pursuant to "Off-Balance Sheet Arrangements" and "Contractual Obligations" in this Registration Statement. All statements other than statements of historical fact are forward-looking statements. The use of the words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words (including negative and grammatical variations), or statements that certain events or conditions "may" or "will" occur, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Any such forward-looking statements are based, in part, on assumptions and factors that may change, thus causing actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. Such factors and assumptions may include, but are not limited to: assumptions concerning silver and other base and precious metal prices; cut-off grades; accuracy of mineral resource estimates and resource modeling; timing and reliability of sampling and assay data; representativeness of mineralization; timing and accuracy of metallurgical test work; anticipated political and social conditions; expected government policy, including reforms; ability to successfully raise additional capital; and other assumptions used as a basis for preparation of the Company's technical report.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation: the ability to raise funding to continue exploration; development and mining activities; debt risk; share price fluctuation; global economic conditions; negative operating cash flow; uncertainty of future revenues or of a return on investment; no defined mineral reserves with no mineral properties in production or under development; speculative nature of mineral exploration and development; risk of global outbreaks and contagious diseases; risks from international operations; risk associated with an emerging and developing market; relationships with, and claims by, local communities and indigenous groups; geopolitical risk; risks related to obtaining future environmental licenses for exploitation; permitting risk; constitutional court ruling risk; anti-mining sentiment; failure to comply strictly with applicable laws, regulations and local practices may have a material adverse impact on the Company's operations or business; the Company's concessions are subject to pressure from artisanal and illegal miners; the inherent operational risks associated with mining, exploration and development, many of which are beyond the Company's control; land title risk; fraud and corruption; ethics and business practices; the Company may in the future become subject to legal proceedings; the Company's mineral assets are located outside Canada and are held indirectly through foreign affiliates; commodity price risk; exchange rate fluctuations; joint ventures; property commitments; infrastructure; properties located in remote areas; lack of availability of resources; key management; dependence on highly skilled personnel; competition, significant shareholders; conflicts of interests; uninsurable risks; information systems; public company obligations; internal controls provide no absolute assurances as to reliability of financial reporting and financial statement preparation, and ongoing evaluation may identify areas in need of improvement; the Company's foreign subsidiary operations may impact its ability to fund operations efficiently, as well as the Company's valuation and stock price; the value of the Company's common shares, as well as its ability to raise equity capital, may be impacted by future issuances of shares; and measures to protect endangered species may adversely affect the Company's operations, as well as those factors described in the Company's Annual Information Form for the year ended September 30, 2024 filed as Exhibit 99.20 to this Registration Statement and its Management's Discussion and Analysis for the years ended September 30, 2024 and 2023 filed as Exhibit 99.6 to this Registration Statement.

Although the Company has attempted to identify important factors and risks that could affect the Company and might cause actual actions, events or results to differ, perhaps materially, from those described in forward-looking statements, there may be other factors and risks not identified herein that cause actions, events or results not to occur as projected, estimated or intended. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements in the Exhibits incorporated by reference into this Registration Statement should not be unduly relied upon. The Registrant's forward-looking statements contained in the Exhibits incorporated by reference into this Registration Statement are made as of the respective dates set forth in such Exhibits. Such forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements were made. In preparing this Registration Statement, the Registrant has not updated such forward-looking statements to reflect any change in circumstances or in management's beliefs, expectations or opinions that may have occurred prior to the date hereof, except as required by applicable law. Nor does the Registrant assume any obligation to update such forward-looking statements in the future, except as required by applicable law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

ii

**MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES**

Unless otherwise indicated, all mineral resource and mineral reserve estimates included in the documents incorporated by reference into this Registration Statement 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 (the "SEC"). Accordingly, mineral resource and mineral reserve estimates, and other scientific and technical information, contained in the documents incorporated by reference into this Registration Statement may not be comparable to similar information disclosed by U.S. companies.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multi-jurisdictional disclosure system adopted by the United States and Canada, to prepare this Form 40-F in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant prepares its financial statements, which are filed with this Form 40-F, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("***IFRS***"), and the audit is subject to Canadian auditing and auditor independence standards. Such financial statements may not be comparable to financial statements of United States companies prepared in accordance with United States generally accepted accounting principles.

**DOCUMENTS FILED PURSUANT TO GENERAL INSTRUCTIONS**

In accordance with General Instruction B.(1) of Form 40-F, the Registrant hereby incorporates by reference Exhibit 99.1 through Exhibit 99.84, as set forth in the Exhibit Index attached hereto.

In accordance with General Instruction D.(9) of Form 40-F, the Registrant has filed the written consent of certain experts named in the foregoing Exhibits as Exhibit 99.85 through 99.86, as set forth in the Exhibit Index attached hereto.

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this Registration Statement.

**DESCRIPTION OF CAPITAL STRUCTURE**

The required disclosure is included under the heading "Description of Capital Structure" in the Registrant's Annual Information Form for the fiscal year ended September 30, 2024, attached hereto as Exhibit 99.20.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant does not have any off-balance sheet transactions that have or are reasonably likely to have a current or future effect on the Registrant's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

**CONTRACTUAL OBLIGATIONS**

The information provided under the heading "Commitments and Contingencies" in the Management's Discussion and Analysis for the three and twelve months ended September 30, 2025 and 2024 included as Exhibit 99.57 to this Registration Statement on Form 40-F, is incorporated herein by reference.

**CURRENCY**

Unless otherwise indicated, dollar amounts in this Registration Statement are in Canadian dollars. The exchange rate of Canadian dollars into United States dollars, on February 26, 2026, based upon the daily exchange rate as quoted by the Bank of Canada was US$1.00 = Cdn.$1.3688.

**NYSE AMERICAN CORPORATE GOVERNANCE**

A foreign private issuer that follows home country practices in lieu of certain provisions of the listing rules of the NYSE American LLC Company Guide (the "**NYSE American Rules**") must disclose the ways in which its corporate governance practices differ from those followed by domestic companies. As required by Section 110 of the NYSE American LLC Company Guide, the Registrant will disclose on its website, https://highlandersilver.com/, as of the listing date, each requirement of the NYSE American Rules that it does not follow and describe the home country practice followed in lieu of such requirements.

**UNDERTAKINGS**

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

The Registrant has concurrently filed a Form F-X in connection with the class of securities to which this Registration Statement relates.

Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Registrant.

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized.

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| | | |
|:---|:---|:---|
|  | **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |
|  |  | /s/ Daniel Earle |
|  | Name: | Daniel Earle |
|  | Title: | President and Chief Executive Officer |
| Date: February 27, 2026 |  |  |

---

**EXHIBIT INDEX**

The following documents are being filed with the Commission as exhibits to this registration statement on Form 40-F.

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [News Release dated October 22, 2024](ea027235501ex99-1_high.htm) |
| 99.2 | [Material Change Report dated October 29, 2024](ea027235501ex99-2_high.htm) |
| 99.3 | [News Release dated January 7, 2025](ea027235501ex99-3_high.htm) |
| 99.4 | [Material Change Report dated January 15, 2025](ea027235501ex99-4_high.htm) |
| 99.5 | [Audited Consolidated Annual Financial Statements for the years ended September 30, 2024 and 2023, dated January 28, 2025](ea027235501ex99-5_high.htm) |
| 99.6 | [Management's Discussion and Analysis for the years ended September 30, 2024 and 2023, dated January 28, 2025](ea027235501ex99-6_high.htm) |
| 99.7 | [Certification of Annual Filings by CEO (Form 52-109FV1) dated January 28, 2025](ea027235501ex99-7_high.htm) |
| 99.8 | [Certification of Annual Filings by CFO (Form 52-109FV1) dated January 28, 2025](ea027235501ex99-8_high.htm) |
| 99.9 | [Alberta Form 13-501F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated January 28, 2025](ea027235501ex99-9_high.htm) |
| 99.10 | [Ontario Form 13-502F1 Class 1 Reporting Issuers and Class 3B Reporting Issuers – Participation Fee, dated January 28, 2025](ea027235501ex99-10_high.htm) |
| 99.11 | [News Release dated February 19, 2025](ea027235501ex99-11_high.htm) |
| 99.12 | [News Release dated February 20, 2025](ea027235501ex99-12_high.htm) |
| 99.13 | [Condensed Interim Consolidated Financial Statements for the three months ended December 31, 2024 and 2023, dated March 3, 2025](ea027235501ex99-13_high.htm) |
| 99.14 | [Management's Discussion and Analysis for the three months ended December 31, 2024 and 2023, dated March 3, 2025](ea027235501ex99-14_high.htm) |
| 99.15 | [Certification of Interim Filings by CEO (Form 52-109FV2) dated March 3, 2025](ea027235501ex99-15_high.htm) |
| 99.16 | [Certification of Interim Filings by CFO (Form 52-109FV2) dated March 3, 2025](ea027235501ex99-16_high.htm) |
| 99.17 | [News Release dated March 11, 2025](ea027235501ex99-17_high.htm) |
| 99.18 | [Material Change Report dated March 11, 2025](ea027235501ex99-18_high.htm) |
| 99.19 | [Underwriting Agreement dated March 11, 2025](ea027235501ex99-19_high.htm) |
| 99.20 | [Annual Information Form for the fiscal year ended September 30, 2024, dated March 14, 2025](ea027235501ex99-20_high.htm) |
| 99.21 | [Certification of Annual Filings in connection with voluntarily filed AIF – CEO (Form 52-109F1), dated March 14, 2025](ea027235501ex99-21_high.htm) |
| 99.22 | [Certification of Annual Filings in connection with voluntarily filed AIF - CFO (Form 52-109F1), dated March 14, 2025](ea027235501ex99-22_high.htm) |
| 99.23 | [Technical Report (NI 43-101) dated March 14, 2025](ea027235501ex99-23_high.htm) |
| 99.24 | [Consent of Qualified Person (NI 43-101) - Martin Mount, dated March 14, 2025](ea027235501ex99-24_high.htm) |
| 99.25 | [Report of Exempt Distribution (Form 45-106F1)](ea027235501ex99-25_high.htm) |
| 99.26 | [Notice of Meeting dated March 25, 2025](ea027235501ex99-26_high.htm) |
| 99.27 | [Notice of Meeting (amended) dated March 26, 2025](ea027235501ex99-27_high.htm) |
| 99.28 | [Equity Distribution Agreement dated April 10, 2025](ea027235501ex99-28_high.htm) |

---

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.29 | [News Release dated April 10, 2025](ea027235501ex99-29_high.htm) |
| 99.30 | [Material Change Report dated April 15, 2025](ea027235501ex99-30_high.htm) |
| 99.31 | [Management Information Circular dated April 29, 2025](ea027235501ex99-31_high.htm) |
| 99.32 | [Notice of Meeting dated April 29, 2025](ea027235501ex99-32_high.htm) |
| 99.33 | [News Release dated May 12, 2025](ea027235501ex99-33_high.htm) |
| 99.34 | [Condensed Interim Consolidated Financial Statements as at and for the three and six months ended March 31, 2025 and 2024, dated May 28, 2025](ea027235501ex99-34_high.htm) |
| 99.35 | [Management's Discussion and Analysis for the three and six months ended March 31, 2025 and 2024, dated May 28, 2025](ea027235501ex99-35_high.htm) |
| 99.36 | [Certification of Interim Filings by CEO (Form 52-109FV2) dated May 28, 2025](ea027235501ex99-36_high.htm) |
| 99.37 | [Certification of Interim Filings by CFO (Form 52-109FV2) dated May 28, 2025](ea027235501ex99-37_high.htm) |
| 99.38 | [Change of Status Report dated June 2, 2025](ea027235501ex99-38_high.htm) |
| 99.39 | [News Release dated June 9, 2025](ea027235501ex99-39_high.htm) |
| 99.40 | [News Release dated June 13, 2025](ea027235501ex99-40_high.htm) |
| 99.41 | [News Release dated July 30, 2025](ea027235501ex99-41_high.htm) |
| 99.42 | [Material Change Report dated August 8, 2025](ea027235501ex99-42_high.htm) |
| 99.43 | [Condensed Interim Consolidated Financial Statements as at and for the three and nine months ended June 30, 2025 and 2024, dated August 12, 2025](ea027235501ex99-43_high.htm) |
| 99.44 | [Management's Discussion and Analysis for the three and nine months ended June 30, 2025 and 2024, dated August 12, 2025](ea027235501ex99-44_high.htm) |
| 99.45 | [Certification of Interim Filings by CEO (Form 52-109F2) dated August 12, 2025](ea027235501ex99-45_high.htm) |
| 99.46 | [Certification of Interim Filings by CFO (Form 52-109F2) dated August 12, 2025](ea027235501ex99-46_high.htm) |
| 99.47 | [News Release dated September 16, 2025](ea027235501ex99-47_high.htm) |
| 99.48 | [News Release dated September 22, 2025](ea027235501ex99-48_high.htm) |
| 99.49 | [News Release dated September 23, 2025](ea027235501ex99-49_high.htm) |
| 99.50 | [News Release dated September 29, 2025](ea027235501ex99-50_high.htm) |
| 99.51 | [Material Change Report dated October 3, 2025](ea027235501ex99-51_high.htm) |
| 99.52 | [News Release dated October 6, 2025](ea027235501ex99-52_high.htm) |
| 99.53 | [News Release dated October 17, 2025](ea027235501ex99-53_high.htm) |
| 99.54 | [Material Change Report dated October 24, 2025](ea027235501ex99-54_high.htm) |
| 99.55 | [Notice of Change of Year End dated October 31, 2025](ea027235501ex99-55_high.htm) |
| 99.56 | [Condensed Interim Consolidated Financial Statements as at and for the three and twelve months ended September 30, 2025 and 2024, dated November 12, 2025](ea027235501ex99-56_high.htm) |
| 99.57 | [Management's Discussion and Analysis for the three and twelve months ended September 30, 2025 and 2024, dated November 12, 2025](ea027235501ex99-57_high.htm) |
| 99.58 | [Certification of Interim Filings by CEO (Form 52-109F2) dated November 12, 2025](ea027235501ex99-58_high.htm) |
| 99.59 | [Certification of Interim Filings by CFO (Form 52-109F2) dated November 12, 2025](ea027235501ex99-59_high.htm) |
| 99.60 | [News Release dated December 1, 2025](ea027235501ex99-60_high.htm) |
| 99.61 | [Material Change Report December 10, 2025](ea027235501ex99-61_high.htm) |
| 99.62 | [News Release dated December 19, 2025](ea027235501ex99-62_high.htm) |
| 99.63 | [Material Change Report December 29, 2025](ea027235501ex99-63_high.htm) |
| 99.64 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Jerrold Annett](ea027235501ex99-64_high.htm) |
| 99.65 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Federico Velasquez](ea027235501ex99-65_high.htm) |

---

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.66 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Daniel Earle](ea027235501ex99-66_high.htm) |
| 99.67 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Arun Lamba](ea027235501ex99-67_high.htm) |
| 99.68 | [Debt Settlement and Stream Termination Agreement, dated December 18, 2025, by and among the Registrant, International Royalty Corporation, and 1368445 B.C. LTD.](ea027235501ex99-68_high.htm) |
| 99.69 | [Debt Settlement Agreement, dated December 18, 2025, by and between the Registrant and Equinox Gold Corp.](ea027235501ex99-69_high.htm) |
| 99.70 | [Arrangement Agreement, dated December 18, 2025, by and between the Registrant and Bear Creek Mining Corporation](ea027235501ex99-70_high.htm) |
| 99.71 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Tom Whelan](ea027235501ex99-71_high.htm) |
| 99.72 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Tom Ladner](ea027235501ex99-72_high.htm) |
| 99.73 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Sunny Lowe](ea027235501ex99-73_high.htm) |
| 99.74 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Sergio Gelcich](ea027235501ex99-74_high.htm) |
| 99.75 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Richard W. Warke](ea027235501ex99-75_high.htm) |
| 99.76 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Purni Parikh](ea027235501ex99-76_high.htm) |
| 99.77 | [Voting Support Agreement, dated December 18, 2025, by and between Bear Creek Mining Corporation and Javier Toro](ea027235501ex99-77_high.htm) |
| 99.78 | [News Release dated December 31, 2025](ea027235501ex99-78_high.htm) |
| 99.79 | [News Release dated January 9, 2026](ea027235501ex99-79_high.htm) |
| 99.80 | [Amended and Restated Arrangement Agreement, dated January 9, 2026, by and between the Registrant and Bear Creek Mining Corporation](ea027235501ex99-80_high.htm) |
| 99.81 | [News Release dated January 27, 2026](ea027235501ex99-81_high.htm) |
| 99.82 | [News Release dated January 30, 2026](ea027235501ex99-82_high.htm) |
| 99.83 | [Material Change Report dated February 3, 2026](ea027235501ex99-83_high.htm) |
| 99.84 | [News Release dated February 26, 2026](ea027235501ex99-84_high.htm) |
|  | **Consents** |
| 99.85 | [Consent of Davidson & Company LLP, Chartered Professional Accountants](ea027235501ex99-85_high.htm) |
| 99.86 | [Consent of Qualified Person - Martin Mount](ea027235501ex99-86_high.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**HIGHLANDER SILVER JOINS THE AUGUSTA GROUP; ANNOUNCES CHANGES TO<br> ITS MANAGEMENT AND BOARD OF DIRECTORS;** 

**October 22, 2024 - Vancouver, British Columbia – Highlander Silver Corp. (CSE: HSLV)** (the "**Company**" or "**Highlander Silver**") is pleased to announce joining the Augusta Group of Companies, the appointment of Richard Warke as Director, Interim President and CEO of the Company, and the appointment of Messrs. Thomas Whelan, Jerrold Annett and Javier Toro as directors to serve on the Company's Board with current director Federico Velásquez.

Augusta Group Founder and Chairman Richard Warke commented: "I am very excited about bringing Highlander Silver under the Augusta Group umbrella during a very transformational time in the precious metals industry. The bonanza grade San Luis silver gold project in Peru containing historical Measured and Indicated mineral resources of 348,000 ounces of gold grading 22.4 g/t gold, and 9,003,300 oz silver (Ag) grading 578.1 g/t silver recently acquired by the Company is an ideal fit with our model of value creation. I am happy to be personally leading the Company while we search for a permanent CEO." See "San Luis Historical Mineral Resource" below for further details regarding the historical estimate.

Mr. Warke is a global business executive with more than 35 years of experience in the international resource sector. In 2005, Mr. Warke founded the Augusta Group of Companies which founded, managed, and funded three world class mineral discoveries until 2018. Ventana Gold, discovered the La Bodega gold deposit in Colombia, now reported to host over 10Moz of gold, Augusta sold the company for $1.3B in 2011. Augusta Resource advanced the Rosemont copper project in Arizona through drilling, feasibility and permitting to become one of the largest copper deposits in United States, it was sold for $667M in 2014. Arizona Mining discovered the Taylor deposit and grew the Hermosa-Taylor deposit into one of the top five primary zinc deposits globally, largest in United States, prior to its sale for $2.1B in 2018.

Mr. Whelan has over 30 years of experience in the mining industry. Mr Whelan currently serves as Senior Vice President, Chief Financial Officer and Corporate Development for Coeur Mining ("Coeur"). Prior to joining Coeur, Mr. Whelan served as CFO of Arizona Mining Inc. from September 2017 to August 2018, when the company was acquired from South32 Limited. Previously, Mr. Whelan served as CFO for Nevsun Resources Ltd. from January 2014 to August 2017. He is a chartered professional accountant and was previously a partner with the international accounting firm Ernst & Young ("EY") LLP where he held many leadership roles including the EY Global Mining & Metals Assurance sector leader, the leader of the EY Assurance practice in Vancouver and EY's Canadian Mining & Metals sector leader. Mr. Whelan graduated with a Bachelor of Commerce from Queen's University.

Mr. Jerrold Annett has most recently been responsible for leading Capstone Copper's investor relations, marketing and metal sales activities. He joined Capstone in September 2019 and has over 29 years of global mining and capital markets experience, providing strategic direction and executive oversight for several junior exploration and development companies. His mining career started at Teck Resources and Falconbridge as a metallurgist and within their commercial metals sales groups, followed by 10 years in capital markets, most recently with Scotiabank where he was Head of Mining Institutional Sales. He is a Professional Engineer and has a Bachelor of Applied Science in Mining and Mineral Engineering from Queen's University in Canada.

Mr. Toro is a Mining Engineer with over 25 years of experience leading the design and execution of engineering and economic studies for global scale open pit copper projects including the Constancia mine in Peru, Copper World mine in United States and Copper Mountain mine in Canada. Mr. Toro is currently the Chief Operating Officer at Solaris Resources. Prior to joining Solaris in January 2024 Mr. Toro was with Hudbay Minerals for over 11 years in progressively more senior capacities and most recently as Vice President, Mining Technical Services. Prior this, Mr. Toro worked at Golder Associates Peru S.A. leading a team to produce the mining design, schedule and cost estimations for various projects. Mr. Toro holds a Bachelor of Mining Engineering with Honors from the National University of Engineering in Lima, Peru.

The Company also announces the resignation of Messrs Graeme Lyall and Dave Fincham and wishes to thank them for their efforts and contribution to date. Mr. Fincham will be continuing to support the Company as it transitions to the new management team.

The Company also announces the issuance of 4,370,000 stock options to directors, officers, employees and consultants of the Company.

**ABOUT THE AUGUSTA GROUP**

The Augusta Group is a mining sector-focused management group based in Canada and the United States founded by Mr. Richard Warke (the "**Investor**"). The Augusta Group has an exceptional track record of value creation totaling over C$4.5 billion in exit transactions since 2011, and has strategic partnerships with leading entrepreneurs and investors in the mining sector. Current Augusta Group companies include Solaris Resources Inc., Titan Mining Corporation and Augusta Gold Corp.

**ABOUT HIGHLANDER SILVER** 

Highlander Silver Corp., backed by the Augusta Group, Lundin Family members & affiliates and Eric Sprott, is a mineral exploration company focused on the discovery of exceptional silver-gold-polymetallic projects in the Central Andes, leveraging the team's significant technical and operational experience in Peru and South America more widely. Currently the Company is developing the La Estrella and San Luis projects in central Peru. The Company is listed on the Canadian Securities Exchange ("CSE") under the ticker symbol HSLV and additional information about Highlander Silver and its mineral projects can be viewed on the Company's SEDAR+ profile at (www.sedarplus.ca) and its website at www.highlandersilver.com.

**Early Warning Disclosure**

The Investor is located at Suite 555 – 999 Canada Place Vancouver, BC V6C 3E1. The board and management changes described herein were directed by the Investor as part of the Company joining the Augusta Group.

The Investor owns and controls 27,041,667 common shares of the Company, representing approximately 33.10% of the total issued and outstanding common shares of the Company on an undiluted basis. The Investor also owns and controls 15,000,000 warrants, 3,625,000 third party options of the Company and 350,000 stock options. If the Investor were to exercise all of the Investor's warrants, third-party options and options, the Investor would then own 46,016,667 common shares of the Company representing approximately 47.42% of the issued and outstanding common shares, on a partially diluted basis.

The Investor may support further changes to the Company's board and management as circumstances warrant. The Investor has no present intention to acquire or dispose of securities of the Company, but may do so in the future as circumstances warrant.

**San Luis Historical Mineral Resource** 

The historical mineral resource is included in a Technical Report titled "Technical Report for the San Luis Feasibility Study, Ancash Department, Peru" (the "**Technical Report**"), with an effective date of June 4, 2010. The report was prepared as a National Instrument 43-101 101 – *Standard of Disclosure for Mineral Projects* ("**National Instrument 43-101**") technical report for Reliant Ventures S.A.C. and Silver Standard Resources Inc. by Mine and Quarry Engineering Services, Inc., RR Engineering, Milne & Associates, Resource Modeling Inc, Resource Evaluation Inc., and Montgomery Watson Harzag Americas Inc, and can be accessed on SSR Mining's SEDAR+ profile. The historical estimate is considered to be relevant and reliable for the purposes of the Company's recent acquisition of the project as it provides an indication of the potential significance of the San Luis Project.

The Technical Report provides details on mineral resources and reserves, as well a potential development option for the San Luis Project that considers underground mining and processing using conventional cyanide leach methods. However, the prices, costs, and development strategy and options are no longer current and need to be re-evaluated using assumptions and qualifications that are more reflective of today's environment.

Below is a summary of the historical resource estimate from the Technical Report.

The San Luis system is a volcanic hosted, low sulphidation, epithermal quartz, precious metals deposit. Gold occurs as electrum and silver is present as acanthite, electrum, and other silver sulphosalts.

The Ayelen vein is the better of the known vein structures with more than 85% of the historical mineral resource derived from this single structure. Trenching and diamond drilling have traced this structure along a NNW strike for over 700 meters, with a steep (80º) down dip extension of more than 300 meters. True thicknesses of individual vein segments vary from tens of centimeters to more than 10m, with an average width of 1.5m to 3.0m.

Mineral resource models were developed based on samples obtained from 96 surface trenches (947m) and 136 drill holes (22,354m). Capping was used to reduce the influence of erratic high-grade values. Block grades were estimated using one-meter composites and inverse distance weighting. Estimated blocks were classified as either Measured, Indicated or Inferred mineral resources based on distance to samples. For the Ayelen vein, blocks within 15 meters of surface trenches were classified as Measured. Ayelen vein blocks within 25m of sample data were classified as Indicated. The remaining estimated Ayelen blocks were classified as Inferred. An average dry density value of 2.61g/cm<sup>3</sup> determined from 193 bulk density measurements was used for the resource calculation. The resulting historical mineral resource is shown in the table below.

**Historical Mineral Resource Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Average grades | Average grades | Contained Metal | Contained Metal |
| Category | Tonnes | Au (g/t) | Ag (g/t) | Au (Oz) | Ag (Oz) |
| Measured | 55000 | 34.3 | 757.6 | 61000 | 1345100 |
| Indicated | 429000 | 20.8 | 555.0 | 287000 | 7658200 |
| Measured & Indicated | 484000 | 22.4 | 578.1 | 348000 | 9003300 |
| Inferred | 20000 | 5.6 | 270.1 | 3600 | 174900 |

---

Notes:

● The historical mineral resources are reported using a 6.0g/t Au equivalent cutoff grade. The gold equivalent calculation assumed a gold to silver price ratio of 65:1, and metal recoveries were not considered.

● The historical measured, indicated and inferred mineral resources use categories as defined by the Canadian Institute of Mining, Metallurgy and Petroleum CIM Definition Standards on Mineral Resources and Mineral Reserves

A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource. Additional work including some re-sampling of historical core and a review of the geological model, will be necessary to verify the historical resource estimate.

*Neither the CSE nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this news release.* 

**For further information, please contact:** 

Highlander Silver Corp.

(604) 687-1717<br> info@highlandersilver.com

 **

***Forward - Looking Information***

 

***Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the precious and base metals industry and Mr. Fincham's support during the transition to new management and the future of the Company's projects. Such forward looking information or statements may be identified by the use of words such as "will be". Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, changes in project parameters as plans continue to be refined, , accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.***

 ****

 ****

## Exhibit 99.2

**Exhibit 99.2**

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**1.**  **<u>NAME AND ADDRESS OF COMPANY</u>** Highlander Silver Corp. Suite 605 – 130 Brew
 Street Port Moody, BC V3H 0E3

**2.**  **<u>DATE OF MATERIAL CHANGE</u>** October 21, 2024

**3.**  **<u>NEWS RELEASE</u>** News release dated October 22, 2024 was disseminated through
 the facilities of Accesswire.

**4.**  **<u>SUMMARY OF MATERIAL CHANGE</u>** Highlander Silver Corp. joins the Augusta Group and announces
 changes to management and board of directors.

**5.**  **<u>FULL DESCRIPTION OF MATERIAL CHANGE</u>** Highlander Silver Corp. (the "**Company** ")
 announced joining the Augusta Group of Companies, the appointment of Richard Warke as Director, Interim President and CEO of the Company,
 and the appointment of Messrs. Thomas Whelan, Jerrold Annett and Javier Toro as directors to serve on the Company's Board with current
 director Federico Velásquez. Augusta Group Founder and Chairman
 Richard Warke commented: "I am very excited about bringing Highlander Silver under the Augusta Group umbrella during a very transformational
 time in the precious metals industry. The bonanza grade San Luis silver gold project in Peru containing historical Measured and Indicated
 mineral resources of 348,000 ounces of gold grading 22.4 g/t gold, and 9,003,300 oz silver (Ag) grading 578.1 g/t silver recently acquired
 by the Company is an ideal fit with our model of value creation. I am happy to be personally leading the Company while we search for a
 permanent CEO." See "San Luis Historical Mineral Resource" below for further details regarding the historical estimate. Mr. Warke is a global business
 executive with more than 35 years of experience in the international resource sector. In 2005, Mr. Warke founded the Augusta Group of
 Companies which founded, managed, and funded three world class mineral discoveries until 2018. Ventana Gold, discovered the La Bodega
 gold deposit in Colombia, now reported to host over 10Moz of gold, Augusta sold the company for $1.3B in 2011. Augusta Resource advanced
 the Rosemont copper project in Arizona through drilling, feasibility and permitting to become one of the largest copper deposits in United
 States, it was sold for $667M in 2014. Arizona Mining discovered the Taylor deposit and grew the Hermosa-Taylor deposit into one of the
 top five primary zinc deposits globally, largest in United States, prior to its sale for $2.1B in 2018.

---

| | |
|:---|:---|
|  | Mr. Whelan has over 30 years of experience in the mining industry. Mr Whelan currently serves as Senior Vice President, Chief Financial Officer and Corporate Development for Coeur Mining ("Coeur"). Prior to joining Coeur, Mr. Whelan served as CFO of Arizona Mining Inc. from September 2017 to August 2018, when the company was acquired from South32 Limited. Previously, Mr. Whelan served as CFO for Nevsun Resources Ltd. from January 2014 to August 2017. He is a chartered professional accountant and was previously a partner with the international accounting firm Ernst & Young ("EY") LLP where he held many leadership roles including the EY Global Mining & Metals Assurance sector leader, the leader of the EY Assurance practice in Vancouver and EY's Canadian Mining & Metals sector leader. Mr. Whelan graduated with a Bachelor of Commerce from Queen's University.<br>Mr. Jerrold Annett has most recently been responsible for leading Capstone Copper's investor relations, marketing and metal sales activities. He joined Capstone in September 2019 and has over 29 years of global mining and capital markets experience, providing strategic direction and executive oversight for several junior exploration and development companies. His mining career started at Teck Resources and Falconbridge as a metallurgist and within their commercial metals sales groups, followed by 10 years in capital markets, most recently with Scotiabank where he was Head of Mining Institutional Sales. He is a Professional Engineer and has a Bachelor of Applied Science in Mining and Mineral Engineering from Queen's University in Canada.<br>Mr. Toro is a Mining Engineer with over 25 years of experience leading the design and execution of engineering and economic studies for global scale open pit copper projects including the Constancia mine in Peru, Copper World mine in United States and Copper Mountain mine in Canada. Mr. Toro is currently the Chief Operating Officer at Solaris Resources. Prior to joining Solaris in January 2024 Mr. Toro was with Hudbay Minerals for over 11 years in progressively more senior capacities and most recently as Vice President, Mining Technical Services. Prior this, Mr. Toro worked at Golder Associates Peru S.A. leading a team to produce the mining design, schedule and cost estimations for various projects. Mr. Toro holds a Bachelor of Mining Engineering with Honors from the National University of Engineering in Lima, Peru.<br>The Company also announces the resignation of Messrs Graeme Lyall and Dave Fincham and wishes to thank them for their efforts and contribution to date. Mr. Fincham will be continuing to support the Company as it transitions to the new management team.<br>The Company also announces the issuance of 4,370,000 stock options to directors, officers, employees and consultants of the Company. |
| **6.** | **<u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u>** |
|  | Not applicable. |
| **7.** | **<u>OMITTED INFORMATION</u>** |
|  | Not applicable. |
| **8.** | **<u>EXECUTIVE OFFICER</u>** |
|  | Richard Warke, Interim CEO |
|  | Telephone: (604) 687-1717 |
| **9.** | **<u>DATE OF REPORT</u>** |
|  | October 29, 2024 |

---

## Exhibit 99.3

**Exhibit 99.3**

![](ex99-3_001.jpg)

**Highlander Silver Appoints Daniel Earle as President & CEO<br> to Lead Strengthened Management Team**

**January 7, 2025 - Toronto, Ontario - Highlander Silver Corp. (CSE: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to announce the appointment of Daniel Earle as President and Chief Executive Officer of the Company, effective immediately. He succeeds Richard Warke, Interim President and CEO, who will continue to serve on the Board of Directors alongside Messrs. Thomas Whelan, Jerrold Annett, Javier Toro and Federico Velásquez.

In addition to Mr. Earle, Highlander Silver has strengthened its management team with the appointments of Sunny Lowe as Chief Financial Officer, Federico Velasquez as President Peru, Sergio Gelcich as Vice President Exploration, Arun Lamba as Vice President Corporate Development, Purni Parikh as Senior Vice President Corporate Affairs, and Tom Ladner as General Counsel, also effective immediately.

Daniel Earle, commented: "It is my deep honour to be appointed to lead a highly-motivated management team with proven expertise in the key disciplines required to launch Highlander Silver and its bonanza grade San Luis project into the forthcoming structural bull market in silver. I would like to thank Richard Warke for this opportunity, and the Augusta Group, Lundin family members and Eric Sprott as strategic shareholders for their support as we embark on this exciting journey."

**Daniel Earle Appointed President & CEO**

Daniel Earle has over 20 years of experience in the mining sector and capital markets, most recently serving as the President and CEO of Solaris Resources. At Solaris, Mr. Earle led an award-winning team credited with revitalizing a dormant copper discovery in Ecuador and launching it into a secular bull market for copper. Solaris delivered rapid socioeconomic development and returns for its shareholders by advancing its flagship project to the development stage and growing it to ten-times its original size. Prior to joining Solaris in 2019, Mr. Earle was a Vice President and Director at TD Securities, covering the mining sector for more than 12 years. Mr. Earle is a graduate and scholar of the Lassonde Mineral Engineering Program at the University of Toronto.

**Sunny Lowe Appointed Chief Financial Officer**

Sunny Lowe has over 25 years of capital markets, finance, and international accounting, tax and risk management experience, most recently serving as the Chief Financial Officer of Solaris Resources, where Ms. Lowe was a driving force in the advancement of its flagship project and corporate development strategy. Prior to joining Solaris in 2021, Ms. Lowe was Chief Financial Officer for a South American gold exploration and development company where she was instrumental in its acquisition by an intermediate gold producer. Ms. Lowe has also previously served as Vice President, Finance, and Vice President, Internal Audit & Enterprise Risk Management for Kinross Gold. Ms. Lowe is a Chartered Professional Accountant and holds an MBA from the Schulich School of Business at York University.

**Federico Velásquez Appointed President Peru**

Federico Velásquez has over 20 years of experience in regulatory, permitting, government and community relations, with special expertise in relation to indigenous communities, most recently serving as President, Latin America at Solaris Resources. At Solaris, Mr. Velásquez was responsible for a precedent-setting corporate social responsibility strategy that included implementing full spectrum community development programs, signing Impacts and Benefits Agreements and cooperation agreements with local and regional communities, and advancing permitting to submit an Environmental Impact Assessment for the construction of the flagship project. Prior to joining Solaris in 2019, Mr. Velásquez was Director of Corporate Affairs-Global for Equinox Gold. Before that he spent more than 5 years leading corporate affairs and supporting the management of assets for Anglo American Metallurgical Coal - Canada & Australia.

**Sergio Gelcich Appointed Vice President Exploration**

Dr. Sergio Gelcich has over 25 years of experience leading the geological and technical aspects of exploration projects across the globe, most recently serving as the Vice President of Exploration for Cerrado Gold and Ascendant Resources. At Cerrado, Dr. Gelcich was responsible for overseeing the exploratory and Mineral Resource aspects of projects in South America. At Ascendant, Dr. Gelcich played a key role in updating economic studies and expanding the Lagoa Salgada polymetallic deposit in Portugal. Prior to this, Dr. Gelcich was the Director of Exploration for Hudbay Minerals, where he led the corporate geology and exploration team. He holds an Honours Bachelor of Science in Geology and a Master of Science in Geology from the Universidad de Chile, as well as a PhD in Geology from the University of Toronto.

**Arun Lamba Appointed Vice President Corporate Development**

Arun Lamba has over 15 years of experience in financial services and capital markets covering the mining sector, most recently serving as Vice President Corporate Development for Solaris Resources. Prior to joining Solaris in 2024, Mr. Lamba was a Senior Mining Analyst at TD Cowen, a leading North American investment bank, where he gained a wide range of analytical experience covering mining projects from early-stage exploration through feasibility and construction to production in both base and precious metals. Mr. Lamba is a Chartered Financial Analyst and completed an MBA at the Rotman School of Management at the University of Toronto and degrees in engineering and economics at Queen's University.

**Purni Parikh Appointed Senior Vice President Corporate Affairs** 

Purni Parikh has over 25 years of public company experience in the mining sector including corporate affairs and finance, legal and regulatory administration, and governance. Ms. Parikh is President of the Augusta Group of Companies and Senior Vice President, Corporate Affairs of its member companies. Ms. Parikh obtained a Certificate in Business from the University of Toronto and a Gemology degree. Ms. Parikh holds the ICD.D designation from the Institute of Corporate Directors.

**Tom Ladner Appointed General Counsel**

Tom Ladner has over 10 years of securities legal and regulatory experience, most recently serving as the Vice President Legal at Solaris Resources since 2020, and General Counsel for the Augusta Group of Companies. Prior to joining the Augusta Group, Mr. Ladner practiced law in the Securities and Capital Markets group of a major Canadian law firm. Mr. Ladner has advised on multiple M&A transactions valued in excess of $1B and more than 30 public market financing transactions with an aggregate value of more than $1B. In 2024, Mr. Ladner was a finalist for both the Western Canada General Counsel Awards and the Canadian General Counsel Awards "Tomorrow's Leader Award." Mr. Ladner has his Honors in Business Administration with distinction from the Richard Ivey School of Business and his Juris Doctor from Western University.

**About Highlander Silver** 

Highlander Silver is advancing a portfolio of silver exploration and development assets in the Americas, including the bonanza grade San Luis gold-silver project that is located adjacent to the Pierina mine in Central Peru. Highlander Silver is backed by the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5B in exit transactions, and supported by strategic shareholders, the Lundin Family and Eric Sprott. The Company is listed on the Canadian Securities Exchange ("CSE") under the ticker symbol HSLV. Additional information about Highlander Silver and its mineral projects can be viewed on the Company's SEDAR+ profile at (www.sedarplus.ca) and its website at www.highlandersilver.com.

 

*Neither the CSE nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this news release.* 

**For further information, please contact:** 

Arun Lamba, Vice President Corporate Development

Email: alamba@highlandersilver.com

**Cautionary Notes and Forward-looking Statements**

 ****

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the forthcoming structural bull market in silver. Such forward looking information or statements may be identified by the use of words such as "forthcoming". Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, commodity prices, general business, economic, competitive, political and social uncertainties, changes in project parameters as plans continue to be refined, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.4

**Exhibit 99.4**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Highlander Silver Corporation ("Highlander" or the "Company")

2500 – 100 King Street W, P.O. Box #267

Toronto, ON M5X 1A9

2. <u>DATE OF MATERIAL CHANGE</u> 

January 7, 2025

3. <u>NEWS RELEASE</u> 

News release dated January 7, 2025, was disseminated through the facilities of Accesswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Highlander announced a new management team.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Highlander announced the appointment of Daniel Earle as President and Chief Executive Officer of the Company, effective immediately. He succeeds Richard Warke, Interim President and CEO, who will continue to serve on the Board of Directors alongside Messrs. Thomas Whelan, Jerrold Annett, Javier Toro and Federico Velásquez.

In addition to Mr. Earle, Highlander Silver has strengthened its management team with the appointments of Sunny Lowe as Chief Financial Officer, Federico Velasquez as President Peru, Sergio Gelcich as Vice President Exploration, Arun Lamba as Vice President Corporate Development, Purni Parikh as Senior Vice President Corporate Affairs, and Tom Ladner as General Counsel, also effective immediately.

**Daniel Earle Appointed President & CEO**

Daniel Earle has over 20 years of experience in the mining sector and capital markets, most recently serving as the President and CEO of Solaris Resources. At Solaris, Mr. Earle led an award-winning team credited with revitalizing a dormant copper discovery in Ecuador and launching it into a secular bull market for copper. Solaris delivered rapid socioeconomic development and returns for its shareholders by advancing its flagship project to the development stage and growing it to ten-times its original size. Prior to joining Solaris in 2019, Mr. Earle was a Vice President and Director at TD Securities, covering the mining sector for more than 12 years. Mr. Earle is a graduate and scholar of the Lassonde Mineral Engineering Program at the University of Toronto.

**Sunny Lowe Appointed Chief Financial Officer**

Sunny Lowe has over 25 years of capital markets, finance, and international accounting, tax and risk management experience, most recently serving as the Chief Financial Officer of Solaris Resources, where Ms. Lowe was a driving force in the advancement of its flagship project and corporate development strategy. Prior to joining Solaris in 2021, Ms. Lowe was Chief Financial Officer for a South American gold exploration and development company where she was instrumental in its acquisition by an intermediate gold producer. Ms. Lowe has also previously served as Vice President, Finance, and Vice President, Internal Audit & Enterprise Risk Management for Kinross Gold. Ms. Lowe is a Chartered Professional Accountant and holds an MBA from the Schulich School of Business at York University.

**Federico Velásquez Appointed President Peru**

Federico Velásquez has over 20 years of experience in regulatory, permitting, government and community relations, with special expertise in relation to indigenous communities, most recently serving as President, Latin America at Solaris Resources. At Solaris, Mr. Velásquez was responsible for a precedent-setting corporate social responsibility strategy that included implementing full spectrum community development programs, signing Impacts and Benefits Agreements and cooperation agreements with local and regional communities, and advancing permitting to submit an Environmental Impact Assessment for the construction of the flagship project. Prior to joining Solaris in 2019, Mr. Velásquez was Director of Corporate Affairs-Global for Equinox Gold. Before that he spent more than 5 years leading corporate affairs and supporting the management of assets for Anglo American Metallurgical Coal - Canada & Australia.

**Sergio Gelcich Appointed Vice President Exploration**

Dr. Sergio Gelcich has over 25 years of experience leading the geological and technical aspects of exploration projects across the globe, most recently serving as the Vice President of Exploration for Cerrado Gold and Ascendant Resources. At Cerrado, Dr. Gelcich was responsible for overseeing the exploratory and Mineral Resource aspects of projects in South America. At Ascendant, Dr. Gelcich played a key role in updating economic studies and expanding the Lagoa Salgada polymetallic deposit in Portugal. Prior to this, Dr. Gelcich was the Director of Exploration for Hudbay Minerals, where he led the corporate geology and exploration team. He holds an Honours Bachelor of Science in Geology and a Master of Science in Geology from the Universidad de Chile, as well as a PhD in Geology from the University of Toronto.

**Arun Lamba Appointed Vice President Corporate Development**

Arun Lamba has over 15 years of experience in financial services and capital markets covering the mining sector, most recently serving as Vice President Corporate Development for Solaris Resources. Prior to joining Solaris in 2024, Mr. Lamba was a Senior Mining Analyst at TD Cowen, a leading North American investment bank, where he gained a wide range of analytical experience covering mining projects from early-stage exploration through feasibility and construction to production in both base and precious metals. Mr. Lamba is a Chartered Financial Analyst and completed an MBA at the Rotman School of Management at the University of Toronto and degrees in engineering and economics at Queen's University.

**Purni Parikh Appointed Senior Vice President Corporate Affairs** 

Purni Parikh has over 25 years of public company experience in the mining sector including corporate affairs and finance, legal and regulatory administration, and governance. Ms. Parikh is President of the Augusta Group of Companies and Senior Vice President, Corporate Affairs of its member companies. Ms. Parikh obtained a Certificate in Business from the University of Toronto and a Gemology degree. Ms. Parikh holds the ICD.D designation from the Institute of Corporate Directors.

**Tom Ladner Appointed General Counsel**

Tom Ladner has over 10 years of securities legal and regulatory experience, most recently serving as the Vice President Legal at Solaris Resources since 2020, and General Counsel for the Augusta Group of Companies. Prior to joining the Augusta Group, Mr. Ladner practiced law in the Securities and Capital Markets group of a major Canadian law firm. Mr. Ladner has advised on multiple M&A transactions valued in excess of $1B and more than 30 public market financing transactions with an aggregate value of more than $1B. In 2024, Mr. Ladner was a finalist for both the Western Canada General Counsel Awards and the Canadian General Counsel Awards "Tomorrow's Leader Award." Mr. Ladner has his Honors in Business Administration with distinction from the Richard Ivey School of Business and his Juris Doctor from Western University.

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

9. <u>DATE OF REPORT</u> 

January 15, 2025

## Exhibit 99.5

**Exhibit 99.5**

**Highlander Silver Corp.**

**Consolidated Financial Statements**

**September 30, 2024**

**(Expressed in Canadian Dollars)**

**INDEPENDENT AUDITOR'S REPORT**

To the Shareholders of<br> Highlander Silver Corp.

**Opinion**

 ****

We have audited the accompanying consolidated financial statements of Highlander Silver Corp. (the "Company"), which comprise the consolidated statements of financial position as at September 30, 2024 and 2023, and the consolidated statements of changes in equity, net loss and comprehensive loss, and cash flows for the years then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at September 30, 2024 and 2023, and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

**Basis for Opinion**

 ****

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our opinion.

**Material Uncertainty Related to Going Concern**

 ****

We draw attention to Note 1 of the consolidated financial statements, which indicates the Company has financed its operations primarily through the issuance of common shares, has working capital of $756,931, and will continue to require additional funding to maintain its ongoing exploration programs and operations and administration for the next fiscal year. As stated in Note 1, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

**Key Audit Matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current year ended. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our auditor's report.

*<u>Assessment of Impairment Indicators of Mineral Property Interests ("Mineral Properties")</u>*

 

As described in Note 5 to the consolidated financial statements, the carrying amount of the Company's Mineral Properties was $12,125,552 as of September 30, 2024. As more fully described in Note 2 to the consolidated financial statements, management assesses Mineral Properties for indicators of impairment at each reporting period.

![](ex99-5_002.jpg)

The principal considerations for our determination that the assessment of impairment indicators of the Mineral Properties is a key audit matter are that there was judgment made by management when assessing whether there were indicators of impairment for the Mineral Properties, specifically relating to the assets' carrying amount which is impacted by the Company's intent and ability to continue to explore and evaluate these assets. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate audit evidence relating to the judgments made by management in their assessment of indicators of impairment that could give rise to the requirement to prepare an estimate of the recoverable amount of the Mineral Properties.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. Our audit procedures included, among others:

● Evaluating management's assessment of impairment indicators.

● Evaluating the intent for the Mineral Properties through discussion and communication with management.

● Reviewing the Company's recent expenditure activity and expenditure budgets for future periods.

● Assessing compliance with agreements and expenditure requirements including reviewing option agreements and vouching payments on a test basis.

● Obtaining, on a test basis through confirmation of title to ensure mineral rights underlying the Mineral Properties are in good standing.

*<u>Accounting for the Acquisition of Reliant Ventures S.A.C.("Reliant")</u>*

 

As described in Note 4 to the consolidated financial statements, during the year ended September 30, 2024, the Company completed the acquisition of 100% of the shares of Reliant (the "Transaction") for consideration totalling $10,570,789. As more fully described in Note 2, judgement is required by the Company to assess whether the Transaction constituted a business combination or an asset acquisition, and in estimating the fair values of the identifiable net assets as at the acquisition date.

We identified the accounting for the Transaction as a key audit matter in respect of whether the set of assets acquired, and liabilities assumed constituted a business, the evaluation of contingent consideration paid, and evaluating the fair value of the net identifiable assets acquired. This matter represented an area of significant risk of material misstatement given the high degree of estimation uncertainty. A high degree of auditor judgment, subjectivity, and effort were required in performing procedures to evaluate management's significant judgements in assessing the accounting for the Transaction, the evaluation of contingent consideration paid, and evaluating the fair value of the net identifiable assets acquired.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. Our audit procedures included, among others:

● Evaluating management's assessment of whether the Transaction constituted an asset acquisition or business combination.

● Examining and evaluating the contractual terms identified in underlying agreements in connection with the Transaction for consistency with the amounts recorded in the consolidated financial statements.

● Assessing the adequacy of the disclosures in the consolidated financial statements.

● Performing audit procedures to ensure the fair value of net identifiable assets acquired.

**Other Information**

 ****

Management is responsible for the other information. The other information obtained at the date of this auditor's report includes Management's Discussion and Analysis.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

**Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements**

 ****

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

**Auditor's Responsibilities for the Audit of the Consolidated Financial Statements**

 ****

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

● Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

● Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

● Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current year ended and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Glenn Parchomchuk.

---

| | |
|:---|:---|
|  | ![](ex99-5_003.jpg) |
| Vancouver, Canada | Chartered Professional Accountants |
| January 28, 2025 |  |

---

**Highlander Silver Corp.**

**Consolidated Statements of Financial Position**

**(Expressed in Canadian Dollars)**

---

| | | | |
|:---|:---|:---|:---|
| **As at September 30, 2024 and September 30, 2023** | | | |
|  | <br>Note | September 30, <br>2024 | September 30, <br>2023 |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $2500894 | $229702 |
| &nbsp;&nbsp;&nbsp;Receivables |  | 290357 | 8904 |
| &nbsp;&nbsp;&nbsp;Prepaids and other |  | 25536 | 14268 |
|  |  | 2816787 | 252874 |
| Reclamation deposit |  | 59052 |  |
| Property and equipment | 3 | 94523 | 11096 |
| Mineral property interests | 5 | 12125552 | 254571 |
| Value-added tax receivable |  | 89730 | – |
| Total assets |  | $15185644 | $518541 |
| **Liabilities and Equity** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 8 | $372481 | $234986 |
| &nbsp;&nbsp;&nbsp;Consideration payable | 4 | 1687375 | – |
|  |  | 2059856 | 234986 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Consideration payable | 4 | 1687375 |  |
| &nbsp;&nbsp;&nbsp;Reclamation provision | 6 | 492426 | – |
| Total liabilities |  | 4239657 | 234986 |
| Equity |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares | 7 | 19524567 | 7219766 |
| &nbsp;&nbsp;&nbsp;Reserves | 7 | 1724026 | 1385293 |
| &nbsp;&nbsp;&nbsp;Commitment to issue shares | 7 | 46319 | 46319 |
| &nbsp;&nbsp;&nbsp;Foreign currency reserve |  | (237224) | (63983) |
| &nbsp;&nbsp;&nbsp;Deficit |  | (10111701) | (8303840) |
| Total equity |  | 10945987 | 283555 |
| Total liabilities and equity |  | $15185644 | $518541 |

---

Nature of operations and going concern (Note 1) <br> Subsequent events (Note 13)

**Approved on behalf of the Board of Directors on January 28, 2025:** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*"Thomas Whelan"* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Director** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"*Javier Toro*" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Director** |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

**Highlander Silver Corp.**

**Consolidated Statements of Changes in Equity**

**(Expressed in Canadian Dollars, except number of shares)**

**For the years ended September 30, 2024 and September 30, 2023**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Number of <br> Shares | Amount | Reserves | Commitment <br> to issue <br> shares | Foreign <br> currency <br> reserve | Deficit | Total <br> equity |
| Balance, October 1, 2023 | 30460475 | $7219766 | $1385293 | $46319 | $(63983) | $(8303840) | $283555 |
| Bonus shares issued | 75000 | 46500 |  |  |  |  | 46500 |
| Private placement – units issued | 50514222 | 12231400 |  |  |  |  | 12231400 |
| Share issue costs on private placement |  | (67943) |  |  |  | 24923 | (43020) |
| Shares issued – restructuring payment | 146923 | 91094 |  |  |  |  | 91094 |
| Fair value reversal on expired stock options |  |  | (291893) |  |  | 291893 |  |
| Exercise of warrants | 25000 | 3750 |  |  |  |  | 3750 |
| Share-based payments |  |  | 630626 |  |  |  | 630626 |
| Net loss and comprehensive loss | – | – | – | – | (173241) | (2124677) | (2297918) |
| Balance, September 30, 2024 | 81221620 | $19524567 | $1724026 | $46319 | $(237224) | $(10111701) | $10945987 |
| Balance, October 1, 2022 | 30372975 | $7195766 | $1250834 | $46319 | $(297520) | $(2780948) | $5414451 |
| Prior foreign currency translation adjustment |  |  |  |  |  | (64222) | (64222) |
| Fair value reversal on expired stock options |  |  | (90855) |  |  | 90855 |  |
| Shares issued for mineral property costs | 37500 | 12000 |  |  |  |  | 12000 |
| Shares issued for services | 50000 | 12000 |  |  |  |  | 12000 |
| Share-based payments |  |  | 225314 |  |  |  | 225314 |
| Net loss and comprehensive loss | – | – | – | – | 233537 | (5549525) | (5315988) |
| Balance, September 30, 2023 | 30460475 | $7219766 | $1385293 | $46319 | $(63983) | $(8303840) | $283555 |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

**Highlander Silver Corp.**

**Consolidated Statements of Net Loss and Comprehensive Loss**

**(Expressed in Canadian Dollars, except share amounts)**

**For the years ended September 30, 2024 and September 30, 2023**

---

| | | | |
|:---|:---|:---|:---|
| | Note | 2024 | 2023 |
| Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising and promotion |  | $9177 | $15238 |
| &nbsp;&nbsp;&nbsp;Bonus expense | 7, 8 | 46500 |  |
| &nbsp;&nbsp;&nbsp;Consulting expense |  | 13045 | 1119 |
| &nbsp;&nbsp;&nbsp;Depreciation | 3 | 29608 | 10413 |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  | (26537) | 63738 |
| &nbsp;&nbsp;&nbsp;Office expenses |  | 217519 | 86679 |
| &nbsp;&nbsp;&nbsp;Professional fees | 8 | 645652 | 503259 |
| &nbsp;&nbsp;&nbsp;Property investigation costs | 8 | 219365 |  |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | 8237 |  |
| &nbsp;&nbsp;&nbsp;Restructuring payment | 7 | 91094 |  |
| &nbsp;&nbsp;&nbsp;Share-based payments | 7 | 630626 | 225314 |
| &nbsp;&nbsp;&nbsp;Transfer agent and filing fees |  | 51230 | 19832 |
| Loss from operations |  | 1935516 | 925592 |
| Gain on disposal of property and equipment |  | (11847) |  |
| Interest income |  | (80052) | (19353) |
| Other income |  | (46074) |  |
| Recovery of accounts payable |  |  | (42167) |
| Write-off of receivables |  | 86540 | 76794 |
| Write-off of mineral property interests | 5 | 240594 | 4608659 |
| Net loss |  | $2124677 | $5549525 |
| Other comprehensive income |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | 173241 | (233537) |
| Total comprehensive loss |  | $2297918 | $5315988 |
| Net loss per share attributable to shareholders of the Company |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  | $0.03 | $0.17 |
| Weighted average number of common shares outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  | 67071265 | 30423174 |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

**Highlander Silver Corp.**

**Consolidated Statements of Cash Flows**

**(Expressed in Canadian Dollars)**

**For the years ended September 30, 2024 and September 30, 2023**

---

| | | | |
|:---|:---|:---|:---|
| | Note | 2024 | 2023 |
| Cash provided by (used in): |  |  |  |
| Operations |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the year |  | $(2124677) | $(5549525) |
| &nbsp;&nbsp;&nbsp;Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonus expense | 7, 8 | 46500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 3 | 29608 | 10413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange |  | (315519) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | (80052) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense |  | 8237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recovery of accounts payable |  |  | (42167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | 7 | 630626 | 225314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for services |  |  | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring payment | 7 | 91094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of mineral property interests | 5 | 240594 | 4608659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of receivables |  | 86540 | 76794 |
| &nbsp;&nbsp;&nbsp;Net changes in non-cash working capital items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables |  | (88419) | (42737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaids and other |  | (11268) | 8412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 26039 | 75071 |
|  |  | (1460697) | (617766) |
| Financing |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from private placement – units issued | 7 | 12231400 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 7 | 3750 |  |
| &nbsp;&nbsp;&nbsp;Share issue costs | 7 | (43020) | – |
|  |  | 12192130 | – |
| Investing |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred exploration and evaluation expenditures |  | (1224073) | (1285257) |
| &nbsp;&nbsp;&nbsp;Interest received on cash equivalents |  | 9680 |  |
| &nbsp;&nbsp;&nbsp;Purchase of equipment |  | (31543) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment |  | 7774 |  |
| &nbsp;&nbsp;&nbsp;Acquisition of Reliant Ventures S.A.C. | 4 | (7158514) |  |
| &nbsp;&nbsp;&nbsp;Cash acquired on purchase of Reliant Ventures S.A.C. | 4 | 109676 | – |
|  |  | (8287000) | (1285257) |
| Effect of exchange rate changes on cash and cash equivalents |  | (173241) | 164551 |
| Increase (decrease) in cash and cash equivalents |  | 2271192 | (1738472) |
| Cash and cash equivalents, beginning of year |  | 229702 | 1968174 |
| Cash and cash equivalents, end of year |  | $2500894 | $229702 |
| Cash and cash equivalents, end of year comprise: |  |  |  |
| Cash balances with banks |  | $950894 | $229702 |
| Guaranteed investment certificates |  | 1550000 | – |
|  |  | $2500894 | $229702 |
| Supplemental cash flow information (Note 10) |  |  |  |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Nature of operations and going concern** 

Highlander Silver Corp. (the "Company" or "Highlander") was incorporated under the laws of the Province of British Columbia, Canada. The Company's head office is located at 2500 – 100 King Street West, Toronto, Ontario, Canada, M5X 1A9. Its records office is located at 1200 - 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8. Its main business activity is the acquisition, exploration and evaluation of mineral properties located in Peru. These consolidated financial statements of the Company as at and for the years ended September 30, 2024 and September 30, 2023 comprise the Company and its subsidiaries (Note 2(b)). The Company's common shares trade on the Canadian Securities Exchange.

The Company has not yet determined whether its mineral property interests contain mineral reserves that are economically viable. The Company's continued operations, and the underlying value and recoverability of the amounts shown for mineral property interests, are entirely dependent upon the existence of economically recoverable mineral reserves of the Company and those in which it holds a mineral property or shareholder interest. The continued exploration and development of projects will depend on it receiving future cash flows from its ability to obtain share capital financing.

These consolidated financial statements are prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations. As an exploration stage company, the Company does not have traditional revenue sources, and historically has relied on property option or sale proceeds and share capital financing to cover its property acquisition, exploration and evaluation expenditures and operating expenses.

As at September 30, 2024, the Company had equity of $10,945,987 (September 30, 2023 – $283,555) and a working capital of $756,931 (September 30, 2023 – $17,888). The Company has financed its operations primarily through the issuance of common shares. The Company will continue to require additional funding to maintain its ongoing exploration programs, property maintenance payments and operations and administration for the next fiscal year. The Company also recognizes that exploration expenditures may change with ongoing results and, as a result, it may be required to obtain additional financing. These uncertainties may cast significant doubt about the Company's ability to continue as a going concern.

On October 17, 2023, the Company consolidated its issued share capital on a ratio of two (2) old common shares for every one (1) new post-consolidated common share (the "Share Consolidation"). The current and comparative references to the common shares, weighted average number of common shares, loss per share, acquisitions, stock options and warrants have been restated to give effect to this Share Consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Material
 accounting policy information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Basis of presentation** 

These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB') and the International Financial Reporting Interpretations Committee and have been applied consistently by the Company and its subsidiaries.

These consolidated financial statements have been prepared on an historical cost basis, except for financial instruments which are classified as fair value through profit or loss ("FVTPL"). In addition, these financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

All amounts on these consolidated financial statements are presented in Canadian dollars which is the functional currency of the Company and its subsidiaries with the exception of Minera CAPPEX S.A.C. and Reliant Ventures S.A.C. which have a functional currency of Peruvian Soles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Principles
 of consolidation

These consolidated financial statements include the financial information of the Company and its subsidiaries.

Subsidiaries are entities controlled by the Company and are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries are changed where necessary to align them with the policies adopted by the Company.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

The consolidated financial statements include the following entities:

---

| | | |
|:---|:---|:---|
| Highlander Silver Corp. | 100% | Parent company |
| Pacific West Exploration Services Inc. | 100% | Exploration Company |
| Cappex Mineral Ventures Inc. | 100% | Holding Company |
| Minera CAPPEX S.A.C. | 100% | Exploration company |
| Reliant Ventures S.A.C | 100% | Exploration company |
| San Luis Resources (BVI) Inc. | 100% | Holding company |
| San Luis Minerals (BVI) Inc | 100% | Holding company |
| Silver Standard Peru (BVI) Inc. | 100% | Holding company |

---

Inter-company balances and transactions, and any unrealized income (loss) and expenses arising from inter- company transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Company's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

When control of a subsidiary is lost, the Company: (a) derecognizes the assets and liabilities of the former subsidiary from the consolidated statement of financial position; (b) recognizes any investment retained in the former subsidiary at its fair value when control is lost and subsequently accounts for it and for any amounts owed by or to the former subsidiary in accordance with relevant IFRSs; and (c) and recognizes the gain or loss associated with the loss of control attributable to the former controlling interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) New
 accounting policies

In January 2020, the IASB issued amendments to IAS 1, Presentation of Financial Statements, to provide a more general approach to the presentation of liabilities as current or non-current based on contractual arrangements in place at the reporting date.

These amendments:

● specify the rights and condition existing at the end of the reporting period are relevant in terming whether the Company has a right to defer settlement of a liability by at least twelve months;

● provide that management's expectations are not a relevant consideration as to whether the Company exercise its right to defer settlement of a liability; and

● clarify when a liability is considered settled.

On October 31, 2022, the IASB issued a deferral of the effective date for the new guidance by one year to annual reporting periods beginning on or after January 1, 2024 and is to be applied retrospectively.

IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statements aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management defined performance measures and new principles for aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS18 before that date.

The Company has not yet determined the impact of these amendments on its financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Financial
 instruments

The Company classifies its financial instruments in the following categories: as FVTPL, financial assets at amortized cost and other financial liabilities at amortized cost. The classification depends on the purpose for which the financial assets or liabilities were acquired or incurred. Management determines the classification of financial assets and liabilities at initial recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Non-derivative
financial assets and liabilities

**Recognition**

The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

**Classification**

The Company classifies its financial assets and financial liabilities using the following measurement categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Those
 to be measured subsequently at fair value (either through other comprehensive income (loss)
 or through profit or loss); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Those
 to be measured at amortized cost.

The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at fair value through profit or loss (an irrevocable election at the time of recognition). For assets and liabilities measured at fair value, gains and losses are either recorded in profit or loss or other comprehensive income (loss).

The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified.

Cash and cash equivalents are classified as amortized cost. Cash equivalents include highly liquid investments with original maturities of three months or less, and which are subject to an insignificant risk of change in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.

Receivables and reclamation deposit are classified as financial assets at amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Financial
 liabilities

The Company has the following financial liabilities: accounts payable and accrued liabilities and consideration payable.

Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs.

Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Interest expense is recorded to profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Mineral
 property interests

The acquisition costs of mineral property interests and any subsequent exploration and evaluation costs are capitalized until the property to which they relate is placed into production, sold, allowed to lapse or abandoned. Exploration and evaluation costs incurred prior to obtaining ownership, or the right to explore a property, are expensed as incurred as property examination costs. Mineral property interests that have close proximity and have the possibility of being developed as a single mine are grouped as projects and are considered separate cash generating units ("CGU") for the purpose of determining future mineral reserves and impairments.

The acquisition costs include the cash consideration paid and the fair value of any shares issued for mineral property interests being acquired or optioned pursuant to the terms of relevant agreements.

Proceeds received from a partial sale or option of any interest in a property are credited against the carrying value of the property. When the proceeds exceed the carrying costs the excess is recorded in profit or loss in the year the excess is received. When all of the interest in a property is sold, subject only to any retained royalty interests which may exist, the accumulated property costs are written-off, with any gain or loss included in profit or loss in the year the transaction takes place. No initial value is assigned to any retained royalty interest. The royalty interest is subsequently assessed for value by reference to developments on the underlying mineral property.

Management reviews its mineral property interests at each reporting period for signs of impairment and annually after each exploration season to consider if there is impairment in value taking into consideration current year exploration results, or likely gains from the disposition or option of the property. If a property is abandoned or inactive for a prolonged period, or considered to have no future economic potential, the acquisition and deferred exploration and evaluation costs are written-off to profit or loss.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

Once an economically viable resource has been determined for an area and the decision to proceed with development has been approved, mineral property interests attributable to that area are first tested for impairment and then reclassified to property and equipment. Subsequent recovery of the resulting carrying value depends on successful development or sale of the undeveloped project. Should a project be put into production, the costs of acquisition, exploration and evaluation will be amortized over the life of the project based on estimated economic reserves. If the carrying value of a project exceeds its estimated net realizable value or value in use, an impairment provision is recorded.

When entitled, the Company records refundable mineral exploration tax credits or incentive grants on an accrual basis and as a reduction of the carrying value of the mineral property interest. When the Company is entitled to non-refundable exploration tax credits, and it is probable that they can be used to reduce future taxable income, a deferred income tax benefit is recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Impairment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Financial
 assets

The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as at the reporting date, with the risk of default as at the date of initial recognition, based on all information available, and reasonable and supportive forward-looking information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Non-financial
 assets

Non-financial assets are reviewed quarterly by management for indicators that carrying value is impaired and may not be recoverable. When indicators of impairment are present the recoverable amount of an asset is evaluated at the CGU level, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount of a CGU is the greater of the CGU's fair value less costs to sell and its value in use. An impairment loss is recognized in profit or loss to the extent that the carrying amount exceeds the recoverable amount. The Company's mineral property interest impairment policy is more specifically discussed in Note 2(e) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Share
 capital

Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash, are valued based on their market value at the date the shares are issued.

When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Share capital is reduced by the average per-common-share carrying amount, with the difference between this amount and the consideration paid, added to or deducted from contributed surplus.

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. The Company considers the fair value of common shares issued in a unit private placement to be the more easily measurable component. The balance, if any, is allocated to the attached warrants. Any value attributed to the warrants is recorded as contributed surplus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Share-based
 payment transactions

The Company has a stock option plan that provides for the granting of options to Officers, Directors, related Company employees and consultants to acquire shares of the Company. The fair value of the options is measured on grant date and is recognized as an expense with a corresponding increase in contributed surplus as the options vest.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

Options granted to employees and others providing similar services are measured at grant date at the fair value of the instruments issued. Fair value is determined using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. The amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. Each tranche in an award with graded vesting is considered a separate grant with a different vesting date and fair value. Each grant is accounted for on that basis.

Options granted to non-employees are measured at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which case the fair value of the equity instruments issued is used. The value of the goods or services is recorded at the earlier of the vesting date, or the date the goods or services are received.

Over the vesting period, share-based payments are recorded as an operating expense and as contributed surplus. When options are exercised, the consideration received is recorded as share capital. In addition, the related share- based payments originally recorded as contributed surplus are transferred to share capital.

When an option is cancelled, or expires, the initial recorded value is reversed from contributed surplus and credited to retained earnings (deficit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Environmental
 rehabilitation

An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. The estimated costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are determined, and capitalized at the start of each project to the carrying amount of the asset, as soon as the obligation to incur such costs arises. Discount rates, using a pre-tax rate that reflects the time value of money, are used to calculate the net present value. These costs are charged against profit or loss over the economic life of the related asset, through depreciation using either the unit-of-production or the straight-line method. The related liability is adjusted at each reporting date for the unwinding of the discount rate, for changes to the current market-based discount rate, and for changes to the amount or timing of the underlying cash flows needed to settle the obligation. Costs for restoration of subsequent site damage which is created on an ongoing basis during production are provided for at their net present values and charged to profit or loss as extraction progresses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Income
 taxes

Income tax expense is comprised of current and deferred income taxes. Current income tax and deferred income tax are recognized in profit or loss, except to the extent that they relate to items recognized directly in equity or equity investments.

Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred income tax assets and liabilities are offset if there is a legally enforceable right to offset current income tax liabilities and assets, and they relate to income taxes levied by the same tax authority for the same taxable entity. A deferred income tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related income tax benefit will be realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Earnings
 (loss) per share

The Company presents basic and diluted earnings (loss) per share ("EPS") data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by dividing the profit or loss attributable to common shareholders by the weighted average number of common shares outstanding, adjusted for own shares held and for the effects of all potential dilutive common shares related to outstanding stock options and warrants issued by the Company for the years presented, except if their inclusion proves to be anti-dilutive.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** **Foreign currency translation** 

Foreign currency transactions are translated into Canadian dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction (historical rate). Assets and liabilities of foreign operations with functional currencies other than the Canadian Dollar are translated into Canadian dollars at period end exchange rates and any revenue and expenses are translated at the average exchange rate for the period. The resulting exchange differences are recognized in foreign currency reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Property
 and equipment

Property and equipment is carried at cost less accumulated amortization and accumulated impairment losses. The cost of an item of property and equipment consists of purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, initial estimates of the costs of dismantling and removing an item and restoring the site on which it is located, and, where applicable, borrowing costs.

When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment.

Property and equipment, including major components, are depreciated using the straight-line method over their estimated useful lives, typically ranging from 2 to 12 years.

Assets under construction are capitalized as separate components and are presented as work in progress. Upon completion, the cost of these assets is transferred to their definitive category. Work in progress is not depreciated.

The Company conducts an annual assessment of the residual balances, useful lives and amortization methods being used for property and equipment and any changes arising from the assessment are applied by the Company prospectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Use
 of estimates and material judgments

The preparation of consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates and judgments. Those areas requiring the use of management estimates and judgments include:

**Estimates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 determination of the fair value of stock options or compensatory warrants using stock pricing
 models requires the input of highly subjective variables, including expected price volatility.
 Wide fluctuations in the variables could materially affect the fair value estimate; therefore,
 the existing models do not necessarily provide a reliable single measure of the fair value
 of the Company's stock options and warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Company's provision for decommissioning and restoration represents management's
 interpretation of current regulatory requirements, constructive obligations, and best estimate
 of the present value of the future cash outflows required to settle the liability. The provision
 reflects estimates of future costs, inflation, and assumptions of risks associated with the
 future cash outflows, and the applicable risk-adjusted discount rate for discounting future
 cash outflows. Changes in the above factors can result in a change to the provision recognized
 by the Company. Changes to the restoration and decommissioning costs are recorded with a
 corresponding change to the carrying amount of the related mining property. Adjustments to
 the carrying amounts of the related mineral property can result in a change to future depletion
 expense.

**Judgments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Recorded
 costs of mineral property interests and deferred exploration and evaluation costs are not
 intended to reflect present or future values of these properties. The recorded costs are
 subject to measurement uncertainty and it is reasonably possible, based on existing knowledge,
 that change in future conditions could require a material change in the recognized amount.
 Management is required, at each reporting date, to review its mineral property interests
 for signs of impairment. This is a highly subjective process taking into consideration exploration
 results, metal prices, economics, financing prospects and sale or option prospects. Management
 makes these judgments based on information available, but there is no certainty that a property
 is or is not impaired.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 determination of deferred income tax assets or liabilities requires subjective assumptions
 regarding future income tax rates and the likelihood of utilizing tax carry-forwards. Changes
 in these assumptions could materially affect the recorded amounts, and therefore do not necessarily
 provide certainty as to their recorded values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Asset
 Acquisition

The acquisition of Reliant Ventures S.A.C. was classified as an asset acquisition, as the acquired entity does not meet the definition of a business under IFRS 3 Business Combinations. The primary asset acquired is the San Luis Project, located in the Ancash department of central Peru. The acquisition was accounted for as the purchase of individual assets and liabilities, with no goodwill recognized.

The total consideration transferred has been allocated to the identifiable assets acquired based on their estimated fair values at the acquisition date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Property
 and equipment

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Computers | Computers | Construction in progress | Equipment <br>and infrastructure | Furniture | Vehicles | Total |
| **Cost** |  |  |  |  |  |  |
| As at October 1, 2022 and September 30, 2023 | $2723 | $– | $– | $718 | $86132 | $89573 |
| Acquisition of Reliant Ventures S.A.C |  | 55796 | 23438 | 364 | 3670 | 83268 |
| Additions | 2199 |  | 29344 |  |  | 31543 |
| Disposals |  |  | (1522) |  | (6252) | (7774) |
| Foreign exchange adjustment | 178 | 1267 | 1541 | 34 | 2978 | 5998 |
| As at September 30, 2024 | $5100 | $57063 | $52801 | $1116 | $86528 | $202608 |
| **Accumulated depreciation** |  |  |  |  |  |  |
| As at October 1, 2022 | $889 | $– | $– | $311 | $67530 | $68730 |
| Depreciation | 700 |  |  | 74 | 9639 | 10413 |
| Foreign exchange adjustment | (72) | – | – | (22) | (572) | (666) |
| As at September 30, 2023 | $1517 | $– | $– | $363 | $76597 | $78477 |
| Depreciation | 992 | – | 19277 | 340 | 8999 | 29608 |
| As at September 30, 2024 | $2509 | $– | $19277 | $703 | 85596 | $108085 |
| **Net book value** |  |  |  |  |  |  |
| As at September 30, 2023 | $1206 | $– | $– | $355 | $9535 | $11096 |
| As at September 30, 2024 | $2591 | $57063 | $33524 | $413 | $932 | $94523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Acquisition of Reliant Ventures S.A.C.** 

On May 23, 2024, the Company completed the acquisition of 100% of the shares of Reliant Ventures S.A.C. ("Reliant"), a private Peruvian company that holds the San Luis Project, located in the Ancash department of central Peru. The acquisition was made pursuant to a share purchase agreement with SSR Mining Inc. ("SSR Mining"). The total consideration for the acquisition included an initial payment of US$5,000,000 ($6,978,100) in cash, with additional contingent consideration of up to US$37,500,000 based on achieving specific project milestones (see below).

The acquisition of the San Luis Properties constitutes an asset acquisition and has been accounted for under the acquisition method, as outlined in IFRS 3, Business Combinations. However, since the assets acquired did not qualify as a business under IFRS 3, the acquisition has been treated as a purchase of individual assets and liabilities.

The allocation of the purchase price to the assets acquired and liabilities assumed is based on their estimated fair values as of the acquisition date. The assets, liabilities, and operations of the San Luis Properties have been included in the Company's consolidated financial statements starting from May 23, 2024.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

Reliant's assets, liabilities, and operations from May 23, 2024 are included in these consolidated financial statements.

---

| | |
|:---|:---|
| Net assts (liabilities) of Reliant acquired | May 23,<br> 2024 |
| Cash | $109676 |
| Reclamation deposit | 57561 |
| Receivables and prepayments | 212123 |
| Value-added tax receivable | 86809 |
| Property and equipment | 83268 |
| Mineral property interests | 10623949 |
| Accounts payable and accrued liabilities | (134417) |
| Reclamation provision | (468180) |
| Net assts acquired | $10570789 |
| Consideration paid on asset acquisition |  |
| Cash | $6978100 |
| Contingent consideration | 3412275 |
| Transaction costs – cash | 180414 |
| Total consideration paid | $10570789 |

---

The contingent consideration is structured around achieving specific operational milestones at the San Luis Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. US$1,250,000
 after the commencement of an initial drilling program ("Milestone 1");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. US$1,250,000
 after the first anniversary of the commencement of an initial drilling program ("Milestone
 2");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. US$5,000,000
 after the completion of a feasibility study ("Milestone 3");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. US$10,000,000
 after the beginning of commercial production ("Milestone 4");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. US$10,000,000
 after the first anniversary of commercial production ("Milestone 5"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. US$10,000,000
 after the second anniversary of commercial production ("Milestone 6").

The current liability for consideration payable consists of the US$1,250,000 ($1,687,375) payable upon commencement of an initial drilling program ("Milestone 1"). The non-current liability consists of the US$1,250,000 ($1,687,375) payable upon the first anniversary of the commencement of an initial drilling program ("Milestone 2"). Given the current stage of the project and the uncertainty surrounding the achievement of Milestones 3, 4, 5 and 6, it is not possible to reliably estimate the probability of these events occurring. As a result, only Milestone 1 and 2, which are considered highly probable, have been recognized as part of the contingent consideration.

The Company recognized a provision for environmental restoration and for the closure of its mining units corresponding to its legal obligation to restore the environment at the end of its operations. At the date of initial recognition of the liability arising from this obligation, the provision was measured at the estimated future value and discounted to its present value on the reporting date (Note 6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral
 property interests

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Alta Victoria Property** | **Politunche Property** | **Estrella** | **San Luis** | **Total** |
| October 1, 2023 | $– | $– | $254571 | $– | $254571 |
| &nbsp;&nbsp;&nbsp;Acquisitions/staking/ assessments | 36722 |  |  | 10623949 | 10660671 |
| &nbsp;&nbsp;&nbsp;Administrative |  |  |  | 21134 | 21134 |
| &nbsp;&nbsp;&nbsp;Dues & fees | 17890 |  | 23403 | 65295 | 106588 |
| &nbsp;&nbsp;&nbsp;Field equipment and related expenditures | 19993 |  | 26593 | 39703 | 86289 |
| &nbsp;&nbsp;&nbsp;Geological and related expenditures | 30383 |  | 154110 | 137884 | 322377 |
| &nbsp;&nbsp;&nbsp;Legal expenses | 7582 | 1965 | 3658 | 4606 | 17811 |
| &nbsp;&nbsp;&nbsp;Personnel | 118692 | 17 | 162383 | 256899 | 537991 |
| &nbsp;&nbsp;&nbsp;Services | 7054 | 296 | 27421 | 33034 | 67805 |
| &nbsp;&nbsp;&nbsp;Travel |  |  |  | 4395 | 4395 |
| &nbsp;&nbsp;&nbsp;Impairments/write-downs | (238316) | (2278) |  |  | (240594) |
| &nbsp;&nbsp;&nbsp;Foreign exchange translation | – | – | 31199 | 255315 | 286514 |
| September 30, 2024 | $– | $– | $683338 | $11442214 | $12125552 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Alta Victoria Property** | **Politunche Property** | **Estrella** | **San Luis** | **Total** |
| October 1, 2022 | $3506341 | $138971 | $3701 | $– | $3649013 |
| &nbsp;&nbsp;&nbsp;Acquisitions/staking/ assessments | 86385 | 29503 | 44013 |  | 159901 |
| &nbsp;&nbsp;&nbsp;Administrative | 86916 |  | 160364 |  | 247280 |
| &nbsp;&nbsp;&nbsp;Dues & fees | 70917 |  |  |  | 70917 |
| &nbsp;&nbsp;&nbsp;Field equipment and related expenditures | 31719 | 6699 | 5774 |  | 44192 |
| &nbsp;&nbsp;&nbsp;Geological and related expenditures |  |  |  |  |  |
|  | 279553 | 8364 | 4362 |  | 292279 |
| &nbsp;&nbsp;&nbsp;Legal expenses | 3716 | 4693 | 612 |  | 9021 |
| &nbsp;&nbsp;&nbsp;Personnel | 337285 | 7563 | 22853 |  | 367701 |
| &nbsp;&nbsp;&nbsp;Services | 13268 | 780 | 12976 |  | 27024 |
| &nbsp;&nbsp;&nbsp;Impairments/write-downs | (4412260) | (196399) |  |  | (4608659) |
| &nbsp;&nbsp;&nbsp;Foreign exchange translation | (3840) | (174) | (84) | – | (4098) |
| September 30, 2023 | $– | $– | $254571 | $– | $254571 |

---

The Company's wholly-owned projects are comprised of the rights to explore various mineral claims and tenures at various stages of exploration. Unless otherwise noted they are not subject to any option or sale agreements. Certain of the claims are subject to a net smelter returns royalty ("NSR"), as detailed below.

**San Luis Project**

The San Luis Project is a gold-silver exploration property located in the Ancash department of central Peru. The Company acquired the project on May 23, 2024, through the purchase of 100% of the shares of Reliant Ventures S.A.C., which holds the rights to the San Luis Project.

As part of the acquisition agreement, the Company agreed to pay SSR Mining an initial cash payment US$5,000,000 ($6,978,100) paid in cash (paid) and up to US$37,500,000 in contingent consideration upon the achievement of specific project milestones (Note 4). These milestones include the commencement of drilling, completion of a feasibility study, and milestones related to commercial production. Additionally, SSR Mining retained a 4% net NSR on the project. The Company has the option to buy back 2% of this royalty for US$15,000,000 at any time prior to the commencement of mine construction.

**La Estrella**

On August 10, 2021, the Company purchased from Compania Minera Ares S.A.C. mining claims known as the Estrella claims located in central Peru in consideration for a cash payment of $3,701 (US$2,700), being payment of the administrative costs and a 2% NSR. The Company, at its sole discretion and at any time may purchase 50% of the NSR for a consideration of US$200,000 and the remaining 50% for a consideration of US$300,000.

The Estrella 002 concession was acquired via auction with the Peruvian Mining Authority for consideration of US$31,000 (paid).

In addition, the Company has acquired the La Estrella project database including diamond drill core, assay results and laboratory certificates from Alianza Minerals Ltd. in consideration for the payment of $15,000 (paid) and the issuance of 37,500 common shares (issued).

**Alta Victoria Property**

Following a strategic review of the Company's mineral project portfolio, the decision was taken to allow the mining lease at Alta Victoria to lapse on December 4, 2023.

**Politunche Property**

Following a strategic review of the Company's portfolio, the Company terminated its option to acquire a 100% interest in the Politunche project.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Reclamation
 provision

As at September 30, 2024, the Company has considered that the reclamation and closure cost provision on its San Luis Project is estimated to be $492,426 (2023 – $nil).

---

| | |
|:---|:---|
| | September 30, <br>2024 |
| Balance, beginning of year | $– |
| Acquisition of Reliant Ventures S.A.C | 468180 |
| Accretion | 8237 |
| Foreign exchange adjustment | 16009 |
| Balance, end of year | $492426 |

---

The reclamation provision represents the estimated costs for restoration and rehabilitation for environmental disturbances estimated to be incurred in the year 2027. The total undiscounted estimated cash flows required to settle these obligations as at September 30, 2024 are $573,958 (September 30, 2023 – $nil), which have been inflated at an average rate of 1.98% per annum (September 30, 2023 – nil) and discounted at an average rate of 5.25% (September 30, 2023 – nil).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Share
 capital

The authorized share capital of the Company consists of an unlimited number of common shares without par value, an unlimited number of preferred shares without par value. All issued shares are fully paid. At September 30, 2024, the Company holds no shares (2023 – 9,765,456) in escrow.

**Transactions for the issue of share capital during the year ended September 30, 2024:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** On
 October 19, 2023, the Company completed a financing whereby 30,000,000 units were issued
 at $0.10 per unit for gross proceeds of $3,000,000. Each unit is comprised of one common
 share and one warrant exercisable at a price of $0.15 per share for a period of 3 years from
 the date of issuance. The Company incurred $43,443 in share issue costs in respect of this
 financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** On
 May 8, 2024, the Company completed an offering of 20,514,222 common shares of the Company
 at a price of $0.45
per share for gross proceeds of $9,231,400. The Company incurred $24,500 in share issue costs in respect of this financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** On
 May 21, 2024, upon the exercise of common share purchase warrants, 25,000 common shares were
 issued at $0.15
per share for proceeds of $3,750.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** On
 August 8, 2024, the Company issued 75,000 common shares with a fair value of $46,500 to the
 CEO as a performance bonus. Additionally, 146,923 common shares with a fair value of $91,094
 were issued as restructuring payment to a former director for the cancellation of 450,000
 stock options.

**Transactions for the issue of share capital during the year ended September 30, 2023:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** On
 February 15, 2023, the Company issued 50,000 common shares of the Company to the CEO In connection
 with a Management Consulting Agreement. The shares had a fair value of $12,000 ($0.24 per
 share) on issuance, which has been presented as management fees on the Company's consolidated
 statement of loss and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** On
 March 29, 2023, the Company issued 37,500 common shares of the Company to Alianza Minerals
 Ltd. in consideration for the acquisition of The Estrella 002 concession. The shares had
 a fair value of $12,000 ($0.32 per share) on issuance, which has been present as acquisition
 costs.

**Commitment to issue shares**

On November 16, 2020, the Company issued 125,000 common shares pursuant to a consulting agreement with the former CEO. These shares have a fair value, calculated using the market price at grant date of $0.43 totaling $53,750. The shares will vest quarterly over a period of 12 months from issuance. The total share-based payments recorded as for the year ended September 30, 2021 was $46,319. As at September 30, 2024, the shares have not been issued.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

**Stock options**

The Company has an incentive stock option plan (the "Plan") which provides for the granting of options. The maximum number of Shares issuable under the Plan shall not exceed 10% of the number of shares of the Company issued and outstanding as of each award date, inclusive of all shares presently reserved for issuance pursuant to previously granted stock options. Options granted under the Plan may have a maximum term of five years and the Board may in its discretion attach vesting conditions to options.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 2024 | | 2023 |
| For the year ended September 30, | 2024<br> Number of options | Weighted Average Exercise price | 2023 Number of options | Weighted Average Exercise price |
| Balance, beginning of year | $1625000 | $0.51 | $1062500 | $0.60 |
| Granted | 1737500 | 0.56 | 850000 | 0.42 |
| Forfeited/expired/cancelled | (787500) | 0.58 | (287500) | 0.59 |
| Balance, end of year | $2575000 | $0.52 | $1625000 | $0.51 |

---

As at September 30, 2024, the Company had stock options outstanding and exercisable as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Outstanding | Outstanding | Outstanding | Outstanding | Exercisable | Exercisable |
| Expiry date | Exercise price | Number of options | Weighted average remaining contractual life (years) | Number of options | Weighted average remaining contractual life (years) |
| August 10, 2025 | $0.54 | 15000 | 0.86 | 15000 | 0.86 |
| November 3, 2026 | 0.60 | 197500 | 2.09 | 197500 | 2.09 |
| March 1, 2027 | 0.60 | 50000 | 2.42 | 50000 | 2.42 |
| March 12, 2027 | 0.55 | 1362500 | 2.45 | 1362500 | 2.45 |
| September 20, 2027 | 0.78 | 100000 | 2.97 | 20000 | 2.97 |
| March 3, 2028 | 0.42 | 850000 | 3.42 | 750000 | 3.42 |
|  | 0.52 | 2575000 | 2.75 | 2395000 | 2.72 |

---

During the year ended September 30, 2024, the Company granted 1,637,500 stock options to Directors, Officers and Company employees. The stock options are exercisable at $0.55 for a period of three years and vest immediately.

Additionally, the Company granted 100,000 stock options to a Company employee, which are exercisable at $0.78 for a period of three years, with 20% vesting immediately, with a further 20% vesting each six-month period thereafter.

The stock options were valued using the Black-Scholes option pricing model with the following assumptions:

1,637,500 options with expected life of the options - 3 years, expected stock price volatility – 125%, no dividend yield, and a risk-free interest rate of 2.84%. Using the above assumptions, the fair value of options granted during year ended September 30, 2024 was approximately $0.35 per option for a total of $578,440.

100,000 options with expected life of the options - 3 years, expected stock price volatility – 125%, no dividend yield, and a risk-free interest rate of 3.9%. Using the above assumptions, the fair value of options granted during year ended September 30, 2024 was approximately $0.51 per option for a total of $51,096.

During the year ended September 30, 2023, the Company granted 850,000 stock options to Directors, Officers and related Company employees. The stock options are exercisable at $0.42 for a period of five years and 25% vest immediately, with a further 25% vesting every six months thereafter.

The stock options were valued using the Black-Scholes option pricing mode with the following assumptions:

850,000 options with expected life of the options - 5 years, expected stock price volatility – 125%, no dividend yield, and a risk-free interest rate yield of 3.55%. Using the above assumptions, the fair value of options granted during the year ended September 30, 2023 was approximately $0.18 per option for a total of $156,534.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

The total share-based payment expense for the year ended September 30, 2024 was $630,626 (2023 - $225,314), which is presented as an operating expense, and includes options that vested during the year.

During the year ended September 30, 2024, a total of 787,500 stock options were cancelled as a result of the resignation or termination of certain individuals. On cancellation, the original fair value of $291,893 was reversed from reserves and credited to deficit.

During the year ended September 30, 2023, a total of 287,500 stock options were cancelled as a result of the resignation or termination of certain individuals. On cancellation, the original fair value of $90,855 was reversed from reserves and credited to deficit.

**Warrants**

As an incentive to complete a private placement the Company may issue units which include common shares and common share purchase warrants. Using the residual value method, the Company determines whether a value should be allocated to the warrants attached to private placement units. Finders' warrants may be issued as a private placement share issue cost and are valued using the Black-Scholes option pricing model.

A summary of the status of the Company's warrants as at September 30, 2024 and September 30, 2023 and changes during the year then ended is as follows:

---

| | | |
|:---|:---|:---|
| | Number of warrants | Weighted average exercise<br> price |
| Outstanding, September 30, 2022 | 9100002 | $0.50 |
| &nbsp;&nbsp;&nbsp;Expired | (9100002) | 0.50 |
| Outstanding, September 30, 2023 |  | $– |
| &nbsp;&nbsp;&nbsp;Issued | 30000000 | 0.15 |
| &nbsp;&nbsp;&nbsp;Exercised | (25000) | 0.15 |
| Outstanding, September 30, 2024 | 29975000 | $0.15 |

---

The following table summarizes information about the warrants outstanding as at September 30, 2024:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Exercise price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of warrants outstanding | &nbsp;&nbsp;&nbsp;&nbsp;Remaining contractual life (years) |
| &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29975000 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Related
 party payables and transactions

A number of key management personnel and Directors hold positions in other entities that result in them having control or significant influence over the financial or operating policies of these entities. There were no loans to key management personnel or Directors, or entities over which they have control or significant influence during the years ended September 30, 2024 and September 30, 2023.

Key management personnel and Directors receive no salaries, non-cash benefits (other than incentive stock options), or other remuneration directly from the Company, other than noted below, and there are no contracts with them that cannot be terminated without penalty on thirty to ninety days advance notice. Key management personnel and Directors participate in the Company's stock option plan.

During the year ended September 30, 2024, the CEO of the Company was issued 75,000 common shares as consideration for a performance bonus, with a fair value of $46,500.

During the year ended September 30, 2024, key management of the Company were granted 1,525,000 stock options exercisable at $0.55 for a period of three years, with a fair value of $538,701.

During the year ended September 30, 2023, key management of the Company were granted 850,000 stock options exercisable at $0.42 for a period of five years, with a fair value of $156,534.

The following related parties transacted with the Company or Company controlled entities during the period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Stephen
 Brohman was the Company's CFO during the reporting period. He is a principal of Donaldson
 Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
 DBM CPA provides the Company with accounting and tax services (included within professional
 fees).

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Philip
 Anderson was former Director, former interim CEO and General Manager of Minera CAPPEX S.A.C.
 He provided the Company with geological, management and administrative services. He resigned
 during the year ended September 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** David
 Fincham was appointed as the Company's CEO effective October 2022 and continued as
 the Company's CEO through the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Graeme
 Lyall was a Company Director during the reporting period. He has significant influence of
 Lyall Consult SPA. ("Lyall"). Lyall provided the Company with geological services
 during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Dr.
 Leandro Echavarria was the Company's VP of Exploration. He has significant influence
 of LE Geological Services USA. ("LE Geo"). LE Geo provided the Company with geological
 services during the reporting period.

The aggregate value of transactions and outstanding balances with key management personnel and Directors and entities over which they have control or significant influence were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Transactions year ended September 30,<br>2024 | Transactions year ended September 30,<br>2023 | Balances Outstanding September 30,<br>2024 | Balances Outstanding <br>September 30,<br>2023 |
| DCM CPA | $115888 | $70738 | $5250 | $5250 |
| Philip Anderson |  | 80903 |  |  |
| Lyall Consult CPA | 29435 | 45241 | 349 | 15379 |
| LE Geological Services | 207630 | 158569 | 18245 | 16200 |
| David Fincham | 220667 | 239329 | 21624 | 78487 |
|  | $573620 | $594780 | $45468 | $115316 |

---

All related party balances are unsecured and are due within thirty days without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Income
 Taxes

Income tax (expense) recovery for the years ended September 30, 2024 and September 30, 2023 varies from the amount that would be computed from applying the combined federal and provincial income tax rate to income (loss) before income taxes as follows:

---

| | | |
|:---|:---|:---|
| | 2024 | 2023 |
| &nbsp;&nbsp;Net loss before income taxes | $(2124677) | $(5549525) |
| &nbsp;&nbsp;Statutory Canadian corporate tax rate | 27% | 27% |
| &nbsp;&nbsp;Anticipated income tax recovery | $(574000) | $(1498000) |
| &nbsp;&nbsp;Change in tax resulting from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in statutory, foreign tax, foreign exchange rates and other | (31000) | (168000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Permanent differences | 171000 | 76000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses | 61000 | 71000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share issue costs | (18000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrecognized deductible temporary differences | 391000 | 1519000 |
| &nbsp;&nbsp;Net deferred income tax recovery | $– | $– |

---

The significant components of the Company's deferred income tax assets (liability) are as follows:

---

| | | |
|:---|:---|:---|
| | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets (liabilities) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation assets | $1372000 | $1348000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 77000 | 74000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share issue costs | 15000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-capital losses available for future periods | 1016000 | 666000 |
|  | $2480000 | $2089000 |
| &nbsp;&nbsp;Unrecognized deferred tax assets | (2480000) | (2089000) |
| &nbsp;&nbsp;Net deferred tax assets | $– | $– |

---

As at September 30, 2024, the Company has non-capital loss carry forwards of approximately $3,703,000 which expire between 2027 and 2044. In addition the Company has unclaimed resource and other deductions in the amount of approximately $nil, which may be deducted against future taxable income.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

As at September 30, 2024, the Company has share issue costs totaling approximately $54,000 (September 30, 2023 -$2,000), which have not been claimed for income tax purposes.

Income tax attributes are subject to review and potential adjustments by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Supplemental cash flow information** 

The Company incurred non-cash financing and investing activities during the years ended September 30, 2024 and September 30, 2023 as follows:

---

| | | |
|:---|:---|:---|
| For the year ended September 30, | 2024 | 2023 |
| Non-cash financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Fair value reversal for expiry of stock options | $(291893) | $(90855) |
| Non-cash investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Deferred exploration expenditures included in accounts payable and accrued liabilities | $(18224) | $(41185) |
| &nbsp;&nbsp;&nbsp;Deferred exploration expenditures paid by issue of common shares | – | (12000) |
|  | $(18224) | $(53185) |

---

Further, there were no amounts paid for income taxes or interest during the years ended September 30, 2024 and September 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Financial
risk management

**Capital management**

The Company is a junior resource exploration company and considers items included in equity as capital. The Company has no debt and does not expect to enter into debt financing. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust its capital structure, the Company may issue new shares, purchase shares for cancellation pursuant to normal course issuer bids or make special distributions to shareholders. The Company is not subject to any externally imposed capital requirements and does not presently utilize any quantitative measures to monitor its capital. The Company's capital structure as at September 30, 2024 is comprised of equity of $10,945,987 (September 30, 2023 - $283,555).

The Company has no traditional revenue sources. In order to fund future projects and pay for administrative costs the Company will spend its existing working capital. The Company's ability to continue as a going concern on a long-term basis and realize its assets and discharge its liabilities in the normal course of business, rather than through a process of forced liquidation, is primarily dependent upon its continued ability to find and develop mineral properties, and there being a favorable market in which to sell or option the properties; and or its ability to borrow or raise additional funds from equity markets.

**Financial instruments – fair value**

The Company's financial instruments consist of cash and cash equivalents, receivables, and accounts payable and accrued liabilities, and consideration payable.

The carrying value of cash and cash equivalents, receivables, accounts payable and accrued liabilities and consideration payable approximate their fair value because of the short-term nature of the instruments.

Financial instruments measured at fair value on the statements of financial position are summarized into the following fair value hierarchy levels:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Notes to the Consolidated Financial Statements** |
| **(Expressed in Canadian Dollars, Unless Noted Otherwise)** |
| **For the years ended September 30, 2024 and September 30, 2023** |

---

**Financial instruments - risk**

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Credit
 risk

The Company is exposed to credit risk by holding cash and cash equivalents. This risk is minimized by holding the majority of funds in Canadian banks and credit unions or with Canadian governments. The Company has minimal receivables exposure, and its various refundable credits are due from Canadian government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest
 rate risk

The Company is exposed to interest rate risk because of fluctuating interest rates. Fluctuations in market rates do not have a significant impact on the Company's operations. For the years ended September 30, 2024 and September 30, 2023, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liquidity
 risk

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Currency
 risk

As at September 30, 2024 all of the Company's cash and cash equivalents was held either in Canadian dollars, US dollars or Peruvian Soles. The Company incurs expenditures in Canada and Peru, and as such is exposed to currency risk associated with these costs.

A change in the value of the Peruvian Soles by 10% relative to the Canadian dollar would not have a significant impact on the Company's working capital and net loss for years ended September 30, 2024, and September 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Segmented
 information

The Company operates in one reportable operating segment being the acquisition, exploration, and evaluation of mineral properties in Canada and Peru. As at September 30, 2024, the Company holds non-current assets comprising mineral property interests of $12,125,552 (September 30, 2024 – $254,571), and property and equipment of $94,523 (September 30, 2024 – $11,096) in Peru. The remainder of the Company's non-current assets are located in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Subsequent
 Events

On October 9, 2024, upon the exercise of warrants, 25,000 common shares were issued for proceeds of $3,750.

On October 18, 2024, upon the cashless exercise of 1,250, 0000 stock options, 474,365 common shares were issued.

On October 21, 2024, the Company granted 4,370,000 stock options to Directors, Officers and related Company employees.

On November 25, 2024, the Company amended agreements with SSR Mining to include the following payment obligations (Note 4):

● US$1,250,000 after the commencement of an initial drilling program ("Milestone 1")

● US$1,250,000 after the first anniversary of the commencement of an initial drilling program ("Milestone 2")

On January 2, 2025, the Company granted 1,600,000 stock options to Directors and Officers.

## Exhibit 99.6

**Exhibit 99.6**

**Highlander Silver Corp.**

**Management's Discussion and Analysis (MD&A)**

**For the years ended**

**September 30, 2024 and September 30, 2023**

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

This Management's Discussion and Analysis ("MD&A") of Highlander Silver Corp. (the "Company" or "Highlander") provides information on the Company's business activities, financial condition, financial performance, cash flows and outlook for the year ended September 30, 2024 and September 30, 2023, and to the date of this MD&A. The Company reports its financial position, financial performance and cash flows in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") in Canadian dollars, unless otherwise indicated. The first, second, third and fourth quarters of the Company's fiscal years are referred to as "Q1", "Q2", "Q3", and "Q4" respectively. The following information should be read in conjunction with the Company's consolidated financial statements for the year ended September 30, 2024 and 2023 (the "Financial Statements").

The Company's main corporate strategy is to advance its mineral properties to a drill-ready stage and then conduct exploration and evaluation. The Company has not yet determined whether its mineral property interests contain mineral reserves that are economically viable. The Company's continued operations, and the underlying value and recoverability of the amounts shown for mineral property interests, are entirely dependent upon the existence of economically recoverable mineral reserves of the Company and those in which it holds a mineral property or shareholder interest. The continued exploration and development of projects will depend on the Company's ability to raise capital, primarily from the issuance of common shares.

Additional information regarding the Company is available on SEDAR+ at www.sedarplus.ca, and the Company's website www.highlandersilver.com. This MD&A has been prepared effective as of January 28, 2025.

**Cautionary Note Regarding Forward-looking Statements**

This document includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements. These statements appear in a number of places in this presentation and include statements made with respect to anticipated exploration and development activities. When used in this presentation words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue", "estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in this presentation include, but are not limited to: statements regarding the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of precious and base metals, the estimation of mineral resources, operating and exploration expenditures, costs and timing of development of new deposits, and costs and timing of future exploration.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks related to the business of the Company; the ability of the Company to raise sufficient capital; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of precious and base metals; accidents; global outbreaks and contagious diseases (including COVID-19); business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; adverse claims made by local communities; changes in commodity prices; unanticipated exploration and development challenges (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); adverse weather conditions; political risk and social unrest; changes in interest and currency exchange rates; and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators.

These forward-looking statements were derived using numerous assumptions, including assumptions regarding general business and economic conditions; the Company's ability to develop and maintain relationships with local communities; commodity prices; anticipated costs and expenditures; the Company's ability to advance exploration efforts at San Luis and La Estrella; and the results of such exploration efforts. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any forward-looking statements, no inference should be drawn that we will make additional updates with respect to other forward-looking statements. All forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Mineral Properties and Company Update**

**San Luis**

On May 23, 2024, the Company announced closing of the acquisition of the San Luis Project from SSR Mining Inc. ("SSR Mining"), pursuant to the share purchase agreement between the Company and SSR Mining dated November 29, 2023, as amended (the "SPA"). The project is located in the Ancash Department, which is well-known for mining in Peru with major past and present production from the Pierina gold mine and Antamina copper-zinc mine, respectively.

This transformational acquisition includes a historical Measured and Indicated resource of 348,000 ounces (oz) of gold (Au) grading 22.4 g/t Au, and 9,003,300 oz silver (Ag) grading 578.1 g/t Ag. The historical resource estimate was reported in the San Luis Technical Report (as defined below). The historical estimate was considered to be relevant and reliable for the purposes of the Company proceeding with the acquisition of the San Luis Project from SSR Mining as it provided an indication of the potential significance of the San Luis Project. The mineral resource models were developed based on samples obtained from 96 surface trenches (947m) and 136 drill holes (22,354m). Capping was used to reduce the influence of erratic high-grade values. Block grades were estimated using one-meter composites and inverse distance weighting. The historical estimate uses the categories set out in Sections 1.2 and 1.3 of NI 43-101. Additional work including some re-sampling of historical core and a review of the geological model will be necessary to verify the historical resource estimate. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the Company is not treating the historical estimate as current mineral resources.

The historical mineral resource estimate is hosted within the Ayelen and Ines vein systems, and is open in multiple directions. Furthermore, there are multiple targets for growth on the property given limited and focused historical drilling, and undrilled targets supported by highly anomalous (> 4 g/t Au) trenching and rock samples. The extensive ground holding totaling 23,098 Ha has yet to be systematically explored with many structures that have not yet been sampled providing further exploration potential. Given this, Highlander will implement a comprehensive program of geological mapping and sampling to develop a technical assessment of the discovery potential before more focused exploration on the highest priority targets.

Community access agreements have been established by previous operators. As a new operator, the Company recognizes the opportunity to establish fresh long-term mutually beneficial relationships with the local communities and will strive to do this from the outset.

The Company acquired the San Luis Project for upfront cash consideration of US$5,000,000 and an additional US$37,500,000 in contingent cash consideration (the "Contingent Consideration") upon completion of the following milestones in relation to the San Luis Project pursuant to the SPA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) US$1,250,000
 after the commencement of an initial drilling program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) US$1,250,000
 after the first anniversary of the commencement of an initial drilling program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) US$5,000,000
 after the completion of a feasibility study;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) US$10,000,000
 after the beginning of commercial production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) US$10,000,000
 after the first anniversary of commercial production; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) US$10,000,000
 after the second anniversary of commercial production.

The Contingent Consideration is only accrued and payable if and when the above milestones are achieved.

Pursuant to the SPA, a 4% net smelter returns royalty (the "Royalty") on the San Luis Project was granted to SSR Mining. At any time before the commencement of mine construction on the San Luis Project, the Company may buy back half of the Royalty for US$15,000,000, which if, exercised, would reduce SSR Mining's royalty interest to 2%.

Highlander´s technical team commenced field reconnaissance of the San Luis Project during July 2024. Several targets were reviewed to understand mineralization types and structural settings. Fieldwork took place in the Miramar sector of the Cochabamba community.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

***Exploration Review***

The Company is currently undertaking a review of prior exploration plans and targets, based on new integration and analysis of existing data, drill core review and field work, with updates to be announced in due course.

***Opportunities***

 ****

The Company believes there is exceptional growth and discovery potential beyond the Ayelen vein, with numerous veins undrilled and depth potential beyond 300m untested. In addition, the Company will be evaluating the polymetallic-silver and copper-molybdenum porphyry targets.

The Bonita vein system has limited drilling, with two historic drill holes including BOD-001, which returned 35.25 m of 5.54 g/t Au and 25.43 g/t Ag, from 19.1 m downhole, including 3.2 m @ 30.2 g/t Au and 114.8 g/t Ag. Au grades from historic drilling and trenching plus the strike length are similar to the Ayelén vein system. There is potential for stacked productive horizons at Bonita's elevation in the Ayelen field. Future work will include detailed mapping and systematic channel sampling of the known mineralized structures and also prospecting work at the adjacent areas to follow up on and identify additional veins, with the final objective of defining drill targets.

***Community Relations***

 ****

On July 21, 2023, the Company signed an exploration agreement with the Cochabamba community. The agreement has a duration of 5 years. The Company has a permanent presence in the community of Cochabamba, carrying out informative meetings, and also promoting economic and cultural activities for all community members in the project area.

**La Estrella**

On August 10, 2021, the Company purchased from Minera Ares S.A.C. the Estrella 001 exploration concession located in the Huancavelica Department of central Peru for a cash payment of $3,701 (US$2,700), being payment of the administrative costs. Minera Ares retained a 2% NSR on metallic minerals production and Highlander Silver has a right to buy back the first 1% for US$200,000 and the second 1% for US$300,000, for a total of US$500,000. Subsequently, on September 10, 2021 Highlander´s local Peruvian subsidiary Minera CAPPEX S.A.C. closed the Transfer Agreement to acquire the 400 hectare, (untitled) Estrella 001 concession. The Company continued to monitor the surrounding area and on November 2, 2022, Minera CAPPEX S.A.C. filed a concession application for a key 200-hectare area contiguous with Estrella 001. Four other parties filed simultaneously. In accordance with Peruvian mining law, this triggered a state-run auction with closed envelope bids to decide which entity will be the holder of the mineral rights.

As announced by the Company on March 23, 2023, the Estrella 002 concession was acquired via auction with the Peruvian Mining Authority for consideration of US$31,000. The mining title was formally registered with the mining authority in Q4 2023. In addition, the Company acquired the La Estrella project data base including diamond drill core, assay results and laboratory certificates from Alianza Minerals Ltd. in consideration for the payment of $15,000 and the issuance of 75,000 common shares of Highlander Silver.

The La Estrella project is located in the Huancavelica Department, Central Peru, about 250 km ESE of Lima, on the eastern slope of the Western Cordillera. It is within the prolific Miocene polymetallic belt, approximately 34 km NNE of the Julcani Mine, which has produced over 105 million ounces of silver from high grade vein mineralization averaging 16 ounces per ton since production started by Buenaventura in 1953 (Hector Barrionuevo, Julcani – Mina emblematica de Minas Buenaventura con 63 años de operación. PERU XVIII Peruvian Geological Congress).

Mineralization at La Estrella occurs spatially and genetically associated with a sequence of volcanic and subvolcanic rocks, comprising coarse fragmental dome-diatreme andesite, massive porphyritic andesite and dacite dome facies, with late-stage emplacement of amygdaloidal, biotite-feldspar porphyritic lamprophyre dykes and sills. These rocks lie on the hanging wall of a west-dipping fault, against redbeds of the Permo-Triassic Mitu Formation.

From 2003 to 2012 a total of 8,500 m was drilled in 41 holes defining a NNE tabular, west dipping mineralized system approximately 1,800 m long north to south, up to 300 m wide east to west, and 200 m thick. The deposit, which is open to the north, south and also down dip to the west, consists of multi-episodic polymetallic (Ag-Au ±Pb ±Zn ±Cu) intermediate sulphidation epithermal mineralization that often starts in drill holes within a few metres from surface.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

During Q2 2023, the Company developed 3D geological models of the (Ag-Au ±Pb ±Zn ±Cu) mineralization using the available drilling information and interpreted geological controls. Potential extensions to the mineralized envelopes have been used to outline a near surface exploration target of 15 to 35 Mt averaging between 50 and 60 g/t Ag, and 0.4 to 0.6 g/t Au containing some 25 to 60 Moz Ag and 0.2 to 0.7 Moz Au.

The potential quantity and grade of the exploration target was determined based on 3D geological models of the Ag-Au mineralization using the available drilling information and interpreted geological controls. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and more information and work is required to define a mineral resource. It is uncertain if this work will result in the target being delineated as a mineral resource.

***Geological Model***

During Q3 2023, the Company relogged drill core and conducted surface mapping to develop detailed geological model. The following understanding of controls on mineralization was developed as a key component of the model.

Hydrothermal alteration and mineralization at La Estrella are associated with a dacitic to andesitic dome complex intruded along transtensional zones, exploiting the rheologic contrast between limestones and red beds. The dome complex is more than 2 km long in the North to South direction and has a maximum width of 900 m, dipping about 35° West, and it is formed by numerous, irregular intrusion facies, where earlier basal facies are overlain by younger facies.

The dome complex is cut by NE faults producing uplifted and down dropped blocks, with maximum measured displacements of about 80 m. These faults probably acted simultaneously with dome emplacement, acting as upflow channels of the hydrothermal fluids, and exert control on the alteration and mineralization distribution.

Hydrothermal alteration is mostly hosted within the early facies of the dome complex, with a large, silicified core surrounded by strong quartz-sericite alteration and an outer halo of weaker illite-kaolinite or chlorite alteration. Hydrothermal alteration is pervasive affecting the vitreous-rich early dome facies and follows upflow channels through a set of North-South and Northeast structures.

The mineralization is found in disseminated and vein forms, associated with silicification and quartz-sericite alteration.

There are 2 stages of mineralization: 1. Early stage and 2. Epithermal stage.

&nbsp;&nbsp;&nbsp;&nbsp;1. Early
 stage: Related to a late-stage magmatic derived, high temperature hydrothermal fluid, introduced
 into the dome complex shortly after emplacement, forming a large footprint of ~2,000 m x
 600 m controlled by NE and N-S structures. Mineralization of Au±Cu±As is associated
 with medium-coarse pyrite, within veinlets, disseminated, cementing hydrothermal breccias
 or as quartz vein halos.

&nbsp;&nbsp;&nbsp;&nbsp;2. Epithermal
 stage: Later than the Early stage, consists mainly of quartz with fine-grained dark sulphides
 (pyrite-Ag sulphosalts and scarce galena and chalcopyrite) with polymetallic mineralization
 of Ag±Au-Pb>Cu>Zn. The epithermal stage is commonly emplaced in discontinuous
 and thin structures, and as diffuse halos around early-stage pyrite, mainly related to NE
 upflow structures.

**Proposed Drill Program**

 ****

The understanding gained from development of the 3D geologic model enables targeting of the most prospective areas for economic mineralization. The upcoming drill program, if executed, will have two main objectives: a) expand the zone of known Ag-Au mineralization and b) target structurally favorable zones within the known mineralized domains for high grade feeder potential.

**Drill Permits**

 ****

The FTA (Ficha Técnica Ambiental) environmental instrument for La Estrella project was approved on March 26, 2024 by Resolution 167-2024 of the MINEM (Ministry of Energy and Mines). The FTA is initially active for a period of 14 months and the Company is allowed to build and drill 15 new drill pads within the authorized areas. All authorized exploration areas lie within the Los Andes Community with which the Company has an agreement in place.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

The water permit request was presented on April 2, 2024 to the local water authority at Huancavelica and was granted on May 12, 2024. The water permit is valid through July 2025 and can be extended to July 2026. The final permit required, called the "Inicio de Actividades" (Start of Activities), is currently under evaluation by the Social Management Office of the Peruvian government, and the Company is expecting a resolution over the next few months. Originally all drill permits were anticipated by Q2 2024, with drill mobilization also anticipated in Q2 2024; however, due to delays in the permit concession, the drill program is also delayed until the "Inicio de Actividades" is granted. The Company is working closely with the Mining Authority to work through this process.

**Community Relations**

On October 2, 2023, the Company signed exploration agreements with the Los Andes community and with the agreements in place, the Company has access to the planned drill sites. On January 15, 2024 a two-year exploration agreement was also signed with the San Antonio de Añaylla community. The Company has a permanent presence in the communities, carrying out informative meetings, and also promoting economic and cultural activities for all community members in the project area.

**Alta Victoria**

Following a strategic review of the Company's mineral project portfolio, and the need to focus resources on projects that have the highest probability of creating shareholder value, the decision was taken to allow the mining lease at Alta Victoria to lapse on December 4, 2023.

**Politunche**

Following a strategic review of the Company's portfolio, and the decision to focus resources on the highest quality projects, the Company terminated its option to acquire a 100% interest in the Politunche project.

**Subsequent Events**

On October 22, 2024, the Company announced joining the Augusta Group of Companies, the appointment of Richard Warke as Director, Interim President and CEO of the Company, and the appointment of Messrs. Thomas Whelan, Jerrold Annett and Javier Toro as directors to serve on the Company's Board with current director Federico Velásquez.

On January 7, 2025, the Company announced the appointment of Daniel Earle as President and Chief Executive Officer of the Company succeeding Richard Warke, Interim President and CEO, who will continue to serve on the Board of Directors alongside Messrs. Thomas Whelan, Jerrold Annett, Javier Toro and Federico Velásquez. Highlander further announced that, in addition to Mr. Earle, it had strengthened its management team with the appointments of Sunny Lowe as Chief Financial Officer, Federico Velasquez as President Peru, Sergio Gelcich as Vice President Exploration, Arun Lamba as Vice President Corporate Development, Purni Parikh as Senior Vice President Corporate Affairs, and Tom Ladner as General Counsel**.**

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Exploration Expenditures**

The Company's accounting policies capitalize exploration and evaluation costs until such time that they are either impaired or advanced into production. The history of cumulative capitalized exploration and evaluation costs are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alta Victoria <br> Property** | **Alta Victoria <br> Property** | **Politunche<br> Property** | **Estrella** | **San Luis** | **Total** |
| October 1, 2023 | $– | $– | $254571 | $– | $254571 |
| &nbsp;&nbsp;&nbsp;Acquisitions/staking/assessments | 36722 |  |  | 10623949 | 10660671 |
| &nbsp;&nbsp;&nbsp;Administrative |  |  |  | 21134 | 21134 |
| &nbsp;&nbsp;&nbsp;Dues & fees | 17890 |  | 23403 | 65295 | 106588 |
| &nbsp;&nbsp;&nbsp;Field equipment and related expenditures | 19993 |  | 26593 | 39703 | 86289 |
| &nbsp;&nbsp;&nbsp;Geological and related expenditures | 30383 |  | 154110 | 137884 | 322377 |
| &nbsp;&nbsp;&nbsp;Legal expenses | 7582 | 1965 | 3658 | 4606 | 17811 |
| &nbsp;&nbsp;&nbsp;Personnel | 118692 | 17 | 162383 | 256899 | 537991 |
| &nbsp;&nbsp;&nbsp;Services | 7054 | 296 | 27421 | 33034 | 67805 |
| &nbsp;&nbsp;&nbsp;Travel |  |  |  | 4395 | 4395 |
| &nbsp;&nbsp;&nbsp;Impairments/write-downs | (238316) | (2278) |  |  | (240594) |
| &nbsp;&nbsp;&nbsp;Foreign exchange translation | – | – | 31199 | 255315 | 286514 |
| September 30, 2024 | $– | $– | $683338 | $11442214 | $12125552 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Alta Victoria<br> Property** | **Politunche<br> Property** | **Estrella** | **San Luis** | **Total** |
| October 1, 2022 | $3506341 | $138971 | $3701 | $– | $3649013 |
| &nbsp;&nbsp;&nbsp;Acquisitions/staking/assessments | 86385 | 29503 | 44013 |  | 159901 |
| &nbsp;&nbsp;&nbsp;Administrative | 86916 |  | 160364 |  | 247280 |
| &nbsp;&nbsp;&nbsp;Dues & fees | 70917 |  |  |  | 70917 |
| &nbsp;&nbsp;&nbsp;Field equipment and related expenditures | 31719 | 6699 | 5774 |  | 44192 |
| &nbsp;&nbsp;&nbsp;Geological and related expenditures | 279553 | 8364 | 4362 |  | 292279 |
| &nbsp;&nbsp;&nbsp;Legal expenses | 3716 | 4693 | 612 |  | 9021 |
| &nbsp;&nbsp;&nbsp;Personnel | 337285 | 7563 | 22853 |  | 367701 |
| &nbsp;&nbsp;&nbsp;Services | 13268 | 780 | 12976 |  | 27024 |
| &nbsp;&nbsp;&nbsp;Impairments/write-downs | (4412260) | (196399) |  |  | (4608659) |
| &nbsp;&nbsp;&nbsp;Foreign exchange translation | (3840) | (174) | (84) | – | (4098) |
| September 30, 2023 | $– | $– | $254571 | $– | $254571 |

---

During 2024 and 2023, the Company carried out exploration activities in the La Estrella Project, resulting in an increase of exploration investment as compared to prior years.

**Selected Annual Information**

The following are the main financial indicators for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| **September 30,**<br>**2024** | **September 30,**<br>**2024** | **September 30,**<br>**2023** | **September 30,**<br>**2022** |
| Expenses | $(1935516) | $(925592) | $(733899) |
| Loss and comprehensive loss | (2297918) | (5315988) | (736677) |
| Weighted average number of common shares outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;- basic and diluted | 67071265 | 30423174 | 30278734 |
| Net loss per share |  |  |  |
| &nbsp;&nbsp;&nbsp;- basic and diluted | $(0.03) | $(0.17) | $(0.02) |

---

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30,**<br>**2024** | **September 30,**<br>**2023** | **September 30,**<br>**2022** |
| Total assets | $15185644 | $518541 | $5703671 |
| Total liabilities | (4239657) | (234986) | (289220) |
| Working capital | 756931 | 17888 | 1744595 |

---

The increase in expenses in the year ended September 30, 2024 as compared to the same period in 2023 was due to increase in share-based compensation, a non-cash cost, of $630,626 (2023 – $225,314), resulting from higher amount of new stock options granted throughout the year; increase in property investigation costs of $219,365 (2023 – $nil) for the increased activities related to mineral project investigations and increase in professional fees of $645,652 (2023 – $503,259) for increased legal, accounting, audit, and management fees as a result of managing the San Luis Project since its acquisition during the year.

The decrease in loss and comprehensive loss in the year ended September 30, 2024 as compared to the same period in 2023 was mainly due to the significant reduction in the impairment write downs related to the Politunche Property and the Alta Victoria Property (2024 – $240,594; 2023: $4,608,659). The reduction was offset by the increase in expenses during the year.

Total assets increased as at September 30, 2024 compared to September 30, 2023 mainly due to the acquisition of Reliant Ventures S.A.C. for the San Luis Project of $11,442,214 (2023 – $nil) and increase in cash and cash equivalents by $2,271,192 during the year ended September 30, 2024.

Total liabilities increased as at September 30, 2024 compared to September 30, 2023 mainly due to the Contingent Consideration payable upon the commencement of an initial drilling program at the San Luis Project, as well as on the first anniversary of commencement of an initial drilling program at the San Luis Project. In addition, the Company recorded a reclamation provision for the eventual restoration and rehabilitation of the environmental disturbances caused by the exploration activities at the San Luis Project to-date.

**<u>SUMMARY OF QUARTERLY RESULTS</u>**

The following table shows results from the previous quarters:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2024**<br> **Q4** | **2024**<br> **Q3** | **2024**<br> **Q2** | **2024**<br> **Q1** |
| Loss and comprehensive loss | $(816940) | $(179049) | $(854924) | $(447005) |
| Net loss per share – basic and diluted | (0.01) | (0.00) | (0.01) | (0.01) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2023**<br> **Q4** | **2023**<br> **Q3** | **2023**<br> **Q2** | **2023**<br> **Q1** |
| Loss and comprehensive loss | $(4615543) | $(235949) | $(230894) | $(233602) |
| Net loss per share – basic and diluted | (0.15) | (0.01) | (0.00) | (0.01) |

---

The main activities during fiscal 2023 are related to the Company's exploration targets, resulting in an increase in operating expenses due to the professional fees, transfer agent and filing fees. In addition, the Company had impairment losses due to the write off of the Politunche property.

The main activities during fiscal 2024 are related to the Company's acquisition of the San Luis property and exploration targets, resulting in an increase in operating expenses due to the professional fees, transfer agent and filing fees.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Liquidity Working Capital and Capital Resources**

The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to obtain the necessary funds primarily through the issuance of common shares in support of its business objectives. While the Company has been successful in securing financing to date, there can be no assurances that future equity financing, debt facilities, or strategic alternatives will be available on acceptable terms to the Company or at all and, therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

During the year ended September 30, 2024, the Company cash outflows of $1,460,697 in respect of operating activities, compared to $617,766 during the comparative 2023 period. Further, the Company had cash inflows from financing activities during the year ended September 30, 2024, of $12,192,130 primarily deriving from a private placement financing, compared to $nil during the comparative 2023 period. Lastly, the Company used $8,287,000 in cash on investing activities associated with the deferred exploration and evaluation costs of the Company's mineral property interests and the acquisition of Reliant Ventures S.A.C., compared to $1,285,257 during the comparative 2023 period.

The Company has relied on cash from financing activities to support its operations and investments. On September 30, 2024 the Company had a working capital of $756,931 (2023 – $17,888).

On April 30, 2024, the Company completed a private placement raising $9,231,400 with funds to be used to finalize the acquisition of the San Luis Project, surface geological work and drill target definition at San Luis, and general corporate purposes. On October 30, 2023, the Company completed a private placement raising for permitting and subsequent drilling at the La Estrella Project, ongoing assessment of acquisition opportunities and for general corporate purposes. The funds have been used in accordance with the stated purposes.

**Transactions with Related Parties**

A number of key management personnel and Directors hold positions in other entities that result in them having control or significant influence over the financial or operating policies of these entities. There were no loans to key management personnel or Directors, or entities over which they have control or significant influence during the years ended September 30, 2024 and September 30, 2023.

Key management personnel and Directors receive no salaries, non-cash benefits (other than incentive stock options), or other remuneration directly from the Company, other than noted below, and there are no contracts with them that cannot be terminated without penalty on thirty to ninety days advance notice. Key management personnel and Directors participate in the Company's stock option plan.

During the year ended September 30, 2024, the CEO of the Company was issued 75,000 common shares as consideration for a performance bonus, with a fair value of $46,500.

During the year ended September 30, 2024, key management of the Company were granted 1,525,000 stock options exercisable at $0.55 for a period of three years, with a fair value of $538,701.

During the year ended September 30, 2023, key management of the Company were granted 850,000 stock options exercisable at $0.42 for a period of five years, with a fair value of $156,534.

The following related parties transacted with the Company or Company controlled entities during the years ended September 30, 2024 and September 30, 2023:

a) Stephen
 Brohman was the Company's CFO during the reporting period. He is a principal of Donaldson
 Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
 DBM CPA provides the Company with accounting and tax services (included within professional
 fees).

b) Philip
 Anderson was former Director, former interim CEO and General Manager of Minera CAPPEX S.A.C.
 He provided the Company with geological, management and administrative services. He resigned
 during the year ended September 30, 2023.

c) David
 Fincham was appointed as the Company's CEO effective October 2022 and continued as
 the Company's CEO through the reporting period.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

d) Graeme
 Lyall was a Company Director during the reporting period. He has significant influence of
 Lyall Consult SPA. ("Lyall"). Lyall provided the Company with geological services
 during the reporting period.

e) Dr.
 Leandro Echavarria was the Company's VP of Exploration. He has significant influence
 of LE Geological Services USA. ("LE Geo"). LE Geo provided the Company with geological
 services during the reporting period.

The aggregate value of transactions and outstanding balances with key management personnel and Directors and entities over which they have control or significant influence were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transactions<br> Year ended<br> September 30,**<br>2024 | **Transactions<br> Year ended<br> September 30,**<br>2023 | **Balances<br> Outstanding<br> September 30,**<br>2024 | **Balances<br> Outstanding<br> September 30,**<br>2023 |
| DCM CPA | $115888 | $70738 | $5250 | $5250 |
| Philip Anderson |  | 80903 |  |  |
| Lyall Consult CPA | 29435 | 45241 | 349 | 15379 |
| LE Geological Services | 207630 | 158569 | 18245 | 16200 |
| David Fincham | 220667 | 239329 | 21624 | 78487 |
|  | $573620 | $594780 | $45468 | $115316 |

---

All related party balances are unsecured and are due within thirty days without interest.

**Outstanding Share Data**

As of the date of this MD&A, the Company had the following securities issued and outstanding:

a) 81,720,985
 common shares

b) 7,195,000
 stock options

c) 29,950,000
 share purchase warrants

**Off-Balance Sheet Arrangements**

The Company does not utilize off-balance sheet arrangements.

**Proposed Transactions**

There are no proposed transactions as of the date of this MD&A.

**Accounting Policies**

Please refer to notes 2 to the Financial Statements for a complete description of the basis of presentation and the accounting policies followed, respectively.

**Financial Instruments**

The Company's financial instruments consist of cash, receivables and accounts payable and accrued liabilities.

The carrying value of receivables, accounts payable and accrued liabilities approximated their fair value because of the short-term nature of these instruments.

Financial instruments measured at fair value on the consolidated statements of financial position are summarized into the following fair value hierarchy levels:

---

| | |
|:---|:---|
| Level 1: | quoted prices (unadjusted) in active markets for identical assets or liabilities. |
| Level 2: | inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). |
| Level 3: | inputs for the asset or liability that are not based on observable market data (unobservable inputs). |

---

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Financial Instruments Risks**

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

a) Credit
 risk

The Company is exposed to credit risk by holding cash. This risk is minimized by holding the funds in Canadian banks and credit unions or with Canadian governments. The Company has minimal receivables exposure, and its various refundable credits are due from Canadian governments.

b) Interest
 rate risk

The Company is exposed to interest rate risk because of fluctuating interest rates. Fluctuations in market rates do not have a significant impact on the Company's operations due to the short term to maturity and no penalty cashable features of its cash equivalents. For the year ended September 30, 2024, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

c) Liquidity
 risk

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

d) Currency
 risk

As at September 30, 2024, all of the Company's cash were held either in Canadian dollars, US dollars or Peruvian Soles. The Company incurs expenditures in Canada and Peru, and as such is exposed to currency risk associated with these costs.

A change in the value of the Peruvian Soles by 10% relative to the Canadian dollar would not have a significant impact on the Company's working capital and net loss for the year ended September 30, 2024 and September 30, 2023.

**Material Accounting Estimates**

The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, revenue and expenses, and the valuation of stock options and share purchase warrants. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual results may differ from these estimates.

Resource properties: The carrying value of the Company's mineral properties are reviewed by management quarterly, or whenever events or circumstances indicate that their carrying amounts may not be recovered. Management considers potential impairment indicators including, but not limited to, changes in commodity prices, plans for the properties and the results of exploration to date.

**Risk Factors**

AN INVESTMENT IN THE COMMON SHARES IS SPECULATIVE IN NATURE AND INVOLVES A HIGH DEGREE OF RISK. IN ADDITION TO THE OTHER INFORMATION PRESENTED IN THIS MD&A, READERS AND PROSPECTIVE INVESTORS SHOULD CAREFULLY CONSIDER THE FOLLOWING RISK FACTORS.

The risks discussed below also include forward-looking statements and actual results may differ substantially from those discussed in these forward-looking statements.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Ability to raise funding to continue exploration, development and mining activities**

The Company does not generate operating cash flow from a producing mine and has incurred operating losses to date. The Company expects to incur operating losses in future periods due to continuing expenses associated with advancing its mineral projects, seeking new business opportunities, and general and administrative costs. The Company has relied on cash received from share issuances to fund its business activities, including planned corporate expenditures and exploration expenses. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan and raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise the necessary funds primarily through the issuance of common shares. While the Company has been successful in securing financing to date, there can be no assurances that future equity financing, debt facilities or strategic alternatives will be available on acceptable terms to the Company or at all, in which case the Company may need to reduce its longer-term exploration plans. These financing requirements will result in dilution of existing Company shareholders. Failure to obtain such financing may result in delay or indefinite postponement of the Company's activities.

**Global economic conditions**

The unprecedented events in global financial markets in the past several years have had a profound impact on the global economy. Many industries, including the mining industry, are impacted by these market conditions. Market events and conditions, including disruptions in the international credit markets and other financial systems and the deterioration of global economic conditions, could impede Highlander's access to capital or increase the cost of capital and may adversely affect Highlander's operations.

Highlander is also exposed to liquidity risks in meeting its operating and capital expenditure requirements in instances where its cash position is unable to be maintained or appropriate financing is unavailable. These factors may impact Highlander's ability to obtain capital on terms favourable to it or at all. Increased market volatility may impact Highlander's operations which could adversely affect the trading price of Highlander common shares.

**Limited supplies, supply chain disruptions, and inflation**

Our exploration activities require skilled personnel and a supply of other resources, such as natural gas, diesel, oil and electricity. Supply may be interrupted due to a shortage or the scarce nature of inputs. Supply might also be interrupted due to transportation and logistics associated with the remote location of some of our operations, and government restrictions or regulations which delay importation of necessary items. Global supply chains have been further affected by the current conflict between Russia and Ukraine and could be strained further by any exacerbation of this conflict. Any interruptions to the procurement and supply of resources, or the availability of skilled personnel, as well as increasing rates of inflation, could have an adverse impact on our future cash flows, earnings, results of operations, and financial condition.

**Negative operating cash flow**

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Highlander has negative operating cash flow and may continue to have negative operating cash flow in future periods. To the extent that Highlander has negative operating cash flow, Highlander will need to continue to deploy a portion of its cash reserves to fund such negative operating cash flow. Highlander expects to continue to sustain losses in the future until it begins to generate revenue from the commercial production of its properties. There is no guarantee that Highlander will ever have commercial production or be profitable.

**Uncertainty of future revenues or of a return on investment**

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It is difficult to evaluate Highlander's business and future prospects. Highlander has no history of earnings, and operating losses are expected to continue for the foreseeable future. While Highlander's Board is optimistic about Highlander's prospects, there is no certainty that anticipated outcomes and sustainable revenue streams will be achieved. There is no assurance that Highlander common shares will provide a return on investment in the future. Highlander has no plans to pay dividends in the future.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**No defined reserves with no mineral properties in production or under development**

Highlander is an early exploration stage company, and its properties are in the exploration stage. Management has not defined or delineated any proven or probable reserves on any of Highlander's properties. Mineral exploration involves significant risk and few properties that are explored contain bodies of ore that would be commercially economic to develop into producing mines. Management cannot confirm the presence of any proven or probable reserves at San Luis or La Estrella. The failure to establish proven or probable reserves could severely restrict Highlander's ability to implement its strategies for long-term growth. In addition, the Company only has a historic mineral resource estimate at San Luis and no mineral resource estimate at La Estella. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the Company is not treating the historical estimate as current mineral resources.

**Speculative nature of mineral exploration and development**

The exploration for and development of mineral deposits involves significant risk. Few properties that are explored are ultimately developed into producing mines. Substantial expenditures are required to establish mineral reserves through drilling, to develop processes to extract the mineral resources and, in the case of new properties, to develop the extraction and processing facilities and infrastructure at any site chosen for extraction. Development of Highlander's mineral projects will only follow upon obtaining satisfactory results. There is no assurance that Highlander's exploration activities will result in any discoveries of commercial bodies of ore, or that any of Highlander's mineral projects will be brought into commercial production. Whether a mineral deposit will be commercially viable depends on a number of factors, some of which are: the particular attributes of the deposit, accuracy of estimated size, continuity of mineralization, average grade, proximity to infrastructure, availability and cost of water and power, anticipated climatic conditions, commodity prices and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted but the combination of these factors may result in Highlander being unable to receive an adequate return on invested capital.

The process of mining, exploration and development also involves risks and hazards, including environmental hazards, industrial accidents, labour disputes, unusual or unexpected geological conditions or acts of nature. These risks and hazards could lead to events or circumstances, which could result in the complete loss of a project or could otherwise result in damage or impairment to, or destruction of, mineral properties and future production facilities, environmental damage, delays in exploration and development interruption, and could result in personal injury or death.

Although Highlander evaluates the risks and carries insurance policies to mitigate the risk of loss where economically feasible, not all of these risks are reasonably insurable and insurance coverages may contain limits, deductibles, exclusions and endorsements. Highlander cannot assure that its coverage will be sufficient to meet its needs. Such a loss may have a material adverse effect on Highlander. See "Uninsured Risks" below for more details.

**Risks from international operations**

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Changes in political situations may affect the manner in which Highlander operates. The operations of Highlander are conducted in Peru, which is exposed to various levels of economic, political, currency and other risks and uncertainties. These risks and uncertainties include, but are not limited to: terrorism, hostage taking, military repression, crime, violence, more prevalent or stronger organized crime groups, political instability, corruption, currency controls, extreme fluctuations in currency exchange rates, high rates of inflation, uncertainty of the rule of law and legal system, corruption of public officials and/or courts of law, labour unrest, the risks of war or civil unrest, expropriation and nationalization, renegotiation or nullification of existing concessions, licenses, permits, approvals and contracts, illegal mining, changes in taxation and mining laws, regulations and policies, restrictions on foreign exchange and repatriation, and changing political conditions and governmental regulations relating to foreign investment and the mining business. These countries have experienced political, social and economic unrest in the past and protestors have from time to time targeted foreign mining companies and their mining operations. The occurrence of mining regime changes adds uncertainties that cannot be accurately predicted and any future material adverse changes in government policies or legislation in Peru that affect foreign ownership, mineral exploration, development of mining activities and may affect Highlander's viability.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Risk associated with an emerging and developing market**

The disruptions recently experienced in the international and domestic capital markets have led to reduced liquidity and increased credit risk premiums for certain market participants and have resulted in a reduction of available financing. Companies located in countries in the emerging markets may be particularly susceptible to these disruptions and reductions in the availability of credit or increases in financing costs, which could result in them experiencing financial difficulty. In addition, the availability of credit to entities operating within the emerging and developing markets is significantly influenced by levels of investor confidence in such markets as a whole and as such any factors that impact market confidence (for example, a decrease in credit ratings, state or central bank intervention in one market or terrorist activity and conflict) could affect the price or availability of funding for entities within any of these markets.

**Environmental factors**

The Company conducts exploration activities in various parts of Peru. Such activities are subject to various laws, rules and regulations governing the protection of the environment, including, in some cases, posting of reclamation bonds. Extensive environmental legislation has been enacted in Peru by federal, state and municipal governments. All phases of the Company's operations are subject to environmental regulation in the jurisdictions in which it operates. Environmental legislation is evolving in a manner which requires stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed properties and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company's operations.

The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations or to preclude entirely the economic development of a property. Environmental hazards may exist on the Company's properties, which hazards are unknown to the Company at present, which have been caused by previous or existing owners or operators of the properties. The Company is not aware of any environmental hazards on any of the properties held or formerly worked by the Company. The approval of new mines in Peru is subject to detailed review by Peruvian mining authorities and there is no assurance that such approval can be obtained. Further, under such review process, there is no assurance that regulatory and environmental approvals will be obtained on a timely basis or at all. Failure to comply with the legislation may have serious consequences. Orders may be issued requiring operations to cease or be curtailed or requiring installation of additional facilities or equipment. Violators may be required to compensate those suffering loss or damage by reason of its mining activities and may be fined if convicted of an offense under such legislation.

Peruvian mining law establishes requirements for the decommissioning, reclamation and rehabilitation of mining properties in a state of permanent closure. Such closure requirements relate to the protection and restoration of the environment and the protection of the public safety. Some former mining properties must be managed for long periods of time following closure in order to fulfill closure requirements. The costs of closure of mining properties, and, in particular, the cost of long-term management of mining properties can be substantial. By Peruvian mining law, environmental impact from past mining activities prior to the onset of present-day exploration activities are not the responsibility of the company.

Such historic mining disturbance are well documented in the DIA permitting document and will not be included in any future remediation requirement unless those same historical mine works have been further utilized or disturbed by the company.

The Company has adopted environmental practices designed to ensure that it continues to comply with or exceed all environmental regulations currently applicable to it. The Company is currently engaged in exploration with minimal environmental impact.

**Community relations**

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Community relations may affect the Company's business. Maintaining a positive relationship with the communities in which the Company operates is critical to continuing successful exploration and development. Community support for operations is a key component of a successful exploration or development project. As a business in the mining industry, the Company may come under pressure in the jurisdictions in which the Company explores or develops, to demonstrate that other stakeholders benefit and will continue to benefit from our commercial activities. The Company may face opposition with respect to our current and future development and exploration projects which could materially adversely affect our business, results of operations, financial condition and share price.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Permitting risk**

Highlander's mineral exploration and development activities are subject to receiving and maintaining licenses, permits and approvals (collectively, "**permits**") from appropriate governmental authorities in Peru. Highlander may be unable to obtain on a timely basis or maintain in the future all necessary permits to explore and develop its properties. Delays may occur in connection with obtaining necessary renewals or permits for Highlander's existing operations and activities, additional permits for existing or future operations or activities, or additional permits associated with new legislation. It is possible that previously issued permits may become suspended or revoked for a variety of reasons, including through government or court action. Highlander can provide no assurance that it will continue to hold or obtain, if required to, all permits necessary to develop or continue operating at any particular site, which could adversely affect its operations.

**Failure to comply strictly with applicable laws, regulations and local practices may have a material adverse impact on the Company's operations or business**

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While the Company seeks to fully comply with applicable laws, regulations and local practices, failure to comply strictly with applicable laws, regulations and local practices relating to mineral rights applications and tenure could result in loss, reduction, cancellation or expropriation of entitlements, or the imposition of additional local or foreign parties as joint venture partners with carried or other interests. Any such loss, reduction or imposition of partners could have a material adverse impact on the Company's operations or business. Furthermore, increasing complexity of mining laws and regulations may render the Company incapable of strict compliance.

**The inherent operational risks associated with mining, exploration and development, many of which are beyond the Company's control**

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The Company's activities are subject to a high degree of risk due to factors that, in some cases, cannot be foreseen or anticipated, or controlled. These risks include, but are not limited to, tectonic or weather activity that may provoke landslides or other impacts, labour disruptions, legislative and regulatory changes, crime, the inability to obtain adequate sources of power, water, labour, suitable or adequate machinery and equipment, and expert attorneys and consultants. In addition, the Company may be unable to acquire or obtain such requirements as water rights and surface rights, which may be critical for the continued advancement of exploration, development and operational activities on its mineral concessions. These processes could generate delays and adverse decisions, however unexpected, could negatively impact project development and the Company's prospects.

**Land title risk**

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Although Highlander has investigated the right to explore and exploit its various properties and obtained records from government offices with respect to all the mineral claims, licenses, concessions and other rights in and to lands comprising its properties, there is no guarantee of title. Other parties may dispute the title to a property or the property may be subject to prior unregistered agreements and transfers or land claims by aboriginal, native, or indigenous peoples. The title to Highlander's properties may be affected by undetected encumbrances or defects or governmental actions. Highlander has not conducted surveys of all of its properties and the precise area and location of claims or the properties may be challenged. Title insurance is generally not available for mineral properties. Failure by Highlander to meet its payment and other obligations pursuant to laws governing its mineral claims, licenses, concessions and other forms of land and mineral tenure could result in the loss of its material property interests which could have a material adverse effect on Highlander, which could cause a significant decline in Highlander's stock price.

**Surface rights and access risks**

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Mining concession licenses in Peru are separate from surface rights. Permission for surface access must be negotiated with the owners of the surface rights to the areas covered by the mining concessions and commonly involve leasing of the surface rights. In Peru surface rights are owned by private persons or communities (local communal organizations), and agreements for access must be made with the surface owners to do significant work. There can be no guarantee that the Company will be able to negotiate a satisfactory agreement with any such existing landowners/occupiers for such access, and therefore it may ne unable to carry out significant exploration work or mining activities. There are also potential risks with regard to the completion of a successful exploration program in that there is a possibility of not being able to extend the surface access agreement over part of the area of interest, or problems with obtaining an environmental permit for road construction and drilling.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Russia-Ukraine conflict**

In late February 2022, Russia launched a large-scale military attack on Ukraine, which amplified global geopolitical tensions. In response to the military action by Russia, various countries, including Canada, issued broad-ranging economic sanctions against Russia. Such sanctions and any future sanctions against Russia may adversely impact, among other things, the Russian economy, which directly and indirectly affect various sectors of the economy, disrupt the global supply chain, and increase inflationary pressures. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets, and therefore have a significant negative effect on the ability of the Company to obtain equity financing to fund additional exploration activities.

**Risk of global outbreaks and contagious diseases**

The risk of global outbreaks have the potential to significantly and adversely impact Highlander's operations and business. There can be no certainty that an outbreak of infectious illness and the restrictive measures implemented to slow the spread of the virus will not materially impact Highlander's operations or personnel. It is not possible for Highlander to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's business, results of operations or ability to raise funds at this time.

**Fraud and corruption**

Highlander's operations are governed by, and involve interactions with, many levels of government in Peru. Highlander is required to comply with anti-corruption and anti-bribery laws, including the Canadian Corruption of Foreign Public Officials Act, as well as similar laws in Peru. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. Highlander's internal procedures and programs may not always be effective in ensuring that Highlander, its employees, contractors or third-party agents will comply strictly with such laws. If Highlander becomes subject to an enforcement action or in violation of such laws, this may have a material adverse effect on its reputation, result in significant penalties, fines, monitoring and investigation costs and/or sanctions imposed on it, and/or have a material adverse effect on Highlander's operations.

**Ethics and business practices**

Highlander maintains and requires adherence to policies governing ethical business conduct and practices, including prohibition of illegal payments, and respect for human rights and the individual. All personnel are expected to promote a respectful and inclusive workplace environment irrespective of ethnic background, gender, age or experience. Nevertheless, there is no assurance of compliance and the Company may be subject to allegations of discriminatory practices, harassment, unethical behavior, or breach of human rights.

**Highlander may in the future become subject to legal proceedings**

Highlander may, from time to time, become involved in various claims, legal proceedings, regulatory investigations and complaints. Highlander cannot reasonably predict the likelihood or outcome of any actions should they arise. If Highlander is unable to resolve any such disputes favorably, it may have a material adverse effect on Highlander's financial performance, cash flows, and results of operations. Highlander's assets and properties may become subject to further liens, agreements, claims, or other charges as a result of such disputes. Any claim by a third party on or related to any of Highlander's properties, especially where mineral reserves have been located, could result in Highlander losing a commercially viable property. Even if a claim is unsuccessful, it may potentially affect Highlander's operations due to the high costs of defending against the claim. If Highlander loses a commercially viable property, such a loss could lower its future revenues, or cause Highlander to cease operations if the property represents all or a significant portion of Highlander's mineral reserves.

**Highlander's mineral assets are located outside Canada and are held indirectly through foreign affiliates**

It may be difficult if not impossible to enforce judgements obtained in Canadian courts predicted upon the civil liability provisions of the securities laws of certain provinces against substantially all of Highlander's assets which are located outside Canada.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Commodity price risk**

The price of Highlander common shares, financial results and exploration, and development and mining activities in the future may be materially adversely affected by declines in the price of silver and gold. Silver and gold prices fluctuate widely and are affected by numerous factors beyond Highlander's control, such as the sale or purchase of metals by various central banks and financial institutions, interest rates, exchange rates, inflation or deflation, fluctuation in the value of the United States dollar and foreign currencies, global and regional supply and demand, and the political and economic conditions of major metals-producing and metals-consuming countries throughout the world.

**Exchange rate fluctuations**

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Highlander reports its results in U.S. dollars, while many of Highlander's investments, costs and revenues may be denominated in other currencies. This may result in additions to Highlander's reported costs or reductions in Highlander's reported revenues. Fluctuations in exchange rates between currencies in which Highlander invests, reports, or derives income may cause fluctuations in its financial results that are not necessarily related to Highlander's underlying operations.

**Joint ventures**

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Highlander may enter into joint venture or similar arrangements with regard to future exploration, development and production properties (including potentially Highlander's concessions). There is a risk any future joint venture partner does not meet its obligations and Highlander may therefore suffer additional costs or other losses. It is also possible that the interests of Highlander or future joint venture partners are not aligned resulting in project delays or additional costs and losses. Highlander may have minority interests in the companies, partnerships and ventures in which it invests and may be unable to exercise control over the operations of such companies.

**Property commitments**

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The properties held by Highlander may be subject to various land payments and/or work commitments. Failure by Highlander to meet its payment obligations or otherwise fulfill its commitments under these agreements could result in the loss of related property interests.

**Infrastructure**

Mineral exploration and development activities depend, to one degree or another, on adequate infrastructure. The costs, timing and complexities of developing Highlander's projects may be greater than anticipated for certain property interest without access to reliable roads, bridges, power sources and water supply. Unusual or infrequent weather phenomena, terrorism, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect Highlander's operations, financial condition and results of operations.

**Properties located in remote areas**

Highlander's exploration properties may be located in remote areas with challenging terrain, climate and access, resulting in technical challenges for conducting geological exploration. The remote location of Highlander's operations may also result in increased costs and transportation difficulties, which could have a material adverse effect on Highlander's business and results of operations.

**Lack of availability of resources**

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Mining exploration requires ready access to mining equipment such as drills, and crews to operate that equipment. There can be no assurance that such resources will be available to Highlander on a timely basis or at a reasonable cost. Failure to obtain these resources when needed may result in delays in Highlander's exploration programs.

**Dependence on highly skilled personnel**

Highlander's prospects depend in part on the services of key board members, executives and other highly skilled and experienced personnel focused on managing Highlander's interests and the advancement of its mineral projects, as well as its other interests, in addition to the identification of new opportunities for growth and funding. The loss of these persons or Highlander's inability to attract and retain additional highly skilled employees required for Highlander's activities may have a material adverse effect on its business or future operations. Highlander does not currently maintain "key person" life insurance on any of its key employees.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Competition**

There is competition within the mining industry for the discovery and acquisition of properties considered to have commercial potential. Highlander competes with other mining companies, many of which have greater financial resources than Highlander, for the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel.

**Significant shareholders**

Each of Highlander's significant shareholders has or will have the ability to significantly influence the outcome of corporate actions requiring shareholder approval, including the election of directors of Highlander and the approval of certain corporate transactions. Highlander's significant shareholders' respective interests may differ from the interests of Highlander or its other shareholders. The concentration of ownership of the Highlander common shares may also have the effect of dissuading third-party offers or delaying or preventing other possible strategic transactions of Highlander.

**Reputational risk**

As a result of the increased usage and the speed and global reach of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users, companies today are at much greater risk of losing control over how they are perceived in the marketplace. Damage to the Company's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity (for example, with respect to the Company's handling of environmental matters or the Company's dealings with community groups), whether true or not. The Company places a great emphasis on protecting its image and reputation, but the Company does not ultimately have direct control over how it is perceived by others. Reputation loss may lead to increased challenges in developing and maintaining community relations, decreased investor confidence and an impediment to the Company's overall ability to advance its projects, thereby having a material adverse impact on financial performance, cash flows and growth prospects.

**Conflicts of interest**

Certain of the directors and/or officers of Highlander also serve as directors and/or officers of other companies involved in natural resource exploration, development and mining operations and consequently there exists the possibility for such directors and/or officers to be in a position of conflict. Any decision made by any of such directors and/or officers will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of Highlander and Highlander shareholders. In addition, each director is required to declare and refrain from voting on any matter in which such director may have a conflict of interest in accordance with the procedures set forth in applicable corporate and other laws.

**Uninsurable risks**

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As mentioned above, Highlander's business is subject to a number of risks and hazards including adverse environmental conditions, industrial accidents, labour disputes, and technical difficulties due to unusual or unexpected geologic formations. Such risks could result in personal injury or death, environmental damage, damage to and destruction of the facilities, delays in exploration and development, monetary losses and legal liability. For some of these risks, Highlander maintains insurance to protect against these losses at levels consistent with industry practice. However, Highlander may not be able to maintain current levels of insurance, particularly if there is a significant increase in the cost of premiums. Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration and production may not be generally available to Highlander or to other companies in the mining industry on acceptable terms. Highlander might also become subject to environmental liability or other hazards which may not be insured against or which we may elect not to insure against because of premium costs or other reasons. Losses from these events may cause Highlander to incur significant costs that could have a material adverse effect upon its financial condition and results of operations.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Information systems**

Targeted attacks on Highlander's systems (or on systems of third parties that Highlander relies on), failure or non-availability of key information technology ("IT") systems or a breach of security measures designed to protect Highlander's IT systems could result in disruptions to Highlander's operations, extensive personal injury, property damage or financial or reputational risks. As the threat landscape is ever-changing, Highlander must make continuous mitigation efforts, including risk prioritized controls to protect against known and emerging threats, tools to provide automate monitoring and alerting and backup and recovery systems to restore systems and return to normal operations.

**Public company obligations**

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Highlander is subject to evolving corporate governance and public disclosure regulations that have increased both Highlander's compliance costs and the risk of non-compliance, which could adversely impact Highlander's share price. Highlander is subject to changing rules and regulations promulgated by a number of governmental and self-regulated organizations, including the Canadian Securities Administrators, the Canadian Securities Exchange, and the International Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity creating many new requirements. For example, the Canadian government proclaimed into force the Extractive Sector Transparency Measures Act on June 1, 2015, which mandates the public disclosure of payments made by mining companies to all levels of domestic and foreign governments starting in 2017 for the year ended December 31, 2016. Highlander's efforts to comply with such legislation could result in increased general and administration expenses and a diversion of management time and attention from operating activities to compliance activities.

**Internal controls provide no absolute assurances as to reliability of financial reporting and financial statement preparation, and ongoing evaluation may identify areas in need of improvement**

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Highlander may fail to maintain the adequacy of its internal control over financial reporting as such standards are modified, supplemented or amended from time to time, and Highlander may not be able to ensure that it can conclude on an ongoing basis that it has effective internal controls over financial reporting. Highlander's failure to satisfy the requirements of Canadian legislation on an ongoing, timely basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm Highlander's business and negatively impact the trading price of the Highlander common shares or market value of its other securities. In addition, any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm Highlander's operating results or cause it to fail to meet its reporting obligations.

Highlander may fail to maintain the adequacy of its disclosure controls. Disclosure controls and procedures are designed to ensure that the information required to be disclosed by Highlander in reports filed with securities regulatory agencies is recorded, processed, summarized and reported on a timely basis and is accumulated and communicated to Highlander's management, as appropriate, to allow timely decisions regarding required disclosure.

No evaluation can provide complete assurance that Highlander's financial and disclosure controls will detect or uncover all failures of persons within Highlander to disclose material information otherwise required to be reported. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. The effectiveness of Highlander's controls and procedures could also be limited by simple errors or faulty judgments.

**The Company's foreign subsidiary operations may impact its ability to fund operations efficiently, as well as the Company's valuation and stock price**

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The Company conducts operations through foreign subsidiaries and substantially all of its assets are held in such entities. Accordingly, any limitation on the transfer of cash or other assets between the parent corporation and such entities, or among such entities, could restrict the Company's ability to fund its operations efficiently. Any such limitations, or the perception that such limitations may exist now or in the future, could have an adverse impact on the Company's valuation and stock price.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

**Share price fluctuation**

Securities markets have experienced a high degree of price and volume volatility, and the market price of securities of many companies have experienced wide fluctuations which have not necessarily been related to their operating performance, underlying asset values or prospects. Additionally, companies like Highlander often experience periods where their shares are thinly traded. There can be no assurance that these kinds of share price fluctuations or lack of liquidity will not occur in the future, and if they do occur, Highlander does not know how severe the impact may be on its ability to raise additional funds through equity issues. If Highlander is unable to obtain such additional financing, any investment in Highlander may be materially diminished in value or lost.

**The value of the Company's common shares, as well as its ability to raise equity capital, may be impacted by future issuances of shares**

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The Company is authorized to issue an unlimited number of Highlander common shares without par value. The Company may issue more Highlander common shares in the future. Sales of substantial amounts of Highlander common shares (including shares issuable upon the exercise of stock options), or the perception that such sales could occur, could materially adversely affect prevailing market prices for the Highlander common shares and the ability of the Company to raise equity capital in the future.

**Future sales of common shares by existing shareholders**

Sales of a large number of Highlander common shares in the public markets, or the potential for such sales, could decrease the trading price of the Highlander common shares and could impair the ability of the Company to raise capital through future sales of Highlander common shares.

**Costs of land reclamation**

It is difficult to determine the exact amounts which will be required to complete all land reclamation activities in connection with the properties in which the Company holds an interest. Reclamation bonds and other forms of financial assurance represent only a portion of the total amount of money that will be spent on reclamation activities over the life of a mine. Accordingly, it may be necessary to revise planned expenditures and operating plans in order to fund reclamation activities. Such costs may have a material adverse impact upon the consolidated financial condition and results of operations of the Company.

**Measures to protect endangered species may adversely affect the Company's operations**

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Peru has a diverse and fragile ecosystems and the federal government, regional governments, politicians, community leaders, and NGOs are vigilant in the protection of endangered species. The existence or discovery of an endangered species at or near the Company's projects may have a number of adverse consequences to the Company's plans and operations. For instance, the presence of an endangered species could require the Company to modify its design plans and construction, to take extraordinary measures to protect the species or to cease its activities temporarily or permanently, all of which would delay the Company's exploration activities and have an adverse economic impact on the Company, which could be material. The existence or discovery of an endangered species at one of Highlander's projects could also ignite NGO and local community opposition to the Company's projects, which could present further challenges to exploration and development activities.

**Environmental risks and hazards**

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All phases of the Company's consolidated operations are subject to environmental regulation in the various jurisdictions in which it operates. These regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, including potential loss of title, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company's operations. Environmental hazards may exist on the properties on which the Company holds interests which are unknown to the Company at present and which have been caused by previous or existing owners or operators of the properties.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the year ended September 30, 2024 and September 30, 2023**

Failure to comply with applicable environmental laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations or in the exploration or development of mineral properties may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations.

Amendments to current environmental laws, regulations and permits governing operations and activities of mining and exploration companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in exploration expenses, capital expenditures or production costs, reductions in levels of production at producing properties or require abandonment or delays in development of new mining properties.

**Changes in climate conditions**

Governments are moving to introduce climate change legislation and treaties at the international, national, state/provincial and local levels. Regulation relating to emission levels (such as carbon taxes) and energy efficiency is becoming more stringent. If the current regulatory trend continues, the Company expects that this may result in increased costs at some of its operations. In addition, the physical risks of climate change may also have an adverse effect on the Company's operations. These risks include extreme weather events such as increased frequency or intensity of wildfire seasons or prolonged drought which could have the potential to disrupt the Company's operations. Effects of climate change or extreme weather events could cause prolonged disruption to the delivery of essential commodities, which may cause the Company's production efficiency to be reduced.

The Company can provide no assurance that efforts to mitigate the risks of climate changes will be effective and that the physical risks of climate change will not have an adverse effect on the Company's operations and profitability.

Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive.

**Management's Responsibility over Financial Information**

The Company's management is responsible for presentation and preparation of the quarterly and annual consolidated financial statements and the MD&A. These financial statements have been prepared in accordance with IFRS.

The quarterly and annual consolidated financial statements and information in the MD&A necessarily include amounts based on informed judgments and estimates of the expected effects of current events and transactions with appropriate consideration to materiality. In addition, in preparing the consolidated financial information we must interpret the requirements described above, make determinations as to the relevancy of information to be included, and make estimates and assumptions that affect reported information. The MD&A also includes information regarding the impact of current transactions and events, sources of liquidity and capital resources, operating trends, risks and uncertainties. Actual results in the future may differ materially from our present assessment of this information because future events and circumstances may not occur as expected.

**Legal Proceedings**

As at the date of this document, there were no legal proceedings against or by the Company.

**Qualified Person**

The scientific and technical information contained in this document has been reviewed and approved by Sergio Gelcich, who is a "Qualified Person" as defined in NI 43- 101. The scientific and technical information in this presentation related to San Luis is derived from the technical report prepared for SSR Mining Inc. titled "Technical Report for the San Luis Feasibility Study, Ancash Department Peru" with an effective date of June 4, 2010, prepared by Mine and Quarry Engineering Services, Inc., RR Engineering, Milne & Associates, Resource Modeling Inc, Resource Evaluation Inc., and Montgomery Watson Harzag Americas Inc. (the "San Luis Technical Report"). The historical San Luis mineral resource estimate disclosed herein is comprised of measured mineral resources of 61,000 oz Au grading 34.3 g/t Au and 1.35m oz Ag grading 757.6 g/t Ag, and indicated mineral resources of 287,000 Au grading 20.8 g/t Au and 7.66m oz Ag grading 555 g/t Ag. The scientific and technical information in this presentation related to La Estrella was based upon the Company's news releases dated July 11, 2023, and July 17, 2023, which disclosure was approved by Graeme Lyall, a QP under NI 43-101, who was, at the time of such news releases, a Director of the Company.

## Exhibit 99.7

**Exhibit 99.7**

**Form 52-109FV1**

***Certification of Annual Filings***

***Venture Issuer Basic Certificate***

 ****

I, **Daniel Earle, President and Chief Executive Officer** of **Highlander Silver Corp.**, certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A,
including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual
filings") of **Highlander Silver Corp.** (the "issuer") for the financial year ended **September 30, 2024**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is
necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual
filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual
financial statements together with the other financial information included in the annual filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual
filings.

Date: **January 28, 2025**

---

| |
|:---|
| /s/ *Daniel Earle* |
| Daniel Earle |
| President and Chief Executive Officer |

---

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to
be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is
recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.8

**Exhibit 99.8**

**Form 52-109FV1**

***Certification of Annual Filings <br> Venture Issuer Basic Certificate***

I, **Sunny Lowe**, **Chief Financial Officer** of **Highlander Silver Corp.**, certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A,
including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "annual
filings") of **Highlander Silver Corp.** (the "issuer") for the financial year ended **September 30, 2024**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is
necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual
filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual
financial statements together with the other financial information included in the annual filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual
filings.

Date: **January 28, 2025**

---

| |
|:---|
| /s/ *Sunny Lowe* |
| Sunny Lowe |
| Chief Financial Officer |

---

**<u>NOTE TO READER</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of |
| i) | controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |

---

---

| | |
|:---|:---|
| ii) | a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. |

---

## Exhibit 99.9

**Exhibit 99.9**

***Note: [01 Mar 2017]*** *– The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is provided for your convenience and should not be relied on as authoritative.*

**FORM 13-501F1<br> *CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING <br> ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| &nbsp;&nbsp;I, <u>LOWE, Sunny</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. | &nbsp;&nbsp;I, <u>LOWE, Sunny</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. |
| &nbsp;&nbsp;(s) <u>LOWE, Sunny</u> | &nbsp;&nbsp;<u>28 Jan 2025</u> |
| &nbsp;&nbsp;Name: LOWE, Sunny | &nbsp;&nbsp;Date: |
| &nbsp;&nbsp;Title: CFO |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Highlander Silver Corp. / Highlander Silver Corp. (000045337) |
| **End date of previous financial year:** | 30 Sep 2024 |
| **Type of Reporting Issuer:** | ☒ **Class 1 reporting issuer ☐ Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | Canadian Securities Exchange (CSE) |

---

**<u>Market value of listed or quoted equity securities:</u>**

---

| | | |
|:---|:---|:---|
| **Equity Symbol** | **Equity Symbol** | HSLV |
| **1st Specified Trading Period** (dd/mm/yy) | **1st Specified Trading Period** (dd/mm/yy) | 01/10/23 to 31/12/23 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.44<br> (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 60460475 <br> (ii) |
| Market value of class or series | (i) x (ii) | $26602609.00<br> (A) |

---

---

| | | |
|:---|:---|:---|
| **2nd Specified Trading Period** (dd/mm/yy) | **2nd Specified Trading Period** (dd/mm/yy) | 01/10/23 to 31/03/24 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.435<br> (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 60460475<br> (iv) |
| Market value of class or series | (iii) x (iv) | $26300306.63<br> (B) |
| **3rd Specified Trading Period** (dd/mm/yy) | **3rd Specified Trading Period** (dd/mm/yy) | 01/10/23 to 30/06/24 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.84<br> (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 80999697<br> (vi) |
| Market value of class or series | (v) x (vi) | $68039745.48<br> (C) |

---

---

| | | |
|:---|:---|:---|
| **4th Specified Trading Period** (dd/mm/yy) | **4th Specified Trading Period** (dd/mm/yy) | 01/10/23 to 30/09/24 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.79<br> (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 81221620<br> (viii) |
| Market value of class or series | (vii) x (viii) | $64165079.80<br> (D) |
| **5th Specified Trading Period** (dd/mm/yy) | **5th Specified Trading Period** (dd/mm/yy) | N/A |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $ N/A (ix) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | N/A (x) |
| Market value of class or series | (ix) x (x) | $ N/A<br> (E) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | $46276935.23<br> (1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** |  |
| (Provide details of how value was determined) | $0.00<br> (2) |
| **Capitalization for the previous financial year (1) + (2)** | $46276935.23 |
| **Participation Fee** | $1200.00 |
| **Late Fee,** if applicable | $ N/A |
| **Total Fee Payable**<br> (Participation Fee plus Late Fee) | $1200.00 |

---

## Exhibit 99.10

**Exhibit 99.10**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

I, <u>LOWE, Sunny</u>, an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

---

| | |
|:---|:---|
| (s) <u>LOWE, Sunny</u> | <u>28 Jan 2025</u> |
| Name: LOWE, Sunny | Date: |
| Title: CFO |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Highlander Silver Corp. / Highlander Silver Corp. <br> (000045337) |
| **End date of previous financial year:** | 30 Sep 2024 |
| **Type of Reporting Issuer:** | **☒ Class 1 reporting issuer ☐ Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | Canadian Securities Exchange (CSE) |

---

(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees)

**<u>Market value of listed or quoted equity securities:</u>**

(in Canadian Dollars - refer to section 36 of OSC Rule 13-502 Fees)

---

| | |
|:---|:---|
| **Equity Symbol** | HSLV |

---

---

| | |
|:---|:---|
| **1st Quarterly Trading Period** (dd/mm/yy) | 01/10/23 to 31/12/23 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.44 <br> (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 60460475<br> (ii) |

---

---

| | | |
|:---|:---|:---|
| Market value of class or series | (i) x (ii) | $26602609.00<br> (A) |

---

---

| | |
|:---|:---|
| **2nd Quarterly Trading Period** (dd/mm/yy) | 01/10/23 to 31/03/24 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.435<br> (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 60460475<br> (iv) |

---

---

| | | |
|:---|:---|:---|
| Market value of class or series | (iii) x (iv) | $26300306.63<br> (B) |

---

---

| | |
|:---|:---|
| **3rd Quarterly Trading Period** (dd/mm/yy) | 01/10/23 to 30/06/24 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.84<br> (v) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period 80999697<br> (vi)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (v) x (vi) | $68039745.48 <br> (C) |

---

---

| | |
|:---|:---|
| **4th Quarterly Trading Period** (dd/mm/yy) |  |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | 01/10/23 to 30/09/24 |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.79<br> (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 81221620<br> (viii) |

---

---

| | | |
|:---|:---|:---|
| Market value of class or series | (vii) x (viii) | $64165079.80 <br> (D) |

---

---

| | |
|:---|:---|
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | $46276935.23<br> (1) |
| (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 Fees, if applicable) that was listed or quoted on a marketplace at the end of the last trading day of each quarterly period in the previous financial year of the reporting issuer) | (Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 Fees, if applicable) that was listed or quoted on a marketplace at the end of the last trading day of each quarterly period in the previous financial year of the reporting issuer) |
| **Fair value of outstanding debt securities:** |  |
| (See paragraph 9(1)(c), and if applicable, paragraphs 9(1)(d) and (e) of OSC Rule 13-502 Fees) |  |
| (Provide details of how value was determined) | $0.00<br> (2) |
| **Capitalization for the previous financial year (1) + (2)** | **$46276935.23** |
| **Participation Fee** |  |
| (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) | $2400.00 |
| (For Class 3B reporting issuers, from Appendix B of OSC Rule 13-502 Fees, select the participation fee) |  |
| **Late Fee,** if applicable | $0.00 |
| (As determined under section 8 of OSC Rule 13-502 Fees) |  |
| **Total Fee Payable** | **$2400.00** |
| (Participation Fee plus Late Fee) |  |

---

## Exhibit 99.11

**Exhibit 99.11**

![](ex99-11_001.jpg)

**Highlander Silver Announces $25 Million Bought Deal Private Placement <br> of Common Shares**

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE,<br> PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN <br> WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

**Toronto, Ontario (February 19, 2025) - Highlander Silver Corp. (CSE: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to announce that it has entered into an agreement with Ventum Financial Corp. as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the "**Underwriters**"), pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 17,857,200 common shares (the "**Shares**") of the Company at a price of $1.40 per Share for aggregate gross proceeds of $25,000,080 (the "**Offering**"), excluding additional proceeds raised from the exercise of the Underwriters' Option (defined below).

Certain members of the Board and management of Highlander Silver and members of the Lundin family have indicated their interest in participating in the Offering.

The Company intends to use the net proceeds from the Offering to fund the advancement of exploration activities at the Company's San Luis gold-silver project in Peru, as well as for working capital and general corporate purposes.

The Company has agreed to grant the Underwriters an option (the "**Underwriters' Option**") which will allow the Underwriters to purchase up to an additional 15% of the Shares, on the same terms as the Offering. The Underwriters' Option may be exercised in whole or in part up to 48 hours prior to the Closing Date (as defined below).

The Offering is scheduled to close on March 11, 2025 (the "**Closing Date**"), or such other date as the Company and the Underwriters may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.

The Shares (including any Shares issued pursuant to the Underwriters' Option) will be offered on a private placement basis pursuant to exemptions from prospectus requirements under applicable securities laws, in all provinces of Canada, except Québec, and will be subject to a statutory hold period of four months and one day from the Closing Date.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

All currency references herein are to Canadian dollar unless otherwise stated.

**About Highlander Silver**

Highlander Silver is advancing a portfolio of silver exploration and development assets in the Americas, including the bonanza grade San Luis gold-silver project that is located adjacent to the Pierina mine in Central Peru. Highlander Silver is backed by the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5B in exit transactions, and supported by strategic shareholders, the Lundin Family and Eric Sprott. The Company is listed on the Canadian Securities Exchange ("CSE") under the ticker symbol HSLV. Additional information about Highlander Silver and its mineral projects can be viewed on the Company's SEDAR+ profile at (www.sedarplus.ca) and its website at www.highlandersilver.com.

*Neither the CSE nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this news release.*

 

**For further information, please contact:**

Arun Lamba, Vice President Corporate Development

Email: alamba@highlandersilver.com

**Cautionary Notes and Forward-looking Statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the Offering, including statements with respect to the completion of the Offering and the anticipated closing date thereof; the expected receipt of regulatory and other approvals relating to the Offering; participants in the Offering; the expected proceeds of the Offering and the anticipated use of the net proceeds therefrom; the future exploration plans of the Company, timing of future exploration, anticipated results of exploration and potential mineralization of the Company's mineral projects. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.12

**Exhibit 99.12**

**Highlander Silver Announces Upsize of Bought Deal Private Placement <br> to C$28 Million**

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, <br> PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN <br> WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

**Toronto, Ontario (February 20, 2025) - Highlander Silver Corp. (CSE: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to announce that due to strong institutional investor demand, it has entered into an agreement with Ventum Financial Corp. as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters (collectively, the "**Underwriters**"), to increase the size of the previously announced bought deal private placement from $25,000,080 to $28,000,000 (the "**Offering**").

Pursuant to the amended terms, the Offering will consist of 20,000,000 common shares (the "**Shares**") of the Company at a price of $1.40 per Share (the "**Offering Price**") for aggregate gross proceeds of $28,000,000, excluding any additional proceeds raised from the exercise of the Underwriters' Option (defined below).

The Company intends to use the net proceeds from the Offering to fund the advancement of exploration activities at the Company's San Luis gold-silver project in Peru, as well as for working capital and general corporate purposes.

The Company has agreed to grant the Underwriters an option (the "**Underwriters' Option**") which will allow the Underwriters to purchase up to an additional 15% of the Shares, on the same terms as the Offering. The Underwriters' Option may be exercised in whole or in part up to 48 hours prior to the closing date of the Offering (as defined below).

The Offering is scheduled to close on March 11, 2025 (the "Closing Date"), or such other date as the Company and the Underwriters may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.

The Shares (including any Shares issued pursuant to the Underwriters' Option) will be offered on a private placement basis pursuant to exemptions from prospectus requirements under applicable securities laws, in all provinces of Canada, except Québec, and will be subject to a statutory hold period of four months and one day from the Closing Date.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

**About Highlander Silver**

Highlander Silver is advancing a portfolio of silver exploration and development assets in the Americas, including the bonanza grade San Luis gold-silver project that is located adjacent to the Pierina mine in Central Peru. Highlander Silver is backed by the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5B in exit transactions, and supported by strategic shareholders, the Lundin Family and Eric Sprott. The Company is listed on the Canadian Securities Exchange ("CSE") under the ticker symbol HSLV. Additional information about Highlander Silver and its mineral projects can be viewed on the Company's SEDAR+ profile at (www.sedarplus.ca) and its website at www.highlandersilver.com.

*Neither the CSE nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this news release.*

**For further information, please contact:**

Arun Lamba, Vice President Corporate Development

Email: alamba@highlandersilver.com

**Cautionary Notes and Forward-looking Statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the Offering, including statements with respect to the completion of the Offering and the anticipated closing date thereof; the expected receipt of regulatory and other approvals relating to the Offering; participants in the Offering; the expected proceeds of the Offering and the anticipated use of the net proceeds therefrom; the future exploration plans of the Company, timing of future exploration, anticipated results of exploration and potential mineralization of the Company's mineral projects. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

 

*Highlander Silver is advancing a portfolio of silver exploration and development assets in the Americas, including the bonanza grade San Luis gold-silver project that is located adjacent to the Pierina mine in Central Peru. Highlander Silver is backed by the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5B in exit transactions, and supported by strategic shareholders, the Lundin Family and Eric Sprott. The Company is listed on the Canadian Securities Exchange ("CSE") under the ticker symbol HSLV. Additional information about Highlander Silver and its mineral projects can be viewed on the Company's SEDAR+ profile at (www.sedarplus.ca) and its website at www.highlandersilver.com.*

## Exhibit 99.13

**Exhibit 99.13**

![](ex99-13_001.jpg)

**Highlander Silver Corp.**

Condensed Consolidated Interim Financial Statements

For the three months ended December 31, 2024 and 2023

(Unaudited)

---

| |
|:---|
| <br> **Highlander Silver Corp.**  |
| Condensed Consolidated Interim Statements of Financial Position<br> (Unaudited – in Canadian Dollars) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Note | December 31, <br>2024 | September 30, <br> 2024 |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $1671803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500894 |
| &nbsp;&nbsp;&nbsp;Receivables |  | 240885 | 290357 |
| &nbsp;&nbsp;&nbsp;Prepaids and other |  | 27130 | 25536 |
|  |  | 1939818 | 2816787 |
| Reclamation deposit |  | 61868 | 59052 |
| Property and equipment |  | 107293 | 94523 |
| Mineral property interests | 3 | 13307485 | 12125552 |
| Value-added tax receivable |  | 93898 | 89730 |
| Total assets |  | $15510362 | $15185644 |
| **Liabilities and Equity** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 6 | $407648 | $372481 |
| &nbsp;&nbsp;&nbsp;Consideration payable |  | 1798625 | 1687375 |
|  |  | 2206273 | 2059856 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Consideration payable |  | 1798625 | 1687375 |
| &nbsp;&nbsp;&nbsp;Reclamation provision | 4 | 516892 | 492426 |
| Total liabilities |  | 4521790 | 4239657 |
| Equity |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares | 5 | 19918968 | 19524567 |
| &nbsp;&nbsp;&nbsp;Reserves | 5 | 2017567 | 1724026 |
| &nbsp;&nbsp;&nbsp;Commitment to issue shares | 5 |  | 46319 |
| &nbsp;&nbsp;&nbsp;Foreign currency reserve |  | 350957 | (237224) |
| &nbsp;&nbsp;&nbsp;Deficit |  | (11298920) | (10111701) |
| Total equity |  | 10988572 | 10945987 |
| Total liabilities and equity |  | $15510362 | $15185644 |

---

Nature of operations and going concern (Note 1) <br>Commitments (Note 10) <br>Subsequent events (Note 11)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Net Loss and Comprehensive of Loss<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, except share amounts) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | For the three months ended December 31, | For the three months ended December 31, |
|  | <br>Note | 2024 | 2023 |
| Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;Accretion expense | 4 | $6566 | $– |
| &nbsp;&nbsp;&nbsp;Advertising and promotion |  |  | 100 |
| &nbsp;&nbsp;&nbsp;Consulting expense |  |  | 226 |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 3059 | 1437 |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  | 236330 | 65073 |
| &nbsp;&nbsp;&nbsp;Office expenses |  | 95331 | 15947 |
| &nbsp;&nbsp;&nbsp;Professional fees | 6 | 310059 | 231309 |
| &nbsp;&nbsp;&nbsp;Property investigation costs | 6 |  | 33217 |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | 6 | 39421 |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 5 | 637873 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent and filing fees |  | 6615 | 10241 |
| Loss from operations |  | 1335254 | 357550 |
| Gain on disposal of equipment |  | (137294) |  |
| Interest income |  | (10696) | (19490) |
| Other income |  | (45) |  |
| Write-off of mineral property interests | 3 | – | 108945 |
| Net loss |  | $1187219 | $447005 |
| Other comprehensive (income) loss |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | (588181) | 45456 |
| Total comprehensive loss |  | $599038 | $492461 |
| Net loss per share attributable to shareholders of the Company |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  | $0.01 | $0.01 |
| Weighted average number of common shares outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  | 81625729 | 54526368 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Cash Flows<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | For the three months ended December 31, | For the three months ended December 31, |
|  | <br>Note | 2024 | 2023 |
| Cash provided by (used in): |  |  |  |
| Operations |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | $(1187219) | $(447005) |
| &nbsp;&nbsp;&nbsp;Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense | 4 | 6566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 3059 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange |  | 221756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of equipment |  | (137294) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 5 | 637873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of mineral property interests | 3 |  | 108945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | (10696) | (19400) |
| &nbsp;&nbsp;&nbsp;Net changes in non-cash working capital items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables |  | 45304 | (3710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other |  | (1594) | (13213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 35167 | (87135) |
|  |  | (387078) | (460081) |
| Financing |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from private placement |  |  | 3000000 |
| &nbsp;&nbsp;&nbsp;Share issue costs |  |  | (18520) |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 5 | 3750 | – |
|  |  | 3750 | 2981480 |
| Investing |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred exploration and evaluation expenditures |  | (467547) | (190033) |
| &nbsp;&nbsp;&nbsp;Interest income received, net |  | 10696 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of equipment |  | 137294 | – |
|  |  | (319557) | (190033) |
| Effect of exchange rate changes on cash and cash equivalents |  | (126206) | (61990) |
| Increase (decrease) in cash and cash equivalents |  | (829091) | 2269376 |
| Cash and cash equivalents, beginning of period |  | 2500894 | 229702 |
| Cash and cash equivalents, end of period |  | $1671803 | $2499078 |

---

Supplemental cash flow information (Note 7)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| <br> **Highlander Silver Corp.**  |
| Condensed Consolidated Interim Statements of Changes in Equity<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, except number of shares) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Number of<br> Shares | Amount | Contributed<br> surplus | Commitment<br> to issue<br> shares | Foreign<br> currency<br> reserve | Deficit | Total<br> equity |
| Balance, October 1, 2024 | 81221620 | $19524567 | $1724026 | $46319 | $(237224) | $(10111701) | $10945987 |
| Shares issued on exercise of warrants and stock options | 499365 | 348082 | (344332) |  |  |  | 3750 |
| Share-based compensation |  |  | 637873 |  |  |  | 637873 |
| Reclassification of commitment to issue shares to common shares |  | 46319 |  | (46319) |  |  |  |
| Net loss and comprehensive loss | – | – | – | – | 588181 | (1187219) | (599038) |
| Balance, December 31, 2024 | 81720985 | $19918968 | $2017567 | $– | $350957 | $(11298920) | $10988572 |
| Balance, October 1, 2023 | 30460434 | $7219766 | $1385293 | $46319 | $(63983) | $(8303840) | $283555 |
| Private placement | 30000000 | 3000000 |  |  |  |  | 3000000 |
| Shares issue costs on private placement |  | (43443) |  |  |  | 24923 | (18520) |
| Fair value reversal on expired stock options |  |  | (61750) |  |  | 61750 |  |
| Translation adjustment for the period |  |  |  |  |  | 30553 | 30553 |
| Net loss and comprehensive loss | – | – | – | – | (45456) | (447005) | (492461) |
| Balance, December 31, 2023 | 60460434 | $10176323 | $1323543 | $46319 | $(109439) | $(8633619) | $2803127 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Highlander Silver Corp. (the "Company" or "Highlander") was incorporated under the laws of the Province of British Columbia, Canada. The Company's head office is located at 2500 – 100 King Street West, Toronto, Ontario, Canada, M5X 1A9. Its records office is located at 1200 - 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8. Its main business activity is the acquisition, exploration and evaluation of mineral properties located in Peru. These condensed consolidated interim financial statements of the Company as at and for the three months ended December 31, 2024 and 2023 comprise the Company and its subsidiaries. The Company's common shares trade on the Canadian Securities Exchange under the symbol "HSLV".

The Company has not yet determined whether its mineral property interests contain mineral reserves that are economically viable. The Company's continued operations, and the underlying value and recoverability of the amounts shown for mineral property interests, are entirely dependent upon the existence of economically recoverable mineral reserves of the Company and those in which it holds a mineral property or shareholder interest. The continued exploration and development of projects will depend on it receiving future cash flows from its ability to obtain share capital financing.

These condensed consolidated interim financial statements are prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations. As an exploration stage company, the Company does not have traditional revenue sources, and has historically relied on property option or sale proceeds, as well as share capital financing, to fund its property acquisition, exploration and evaluation expenditures, and operating expenses.

As at December 31, 2024, the Company had equity of $10,988,572 (September 30, 2024 – $10,945,987) and a working capital deficiency of $266,455 (September 30, 2024 – working capital surplus of $756,931). The Company has financed its operations primarily through the issuance of common shares. The Company will continue to require additional funding to maintain its ongoing exploration programs, property maintenance payments, and operations and administration for the next twelve months. The Company also recognizes that exploration expenditures may change with ongoing results and, as a result, it may be required to obtain additional financing.

On February 19, 2025, the Company announced that it has entered into an agreement with Ventum Financial Corp. as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 17,857,200 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $25,000,080 (the "Offering"), and an option which allows the Underwriters to purchase up to an additional 15% of the common shares issued in the Offering (the "Underwriters' Option"), on the same terms as the Offering. On February 20, 2025, the Company announced that the Offering was upsized to 20,000,000 common shares for gross proceeds of $28,000,000, before accounting for the Underwriters' Option. The Company intends to use the net proceeds from the Offering to fund the advancement of exploration activities at the Company's San Luis Project in Peru, as well as for working capital and general corporate purposes. The Offering is scheduled to close on March 11, 2025.

On October 17, 2023, the Company consolidated its issued share capital on a ratio of two (2) old common shares for every one (1) new post-consolidated common share (the "Share Consolidation"). The current and comparative references to the common shares, weighted average number of common shares, loss per share, acquisitions, stock options and warrants have been restated to give effect to this Share Consolidation.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**2.** **STATEMENT OF COMPLIANCE AND SUMMARY OF MATERIAL ACCOUNTING POLICIES** 

Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Financial Accounting Standard 34 ("IAS 34"), Interim Financial Reporting, and do not include all of the information required for annual financial statements prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual financial statements.

Summary of material accounting policies

These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the Company's most recent annual financial statements, except as described below, and should be read in conjunction with the annual audited consolidated financial statements of the Company for the year ended September 30, 2024.

Material accounting judgments and significant estimates and uncertainties

The material judgments and estimates applied in the preparation of the Company's condensed consolidated interim financial statements for the three months ended December 31, 2024, are consistent with those applied in the Company's annual audited consolidated financial statements for the year ended September 30, 2024.

New accounting policies issued but not yet effective

Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after October 1, 2024, with earlier application permitted. The Company has reviewed these updates and the amendment that is applicable to the Company is discussed below:

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statement aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply for IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

These condensed consolidated interim financial statements were approved and authorized for issuance by the Board of Directors on March 3, 2025.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**3.** **MINERAL PROPERTY INTERESTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Alta <br> Victoria<br> Property | Politunche<br> Property | Estrella | San Luis | Total |
| October 1, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $683338 | $11442214 | $12125552 |
| &nbsp;&nbsp;&nbsp;Administrative |  |  |  | 31587 | 31587 |
| &nbsp;&nbsp;&nbsp;Dues & fees |  |  |  | 1317 | 1317 |
| &nbsp;&nbsp;&nbsp;Field equipment and related expenditures |  |  | 3592 | 54494 | 58086 |
| &nbsp;&nbsp;&nbsp;Geological and related expenditures |  |  | 1364 | 14545 | 15909 |
| &nbsp;&nbsp;&nbsp;Legal expenses |  |  |  | 56911 | 56911 |
| &nbsp;&nbsp;&nbsp;Personnel |  |  | 31362 | 247642 | 279004 |
| &nbsp;&nbsp;&nbsp;Services |  |  | 2528 | 22205 | 24733 |
| &nbsp;&nbsp;&nbsp;Foreign exchange translation | – | – | 37835 | 676551 | 714386 |
| December 31, 2024 | $– | $– | $760019 | $12547466 | $13307485 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Alta<br> Victoria<br> Property | Politunche<br> Property | Estrella | San Luis | Total |
| October 1, 2023 | $– | $– | $254571 | $– | $254571 |
| &nbsp;&nbsp;&nbsp;Acquisitions/staking/assessments | 36722 |  |  | 10623949 | 10660671 |
| &nbsp;&nbsp;&nbsp;Administrative |  |  |  | 21134 | 21134 |
| &nbsp;&nbsp;&nbsp;Dues & fees | 17890 |  | 23403 | 65295 | 106588 |
| &nbsp;&nbsp;&nbsp;Field equipment and related expenditures | 19993 |  | 26593 | 39703 | 86289 |
| &nbsp;&nbsp;&nbsp;Geological and related expenditures | 30383 |  | 154110 | 137884 | 322377 |
| &nbsp;&nbsp;&nbsp;Legal expenses | 7582 | 1965 | 3658 | 4606 | 17811 |
| &nbsp;&nbsp;&nbsp;Personnel | 118692 | 17 | 162383 | 256899 | 537991 |
| &nbsp;&nbsp;&nbsp;Services | 7054 | 296 | 27421 | 33034 | 67805 |
| &nbsp;&nbsp;&nbsp;Travel |  |  |  | 4395 | 4395 |
| &nbsp;&nbsp;&nbsp;Impairments/write-downs | (238316) | (2278) |  |  | (240594) |
| &nbsp;&nbsp;&nbsp;Foreign exchange translation | – | – | 31199 | 255315 | 286514 |
| September 30, 2024 | $– | $– | $683338 | $11442214 | $12125552 |

---

The Company's wholly-owned projects are comprised of the rights to explore various mineral claims and tenures at various stages of exploration. Unless otherwise noted they are not subject to any option or sale agreements. Certain of the claims are subject to a net smelter returns royalty ("NSR"), as detailed below.

**San Luis Project**

The San Luis Project is a gold-silver exploration property located in the Ancash department of central Peru. The Company acquired the project on May 23, 2024, through the purchase of 100% of the shares of Reliant Ventures S.A.C., which holds the rights to the San Luis Project.

As part of the acquisition agreement, the Company agreed to pay SSR Mining an initial cash payment US$5,000,000 ($6,978,100) paid in cash (paid) and up to US$37,500,000 in contingent consideration upon the achievement of specific project milestones. These milestones include the commencement of drilling, completion of a feasibility study, and milestones related to commercial production. Additionally, SSR Mining retained a 4% net NSR on the project. The Company has the option to buy back 2% of this royalty for US$15,000,000 at any time prior to the commencement of mine construction.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**La Estrella**

On August 10, 2021, the Company purchased from Compania Minera Ares S.A.C. mining claims known as the Estrella claims located in central Peru in consideration for a cash payment of $3,701 (US$2,700) and a 2% NSR. The Company, at its sole discretion and at any time may purchase 50% of the NSR for a consideration of US$200,000 and the remaining 50% for a consideration of US$300,000.

The Estrella 002 concession was acquired via auction with the Peruvian Mining Authority for consideration of US$31,000 (paid).

In addition, the Company has acquired the La Estrella project database including diamond drill core, assay results and laboratory certificates from Alianza Minerals Ltd. in consideration for the payment of $15,000 (paid) and the issuance of 37,500 common shares (issued).

**Alta Victoria Property**

Following a strategic review of the Company's mineral project portfolio, the decision was taken to allow the mining lease at Alta Victoria to lapse on December 4, 2023.

**Politunche Property**

Following a strategic review of the Company's portfolio, the Company terminated its option to acquire a 100% interest in the Politunche project.

**4.** **RECLAMATION PROVISION** 

---

| | | |
|:---|:---|:---|
|  | December 31, <br>2024 | September 30, <br>2024 |
| Balance, October 1, 2024 | $492426 | $– |
| Acquisition of Reliant Ventures S.A.C. |  | 468180 |
| Accretion | 6566 | 8237 |
| Foreign exchange adjustment | 17900 | 16009 |
| Balance, December 31, 2024 | $516892 | $492426 |

---

The reclamation provision represents the estimated costs for restoration and rehabilitation for environmental disturbances estimated to be incurred in the year 2027. The total undiscounted estimated cash flows required to settle these obligations as at December 31, 2024 are $588,466 (September 30, 2024 – $573,958), which have been inflated at an average rate of 1.98% per annum (September 30, 2024 –1.98%) and discounted at an average rate of 5.25% (September 30, 2024 – 5.25%).

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**5.** **SHARE CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;a) Share Capital

Authorized: Unlimited common shares, with no par value

Issued and fully paid: 81,720,985 (September 30, 2024 – 81,221,620)

**Transactions for the issue of share capital during the three months ended December 31, 2024:**

● During the three months ended December 31, 2024, the Company issued 474,365 common shares through the cashless exercise of stock options. This issuance resulted from the exercise of 575,000 stock options at an exercise price of $0.42 per share and 675,000 stock options at an exercise price of $0.55 per share. In addition, the Company also issued 25,000 common shares through the exercise of warrants at an exercise price of $0.15 per share.

● On November 16, 2020, the Company issued 125,000 common shares pursuant to a consulting agreement with the former CEO. These shares have a fair value, calculated using the market price at grant date of $0.43 totaling $53,750. The shares will vest quarterly over a period of 12 months from issuance. The total share-based payments recorded as for the year ended September 30, 2021, was $46,319. As at December 31, 2024, the shares have been issued.

**Transactions for the issue of share capital during the three months ended December 31, 2023:**

● On October 19, 2023, the Company completed a financing whereby 30,000,000 units were issued at $0.10 per unit for gross proceeds of $3,000,000. Each unit is comprised of one common share and one warrant exercisable at a price of $0.15 per share for a period of 3 years from the date of issuance. The Company incurred $43,443 in share issue costs in respect of this financing.

&nbsp;&nbsp;&nbsp;&nbsp;b) Stock options

For the three months ended December 31, 2024, the Company recognized a share-based compensation expense of $637,873 (three months ended December 31, 2023 – $nil). The following table shows the change in the shares issuable for stock options during the three months ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| For the three months ended December 31, | 2024 | 2023 |
| Balance, start of period | $2575000 | $1625000 |
| Granted | 4370000 |  |
| Exercised | (1250000) |  |
| Forfeited/expired/cancelled | (100000) | (162500) |
| Balance, end of period | $5595000 | $1462500 |

---

The weighted average exercise price per share of options granted, exercised and forfeited during the three months ended December 31, 2024 was $0.80, $0.49 and $0.42, respectively. The weighted average exercise price per share of options granted, exercised and forfeited during the three months ended December 31, 2023 was $nil, $nil and $0.60, respectively.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

The assumptions used in the Black-Scholes option pricing model for the options granted in the three months ended December 31, 2024 were as follows.

---

| | |
|:---|:---|
| Weighted average | 2024 |
| Exercise price per share issuable | $0.80 |
| Expected term (years) | 5 |
| Volatility | 90% |
| Expected dividend yield |  |
| Risk-free interest rate | 2.18% |
| Weighted average fair value per share | 0.56 |

---

The following is a summary of the Company's outstanding and exercisable options as at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Outstanding | Outstanding | Outstanding | Outstanding | Exercisable | Exercisable |
| Expiry date | Exercise<br> price | Number of<br> options | Weighted<br> average<br> remaining<br> contractual<br> life (years) | Number of<br> options | Weighted<br> average<br> remaining<br> contractual<br> life (years) |
| August 10, 2025 | $0.54 | 15000 | 0.61 | 15000 | 0.61 |
| November 3, 2026 | 0.60 | 197500 | 1.84 | 197500 | 1.84 |
| March 1, 2027 | 0.60 | 50000 | 2.16 | 50000 | 2.16 |
| March 12, 2027 | 0.55 | 687500 | 2.19 | 162500 | 2.19 |
| September 20, 2027 | 0.78 | 100000 | 2.72 | 20000 | 2.72 |
| March 3, 2028 | 0.42 | 175000 | 3.17 | 175000 | 3.17 |
| October 21, 2029 | 0.80 | 4370000 | 4.81 | 700000 | 4.81 |
|  | $0.75 | 5595000 | 4.26 | 1320000 | 3.65 |

---

Subsequent to December 31, 2024, the Company granted 1,600,000 options with an exercise price of $1.04 per share.

&nbsp;&nbsp;&nbsp;&nbsp;c) Warrants

As an incentive to complete a private placement the Company may issue units which include common shares and common share purchase warrants. Using the residual value method, the Company determines whether a value should be allocated to the warrants attached to private placement units. Finders' warrants may be issued as a private placement share issue cost and are valued using the Black-Scholes option pricing model.

A continuity of the Company's shares issuable for Company's warrants is as follows:

---

| | | |
|:---|:---|:---|
|  | Number of <br>warrants | Weighted <br>average exercise <br>price |
| Outstanding, September 30, 2023 |  | $– |
| &nbsp;&nbsp;&nbsp;Issued | 30000000 | 0.15 |
| &nbsp;&nbsp;&nbsp;Exercised | (25000) | 0.15 |
| Outstanding, September 30, 2024 | 29975000 | $0.15 |
| &nbsp;&nbsp;&nbsp;Exercised | (25000) | 0.15 |
| Outstanding, December 31, 2024 | 29950000 | $0.15 |

---

The remaining contractual life (years) of the outstanding warrants is 1.8 years.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**6.** **RELATED PARTY TRANSACTIONS** 

A number of key management personnel and Directors hold positions in other entities that result in them having control or significant influence over the financial or operating policies of these entities. There were no loans to key management personnel or Directors, or entities over which they have control or significant influence during the three months ended December 31, 2024 and 2023.

During the three months ended December 31, 2024 and 2023, key management personnel and Directors received no salaries and non-cash benefits (other than incentive stock options), or other remuneration directly from the Company, other than noted below, and there are no contracts with them that cannot be terminated without penalty on thirty to ninety-day advance notice. Key management personnel and Directors participate in the Company's stock option plan.

Key management compensation for the three months ended December 31, 2024, and 2023 is comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended December 31, | Three months ended December 31, | Amount due to related parties December 31, | Amount due to related parties December 31, |
|  | 2024 | 2023 | 2024 | 2023 |
| Share-based compensation | $600886 | $– | $– | $– |
| Professional fees | 156605 | 119183 | 27821 | 28955 |
|  | $757491 | $119183 | $27821 | $28955 |

---

Professional fees relate to the following related party transactions with the Company or Company controlled entities during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Stephen Brohman was the Company's CFO during the reporting
period. He is a principal of Donaldson Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
DBM CPA provides the Company with accounting and tax services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) David Fincham was appointed as the Company's CEO effective
October 2022 and continued as the Company's CEO through the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dr. Leandro Echavarria was the Company's VP of Exploration.
He has significant influence of LE Geological Services USA. ("LE Geo"). LE Geo provided the Company with geological services
during the reporting period.

**Related party arrangement**

In October 2024, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies (Titan Mining Corporation, Augusta Gold Corp. and Armor Minerals Inc.) related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by the related companies. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. All of the parties have jointly entered into a rental agreement for office space. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments if the Company's participation in the arrangement was terminated on December 31, 2024, was approximately $54,600 (September 30, 2024 – $nil), determined based on the Company's average share of rent paid in the immediately preceding 12 months.

The Company was charged for the following with respect to these arrangements in the three months ended December 31, 2024, and 2023:

---

| | | |
|:---|:---|:---|
|  | Three months ended December 31, | Three months ended December 31, |
|  | 2024 | 2023 |
| Salaries and benefits | $39421 | $– |
| Office and other | 26557 |  |
| Marketing and travel | 2075 | – |
|  | $68053 | $– |

---

At December 31, 2024, amounts in accounts payable and accrued liabilities include $23,794 due to a related party, being the management company referred to above, (September 30, 2024 – $nil) with respect to this arrangement.

All related party balances are unsecured and are due within thirty days without interest.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**7.** **SUPPLEMENTAL CASH FLOW INFORMATION** 

---

| | | |
|:---|:---|:---|
| For the three months ended December 31, | 2024 | 2023 |
| Non-cash items: |  |  |
| &nbsp;&nbsp;&nbsp;Fair value reversal on cashless exercise of stock options | $344332 | $– |
| &nbsp;&nbsp;&nbsp;Reclassification of commitment to issue shares | $46319 | $– |
| &nbsp;&nbsp;&nbsp;Deferred exploration expenditures included in accounts payable and accrued liabilities | $– | $7702 |
| &nbsp;&nbsp;&nbsp;Fair value reversal for expiry of stock options | $– | $(61750) |

---

**8.** **SEGMENTED INFORMATION** 

The Company has determined that it has one operating segment, being the exploration of mineral properties. The Company's non-current assets of $13,570,544 (September 30, 2024 – $12,368,857) are all located in Peru.

**9.** **FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT** 

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

&nbsp;&nbsp;&nbsp;&nbsp;a) Credit risk

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's financial assets.

The Company is primarily exposed to credit risk on its cash and cash equivalents, receivables, reclamation deposit and value-added tax receivable. Credit risk exposure is limited through maintaining its cash with high-credit quality financial institutions. The carrying value of these financial assets of $2,068,454 represents the maximum exposure to credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;b) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Fluctuations in market rates do not have a significant impact on the Company's operations. For the three months ended December 31, 2024 and 2023, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;c) Liquidity risk

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three months ended December 31, 2024 and 2023<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

At December 31, 2024, the Company had contractual cash flow commitments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | < 1 Year | 1-3 Years | Total |
| Accounts payable and accrued liabilities | $407648 | $– | $407648 |
| Consideration payable | 1798625 | 1798625 | 3597250 |
| Office rent obligations | 84200 | 161300 | 245500 |
| Exploration expenses and other | 1932500 | – | 1932500 |
|  | $4222973 | $1959925 | $6182898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;d) Foreign currency risk

The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. At December 31, 2024, the Company had not entered into any contracts to manage foreign exchange risk.

As at December 31, 2024 all of the Company's cash and cash equivalents was held either in Canadian dollars, US dollars or Peruvian Soles. The Company incurs expenditures in Canada and Peru, and as such is exposed to currency risk associated with these costs.

A change in the value of the Peruvian Soles by 10% relative to the Canadian dollar would not have a significant impact on the Company's working capital and net loss for three months ended December 31, 2024 and 2023.

**10.** **COMMITMENTS** 

The Company is committed to payments for office leases premises through 2028 in the total amount of approximately $245,500 based on the Company's current share of rent paid. Payments by fiscal year are:

---

| | |
|:---|:---|
| 2025 | $63100 |
| 2026 | 84200 |
| 2027 | 84200 |
| 2028 | 14000 |

---

The Company is committed to payments related to exploration expenses and other of $1,932,500 in 2025.

**11.** **SUBSEQUENT EVENTS** 

As discussed above, on February 19, 2025, the Company announced that it has entered into an agreement with the Underwriters, pursuant to which, the Underwriters have agreed to purchase, on a bought deal private placement basis, 17,857,200 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $25,000,080 and an Underwriters' Option which allows the Underwriters to purchase up to an additional 15% of the common shares issued in the Offering, on the same terms as the Offering. On February 20, 2025, the Company announced that the Offering was upsized to 20,000,000 common shares for gross proceeds of $28,000,000, before accounting for the Underwriters' Option. The Company intends to use the net proceeds from the Offering to fund the advancement of exploration activities at the Company's San Luis Project in Peru, as well as for working capital and general corporate purposes.

## Exhibit 99.14

**Exhibit 99.14**

![](ex99-14_001.jpg)

**Highlander Silver Corp.** 

Management's Discussion and Analysis

For the three months ended December 31, 2024 and 2023

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

**INTRODUCTION**

This Management's Discussion and Analysis ("MD&A") of Highlander Silver Corp. (the "Company" or "Highlander") provides information on the Company's business activities, financial condition, financial performance, cash flows and outlook for the three months ended December 31, 2024, with comparative information for the three months ended December 31, 2023. This MD&A is dated March 3, 2025 and takes into account information available up to and including that date. The Company reports its financial position, financial performance and cash flows in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") in Canadian dollars, unless otherwise indicated. This MD&A should be read in conjunction with the Company's condensed consolidated interim financial statements for the three months ended December 31, 2024 and the annual consolidated financial statements for the year ended September 30, 2024, which are available on the Company's website at www.highlandersilver.com and on the SEDAR+ website at www.sedarplus.ca. Additional information relating to the Company, including the Company's Annual Information Form, is also set out on the SEDAR+ website at www.sedarplus.ca.

The Company's main corporate strategy is to advance its mineral properties to a drill-ready stage and then conduct exploration and evaluation. The Company has not yet determined whether its mineral property interests contain mineral reserves that are economically viable. The Company's continued operations, and the underlying value and recoverability of the amounts shown for mineral property interests, are entirely dependent upon the existence of economically recoverable mineral reserves of the Company and those in which it holds a mineral property or shareholder interest. The continued exploration and development of projects will depend on the Company's ability to raise capital, primarily from the issuance of common shares.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION**

This document includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements. These statements appear in a number of places in this presentation and include statements made with respect to anticipated exploration and development activities, and the Company's intention to employ its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs. When used in this presentation words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue", "estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in this presentation include, but are not limited to: statements regarding the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of precious and base metals, the estimation of mineral resources, operating and exploration expenditures, costs and timing of development of new deposits, and costs and timing of future exploration.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks related to the business of the Company; the ability of the Company to raise sufficient capital; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of precious and base metals; accidents; global outbreaks and contagious diseases (including COVID-19); business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; adverse claims made by local communities; changes in commodity prices; unanticipated exploration and development challenges (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); adverse weather conditions; political risk and social unrest; changes in interest and currency exchange rates; and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators.

These forward-looking statements were derived using numerous assumptions, including assumptions regarding general business and economic conditions; the Company's ability to develop and maintain relationships with local communities; commodity prices; anticipated costs and expenditures; the Company's ability to advance exploration efforts at San Luis and La Estrella; and the results of such exploration efforts. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any forward-looking statements, no inference should be drawn that we will make additional updates with respect to other forward-looking statements. All forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

**MINERAL PROPERTIES AND COMPANY UPDATE**

**<u>San Luis</u>**

On May 23, 2024, the Company announced closing of the acquisition of the San Luis Project from SSR Mining Inc. ("SSR Mining"), pursuant to the share purchase agreement between the Company and SSR Mining dated November 29, 2023, as amended (the "SPA"). The project is located in the Ancash Department, which is well-known for mining in Peru with major past and present production from the Pierina gold mine and Antamina copper-zinc mine, respectively.

This transformational acquisition includes a historical Measured and Indicated resource of 348,000 ounces (oz) of gold (Au) grading 22.4 g/t Au, and 9,003,300 oz silver (Ag) grading 578.1 g/t Ag. The historical resource estimate was reported in the San Luis Technical Report (as defined below). The historical estimate was considered to be relevant and reliable for the purposes of the Company proceeding with the acquisition of the San Luis Project from SSR Mining as it provided an indication of the potential significance of the San Luis Project. The mineral resource models were developed based on samples obtained from 96 surface trenches (947m) and 136 drill holes (22,354m). Capping was used to reduce the influence of erratic high-grade values. Block grades were estimated using one-meter composites and inverse distance weighting. The historical estimate uses the categories set out in Sections 1.2 and 1.3 of NI 43-101. Additional work including some re-sampling of historical core and a review of the geological model will be necessary to verify the historical resource estimate. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the Company is not treating the historical estimate as current mineral resources.

The historical mineral resource estimate is hosted within the Ayelen vein system, and is open in multiple directions. Furthermore, there are multiple targets for growth on the property given limited and focused historical drilling, and undrilled targets supported by highly anomalous (> 4 g/t Au) trenching and rock samples. The extensive ground holding totaling 23,098 Ha has yet to be systematically explored with many structures that have not yet been sampled and extensions of vein trends under cover that have not been tested providing further exploration potential. Given this, Highlander will implement a comprehensive program of geological mapping, sampling, and geophysical surveys to develop a technical assessment of the discovery potential before more focused exploration on the highest priority targets.

The Company acquired the San Luis Project for upfront cash consideration of US$5,000,000 and an additional US$37,500,000 in contingent cash consideration (the "Contingent Consideration") upon completion of the following milestones in relation to the San Luis Project pursuant to the SPA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) US$1,250,000
 after the commencement of an initial drilling program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) US$1,250,000
 after the first anniversary of the commencement of an initial drilling program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) US$5,000,000
 after the completion of a feasibility study;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) US$10,000,000
 after the beginning of commercial production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) US$10,000,000
 after the first anniversary of commercial production; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) US$10,000,000
 after the second anniversary of commercial production.

The Contingent Consideration is only accrued and payable if and when the above milestones are achieved.

Pursuant to the SPA, a 4% net smelter returns royalty (the "Royalty") on the San Luis Project was granted to SSR Mining. At any time before the commencement of mine construction on the San Luis Project, the Company may buy back half of the Royalty for US$15,000,000, which if, exercised, would reduce SSR Mining's royalty interest to 2%.

Highlander's technical team commenced field reconnaissance of the San Luis Project during July 2024, with mapping in an area of cover north of the Ayelen vein system identifying a series of previously unrecognized new veins. Several targets in the Ayelen area were also reviewed to understand mineralization types and structural settings.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

***Exploration Review***

The Company is currently undertaking a review of prior exploration plans and targets, based on new integration and analysis of existing data, drill core review and field work validation, with updates to be announced in due course.

 ****

***Opportunities***

The Company believes there is exceptional growth and discovery potential beyond the Ayelen vein, with numerous veins undrilled and stacked boiling zone potential that is untested. In addition, the Company will be evaluating the polymetallic-silver and copper-molybdenum porphyry targets.

The Bonita vein system has limited drilling, with two historic drill holes including BOD-001, which returned 35.25 m of 5.54 g/t Au and 25.43 g/t Ag, from 19.1 m downhole, including 3.2 m @ 30.2 g/t Au and 114.8 g/t Ag. Au grades from historic drilling and trenching plus the strike length are similar to the Ayelen vein system. Future work will include follow up drilling, detailed mapping and systematic channel sampling of the known mineralized structures and also prospecting work at the adjacent areas to follow up on and identify additional veins, with the final objective of defining further targets. The Bonita vein target area is fully permitted for drilling and trenching activities under an approved DIA ("Declaracion de Impacto Ambiental").

 ****

***Community Relations***

The property occupies community land and developing and growing social license is a priority for Highlander Silver. The Company has an established presence on the property and community agreement to support commencing of exploration. It intends to employ its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, and cultural, health and education programs.

**<u>La Estrella</u>**

The La Estrella Project is located in the Huancavelica Department, Central Peru, about 250 km ESE of Lima, on the eastern slope of the Western Cordillera. It is within the prolific Miocene polymetallic belt, approximately 34 km NNE of the Julcani Mine, which has produced over 105 million ounces of silver from high grade vein mineralization averaging 16 ounces per ton since production started by Buenaventura in 1953 (Hector Barrionuevo, Julcani – Mina emblematica de Minas Buenaventura con 63 años de operación. PERU XVIII Peruvian Geological Congress).

The Company purchased the Estrella 001 exploration concession located in the Huancavelica Department of central Peru for a cash payment of $3,701 (US$2,700) from Minera Ares S.A.C. on August 10, 2021. Minera Ares retained a 2% NSR on metallic minerals production and Highlander Silver has a right to buy back the first 1% for US$200,000 and the second 1% for US$300,000, for a total of US$500,000.

Subsequent to the acquisition, the Company continued to monitor the surrounding area and in March 2023, it successfully acquired via auction with the Peruvian Mining Authority the Estrella 002 concession, a key 200-hectare area contiguous with Estrella 001, for US $31,000. In addition, the Company acquired the La Estrella Project database including diamond drill core, assay results and laboratory certificates from Alianza Minerals Ltd. in consideration for a payment of $15,000 and the issuance of 75,000 common shares of Highlander Silver.

During 2023, the Company developed 3D geological models of the (Ag-Au ±Pb ±Zn ±Cu) mineralization using the available drilling information and interpreted geological controls. Potential extensions to the mineralized envelopes have been used to outline a near-surface exploration target of 15 to 35 Mt averaging between 50 and 60 g/t Ag, and 0.4 to 0.6 g/t Au containing some 25 to 60 Moz Ag and 0.2 to 0.7 Moz Au.

The potential quantity and grade of the exploration target was determined based on 3D geological models of the Ag-Au mineralization using the available drilling information and interpreted geological controls. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and more information and work is required to define a mineral resource.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

**<u>Alta Victoria</u>**

Following a strategic review of the Company's mineral project portfolio, and the need to focus resources on projects that have the highest probability of creating shareholder value, the decision was taken to allow the mining lease at Alta Victoria to lapse on December 4, 2023.

**<u>Politunche</u>**

Following a strategic review of the Company's portfolio, and the decision to focus resources on the highest quality projects, the Company terminated its option to acquire a 100% interest in the Politunche project.

**Subsequent Events**

On January 7, 2025, the Company announced the appointment of Daniel Earle as President and Chief Executive Officer of the Company succeeding Richard Warke, Interim President and CEO, who continues to serve on the Board of Directors alongside Messrs. Thomas Whelan, Jerrold Annett, Javier Toro and Federico Velásquez. Highlander further announced that, in addition to Mr. Earle, it had strengthened its management team with the appointments of Sunny Lowe as Chief Financial Officer, Federico Velasquez as President Peru, Sergio Gelcich as Vice President Exploration, Arun Lamba as Vice President Corporate Development, Purni Parikh as Senior Vice President Corporate Affairs, and Tom Ladner as General Counsel**.**

On February 19, 2025, the Company announced that it has entered into an agreement with Ventum Financial Corp. as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 17,857,200 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $25,000,080 (the "Offering"), and an option which allows the Underwriters to purchase up to an additional 15% of the common shares issued in the Offering (the "Underwriters' Option"), on the same terms as the Offering. On February 20, 2025, the Company announced that the Offering was upsized to 20,000,000 common shares for gross proceeds of $28,000,000, before accounting for the Underwriters' Option. The Company intends to use the net proceeds from the Offering to fund the advancement of exploration activities at the Company's San Luis Project in Peru, as well as for working capital and general corporate purposes. The Offering is scheduled to close on March 11, 2025.

**Mineral Property Interests**

The Company's accounting policies capitalize exploration and evaluation costs until such time that they are either impaired or advanced into production. The history of cumulative capitalized exploration and evaluation costs are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Alta<br> Victoria Property** | Politunche<br> Property | **Estrella** | **San Luis** | **Total** |
| October 1, 2024 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $683338 | $11442214 | $12125552 |
| &nbsp;&nbsp;&nbsp;Administrative |  |  |  | 31587 | 31587 |
| &nbsp;&nbsp;&nbsp;Dues & fees |  |  |  | 1317 | 1317 |
| &nbsp;&nbsp;&nbsp;Field equipment and related expenditures |  |  | 3592 | 54494 | 58086 |
| &nbsp;&nbsp;&nbsp;Geological and related expenditures |  |  | 1364 | 14545 | 15909 |
| &nbsp;&nbsp;&nbsp;Legal expenses |  |  |  | 56911 | 56911 |
| &nbsp;&nbsp;&nbsp;Personnel |  |  | 31362 | 247642 | 279004 |
| &nbsp;&nbsp;&nbsp;Services |  |  | 2528 | 22205 | 24733 |
| &nbsp;&nbsp;&nbsp;Foreign exchange translation | – | – | 37835 | 676551 | 714386 |
| December 31, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $760019 | $12547466 | $13307485 |

---

 

 

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Alta<br> Victoria Property** | Politunche<br> Property | **Estrella** | **San Luis** | **Total** |
| October 1, 2023 | $– | $– | $254571 | $– | $254571 |
| &nbsp;&nbsp;&nbsp;Acquisitions/staking/assessments | 36722 |  |  | 10623949 | 10660671 |
| &nbsp;&nbsp;&nbsp;Administrative |  |  |  | 21134 | 21134 |
| &nbsp;&nbsp;&nbsp;Dues & fees | 17890 |  | 23403 | 65295 | 106588 |
| &nbsp;&nbsp;&nbsp;Field equipment and related expenditures | 19993 |  | 26593 | 39703 | 86289 |
| &nbsp;&nbsp;&nbsp;Geological and related expenditures | 30383 |  | 154110 | 137884 | 322377 |
| &nbsp;&nbsp;&nbsp;Legal expenses | 7582 | 1965 | 3658 | 4606 | 17811 |
| &nbsp;&nbsp;&nbsp;Personnel | 118692 | 17 | 162383 | 256899 | 537991 |
| &nbsp;&nbsp;&nbsp;Services | 7054 | 296 | 27421 | 33034 | 67805 |
| &nbsp;&nbsp;&nbsp;Travel |  |  |  | 4395 | 4395 |
| &nbsp;&nbsp;&nbsp;Impairments/write-downs | (238316) | (2278) |  |  | (240594) |
| &nbsp;&nbsp;&nbsp;Foreign exchange translation | – | – | 31199 | 255315 | 286514 |
| September 30, 2024 | $– | $– | $683338 | $11442214 | $12125552 |

---

During the three months ended December 31, 2024, the Company continued to carry out exploration activities at the San Luis Project including geological assessment, fieldwork review, community relations and camp maintenance.

**LOSS FROM OPERATIONS** 

---

| | | |
|:---|:---|:---|
|  | For the three months ended December 31, | For the three months ended December 31, |
|  | 2024 | 2023 |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense | $6566 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and promotion |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consulting expense |  | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 3059 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange | 236330 | 65073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office expenses | 95331 | 15947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 310059 | 231309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property investigation costs |  | 33217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 39421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 637873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent and filing fees | 6615 | 10241 |
| &nbsp;&nbsp;&nbsp;Loss from operations | 1335254 | 357550 |
| &nbsp;&nbsp;&nbsp;Gain on disposal of equipment | (137294) |  |
| &nbsp;&nbsp;&nbsp;Interest income | (10696) | (19490) |
| &nbsp;&nbsp;&nbsp;Other income | (45) |  |
| &nbsp;&nbsp;&nbsp;Write-off of mineral property interests | – | 108945 |
| &nbsp;&nbsp;&nbsp;Net loss | $1187219 | $447005 |

---

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

**Three Months Ended December 31, 2024 Compared to the Three Months Ended December 31, 2023**

The Company incurred loss from operations of $1,335,254 for the three months ended December 31, 2024 (December 31, 2023 – $357,550). The increase in the loss is due to the following factors:

● Share-based compensation, a non-cash cost, of $637,873 for three months ended December 31, 2024 (December 31, 2023 – $nil), as a result of new options granted during the three months ended December 31, 2024.

● An increase in professional fees of $310,059 for the three months ended December 31, 2024 (December 31, 2023 – $231,309), reflecting the addition of professional fees incurred for the San Luis Project following the acquisition of the property in May 2024.

● An increase in foreign exchange loss due to the revaluation of the parent company's net liability in US dollars to Canadian dollars for financial statement presentation purposes, as the Canadian dollar weakened against the US dollar during the three months ended December 31, 2024.

● In current quarter, the Company recorded a gain of $137,294 from sale of equipment and vehicles that have been fully depreciated and were no longer in use.

**SUMMARY OF QUARTERLY RESULTS**

The Company's quarterly financial statements are reported under IFRS issued by the IASB, as applicable to interim financial reporting. The following table provides highlights from the quarterly results of the Company's unaudited condensed consolidated interim financial statements for the past eight quarters.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025<br> Q1 | 2024<br> Q4 | 2024<br> Q3 | 2024<br> Q2 |
| Loss from operations | $(1335254) | $(597288) | $(185030) | $(795648) |
| Net loss | (1187219) | (643699) | (179049) | (854924) |
| Total comprehensive loss | (599038) | 158536 | (1111586) | (852407) |
| Net loss per share – basic and diluted | $(0.01) | $(0.01) | $(0.00) | $(0.01) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024<br> Q1 | 2023<br> Q4 | 2023<br> Q3 | 2023<br> Q2 |
| Loss from operations | $(357550) | $(206725) | $(246656) | $(230894) |
| Net loss | (447005) | (4849080) | (235949) | (230894) |
| Total comprehensive loss | (492461) | (4833533) | (131712) | (217628) |
| Net loss per share – basic and diluted | $(0.01) | $(0.15) | $(0.01) | $(0.01) |

---

The increase in loss from operations in the first quarter of 2025 from the preceding quarter is mainly related to the addition of operating expenses from the San Luis Project acquired in May 2024, an increase in stock-based compensation due to the granting of new options to the new Directors and consultant in October 2024, and the impact of a higher exchange rate applied to revalue the parent company's net liability in US dollars to Canadian dollars for financial statement presentation purposes.

The increase in loss from operations in the fourth quarter of 2024 from the preceding quarter is mainly related to the addition of operating expenses from the San Luis Project acquired in May 2024. In addition, the Company had additional impairment losses on the Alta Victoria Property and Politunche Property, leading to an increase in net loss in the fourth quarter of 2024.

The increase in loss from operations and net loss in the second quarter of 2024 from the preceding quarter is mainly related to an increase in stock-based compensation due to the granting of new options to consultants in March 2024.

The increase in net loss in the fourth quarter of 2023 is due to the impairment losses incurred from the Alta Victoria Property and the Politunche Property.

The change in total comprehensive loss is related to the foreign currency translation for the respective periods.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

**LIQUIDITY AND CAPITAL RESOURCES**

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2024** | September 30,<br> 2024 |
| Cash and cash equivalents | $1671803 | $2500894 |
| Receivables | 240885 | 290357 |
| Prepaids and other | 27130 | 25536 |
| Accounts payable and accrued liabilities | 407648 | 372481 |
| Consideration payable | 1798625 | 1687375 |
| Total current assets | 1939818 | 2816787 |
| Total current liabilities | $2206273 | $2059856 |

---

The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to obtain the necessary funds primarily through the issuance of common shares in support of its business objectives. While the Company has been successful in securing financing to date, there can be no assurances that future equity financing, debt facilities, or strategic alternatives will be available on acceptable terms to the Company or at all.

As discussed above, on February 19, 2025, the Company announced that it has entered into an agreement with the Underwriters, pursuant to which, the Underwriters have agreed to purchase, on a bought deal private placement basis, 17,857,200 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $25,000,080 and an Underwriters' Option which allows the Underwriters to purchase up to an additional 15% of the common shares issued in the Offering, on the same terms as the Offering. On February 20, 2025, the Company announced that the Offering was upsized to 20,000,000 common shares for gross proceeds of $28,000,000, before accounting for the Underwriters' Option. The Company intends to use the net proceeds from the Offering to fund the advancement of exploration activities at the Company's San Luis Project in Peru, as well as for working capital and general corporate purposes.

Cash used in operating activities during the three months ended December 31, 2024 was $387,078 (December 31, 2023 – $460,081). The decreased is primarily attributable to the timing of payments affecting changes in non-cash working capital items such as prepaid expenses, receivables and accounts payable and accrued liabilities.

Cash generated from financing activities during the three months ended December 31, 2024 was $3,750 (December 31, 2023 – $2,981,480). The cash inflow was from exercise of warrants of $3,750 (three months ended December 31, 2024 – $nil), whereas the prior year's cash inflow was mainly from the net proceeds of $2,981,480 from a private placement.

Cash used in investing activities during the three months ended December 31, 2024, was $319,557 (December 31, 2023 – $190,033). The increased is primarily attributable to the increased payment for the exploration and evaluation expenditures of $467,547 (three months ended December 31, 2024 – $190,033), partially offset by the receipt on disposal of equipment of $137,294 (three months ended December 31, 2024 – $nil).

**COMMITMENTS AND CONTINGENCIES** 

At December 31, 2024, the Company had contractual cash flow commitments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | < 1 Year | 1-3 Years | Total |
| Accounts payable and accrued liabilities | $407648 | $– | $407648 |
| Consideration payable | 1798625 | 1798625 | 3597250 |
| Office rent obligations | 84200 | 161300 | 245500 |
| Exploration expenses and other | 1932500 | – | 1932500 |
|  | $4222973 | $1959925 | $6182898 |

---

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

**SHARE CAPITAL INFORMATION**

As at March 3, 2025, the Company had the following securities issued and outstanding:

● 81,720,985 common shares

● 7,195,000 shares issuable pursuant to exercise of stock options

● 29,950,000 shares issuable pursuant to exercise of warrants

**PROPOSED TRANSACTIONS**

There are no undisclosed proposed transactions as of the date of this MD&A.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Company does not have any material off-balance sheet arrangements, other than the Company's obligation for future rental payments described in "Related Party Transactions".

**RELATED PARTY TRANSACTIONS**

A number of key management personnel and Directors hold positions in other entities that result in them having control or significant influence over the financial or operating policies of these entities. There were no loans to key management personnel or Directors, or entities over which they have control or significant influence during the three months ended December 31, 2024 and 2023.

During the three months ended December 31, 2024 and 2023 key management personnel and Directors receive no salaries and non-cash benefits (other than incentive stock options), or other remuneration directly from the Company, other than noted below, and there are no contracts with them that cannot be terminated without penalty on thirty to ninety days advance notice. Key management personnel and Directors participate in the Company's stock option plan.

Key management compensation for the three months ended December 31, 2024 and 2023 is comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> December 31, | Three months ended<br> December 31, | Amounts due to related parties <br> December 31, | Amounts due to related parties <br> December 31, |
|  | 2024 | 2023 | 2024 | 2023 |
| Share-based compensation | $600886 | $– | $– | $– |
| Professional fees | 156605 | 119183 | 27821 | 28955 |
|  | $757491 | $119183 | $27821 | $28955 |

---

Professional fees relate to the following related parties transactions with the Company or Company controlled entities during the period:

&nbsp;&nbsp;&nbsp;&nbsp;a) Stephen
 Brohman was the Company's CFO during the reporting period. He is a principal of Donaldson
 Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
 DBM CPA provides the Company with accounting and tax services.

&nbsp;&nbsp;&nbsp;&nbsp;b) David
 Fincham was appointed as the Company's CEO effective October 2022 and continued as
 the Company's CEO through the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;c) Dr.
 Leandro Echavarria was the Company's VP of Exploration. He has significant influence
 of LE Geological Services USA. ("LE Geo"). LE Geo provided the Company with geological
 services during the reporting period.

 

 

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

 

*Related party arrangement*

In October 2024, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies (Titan Mining Corporation, Augusta Gold Corp. and Armor Minerals Inc.) related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by the related companies. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. All of the parties have jointly entered into a rental agreement for office space. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments if the Company's participation in the arrangement was terminated on December 31, 2024 was approximately $54,600 (September 30, 2024 – $nil), determined based on the Company's average share of rent paid in the immediately preceding 12 months.

The Company was charged for the following with respect to these arrangements in the three ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | Three months ended December 31, | Three months ended December 31, |
|  | 2024 | 2023 |
| Salaries and benefits | $39421 | $– |
| Office and other | 26557 |  |
| Marketing and travel | 2075 | – |
|  | $68053 | $– |

---

At December 31, 2024, amounts in accounts payable and accrued liabilities include $23,794 due to a related party, being the management company referred to above, (September 30, 2024 – $nil) with respect to this arrangement.

All related party balances are unsecured and are due within thirty days without interest.

**MATERIAL ACCOUNTING POLICIES AND ESTIMATES**

In preparing the accompanying condensed consolidated interim financial statements in conformity with IFRS, management has made judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ. All estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognized in the period in which the estimates are revised and in any future periods affected. Information about critical judgements and estimates in applying accounting policies that have the most significant effect on amounts recognized in the condensed consolidated interim financial statements are the same as those described in the consolidated annual financial statements for the year ended September 30, 2024.

New accounting policies issued but not yet effective

Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after October 1, 2024, with earlier application permitted. The Company has reviewed these updates and the amendment that is applicable to the Company is discussed below:

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statement aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply for IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

**FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT**

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

a) Credit
 risk

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's financial assets.

The Company is primarily exposed to credit risk on its cash and cash equivalents, receivables, reclamation deposit and value-added tax receivable. Credit risk exposure is limited through maintaining its cash with high-credit quality financial institutions. The carrying value of these financial assets of $2,068,454 represents the maximum exposure to credit risk.

b) Interest
 rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fluctuations in market rates do not have a significant impact on the Company's operations. For the three months ended December 31, 2024 and 2023, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

c) Liquidity
 risk

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

d) Foreign
 currency risk

The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. At December 31, 2024, the Company had not entered into any contracts to manage foreign exchange risk.

As at December 31, 2024 all of the Company's cash and cash equivalents was held either in Canadian dollars, US dollars or Peruvian Soles. The Company incurs expenditures in Canada and Peru, and as such is exposed to currency risk associated with these costs.

A change in the value of the Peruvian Soles by 10% relative to the Canadian dollar would not have a significant impact on the Company's working capital and net loss for three months ended December 31, 2024 and 2023.

**CAPITAL MANAGEMENT**

The Company's primary objective when managing capital is to ensure that it will be able to continue as a going concern and that it has the ability to satisfy its capital obligations and ongoing operational expenses, as well as having sufficient liquidity to fund suitable business opportunities as they arise.

The capital of the Company includes the components of equity attributable to shareholders of the Company, net of cash and cash equivalents. Capital is summarized in the following table:

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 | September 30,<br> 2024 |
| Equity attributable to shareholders of the Company | $10988572 | $10945987 |
| Less: Cash and cash equivalents | (1671803) | (2500894) |
|  | $9316769 | $8445093 |

---

**Highlander Silver Corp.**

**Management's Discussion and Analysis**

**For the three months ended December 31, 2024 and 2023**

**(Expressed in Canadian dollars, unless otherwise noted)**

The Company manages its capital structure and makes adjustments to it as necessary in light of economic conditions. In order to maintain the capital structure, the Company may, from time to time, issue or buy back equity, or sell assets. The Company, upon approval from its Board of Directors, intends to balance its overall capital structure through a combination of equity financing and/or other forms of financing.

The Company did not have any externally imposed restrictions as at December 31, 2024. To effectively manage its capital requirements, the Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has appropriate liquidity to meet its business activities, including planned corporate expenditures, exploration expenses, as well as the development activities for the San Luis Project.

**RISKS AND UNCERTAINTIES**

The Company is exposed in varying degrees to a variety of financial instrument related risks as discussed in the Company's 2024 annual MD&A dated January 28, 2025 which is available on SEDAR+ at www.sedarplus.ca.

Highlander' business activities are subject to significant risks, including, but not limited to, those described in previous disclosure documents. Any of these risks could have a material adverse effect on Highlander, its business and prospects, and could cause actual events to differ materially from forward looking statements related to Highlander.

**Limitations of Controls and Procedures**

Management has implemented disclosure control and procedures and internal controls over financial reporting intended to allow for the appropriate fair presentation of financial and other information that the Company is required to disclose. Any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, the Company's management cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgements in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any control system is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

The Company's officers are not required to certify the design and evaluation of the Company's disclosure controls and procedures and internal controls over financial reporting and have not completed such an evaluation. Inherent limitations on the ability of the certifying officers to design and implement on a cost-effective basis disclosure controls and procedures and internal controls over financial reporting for the Company may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

**QUALIFIED PERSON**

The scientific and technical information contained in this document has been reviewed and approved by Sergio Gelcich, who is a "Qualified Person" as defined in NI 43- 101. The scientific and technical information in this document related to San Luis is derived from the technical report prepared for SSR Mining Inc. titled "Technical Report for the San Luis Feasibility Study, Ancash Department Peru" with an effective date of June 4, 2010, prepared by Mine and Quarry Engineering Services, Inc., RR Engineering, Milne & Associates, Resource Modeling Inc, Resource Evaluation Inc., and Montgomery Watson Harzag Americas Inc. (the "San Luis Technical Report"). The historical San Luis mineral resource estimate disclosed herein is comprised of measured mineral resources of 61,000 oz Au grading 34.3 g/t Au and 1.35m oz Ag grading 757.6 g/t Ag, and indicated mineral resources of 287,000 Au grading 20.8 g/t Au and 7.66m oz Ag grading 555 g/t Ag. The scientific and technical information in this report related to La Estrella was based upon the Company's news releases dated July 11, 2023, and July 17, 2023, which disclosure was approved by Graeme Lyall, a QP under NI 43-101, who was, at the time of such news releases, a Director of the Company.

## Exhibit 99.15

**Exhibit 99.15**

**Form 52-109FV2**

***Certification of Interim Filings Venture Issuer Basic Certificate***

 ****

I, Daniel Earle, President and Chief Executive Officer of **Highlander Silver Corp.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial statements and interim
MD&A (together, the "interim filings") of **Highlander Silver Corp**. (the "issuer") for the interim period
ended December 31, 2024.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial statements together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

Date: March 3, 2025

---

| |
|:---|
| */s/ Daniel Earle* |
| Daniel Earle |
| President and Chief Executive Officer |

---

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable
assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.16

**Exhibit 99.16**

**Form 52-109FV2**

***Certification of Interim Filings<br> Venture Issuer Basic Certificate***

I, Sunny Lowe, Chief Financial Officer of **Highlander Silver Corp.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial statements and interim MD&A (together,
the "interim filings") of **Highlander Silver Corp.** (the "issuer") for the interim period ended December
31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial statements together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

Date: March 3, 2025

---

| |
|:---|
| */s/ Sunny Lowe* |
| Sunny Lowe |
| Chief Financial Officer |

---

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable
assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.17

**Exhibit 99.17**

![](ex99-17_001.jpg)

**Highlander Silver Closes $32 Million Bought Deal Private Placement**

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, <br> PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN <br> WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

**Toronto, Ontario (March 11, 2025) - Highlander Silver Corp. (CSE: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to announce that it has closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company (the "**Shares**") at a price of $1.40 per Share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the underwriters' option (the "**Offering**"). The Offering was conducted by a syndicate of underwriters led by Ventum Financial Corp. (the **"Lead Underwriter**"), as lead underwriter and sole bookrunner, and including BMO Nesbitt Burns Inc., Haywood Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Stifel Nicolaus Canada Inc. and TD Securities Inc. (collectively, the "**Underwriters**").

Daniel Earle, President and CEO, commented, "We are deeply grateful to close our oversubscribed, upsized offering, with the continued support and investment of the Lundin family. I was delighted to be able to participate in the offering alongside my colleagues and all members of the Board, led by Richard Warke and Jerrold Annett. The strength of this financing supports expanding our community hiring and development plans as we prepare to ramp-up exploration activities at San Luis after the rainy season ends in Central Peru."

The Company intends to use the net proceeds from the Offering to fund the advancement of exploration activities at the Company's San Luis gold-silver project in Peru, as well as for working capital and general corporate purposes. The Shares are subject to a statutory hold period of four months and one day under applicable Canadian securities laws and the Company has entered into a customary lock-up pursuant to which it has agreed not to issue common shares for 120 days without the consent of the Lead Underwriter, subject to limited ordinary-course exceptions. In connection with the Offering, the Underwriters received a cash fee in an amount representing 6.0% of the gross proceeds of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

All currency references herein are to Canadian dollar unless otherwise stated.

**About Highlander Silver**

Highlander Silver is advancing a portfolio of silver exploration and development assets in the Americas, including the bonanza grade San Luis gold-silver project that is located adjacent to the Pierina mine in Central Peru. Highlander Silver is backed by the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5B in exit transactions, and supported by strategic shareholders, the Lundin family and Eric Sprott. The Company is listed on the Canadian Securities Exchange ("**CSE**") under the ticker symbol HSLV. Additional information about Highlander Silver and its mineral projects can be viewed on the Company's SEDAR+ profile at (www.sedarplus.ca) and its website at www.highlandersilver.com.

*Neither the CSE nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this news release.*

 

**For further information, please contact:**

Arun Lamba, Vice President Corporate Development <br> Email: alamba@highlandersilver.com

**Cautionary Notes and Forward-looking Statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the Offering, including statements with respect to the completion of the Offering and the anticipated use of the net proceeds therefrom; the future exploration plans of the Company, timing of future exploration, anticipated results of exploration and potential mineralization of the Company's mineral projects. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward- looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.18

**Exhibit 99.18**

**FORM 51-102F3 <br> MATERIAL CHANGE REPORT**

---

| | |
|:---|:---|
| **ITEM 1.** | **Name and Address of Company** |

---

Highlander Silver Corp. (the "**Company**")

2500 – 100 King Street W., P.O. Box #267

Toronto, Ontario

M5X 1A9

---

| | |
|:---|:---|
| **ITEM 2.** | **Date of Material Change** |

---

March 11, 2025

---

| | |
|:---|:---|
| **ITEM 3.** | **News Release** |

---

The news release was issued and disseminated via ACCESS Newswire on March 11, 2025.

---

| | |
|:---|:---|
| **ITEM 4.** | **Summary of Material Change** |

---

On March 11, 2025, the Company announced that it closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company (the "**Shares**") at a price of $1.40 per Share for aggregate gross proceeds of $32,200,000, which included the full exercise of the underwriters' option (the "**Offering**"). The Offering was conducted by a syndicate of underwriters led by Ventum Financial Corp. (the "**Lead Underwriter**") as lead underwriter and sole bookrunner and including BMO Nesbitt Burns Inc., Haywood Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Stifel Nicolaus Canada Inc. and TD Securities Inc. (collectively, the "**Underwriters**").

In connection with the Offering, the Underwriters received a cash fee in an amount representing 6.0% of the gross proceeds of the Offering.

---

| | |
|:---|:---|
| **ITEM 5.** | **Full Description of Material Change** |

---

On March 11, 2025, the Company announced that it closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 Shares at a price of $1.40 per Share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the underwriters' option. The Offering was conducted by the Underwriters, led by the Lead Underwriter, as lead underwriter and sole bookrunner.

The Company intends to use the net proceeds from the Offering to fund the advancement of exploration activities at the Company's San Luis gold-silver project in Peru, as well as for working capital and general corporate purposes.

Certain directors, officers and insiders of the Company (the "**Insiders**") participated in the Offering and purchased a total of 3,957,300 Shares. Participation by the Insiders in the Offering is considered a "related party transaction" pursuant to Multilateral Instrument 61- 101 - *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders' participation in the Offering in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insiders did not exceed 25% of the fair market value of the Company's market capitalization.

To the knowledge of the Company or any director or senior officer of the Company, after reasonable inquiry, no "prior valuations" (as defined in MI 61-101) in respect of the Company that relate to the Offering, or are relevant to the Offering, have been prepared within 24 months preceding the date hereof. All of the terms and conditions of the Offering were reviewed and unanimously approved by the board of directors of the Company on February 20, 2025 and March 10, 2025.

The Shares are subject to a statutory hold period of four months and one day under applicable Canadian securities laws and the Company has entered into a customary lock-up pursuant to which it has agreed not to issue common shares for 120 days without the consent of the Lead Underwriter, subject to limited ordinary-course exceptions.

In connection with the Offering, the Underwriters received a cash fee in an amount representing 6.0% of the gross proceeds of the Offering.

**Cautionary Note Regarding Forward-Looking Statements**

*Certain information contained in this material change report constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the Offering, including statements with respect to the completion of the Offering and the anticipated use of the net proceeds therefrom; the future exploration plans of the Company, timing of future exploration, anticipated results of exploration and potential mineralization of the Company's mineral projects. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this material change report. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

---

| | |
|:---|:---|
| **ITEM 5.2.** | **Disclosure of Restructuring Transactions** |

---

Not applicable.

---

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

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 7.** | **Omitted Information** |

---

There are no significant facts required to be disclosed herein which have been omitted.

---

| | |
|:---|:---|
| **ITEM 8.** | **Executive Officer** |

---

For further information, please contact:

Tom Ladner

General Counsel

Tel: (604) 638-1470

---

| | |
|:---|:---|
| **ITEM 9.** | **Date of Report** |

---

March 11, 2025

## Exhibit 99.19

**Exhibit 99.19**

**UNDERWRITING AGREEMENT**

March 11, 2025

Highlander Silver Corp.

2500 – 100 King Street W., P.O. Box #267

Toronto, Ontario

M5X 1A9

**Attention: Daniel Earle, President & Chief Executive Officer**

Dear Sir:

The undersigned, Ventum Financial Corp. (the "**Lead Underwriter**"), BMO Nesbitt Burns Inc., Haywood Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Stifel Nicolaus Canada Inc. and TD Securities Inc. (each, including the Lead Underwriter, an "**Underwriter**" and collectively, the "**Underwriters**") understand that Highlander Silver Corp., a company organized under the laws of the Province of British Columbia (the "**Company**") proposes to issue and sell an aggregate of 20,000,000 common shares ("**Common Shares**") in the authorized share structure of the Company (the "**Firm Shares**") to the Underwriters. The Underwriters hereby severally, and not jointly, nor jointly and severally, offer to purchase from the Company in the percentages set forth in Section 7.1 of this underwriting agreement (the "**Agreement**"), all but not less than all of the Firm Shares on a "bought deal" basis, at the purchase price of $1.40 per Firm Share (the "**Offering Price**") for aggregate gross proceeds of $28,000,000.

The Company hereby grants to the Underwriters (in accordance with the respective percentages set forth in Section 7.1 of this Agreement) an option (the "**Underwriters' Option**"), entitling the Underwriters to purchase severally, and not jointly, nor jointly and severally, up to an additional 3,000,000 Common Shares (the "**Option Shares**" and together with the Firm Shares, the "**Offered Shares**") at the Offering Price for additional aggregate gross proceeds of up to $4,200,000 for the purpose of covering the Underwriters' over-allocation position. The Underwriters' Option shall be non-assignable and shall be exercisable, in whole or in part, at any time up to 48 hours before the Closing Time. The offering of the Offered Shares by the Company described in this Agreement are hereinafter referred to as the "**Offering**".

The net proceeds of the Offering are intended to be used to fund advancement of the Company's San Luis Project (as defined herein) as well as for working capital and general corporate purposes. In consideration of the Underwriters' agreement to purchase the Offered Shares and the other services to be rendered in connection with the Offering, the Company shall pay to the Lead Underwriter, for and on behalf of all of the Underwriters, a cash fee (the "**Underwriting Fee**") in an amount equal to 6.0% of the gross proceeds received by the Company from the issue and sale of the Firm Shares and any Option Shares.

The Offering shall take place on a "bought deal" private placement basis to (i) investors in the Offering Jurisdictions (as defined below), pursuant to exemptions under NI 45-106 (as defined below); (ii) investors in the United States, provided, however, that offers and sales of the Offered Shares to U.S. Purchasers (as defined below) by the Underwriters acting through their U.S. Affiliates (as defined below), shall be made in compliance with the U.S. Securities Act and all applicable securities laws of any state of the United States, in each case to persons who the Underwriters and their U.S. Affiliates reasonably believe to be (i) Qualified Institutional Buyers (as defined below) pursuant to the resale of Offered Shares pursuant to Rule 144A (as defined below) under the U.S. Securities Act (as defined below) or (ii) U.S. Accredited Investors (as defined below) on a Substituted Purchasers (as defined below) basis pursuant to Rule 506(b) of Regulation D (as defined below) and/or Section 4(a)(2) under the U.S. Securities Act, and, in each case, similar exemptions under applicable securities laws of any state of the United States and in accordance with all other United States securities laws and the provisions of Schedule "A" to this Agreement; and (iii) investors resident in jurisdictions outside of Canada and the United States to the extent mutually agreed to by the Company and the Underwriters. The Underwriters and the Company acknowledge that Schedule "A" forms part of this Agreement.

The additional terms and conditions of this Agreement are set forth below.

1. DEFINITIONS

1.1 In this Agreement, including any schedules forming a part of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Acts**" means the Securities Acts or equivalent securities regulatory legislation of the Offering Jurisdictions
and "**Act**" means the Securities Act or equivalent securities regulatory legislation of a specified Offering Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Agreement**" has the meaning given to that term on page 1 of this agreement and includes the schedules hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Ancillary Documents**" means the Subscription Agreements, and all agreements, certificates (including any certificates
representing the Offered Shares and officers' certificates), notices and other documents executed and delivered, or to be executed
and delivered, by the Company in connection with the Offering and pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Anti-Money Laundering Laws**" has the meaning given to that term in Section 4.1(ccc) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Applicable Securities Laws**" means, collectively, and, as the context may require, the securities laws of the provinces
of Canada other than Québec and the Acts and Regulations and the rules, policies, instruments, notices and orders issued by the
applicable Regulatory Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**BCBCA**" means *Business Corporations Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**business day**" means any day, other than: (i) a Saturday or a Sunday, or (ii) a day on which Canadian chartered
banks in Vancouver, British Columbia are not open for commercial banking business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Closing**" and "**Closing Date**" have the meanings given to those terms in Section 9.1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Closing Materials**" has the meaning given to that term in Section 8.1(a)(viii) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Closing Time**" means 5:00 a.m. (Vancouver time) or such other time as may be agreed to by the Company and the Lead
Underwriter, on behalf of the Underwriters, on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Commissions**" means the securities regulatory bodies (other than stock exchanges) of the Offering Jurisdictions
and "**Commission**" means the securities regulatory body of a specified Offering Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Common Shares**" means common shares in the authorized share structure of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Company**" has the meaning given to that term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**CSE**" means the Canadian Securities Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Distribution**" (or "distribute" as derived therefrom) has the meaning given to that term in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Environmental Laws**" means any federal, state, provincial, territorial or local law, statute, ordinance, rule,
regulation, order, decree, judgment, injunction, permit, licence, authorization or other binding requirement, or common law, relating
to health and safety or the regulation, protection, cleanup or restoration of the environment or natural resources, including those relating
to the distribution, processing, generation, treatment, control, storage, disposal, transportation, other handling or release or threatened
release of Hazardous Materials or Conditions, and "**Hazardous Materials or Conditions**" means any material, substance
(including, without limitation, pollutants, contaminants, hazardous or toxic substances or wastes) or condition that is regulated by or
may give rise to liability under any Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Financial Statements**" means the audited annual consolidated financial statements of the Company as at and for
the years ended September 30, 2024 and 2023, together with the notes thereto and the auditors' report thereon, and the condensed
interim financial statements for the three months ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Firm Shares**" has the meaning given to that term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Governmental Authorities**" means governments, regulatory authorities, governmental departments, agencies, commissions,
bureaus, officials, ministers, crown corporations, courts, bodies, boards, tribunals or dispute settlement panels or other law, rule or
regulation-making organizations or entities:

&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) having or purporting to have jurisdiction on behalf of any nation, province, territory or state or any other geographic or political
subdivision of any of them; 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) exercising, or entitled or purporting to exercise any administrative, executive, judicial, legislative, policy, regulatory or taxing
authority or power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Governmental Licences**" has the meaning given to that term in Section 4.1(ff) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**IFRS**" means International Financial Reporting Standards, as the same may be amended or supplemented from time
to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Indemnitor**" has the meaning given to that term in Section 10.1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Issuer Direct Subscriber**" has the meaning given to that term in Section 3.4 of this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Lead Underwriter**" has the meaning given to that term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Lien**" means any mortgage, charge, pledge, hypothec, security interest, assignment, lien
(statutory or otherwise), charge, title retention agreement or arrangement, restrictive covenant or other encumbrance of any nature, or
any other arrangement or condition which, in substance, secures payment or performance of an obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Lock-Up Period**" has the meaning given to that term in Section 5.1(h) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**material adverse effect**" means the effect
resulting from any event or change which is materially adverse to the business, affairs, capital, operations, assets, liabilities (contingent
or otherwise) of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**material change**" has the meaning given
to that term in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**material fact**" has the meaning given to
that term in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Material Subsidiary**" means Reliant Ventures
S.A.C. (Peru);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Mineral Title**" has the meaning given to
that term in Section 4.1(qq) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**misrepresentation**" has the meaning given
to that term in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**NI 43-101**" means National Instrument
43-101 – *Standards of Disclosure for Mineral Properties*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**NI 45-102**" means National Instrument
45-102 – *Resale of Securities*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**NI 45-106**" means National Instrument 45-106 – *Prospectus Exemptions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**NI 51-102**" means National Instrument 51-102
– *Continuous Disclosure Obligations*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**NI 52-110**" means National Instrument 52-110
– *Audit Committees*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Offered Shares**" has the meaning given
to that term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Offering**" has the meaning given to that
term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Offering Jurisdictions**" means the provinces
of Canada other than Québec, and "**Offering Jurisdiction**" means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Offering Price**" has the meaning given
to that term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Option Shares**" has the meaning given to
that term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Personnel**" has the meaning given to that
term in Section 10.1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Public Record**" means all information filed
by or on behalf of the Company with the Commissions via SEDAR+ in Canada since October 1, 2022, including without limitation any other
information filed with any regulatory securities authority in Canada in compliance, or intended compliance, with any Applicable Securities
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Qualified Institutional Buyer**" means a
"qualified institutional buyer" as such term is defined in Rule 144A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Regulation D**" means
Regulation D under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Regulation S**" means Regulation S under
the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Regulations**" means the securities rules
or regulations proclaimed under the Acts and "**Regulation**" means the securities rules or regulations proclaimed under
a specified Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Regulatory Authorities**" means collectively
the Commissions and the CSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Required Permits**" has the meaning given
to that term in Section 4.1(ll) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Rule 144A**" means Rule 144A under the U.S.
Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**San Luis Project**" means the Company's
San Luis mine project located in the Ancash Department, Peru;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Sanctions**" has the meaning given to that
term in Section 4.1(ddd) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**SEDAR+**" means the System for Electronic
Document Analysis and Retrieval+;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Selling Firm**" has the meaning given to
that term in Section 3.2 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Services**" has the meaning given to that
term in Section 13.6 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Standard Listing Conditions**" has the meaning
given to that term in Section 5.1(i) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**Subscribers**" means the persons who, as
purchasers, acquire Offered Shares by duly completing, executing and delivering a Subscription Agreement and any other required documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Subscription Agreements**" means the agreements
to be entered into between the Company and each Subscriber in the form agreed to by the Lead Underwriter and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Substituted Purchasers**" has the meaning
given to that term in Section 3.2 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**TMX Group**" has the meaning given to that
term in Section 12.1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**trade**" has the meaning given to that term
in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Underwriters**" has the meaning given to
that term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Underwriters' Option**" means the
option to purchase the Option Shares granted to the Underwriters as set out on page 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Underwriting Fee**" has the meaning given
to that term on page 1 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**United States**" or "**U.S.** "
means the United States of America, its territories and possessions, any state of the United States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**U.S. Accredited Investor**" means an "accredited
investor" as defined in Rule 501(a) of Regulation D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**U.S. Affiliates**" means the affiliates
of the Underwriters, duly registered as a broker-dealer in compliance with applicable U.S. Securities Laws and the requirements of Financial
Industry Regulatory Authority, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**U.S. Exchange Act**" means the United States
Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**U.S. Purchaser**" means any purchaser of
that: (a) receives or received an offer to purchase the Offered Shares while in the United States; (b) is in the United States (or its
authorized signatory is in the United States) at the time the purchaser's buy order was made or this Agreement was executed or
delivered; or (c) is resident in or otherwise subject to the securities laws of the United States in relation to the purchase of the
Offered Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**U.S. Securities Laws**" means all applicable
United States securities laws, including, without limitation, the U.S. Securities Act, the U.S. Exchange Act and the rules and regulations
promulgated thereunder, any applicable securities laws of any state of the United States and any applicable federal or state laws, rules
or regulations related to the registration or regulation of broker-dealers.

1.2 All references to dollar figures in this Agreement are to Canadian dollars.

1.3 Certain terms applicable solely to Schedule "A" are defined in Schedule "A".

1.4 Where any representation or warranty contained in this Agreement
is expressly qualified by reference to the "knowledge" of the Company, or where any other reference is made herein to the
"knowledge" of the Company, it shall be deemed to refer to the actual knowledge of the Chief Executive Officer and the Chief
Financial Officer, after having made due enquiry of appropriate and relevant persons and after reviewing relevant documentation.

2. UNDERWRITERS' OPTION

2.1 The Company hereby grants to the Underwriters the Underwriters' Option to purchase severally and not jointly, nor jointly and
severally, the Option Shares upon the terms and conditions set forth herein.

2.2 The Underwriters' Option shall be non-assignable and shall be exercisable, in whole or in part at any time, up to 48 hours before
the Closing Time by the Lead Underwriter giving written notice to the Company in advance of such time, specifying the number of Option
Shares to be purchased.

3. DISTRIBUTION AND CERTAIN OBLIGATIONS OF THE UNDERWRITERS AND THE COMPANY

3.1 Subject to the terms and conditions of this Agreement, the Underwriters offer to purchase the Firm Shares, and by acceptance of this
Agreement, the Company agrees to sell to the Underwriters, and the Underwriters agree to purchase at the Closing Time on the Closing Date,
all, but not less than all, of the Firm Shares. In the event the Underwriters exercise their right pursuant to the Underwriters'
Option to purchase the Option Shares in whole or in part at any time, up to 48 hours before the Closing Time, the Company hereby agrees
to issue and sell to the Underwriters and the Underwriters agree to purchase that number of Option Shares requested in the notice of exercise
of the Underwriters' Option.

3.2 The Lead Underwriter shall have the right to invite one or more investment dealers (each, a "**Selling Firm**") to
form a selling group to participate in the soliciting of offers to purchase the Offered Shares and shall require any such Selling Firm
to, comply with Applicable Securities Laws in the Offering Jurisdictions and with the covenants and obligations given by the Underwriters
in this Agreement in connection with the distribution of the Offered Shares. The Underwriters shall, and shall require any Selling Firm
to, offer for sale and sell the Offered Shares only in those jurisdictions where they may be lawfully offered for sale or sold.

3.3 Notwithstanding the foregoing, an Underwriter will not be liable for any breach under this Section 3 or Schedule "A" to
this Agreement by another Underwriter or a Selling Firm appointed by another Underwriter.

3.4 The Company understands that although this Agreement is presented
on behalf of the Underwriters as purchasers, the Underwriters may arrange for substituted purchasers for the Offered Shares ()"**Substituted Purchasers** "), if any, or offer and sell any or all of the Offered Shares to Qualified Institutional Buyers or U.S. Accredited
Investors in connection with the private placement of the Offered Shares, if any, to U.S. Purchasers only in accordance with the provisions
of this Agreement and, without limiting the foregoing, specifically Schedule "A" to this Agreement. It is further understood
that the Underwriters agree to purchase or cause to be purchased the Firm Shares, and if the Underwriters' Option is exercised,
the Option Shares being issued by the Company, and that this commitment is not subject to the Underwriters being able to arrange Substituted
Purchasers, Qualified Institutional Buyers or U.S. Accredited Investors. Each Substituted Purchaser shall purchase the Offered Shares
at the Offering Price, and to the extent that Substituted Purchasers purchase such Offered Shares, including any Substituted Purchaser
that settles a purchase of Offered Shares directly with the Company (an "**Issuer Direct Subscriber** "), the obligations
of the Underwriters to do so will be reduced by the number of such Offered Shares purchased by the Substituted Purchasers, including
the Issuer Direct Subscribers, from the Company. Any reference in this Agreement hereafter to "purchasers" shall be taken
to be a reference to the Underwriters, as the initial committed purchasers, and to the Substituted Purchasers, if any.

3.5 The distribution of the Firm Shares and any Option Shares shall be offered and sold to Subscribers in reliance on prospectus exemptions
under Applicable Securities Laws in the Offering Jurisdictions. Offered Shares may also be offered and sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to U.S. Purchasers only in accordance with the terms, conditions,
representations, warranties and covenants of the parties contained in Schedule "A" hereto, the provisions of which are agreed
to by the Company, the Underwriters and the U.S. Affiliates, and which are hereby incorporated by reference; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in such other jurisdictions as the Company and the Underwriters may agree, provided the distribution of Offered Shares in such other
jurisdictions are completed in accordance with the applicable laws of such other jurisdictions and will not result in the Company inheriting
any reporting obligation in such jurisdictions as a result of such transaction.

3.6 The Company will use commercially reasonable efforts to file or cause to be filed all documents required to be filed by the Company
in connection with the purchase and sale of the Offered Shares so that the distribution of the Offered Shares may lawfully occur without
the necessity of filing a prospectus, offering memorandum or similar disclosure document in Canada.

3.7 Neither the Company nor the Underwriters has or shall (i) provide to prospective Subscribers of the Offered Shares any document or
other material that would constitute an offering memorandum or future oriented financial information within the meaning of Applicable
Securities Laws in connection with the offer and sale of the Offered Shares; or (ii) engage in or authorize, any form of general solicitation
or general advertising in connection with or in respect of the Offered Shares in any newspaper, magazine, printed media of general and
regular paid circulation or any similar medium, or broadcast over radio or television or otherwise or conduct any seminar or meeting concerning
the offer or sale of the Offered Shares whose attendees have been invited by any general solicitation or general advertising.

3.8 The Company agrees that the Underwriters will be permitted to appoint other registered dealers (or other dealers duly licensed in
their respective jurisdictions) as their agents to assist in the Offering and that the Underwriters may determine the remuneration payable
to such other dealers appointed by them. Such remuneration shall be payable by the Underwriters and be paid out of, and not in addition
to, the Underwriting Fee. The Underwriters shall require and shall ensure that such other dealers, if any, comply with the terms of this
Agreement as applicable to the Underwriters and shall be responsible for the actions of such other dealers.

3.9 Each Underwriter covenants, represents and warrants to the Company that it will comply with the Applicable Securities Laws of each
Offering Jurisdiction or other jurisdiction in which it acts as Underwriter of the Company in connection with the Offering, including
any registration obligation. Each Underwriter is also responsible for the actions of its U.S. Affiliates under this Agreement.

3.10 Neither the Company, nor the Underwriters, shall make any
public announcement in connection with the Offering, except if the other party has consented to such announcement or the announcement
is required by Applicable Securities Laws. For greater certainty, the Company will promptly provide to the Underwriters drafts of any
press releases of the Company relating to the Offering for review and comment by the Underwriters and the Underwriters' counsel
prior to issuance, provided that any such review will be completed in a timely manner, and the Company will incorporate in such press
releases all reasonable comments of the Underwriters. To deal with the possibility that the Offered Shares may be offered and sold in
the United States, any such press release shall contain the following legend and comply with Rule 135e under the U.S. Securities Act:
"NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES." In addition, any such
press release shall also contain substantially the following disclaimer language: "This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be
registered under the *United States Securities Act of 1933*, as amended, or any securities laws of any state of the United States
and may not be offered or sold in the United States unless registered under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available."

4. REPRESENTATIONS AND WARRANTIES

4.1 The Company represents and warrants to the Underwriters, and acknowledges that the Underwriters are relying upon such representations
and warranties in entering into this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except as publicly disclosed by the Company, since September 30, 2024: (i) there has been no material change (actual, anticipated,
contemplated or threatened, financial or otherwise) with respect to the Company and its subsidiaries taken as a whole; (ii) there have
been no transactions entered into by the Company or any of its subsidiaries which are material with respect to the Company and its subsidiaries
taken as a whole, other than those in the ordinary course of business; and (iii) there has been no dividend or distribution of any kind
declared, paid or made by the Company on any class of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company is a corporation existing under the BCBCA and is properly registered or licensed to carry on business under the laws of
all jurisdictions in which its business is currently carried on, except where the failure to be so registered or licensed would not have
a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Material Subsidiary is a corporation existing under the laws of its jurisdiction of formation or continuance and is properly registered
or licensed to carry on business under the laws of all jurisdictions in which its business is currently carried on, except where the failure
to be so registered or licensed would not have a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company has the requisite corporate power, authority and capacity to enter into this Agreement and to perform its obligations
hereunder and each of the Company and the Material Subsidiary has the requisite corporate power, authority and capacity to own, lease
and operate its property and assets and to carry on its business as currently carried on and as proposed to be carried on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company has authorized share capital consisting of an unlimited number of Common Shares, of which 81,720,985 Common Shares are
issued and outstanding as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than the Company's stock options, share units or other securities issued pursuant to the Company's security-based
compensation arrangements, no person has any agreement, option, warrant or other right or privilege (whether pre-emptive or contractual)
capable of becoming an agreement, option, warrant or other right or privilege for the purchase from the Company of any unissued securities
of the Company, except as disclosed in the Public Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither the Company nor the Material Subsidiary has committed an act of bankruptcy or sought protection from the creditors thereof
before any court or pursuant to any applicable laws, proposed a compromise or arrangement to the creditors thereof generally, taken any
proceeding with respect to a compromise or arrangement, taken any proceeding to be declared bankrupt or wound up, taken any proceeding
to have a receiver appointed of any of the assets thereof, had any person holding any Lien or receiver take possession of any of the property
thereof, had an execution or distress become enforceable or levied upon any portion of the property thereof or had any petition for a
receiving order in bankruptcy filed against it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all of the issued and outstanding Common Shares have been duly and validly authorized and issued, and are fully paid and non-assessable
shares of the Company, and none of the outstanding Common Shares were issued in violation of the pre-emptive or similar rights of any
securityholder of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on or prior to Closing Time, the issuance of the Offered Shares shall have been duly authorized. Upon receipt of payment therefor,
the Offered Shares shall be validly issued as fully paid and non-assessable Common Shares, and will not have been issued in violation
of or subject to any pre-emptive rights or contractual rights to purchase securities issued by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all of the issued and outstanding shares or other equity interests in the Material Subsidiary are owned (either directly or indirectly)
by the Company, free and clear of all Liens, and have been duly and validly authorized and issued by the Material Subsidiary, and are
fully paid and non-assessable shares or other equity interests of the Material Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) other than the shares or other equity interests in the subsidiaries of the Company, the Company does not own or have any equity interest,
directly or indirectly, in any person, except as disclosed in the Public Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Financial Statements have been prepared in conformity with IFRS applicable to publicly accountable enterprises applied on a consistent
basis throughout the periods involved and present fairly in all material respects the consolidated financial position, income / (loss)
and comprehensive income / (loss), cash flows and changes in equity of the Company as at the dates of and for the periods referred to
in such statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) neither the Company nor the Material Subsidiary has incurred any liabilities or obligations (whether accrued, absolute, contingent
or otherwise) that continue to be outstanding except: (i) as disclosed in the Public Record; or (ii) as incurred in the ordinary course
of business by the Company or the Material Subsidiary, as the case may be, and which do not have a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) no director or officer, former director or officer, or shareholder or employee of, or any other person not dealing at arm's
length with, the Company or the Material Subsidiary has engaged in any material transaction or arrangement with or will be a party to
a material contract with, or has any indebtedness, liability or obligation to, the Company or the Material Subsidiary that will continue
after the Closing, except as disclosed in the Public Record or for employment or consulting arrangements with employees or consultants
or those serving as a director or officer of the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) neither the Company or the Material Subsidiary is in material breach or violation of, and the execution and delivery of this Agreement
and the performance by the Company of its obligations hereunder will not result in any breach or violation of, or be in conflict with,
or constitute a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under
any term or provision of the constating documents of the Company or the Material Subsidiary, as the case may be, or any resolution of
the directors or shareholders of the Company or the Material Subsidiary, as the case may be, or any material contract, mortgage, note,
indenture, joint venture or partnership arrangement, agreement (written or oral), instrument, lease, judgment, decree, order, statute,
rule, licence or regulation applicable to the Company or the Material Subsidiary, as the case may be, and will not give rise to any Lien
in or with respect to the properties or assets now owned or hereafter acquired by the Company or the Material Subsidiary or the acceleration
of or the maturity of any debt under any indenture, mortgage, lease, agreement or instrument binding or affecting any of them or any of
their properties or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) no approval, authorization, consent or other order of, and no filing, registration or recording with, any Governmental Authority or
other person is required of the Company in connection with the execution and delivery of, or the performance by the Company of its obligations
under, this Agreement, except as required by Applicable Securities Laws in the Offering Jurisdictions with regard to the distribution
of the Offered Shares, if any, in the Offering Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) neither the Company nor the Material Subsidiary is aware of any pending change or contemplated change to any applicable law or regulation
or governmental position that would have a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) this Agreement and the performance of the Company's obligations hereunder have been duly authorized by all necessary corporate
action and no other corporate proceedings on the part of the Company are required to authorize this Agreement. This Agreement has been
duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its terms, except as enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the rights of creditors generally and by the application of equitable principles when equitable remedies are
sought and subject to the fact that rights of indemnity and contribution may be limited by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the form of certificate for the Common Shares, to the extent
that physical certificates are issued for such securities, has been approved by the board of directors of the Company and adopted by
the Company, complies with all legal and stock exchange requirements, and does not conflict with the Company's constating documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) there are no shareholders' agreements, voting agreements, investors' rights agreements or other agreements in force or
effect which in any manner affects or will affect the voting or control of any of the securities of the Company or its subsidiaries, the
nomination of directors to the board of the Company or the operations or affairs of the Company or the Material Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) when issued and sold by the Company in accordance with the terms hereof, the Offered Shares shall have the rights, privileges, restrictions
and conditions that conform to the rights, privileges, restrictions and conditions attaching to the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the knowledge of the Company, no securities commission, stock exchange or comparable authority has issued any order: (i) requiring
trading in any of the Company's securities to cease; or (ii) preventing the distribution of the Offered Shares in any Offering Jurisdiction,
the United States or any other jurisdiction outside of Canada and the United States, nor instituted proceedings for that purpose and,
to the knowledge of the Company, no such proceedings are pending or contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Endeavor Trust Corporation, at its principal office in the City of Vancouver, has been duly appointed as registrar and transfer agent
for the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) there is no litigation or governmental or other proceeding or investigation at law or in equity before any Governmental Authority,
domestic or foreign, in progress, pending or, to the Company's knowledge, threatened (and the Company does not know of any basis
therefor) against, or involving the assets, properties or business of, the Company or the Material Subsidiary, nor are there any matters
under discussion outside of the ordinary course of business with any Governmental Authority relating to taxes, governmental charges, orders
or assessments asserted by any such authority, and to the Company's knowledge there are no facts or circumstances which would reasonably
be expected to form the basis for any such litigation, governmental or other proceeding or investigation, taxes, governmental charges,
orders or assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the issued and outstanding Common Shares are listed and posted for trading on the CSE under the symbol "HSLV";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) there are no third party consents required to be obtained in order for the Company to complete the offering of Common Shares as contemplated
by this Agreement except such as have been obtained or will be obtained under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Davidson & Company LLP is independent with respect to
the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada
and any applicable legislation or regulation, and there has not been any reportable event (within the meaning of NI 51-102) with such
firm or any other prior auditor of the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) the Company's audit committee's responsibilities
and composition comply with NI 52-110;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) (i) all tax returns required to be filed by the Company and
the Material Subsidiary on or prior to the date hereof have been filed, and all taxes and other assessments of a similar nature (whether
imposed directly or through withholding), including any interest, additions to tax or penalties applicable thereto, have been paid when
due, other than non-material amounts or those being contested in good faith and for which adequate reserves have been provided, and neither
the Company nor the Material Subsidiary is party to any agreement, waiver or arrangement with any taxing authority, which relates to
any extension of time with respect to the filing of any tax returns, any payment of taxes or any assessment thereof; (ii) there is no
tax deficiency which has been asserted in writing by any Governmental Authority against the Company or the Material Subsidiary which
would have a material adverse effect, and all material tax liabilities are adequately provided for in accordance with IFRS within the
Financial Statements of the Company for all periods up to September 30, 2024; (iii) there are no assessments or investigations in progress,
pending or, to the knowledge of the Company, threatened against the Company by any Governmental Authority in respect of taxes; and (iv)
there are no Liens for taxes upon the assets of the Company, other than Liens for taxes that are not yet due or are not in arrears;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) except for discussions or negotiations in the ordinary course
of business, neither the Company nor the Material Subsidiary is currently party to any agreement in respect of: (i) the purchase of any
material assets or property, or any interest therein, or the sale, transfer or other disposition of any material assets or property,
or any interest therein, currently owned, directly or indirectly, by the Company whether by asset sale, transfer of shares or otherwise;
or (ii) the change of control of the Company (whether by sale or transfer of shares or sale of all or substantially all of the assets
of the Company or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) each of the Company and the Material Subsidiary has conducted
and is conducting its business in compliance in all material respects with all applicable laws, rules and regulations of each jurisdiction
in which it currently carries on business and neither the Company nor the Material Subsidiary has received any notice of any alleged
violation of any such laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) each of the Company and the Material Subsidiary possess such
permits, licences, approvals, consents and other authorizations (collectively, "**Governmental Licences**") issued by
Governmental Authorities necessary to conduct its business as now operated by it, except where the failure to so possess would not, individually
or in the aggregate, have a material adverse effect and all such Governmental Licences are valid and existing and in good standing in
all material respects. Each of the Company and the Material Subsidiary is in compliance with the terms and conditions of all such Governmental
Licences, except where the failure to so comply would not, individually or in the aggregate, have a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) (i) each of the Company and the Material Subsidiary is in
compliance, in all material respects, with the provisions of all applicable federal, provincial, local and foreign laws and regulations
respecting employment and employment practices, terms and conditions of employment and wages and hours; (ii) no collective labour dispute,
grievance, arbitration or legal proceeding is ongoing, pending or, to the knowledge of the Company, threatened and no individual labour
dispute, grievance, arbitration or legal proceeding is ongoing, pending or, to the knowledge of the Company, threatened with any employee
of the Company or the Material Subsidiary that would have a material adverse effect, and, to the knowledge of the Company, none has occurred
during the past year; and (iii) no union has been accredited or otherwise designated to represent any employees of the Company or any
of its subsidiaries and, to the knowledge of the Company, no accreditation request or other representation question is pending with respect
to the employees of the Company or the Material Subsidiary and no collective agreement or collective bargaining agreement or modification
thereof has expired or is in effect in any of the Company's or the Material Subsidiary's facilities and none is currently
being negotiated by the Company or the Material Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) neither the Company nor the Material Subsidiary is in default
or breach, in any material respect, of any material real property lease, and neither the Company nor the Material Subsidiary has received
any notice or other communication from the owner or manager of any real property leased by the Company or the Material Subsidiary that
the Company or the Material Subsidiary is not in compliance with any real property lease, and to the knowledge of the Company, no such
notice or other communication is pending or has been threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company maintains such policies of insurance, issued by
responsible insurers, as are appropriate to its operations, property and assets, in such amounts and against such risks as are customarily
carried and insured against by owners of comparable businesses, properties and assets; and neither the Company nor the Material Subsidiary
is in default in any material respect as to the payment of premiums or otherwise, under the terms of any such policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) each of the Company and the Material Subsidiary has good and
marketable title to all of its material assets and property and, except for the sale of inventory in the ordinary course of business,
no person has any contract or any right or privilege capable of becoming a right to purchase any personal property from the Company or
the Material Subsidiary that would have a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) except for such matters as would not, individually or in the
aggregate, have a material adverse effect, (i) neither the Company nor the Material Subsidiary is in violation of any Environmental Laws;
and (ii) there are no pending administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, orders,
directions, notices of non-compliance or violation, investigation or proceedings relating to any Environmental Laws against the Company
or the Material Subsidiary, and there are no facts or circumstances which would reasonably be expected to form the basis for any such
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, orders, directions, notices of non-compliance
or violation, investigation or proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) the Company the Material Subsidiary have obtained all licences,
permits, approvals, consents, certificates, registrations and other authorizations under the Environmental Laws (the "**Required Permits**") required for the operation of the Company's or the Material Subsidiary's business as currently operated
by them, except where the absence of any Required Permit would not have a material adverse effect and, to the Company's knowledge,
each Required Permit is valid, subsisting and in good standing and the holders of the Required Permits are not in material default or
breach thereof and no proceeding is pending or to the knowledge of the Company threatened to revoke or limit any Required Permit except
where such breach or default would not have a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) neither the Company nor the Material Subsidiary has used,
except in compliance with all Environmental Laws or except to the extent that the consequences would not have a material adverse effect,
any property or facility which it owns or leases or previously owned or leased, to generate, manufacture, process, distribute, use, treat,
store, dispose of, transport or handle any Hazardous Materials or Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) there are no ongoing environmental audits, evaluations, assessments,
studies or tests relating to the Company or the Material Subsidiary, except for audits, evaluations, assessments, studies or tests conducted
by or on behalf of the Company or the Material Subsidiary or Governmental Authorities in the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) neither the Company nor the Material Subsidiary has received
any notice of, or been prosecuted for an offence alleging, non-compliance with any Environmental Laws, and neither the Company nor the
Material Subsidiary has settled any allegation of non-compliance short of prosecution except where such non-compliance or settlement
would not have a material adverse effect. There are no orders or directions relating to environmental matters requiring any work, repairs,
construction or capital expenditures to be made with respect to any of the assets of the Company or the Material Subsidiary nor has the
Company or the Material Subsidiary received notice of any of the same, except in each case, orders or directions which would not have
a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) neither the Company nor the Material Subsidiary has received
any notice that it is potentially responsible for a federal, provincial, state, municipal or local clean-up site or corrective action
under any Environmental Laws except where such action would not have a material adverse effect. Neither the Company nor the Material
Subsidiary has received any request for information in connection with any federal, state, municipal or local inquiries as to disposal
sites, except where such action would not have a material adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) the Company or any of its subsidiaries holds the mineral rights
(31 mining concessions and 1 mining claim) making up San Luis Project ()"**Mineral Title**") recognized in the jurisdiction
in which the San Luis Project is located, granting the Company or its subsidiaries with the exclusive right to explore for, develop,
extract, and exploit the minerals located within the area of such Mineral Title. All of the mineral rights making up San Luis Project
are currently in good standing. In addition, the Company or any of its subsidiaries has all necessary access rights granting the Company
or any of its subsidiaries the rights and ability to conduct its currently planned exploration program at the San Luis Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) all payments required to maintain the Mineral Title in good
standing have been timely made by the Company or its subsidiaries, and the Company and each of its subsidiaries has complied in all material
respects with all applicable laws required to maintain its Mineral Title in good standing except in respect of Mineral Title that the
Company or a subsidiary intends to abandon or relinquish;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) neither the Company nor the Material Subsidiary has received
written or oral notice of the termination, cancellation, or declaration of invalidity or unenforceability by any person of any Mineral
Title, or has become aware of any intention on the part of, nor has there been any announcement by, any person to terminate, cancel,
declare invalid or unenforceable or revoke any or Mineral Title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) the San Luis Project (or any interest in, or right to earn
an interest in, the San Luis Project) or other assets of the Company or the Material Subsidiary is not subject to any right of first
refusal or purchase or acquisition right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) there are no expropriations or similar proceedings or any
material challenges to title or ownership, actual or threatened, of which the Company or the Material Subsidiary has received notice
or of which any of them has knowledge against the Mineral Title of the Company or the Material Subsidiary or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) to the knowledge of the Company, after due inquiry, all mineral
exploration activities on the San Luis Project have been conducted in all material respects in accordance with good mining and engineering
practices and all applicable workers' compensation and health and safety and workplace laws have been duly complied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) to the knowledge of the Company, after due inquiry, there
are no material claims with respect to native or indigenous rights currently or pending or, except as disclosed to the Underwriters in
writing, threatened with respect to any of the properties of the Company or the Material Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the Company is currently in compliance in all material respects with the provisions of NI 43-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) all information relating to the San Luis Project disclosed
by the Company in the Public Record has been disclosed in compliance in all material respects with Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) all material information relating to the San Luis Project
has been disclosed on SEDAR+ by the Company or the previous owner of the San Luis Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) neither the Company or the Material Subsidiary has outstanding
any debentures, notes, mortgages, or other indebtedness that is material to the Company and its subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) the minute books and corporate records of the Company and
its subsidiaries made available to Blake, Cassels & Graydon LLP, counsel to the Underwriters, in connection with the Underwriters'
due diligence investigations are complete and accurate in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) the operations of the Company and its subsidiaries are and
have been conducted at all times in compliance with the anti-money laundering laws of all applicable jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority
to which they are subject (collectively, "**Anti-Money Laundering Laws**") and no action, suit or proceeding by or before
any Governmental Authority or any arbitrator involving the Company or any of its subsidiaries with respect to Anti-Money Laundering Laws
is pending or, to the knowledge of the Company, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) neither the Company nor any of its subsidiaries nor, to the
knowledge of the Company, any director, officer, agent (acting on behalf of the Company), employee or affiliate of the Company or any
of its subsidiaries is currently the subject of any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department or other relevant sanctions authority (collectively, "**Sanctions** "); and the Company will not directly or
indirectly use the proceeds of the offering of Offered Shares, or lend, contribute or otherwise make available such proceeds to any of
its subsidiaries, joint venture partners or other person or entity, for the purpose of financing the activities of any person currently
subject to any Sanctions. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer,
agent (acting on behalf of the Company), employee or affiliate of the Company or any of its subsidiaries is located, organized or resident
in a country or territory that is the subject of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) neither the Company nor any affiliate of the Company has taken,
nor will the Company or any affiliate take, any action which constitutes stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) other than as contemplated hereby, there is no person acting
at the request of the Company who is entitled to any commission, finder's fee, advisory fee, underwriting fee or agency fee in
connection with or as a result of the sale of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) the Company is a reporting issuer in each of British Columbia,
Alberta and Ontario, is not in default in any material respect of any requirement under Applicable Securities Laws in British Columbia,
Alberta and Ontario and is in compliance, in all material respects, with the by-laws, rules, policies and regulations of the CSE. The
Company has not filed any confidential material change report which remains confidential as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) with respect to the forward-looking information contained
in the Public Record:

&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 Company had a reasonable basis for the forward-looking information at the time the disclosure was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all forward-looking information is identified as such, and all such documents caution users of forward-looking information that actual
results may vary from the forward-looking information and identifies material risk factors that could cause actual results to differ materially
from the forward-looking information; and states the material factors or assumptions used to develop forward-looking information;

&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) all future-oriented financial information and each financial
outlook: (A) presents fairly and correctly in all material respects the information contained therein; and (B) is based on assumptions
that are reasonable in the circumstances, reflect the Company's intended course of action, and reflect management's expectations
concerning the most probable set of economic conditions during the periods covered thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is limited to a period for which the information in the future-oriented financial information or financial outlook can be reasonably
estimated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no proceedings have been taken, instituted or, to the knowledge
of the Company, are pending for the dissolution or liquidation of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) all documents previously published or filed by the Company
on SEDAR+ since September 30, 2024 contained no misrepresentations, and complied in all material respects with the requirements of Applicable
Securities Laws, and the Company is not in default of its filings under, nor has it failed to file or publish any document required to
be filed under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) except as disclosed in the Public Record, there are no material
off-balance sheet transactions, arrangements or obligations (including contingent obligations) of the Company with unconsolidated entities
or other persons that could reasonably be expected to have a material adverse effect on the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) except as disclosed in the Public Record:

&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) none of the directors, officers or employees of the Company, any known holder of more than 10% of any class
of shares of the Company, or any known associate or affiliate of any of the foregoing persons or companies, has had any material interest,
direct or indirect, in any material transaction within the previous three years or any proposed material transaction with the Company
which, as the case may be, materially affected, is material to or will materially affect the Company; 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) except for usual employee or consulting arrangements made in the ordinary and normal course of business,
the Company is not a party to any contract, agreement or understanding with any officer, director, employee, shareholder or any other
person not dealing at arm's length with it.

4.2 Each of the Underwriters represents, warrants and covenants to the Company, severally, and not jointly, and acknowledges that the
Company is relying upon such representations and warranties in entering into this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is, and will remain so, until the completion of the Offering, appropriately registered under Applicable Securities Laws so as to
permit it to lawfully fulfill its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is a valid and subsisting corporation under the laws of the jurisdiction in which it was incorporated, continued or amalgamated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has good and sufficient right and authority to enter into this Agreement and complete the transactions contemplated under this
Agreement on the terms and conditions set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it will obtain from each Subscriber (other than Issuer Direct Subscribers) a completed and executed Subscription Agreement (including,
but not limited to, all certifications, forms and other documentation contemplated thereby or as may be required by applicable Commissions
and the policies of the CSE) and deliver such completed Subscription Agreements to the Company at least two (2) business days in advance
of Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) none of the Underwriters, any of their respective affiliates or any person acting on behalf of the foregoing have made or will make:
(i) any offer to sell, or any solicitation of an offer to buy, any Offered Shares to a person in the United States or a U.S. Person; or
(ii) any sale or facilitate any sale, as applicable, of Offered Shares to any person in the United States or a U.S. Person, except in
compliance with Schedule "A" hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it and its affiliates and representatives will not solicit subscriptions for Offered Shares except in accordance with the terms and
conditions of this Agreement and the Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it and its affiliates and representatives will not make any representations or warranties with respect to, or on behalf of, the Company,
other than as set forth in this Agreement or the Subscription Agreements or as otherwise approved by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it and its affiliates and representatives use all information it receives from the Company in connection with the Offering only for
the purposes of the transactions contemplated herein and for no other purpose and such information if not in the Public Record shall be
treated as confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of the offer and sale of the Offered Shares, it has complied, and will comply with, all Applicable Securities Laws and
the policies of the CSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it has not solicited and will not solicit offers to purchase or sell the Offered Shares so as to require the filing of a prospectus,
registration statement or offering memorandum with respect thereto or the provision of a contractual right of action or the registration
of any of the Company's securities under the laws of any jurisdiction, including the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) this Agreement constitutes a legal, valid and binding obligation of the Underwriters, enforceable against the Underwriters in accordance
with its terms subject to laws relating to creditors' rights generally, the availability of equitable remedies and except as rights
to indemnity and contribution may be limited by applicable law.

4.3 The representations and warranties of the Company and the Underwriters contained in this Agreement shall survive the completion of
the transactions contemplated under this Agreement in accordance with Section 13.5.

5. ADDITIONAL COVENANTS

5.1 The Company covenants and agrees with the Underwriters that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) file with the CSE all required documents and pay all required filing fees, and do all things required by the rules and policies of
the CSE, in order to obtain the requisite acceptance or approval of the CSE for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the listing of the Firm Shares and any Option Shares, subject only to Standard Listing Conditions (as defined below), which the Company
agrees to fully satisfy in a timely manner forthwith after the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during the period prior to the completion of the Offering, promptly notify the Underwriters in writing of any material change (actual
or proposed) in the business, affairs, operations, assets or liabilities (contingent or otherwise) prospects, financial position or capital
of the Company and the Company shall, within any applicable time limitation, comply with all filing and other requirements under the Applicable
Securities Laws of the Offering Jurisdictions, and with the rules of the CSE, applicable to the Company as a result of any such change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior to the Closing Time, fulfill to the satisfaction of the Underwriters all legal requirements (including, without limitation,
compliance with Applicable Securities Laws) to be fulfilled by the Company to enable the Offered Shares to be distributed free of resale
restrictions in the Offering Jurisdictions (except a four month and a day hold period restriction under NI 45-102, control person restrictions
and restrictions under applicable U.S. securities laws), subject only to the requirements of Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use commercially reasonable efforts to maintain its status as a "reporting issuer" or the equivalent not in default in
each of the Offering Jurisdictions for a period of two years from the Closing Date, other than in connection with a merger, amalgamation,
arrangement, take-over bid, going private transaction or other similar transaction involving the purchase of all of the outstanding common
shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) use commercially reasonable efforts to maintain its listing of the Common Shares on the CSE (or a similar stock exchange or quotation
system, including the Toronto Stock Exchange) for a period of two years from the Closing Date, other than in connection with a merger,
amalgamation, arrangement, take-over bid, going private transaction or other similar transaction involving the purchase of all of the
outstanding common shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) from and including the date of this Agreement through to and including the Closing Time, do all such acts and things necessary to
ensure that all of the representations and warranties of the Company contained in this Agreement and the Ancillary Documents remain materially
true and correct and not do any such act or thing that would render any representation or warranty of the Company contained in this Agreement
and the Ancillary Documents materially untrue or incorrect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) forthwith notify the Underwriters of any breach of any covenant of this Agreement or any Ancillary Documents by any party thereto,
or upon it becoming aware that any representation or warranty of the Company contained in this Agreement or any Ancillary Document is
or has become untrue or inaccurate in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) commencing upon the Closing Date, agrees not to, directly
or indirectly, issue, sell, offer, grant an option or right in respect of, or otherwise dispose of, or agree to, or announce any intention
to, issue, sell, offer, grant an option or right in respect of, or otherwise dispose of, any additional Common Shares or any securities
convertible or exchangeable into Common Shares, other than pursuant to (i) the exercise of the Underwriters' Option, (ii) the grant
or exercise of stock options and other similar issuances pursuant to any stock option plan or similar share compensation arrangements
in place prior to the Closing Date, (iii) property or share acquisitions, (iv) an announcement of an at-the-market offering provided
that no Common Shares are actually issued under such offering during the Lock-Up Period (as defined herein); or (v) by way of a private
placement to a significant existing shareholder or a new corporate strategic party at the same or higher price as the Offering Price,
for a period commencing on the date hereof and ending 120 days following the Closing Date (the "**Lock-Up Period** "),
without the prior written consent of the Lead Underwriter, on behalf of the Underwriters, such consent not to be unreasonably withheld;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to the Closing Date, have delivered to the Underwriters copies of documents relating to the filings required for the listing
and posting for trading on the CSE of the Offered Shares, subject only to satisfaction by the Company of customary post- Closing filings
required by the CSE (the "**Standard Listing Conditions** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) use the net proceeds of the Offering substantially in the manner set out on page 1 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) use commercially reasonable efforts to cause each of its directors and officers to enter into lock-up agreements concurrently with
Closing in form and substance satisfactory to the Lead Underwriter, acting reasonably, that for a period commencing on the date after
the Closing Date and ending 120 days thereafter, each will not, directly or indirectly, offer, sell, contract to sell, grant any option
to purchase, make any short sale, lend, swap, or otherwise dispose of, transfer, assign, or announce any intention to do so, any Common
Shares, whether now owned directly or indirectly, or under their control or direction, or with respect to which each has beneficial ownership
or enter into any transaction or arrangement that has the effect of transferring, in whole or in part, any of the economic consequences
of ownership of Common Shares, whether such transaction is settled by the delivery of Common Shares, other securities, cash or otherwise,
without the consent of the Lead Underwriter on behalf of the Underwriters, subject to customary exceptions, in each case without the consent
of the Lead Underwriter on behalf of the Underwriters, such consent not be unreasonably withheld.

6. UNDERWRITERS' FEES AND EXPENSES

6.1 In consideration of the services to be rendered by the Underwriters to the Company under this Agreement, the Company agrees to pay
to the Underwriters, at the time and in the manner specified in this Agreement, the Underwriting Fee.

6.2 Whether or not the purchase and sale of the Offered Shares
shall be completed, all reasonable costs and expenses of or incidental to the sale and delivery of the Offered Shares and of or incidental
to all matters in connection with the transactions herein shall be borne by the Company including (i) the Underwriters "out-of-pocket"
expenses, provided that the Underwriters will not incur such expenses, in the aggregate, greater than $5,000, without the prior written
consent of the Company, and (ii) the legal fees and disbursements of the Underwriters' legal counsel in all jurisdictions to a
maximum of $85,000 (plus disbursements and applicable taxes). However, in the event the Offering is terminated due to the failure of
the Company to comply with the terms and conditions of this Agreement, then the Company shall reimburse the Underwriters for any and
all expenses reasonably incurred by the Underwriters, including, without limitation and for greater certainty, the "out-of-pocket"
expenses of the Underwriters and the fees and disbursements of the Underwriters' legal counsel, subject to the limitations herein.
All expenses incurred by the Underwriters or on their behalf shall be payable by the Company promptly upon receiving an invoice therefor.

6.3 The Company shall be entitled to and shall act on any notice, waiver, extension or other communication given by or on behalf of the
Underwriters by the Lead Underwriter and, except to the extent that an Underwriter notifies the Company in writing to the contrary, the
Underwriters agree that the Lead Underwriter has the authority to bind the Underwriters with respect to all matters covered by this Agreement
insofar as such matters relate to the Underwriters.

7. UNDERWRITING PERCENTAGES

7.1 The obligations of the Underwriters hereunder, including the obligation to purchase Firm Shares and if the Underwriters' Option
is exercised, any obligation to purchase Option Shares at the Closing Time shall be several, and not joint, and shall be limited to the
percentages of the aggregate percentage of the Firm Shares and Option Shares set out opposite the name of the Underwriters below:

---

| | |
|:---|:---|
| Ventum Financial Corp. | 40.0% |
| BMO Nesbitt Burns Inc. | 12.5% |
| Haywood Securities Inc. | 12.5% |
| National Bank Financial Inc. | 12.5% |
| Canaccord Genuity Corp. | 7.5% |
| Stifel Nicolaus Canada Inc. | 7.5% |
| TD Securities Inc. | 7.5% |
|  | 100% |

---

8. CONDITIONS PRECEDENT

8.1 The following are conditions to the obligations of the Underwriters to complete the transactions contemplated in this Agreement, which
conditions may be waived in writing in whole or in part by the Lead Underwriter on behalf of the Underwriters in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall have delivered to the Underwriters and their legal counsel, as applicable:

&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) such legal opinions of Borden Ladner Gervais LLP, the Company's legal counsel (excluding U.S. legal counsel), or other legal
counsel in the Offering Jurisdictions addressed to the Underwriters and dated as of the Closing Date, in form and content acceptable to
the Underwriters, acting reasonably, relating to the matters set forth in Schedule "B";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a legal opinion of Dorsey & Whitney LLP, the Company's U.S. legal counsel, addressed to the Underwriters and dated as of
the Closing Date in form and content acceptable to the Underwriters, acting reasonably, to the effect that such offer and sale of the
Offered Shares in the United States in the manner contemplated by this Agreement, including Schedule "A", is not required
to be registered under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) favourable title opinion regarding the San Luis Project, dated the Closing Date and in form and substance satisfactory to the Lead
Underwriter, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a certificate dated the Closing Date signed by the Chief Executive Officer of the Company or another officer acceptable to the Underwriters,
acting reasonably, in form and content satisfactory to the Underwriters, acting reasonably, with respect to the constating documents of
the Company; the resolutions of the directors of the Company relevant to the Offering, including the allotment, issue and sale of the
Offered Shares, the grant of the Underwriters' Option, the authorization of this Agreement and the Ancillary Documents, the CSE
listing and transactions contemplated by this Agreement and the Ancillary Documents; and the incumbency and signatures of the signing
officers 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;(v) a certificate dated the Closing Date signed by the Chief Executive Officer and the Chief Financial Officer of the Company, or other
officers acceptable to the Underwriters, acting reasonably, in form and content acceptable to the Underwriters, acting reasonably, certifying
for and on behalf of the Company, and not in their personal capacities that, to the actual knowledge of the persons signing such certificate,
after having made due and relevant inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Company has complied, in all material respects, with all covenants and satisfied all terms and conditions of this Agreement on
its part to be complied with and satisfied at or prior to the Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no order, ruling or determination having the effect of ceasing or suspending trading in any securities of the Company or prohibiting
the sale of the Offered Shares has been issued and no proceeding for such purpose is pending or, to the knowledge of such officers, threatened;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all of the representations and warranties made by the Company
in this Agreement and the Ancillary Documents are true and correct as of the Closing Time in all material respects (except those representations
and warranties which are qualified by materiality which shall be true and correct in all respects) with the same force and effect as
if made at and as of the Closing Time after giving effect to the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a certificate of good standing (or equivalent) for the Company dated within one business day (or such earlier or later date as the
Underwriters may accept) of the Closing 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) a certificate of the registrar and transfer agent of the Common Shares, which certifies the number of Common Shares issued and outstanding
on the date prior to the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) such other materials (the "**Closing Materials** ")
as the Underwriters may reasonably require and as are customary in a transaction of this nature, and the Closing Materials will be addressed
to the Underwriters and to such parties as may be reasonably directed by the Underwriters and will be dated as of the Closing Date or
such other date as the Underwriters may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no order, ruling or determination having the effect of ceasing or suspending trading in any securities of the Company or prohibiting
the sale of the Offered Shares has been issued and no proceeding for such purpose is pending or, to the knowledge of such officers, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Underwriters not having exercised any rights of termination set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company will have, as of the Closing Time, complied, in all material respects, with all covenants and satisfied all terms and
conditions of this Agreement and the Ancillary Documents, on its part to be complied with and satisfied at or prior to the Closing Time;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the representations and warranties made by the Company
in this Agreement and the Ancillary Documents will be true and correct as of the Closing Time in all material respects (except those
representations and warranties which are qualified by materiality which shall be true and correct in all respects) with the same force
and effect as if made at and as of the Closing Time after giving effect to the transactions contemplated hereby.

9. CLOSING

9.1 The closing of the transactions contemplated under this Agreement (the "**Closing**") shall be completed electronically
at the offices of the Company's counsel, Borden Ladner Gervais LLP in Vancouver, British Columbia at the Closing Time on March 11,
2025 or such other time and date as may be agreed to by the Company and the Underwriters (the "**Closing Date** ").

9.2 At the Closing, the Company shall issue to CDS Clearing & Depository Services, by way of electronic deposit or certificates in
definitive form, registered as directed by the Underwriters, the Offered Shares (other than with respect to Issuer Direct Subscribers)
sold in registered form, and deliver to Issuer Direct Subscribers a definitive physical certificate or DRS advice issued to or in respect
of each Issuer Direct Subscriber.

9.3 At the Closing Time, the Company shall deliver to the Underwriters such documents set forth in Section 8.1(a).

9.4 If the Company has satisfied all of its obligations under this Agreement, at the Closing the Underwriters shall pay to the Company
the aggregate gross proceeds of the sale of the Offered Shares (excluding proceeds from sales of Offered Shares to Issuer Direct Subscribers),
less the Underwriting Fee and expenses as provided in Section 6 hereof.

10. INDEMNITY

10.1 The Company and its subsidiaries or affiliated companies, as the case may be, (collectively, the "**Indemnitor** ")
hereby agree to indemnify and hold the Underwriters, each of their respective subsidiaries and affiliates, and each of their respective
directors, officers, employees and agents (hereinafter referred to as the "**Personnel**") harmless from and against any
and all expenses, losses (other than loss of profits), fees, claims, actions (including shareholder actions, derivative actions or otherwise),
damages, obligations, or liabilities, whether joint or several, and the reasonable fees and expenses of their counsel, that may be incurred
in advising with respect to and/or defending any actual or threatened claims, actions, suits, investigations or proceedings to which the
Underwriters and/or their respective Personnel may become subject or otherwise involved in any capacity under any statute or common law,
or otherwise insofar as such expenses, losses, claims, damages, liabilities or actions arise out of or are based, directly or indirectly,
upon the performance or professional services rendered to the Indemnitor by the Underwriters and their respective Personnel hereunder,
or otherwise in connection with the matters referred to in this Agreement (including the aggregate amount paid in reasonable settlement
of any such actions, suits, investigations, proceedings or claims that may be made against the Underwriters and/or their Personnel, provided
that the Indemnitor has agreed to such settlement), provided, however, that this indemnity shall not apply to the extent that a court
of competent jurisdiction in a final judgment that has become non-appealable shall determine that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Underwriters and/or their Personnel have been grossly negligent or has committed wilful misconduct or any fraudulent or illegal
act in the course of such performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expenses, losses, claims, damages or liabilities, as to which indemnification is claimed, were directly caused by the gross negligence,
wilful misconduct, fraud or illegal act referred to in (a).

10.2 Without limiting the generality of the foregoing, this indemnity shall apply to all expenses (including reasonable legal expenses),
losses, claims and liabilities that an Underwriter may incur as a result of any action or litigation that may be threatened or brought
against an Underwriter.

10.3 If for any reason (other than the occurrence of any of the
events itemized in 10.1(a) and (b) above), the foregoing indemnification is unavailable to an Underwriter or any Personnel or insufficient
to hold an Underwriter or any Personnel harmless as a result of such expense, loss, claim, damage or liability, the Indemnitor, the Underwriters
and such Personnel will contribute to such expense, loss, claim, damage or liability in such proportion as is appropriate to reflect
not only the relative benefits received by the Indemnitor on the one hand and the Underwriter or any Personnel on the other hand but
also the relative fault of the Indemnitor and the Underwriter or any Personnel, as well as any relevant equitable considerations; provided
that the Indemnitor shall in any event contribute to the amount paid or payable by the Underwriter or any Personnel as a result of such
expense, loss, claim, damage or liability and any excess of such amount over the amount of the Underwriting Fee received by the Underwriter
hereunder.

10.4 The Indemnitor agrees that in case any legal proceeding shall be brought against the Indemnitor, the Underwriters, and/or any of their
respective Personnel by any governmental commission or regulatory authority or any stock exchange or other entity having regulatory authority,
either domestic or foreign, or any such entity shall investigate the Indemnitor, the Underwriters, and/or any of the Underwriter's
Personnel shall be required to testify in connection therewith or shall be required to respond to procedures designed to discover information
regarding, in connection with, or by reason of the performance of professional services rendered to the Indemnitor, the Underwriters shall
have the right to employ their own counsel in connection therewith provided such Underwriter acts reasonably in selecting such counsel,
and the reasonable fees and expenses of such counsel as well as the reasonable costs (including an amount to reimburse the Underwriter
for time spent by their Personnel in connection therewith) and out-of-pocket expenses incurred by their respective Personnel in connection
therewith shall be paid by the Indemnitor as they occur, provided that the Company shall only be responsible to pay the fees and expenses
of one such counsel to the Underwriters in any one jurisdiction.

10.5 Promptly after receipt of notice of the commencement of any legal proceeding against an Underwriter or any of the Underwriters'
Personnel or after receipt of notice of the commencement or any investigation, which is based, directly or indirectly, upon any matter
in respect of which indemnification may be sought from the Indemnitor, the Underwriter will notify the Indemnitor in writing of the commencement
thereof, and throughout the course thereof, will provide copies of all relevant documentation to the Indemnitor, will keep the Indemnitor
advised of the progress thereof and will discuss with the Indemnitor all significant actions proposed. However, the failure by an Underwriter
to notify the Indemnitor will not relieve the Indemnitor of its obligations to indemnify the Underwriter and/or any Personnel except only
to the extent that any such delay in or failure to give notice as herein required prejudices the defence of such action, suit, proceeding,
claim or investigation or results in any material increase in the liability which the Indemnitor would otherwise have under this indemnity
had the Underwriter not so delayed in or failed to give the notice required hereunder. The Indemnitor shall on behalf of itself and the
Underwriters and/or any Personnel, as applicable, be entitled (but not required) to assume the defence of any suit brought to enforce
such legal proceeding; provided, however, that the defence shall be conducted through legal counsel acceptable to the Underwriters and/or
any Personnel, as applicable, acting reasonably, that no settlement of any such legal proceeding may be made by the Indemnitor without
the prior written consent of the Underwriter and/or any Personnel, as applicable, and none of the Underwriters and/or any Personnel, as
applicable, shall be liable for any settlement of any such legal proceeding unless it has consented in writing to such settlement, such
consent not to be unreasonably withheld. The Underwriters and their Personnel shall have the right to appoint its or their own separate
counsel at the Indemnitor's cost, provided that (i) the employment of such counsel has been authorized by the Indemnitor; (ii) the
Indemnitor has not assumed the defence and employed counsel therefor within 30 days after receiving notice of such action, suit, proceeding,
claim or investigation; or (iii) counsel retained by the Indemnitor or the Underwriters and/or any Personnel has advised the Underwriters
and/or any Personnel in writing that representation of both parties by the same counsel would be inappropriate because there is a conflict
of interest between the Indemnitor and the Underwriters and/or any Personnel or the subject matter of the action, suit, proceeding, claim
or investigation may not fall within the indemnity set forth herein (in either of which events the Indemnitor shall not have the right
to assume or direct the defence on the Underwriters and/or any Personnel's behalf) provided that the Company shall only be responsible
to pay the fees and expenses of one such counsel to the Underwriters in any one jurisdiction.

10.6 The indemnity and contribution obligations of the Indemnitor shall be in addition to any liability, which the Indemnitor may otherwise
have, shall extend upon the same terms and conditions to the Personnel of the Underwriters and shall be binding upon and inure to the
benefit of any successors, assigns, heirs and personal representatives of the Indemnitor, the Underwriters and any of the Personnel. The
foregoing provisions shall survive the completion of professional service rendered under this Agreement or any termination of the authorization
given by this Agreement.

11. TERMINATION OF AGREEMENT

11.1 Each of the Underwriters shall have the right to terminate its obligations under this Agreement, including its obligation to purchase
Offered Shares, upon delivery of written notice to the Company at any time up to the Closing of the Offering if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there is a material change in relation to the Company or a change in any material fact or a new material fact shall arise which has
or would be expected to have a material adverse effect on the business, affairs or financial condition of the Company or the market price
or value of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there should develop, occur or come into effect or existence any event, action, state, condition or major financial occurrence of
national or international consequence, including without limitation, accident, act of terrorism, plague or any change in law or regulation
which, in the opinion of the Underwriters, acting reasonably, seriously adversely affects or involves or may seriously adversely affect
or involve the financial markets or the business, operations or affairs of the Company or the market price or value of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is: (i) an inquiry, action, investigation or other proceeding (whether formal or informal) commenced, announced or threatened
or an order made by any federal, provincial, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality
including without limitation, the CSE or any applicable securities Regulatory Authority, where wrong doing is alleged or a finding or
wrong doing is made in relation to the Company or any one of the officers or directors of the Company (excluding any inquiry, action investigation
or other proceeding based upon the activities of the Underwriters); or (ii) any order to cease or suspend trading in any securities of
the Company or prohibiting or restricting the distribution of any securities of the Company is made, or proceedings are announced, commenced
or threatened for the making of any such order, by any securities commission or similar Regulatory Authority, the CSE or any other competent
authority, and has not been rescinded, revoked or withdrawn; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company is in breach of a material term, condition or covenant of this Underwriting Agreement that cannot be cured, or any representation
or warranty given by the Company in this Underwriting Agreement becomes or is false in any material respect (and cannot be cured).

11.2 The Underwriters shall make reasonable commercial efforts to give notice to the Company (in writing or by other means) of the occurrence
of any of the events referred to in Section 11.1 provided that neither the giving nor the failure to give such notice shall in any way
affect the entitlement of the Underwriters to exercise their rights under Section 11.1 at any time prior to or at the Closing Time on
the Closing Date.

11.3 The rights of termination contained in this Section 11 may be exercised by any Underwriters giving written notice thereof to the Company
and the Lead Underwriter at any time prior to the Closing Time and are in addition to any other rights or remedies the Underwriters may
have in respect of any default, act or failure to act or non-compliance by the Company in respect of any of the matters contemplated by
this Agreement or otherwise.

11.4 If the obligations of an Underwriter are terminated under this Agreement pursuant to these termination rights, the Company's
liabilities to the Underwriter shall be limited to the Company's obligations under Section 6, Section 10 and Section 11.

12. INTEREST IN TMX GROUP LIMITED

12.1 The Company hereby acknowledges that certain of the Underwriters or their affiliates may own or control an equity interest in the
TMX Group Limited (the "**TMX Group**") and may have a nominee director serving on the TMX Group's board of directors.
As such, such investment dealer may be considered to have an economic interest in the listing of the securities on any exchange owned
or operated by TMX Group, including the TSX, the TSX Venture Exchange and the Alpha Exchange. No person or company is required to obtain
products or services from TMX Group or its affiliates as a condition of any such dealer supplying or continuing to supply a product or
service.

13. GENERAL

13.1 Any notice to be given hereunder shall be in writing and may be given by electronic mail (email), facsimile or by hand delivery and
shall, in the case of notice to the Company, be addressed and faxed or delivered to:

Highlander Silver Corp.

2500 – 100 King Street W., P.O. Box #267

Toronto, ON M5X 1A9

---

| | |
|:---|:---|
| Attention: | Purni Parikh, Senior Vice President Corporate Affairs |
| Email: | ***[REDACTED – PERSONAL INFORMATION]*** |

---

 ****

with a copy to:

Borden Ladner Gervais LLP

200 Burrard Street, Suite 1200

Vancouver, BC V7X 1T2

---

| | |
|:---|:---|
| Attention: | Graeme D. Martindale |
| Email: | ***[REDACTED – PERSONAL INFORMATION]*** |

---

and in the case of the Underwriters, be addressed and faxed or delivered to the Lead Underwriter:

Ventum Financial Corp.

733 Seymour Street, Suite 2500

Vancouver, BC V6B 0S6

---

| | |
|:---|:---|
| Attention: | Tim Graham |
| Email: | ***[REDACTED – PERSONAL INFORMATION]*** |

---

with a copy to:

Blake, Cassels & Graydon LLP

1133 Melville Street, Suite 3500

Vancouver, BC V6E 4E5

---

| | |
|:---|:---|
| Attention: | Jamie Kariya |
| Email: | ***[REDACTED – PERSONAL INFORMATION]*** |

---

 ****

The Company and the Underwriters may change their respective addresses for notice by notice given in the manner referred to above.

13.2 Time and each of the terms and conditions of this Agreement shall be of the essence of this Agreement and any waiver by the parties
of this Section 13.2 or any failure by them to exercise any of their rights under this Agreement shall be limited to the particular instance
and shall not extend to any other instance or matter in this Agreement or otherwise affect any of their rights or remedies under this
Agreement.

13.3 This Agreement constitutes the entire agreement between the parties hereto in respect of the matters referred to herein and there
are no representations, warranties, covenants or agreements, expressed or implied, collateral hereto other than as expressly set forth
or referred to herein and this Agreement supersedes any previous agreements, arrangements or understandings among the parties, including
the "bought deal" engagement letter dated February 19, 2025 and the "upsize letter" dated February 20, 2025.

13.4 The headings in this Agreement are for reference only and do not constitute terms of the Agreement.

13.5 Except as expressly provided for in this Agreement, all warranties, representations, covenants and agreements of the Company herein
contained, or contained in, documents submitted or required to be submitted pursuant to this Agreement, shall survive and continue in
full force and effect, regardless of the closing of the sale of the Firm Shares and any Option Shares and regardless of any investigation
which may be carried on by the Underwriters, or on their behalf, for a period of two years following the Closing Date.

13.6 In the ordinary course of its business activities, each of the Underwriters engages in a broad array of trading, foreign exchange
and other brokerage activities, and principal investing, as well as providing investment, corporate and private banking, asset and investment
management, financing and financial advisory services and other commercial services and products to a wide range of corporations, governments
and individuals from which conflicting interests or duties, or a perception thereof, may arise. The Company expressly acknowledges and
agrees that in the ordinary course of business, each of the Underwriters and its affiliates may at any time (i) invest on a principal
basis or on behalf of customers or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise
effect transactions, for their own accounts or the accounts of customers, in equity, debt or other securities or financial instruments
of the Company or any other company that may be involved in any proposed transaction; and (ii) may provide or arrange financing and other
financial services to one or more other companies that may be involved in any proposed transaction as contemplated herein or a competing
transaction, in each case whose interests may conflict with those of the Company.

13.7 No alteration, amendment, modification or interpretation of
this Agreement or any provision of this Agreement shall be valid and binding upon the parties hereto unless such alteration, amendment,
modification or interpretation is in written form executed by the parties directly affected by such alteration, amendment, modification
or interpretation.

13.8 The parties hereto shall execute and deliver all such further documents and instruments and do all such acts and things as any party
may, either before or after the Closing Date, reasonably require in order to carry out the full intent and meaning of this Agreement.

13.9 This Agreement may not be assigned by any party hereto without the prior written consent of all of the parties hereto.

13.10 This Agreement shall be subject to, governed by, and construed in accordance with the laws of the Province of British Columbia and
the federal laws of Canada applicable therein (excluding any conflict of law rule or principle of such laws that might refer such interpretation
or enforcement to the laws of another jurisdiction). Each of the Company and the Underwriters irrevocably submits to the non-exclusive
jurisdiction of the courts of the Province of British Columbia with respect to any matter arising hereunder or relating hereto.

13.11 The invalidity or unenforceability of any particular provision of this Agreement shall not affect or limit the validity or enforceability
of the remaining provisions of this Agreement.

13.12 The parties may sign this Agreement in as many counterparts as may be deemed necessary and may be delivered by facsimile, all of which
so signed and delivered shall be deemed to be an original and together shall constitute one and the same instrument.

*[Remainder of page intentionally left blank]*

If the foregoing is in accordance with your understanding and agreed to by you, please signify your acceptance on the accompanying counterparts of this Agreement and return same to the Underwriters whereupon this Agreement as so accepted shall constitute an agreement between the Company and the Underwriters enforceable in accordance with its terms.

Yours truly,

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| | | |
|:---|:---|:---|
| **VENTUM FINANCIAL CORP.** | **VENTUM FINANCIAL CORP.** | **VENTUM FINANCIAL CORP.** |
| By: | *(signed) "Tim Graham"* | *(signed) "Tim Graham"* |
|  | Name: | Tim Graham |
|  | Title: | Managing Director and Head of Capital Markets, Western Canada |
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| By: | *(signed) "Carter Hohmann"* | *(signed) "Carter Hohmann"* |
|  | Name: | Carter Hohmann |
|  | Title: | Managing Director |
| **HAYWOOD SECURITIES INC.** | **HAYWOOD SECURITIES INC.** | **HAYWOOD SECURITIES INC.** |
| By: | *(signed) "Kevin Campbell"* | *(signed) "Kevin Campbell"* |
|  | Name: | Kevin Campbell |
|  | Title: | Managing Director |
| **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** |
| By: | *(signed) "Elian Terner"* | *(signed) "Elian Terner"* |
|  | Name: | Elian Terner |
|  | Title: | Managing Director and Head, Global Mining & Metals Investment Banking |

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[*Highlander - Signature Page to Underwriting Agreement*]

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| | | |
|:---|:---|:---|
| **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** |
| By: | *(signed) "Matt Reimer"* | *(signed) "Matt Reimer"* |
|  | Name: | Matt Reimer |
|  | Title: | Director |
| **STIFEL NICOLAUS CANADA INC.** | **STIFEL NICOLAUS CANADA INC.** | **STIFEL NICOLAUS CANADA INC.** |
| By: | *(signed) "Reid Obradovich"* | *(signed) "Reid Obradovich"* |
|  | Name: | Reid Obradovich |
|  | Title: | Managing Director |
| **TD SECURITIES INC.** | **TD SECURITIES INC.** | **TD SECURITIES INC.** |
| By: | *(signed) "Dorian Cochran"* | *(signed) "Dorian Cochran"* |
|  | Name: | Dorian Cochran |
|  | Title: | Managing Director |

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[*Highlander - Signature Page to Underwriting Agreement*]

The foregoing is accepted and agreed to on March 11, 2025, effective as of the date appearing on the first page of this Agreement.

---

| | | | |
|:---|:---|:---|:---|
| **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |  |
| By: | *(signed) "Daniel Earle"* | *(signed) "Daniel Earle"* | |
|  | Name: | Daniel Earle |  |
|  | Title: | President and Chief Executive Officer |  |

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[*Highlander - Signature Page to Underwriting Agreement*]

**SCHEDULE "A"**

**UNITED STATES OFFERS AND SALES**

1. As used in this Schedule "A", capitalized terms used herein and not defined herein shall have the meanings ascribed thereto
in the Agreement to which this Schedule "A" is annexed and the following terms shall have the meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**affiliate**" means "affiliate" as defined in Rule 405 under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Directed Selling Efforts**" means "directed selling efforts" as that term is defined in Rule 902(c)
under Regulation S; without limiting the foregoing, but for greater clarity in this Schedule, it means, subject to the exclusions from
the definition of "directed selling efforts" contained in Regulation S, any activity undertaken for the purpose of, or that
could reasonably be expected to have the effect of, conditioning the market in the United States for any of the Offered Shares and includes
the placement of any advertisement in a publication with a general circulation in the United States that refers to the offering of the
Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Disqualification Event**" means any disqualification event described in Rule 506(d)(1)(i) to (viii) under Regulation
D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Foreign Issuer**" shall have the meaning ascribed thereto in Rule 902(e) under Regulation S; without limiting the
foregoing, but for greater clarity, it means any issuer that is (a) the government of any country other than the United States, of any
political subdivision thereof or a national of any country other than the United States; or (b) a corporation or other organization incorporated
under the laws of any country other than the United States, except an issuer meeting the following conditions as of the last business
day of its most recently completed second fiscal quarter: (i) more than 50% of the outstanding voting securities of such issuer are owned
of record either directly or indirectly by residents of the United States; and (ii) any of the following: (A) the majority of the executive
officers or directors are United States citizens or residents, (B) more than 50% of the assets of the issuer are located in the United
States, or (C) the business of the issuer is administered principally in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**General Solicitation**" and "**General Advertising**" means "general solicitation" and
"general advertising", respectively, as used under Rule 502(c) of Regulation D, including, but not limited to, advertisements,
articles, notices or other communications published in any newspaper, magazine or similar media or on the internet or broadcast over radio
or any other telecommunications medium, including electronic display or television, or the internet, or any seminar or meeting whose attendees
had been invited by general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Offshore Transaction**" means an "offshore transaction" as that term is defined in Rule 902(h) of Regulation
S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Substantial U.S. Market Interest**" means "substantial U.S. market interest" as that term is defined
in Rule 902(j) of Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**U.S. Accredited Investor Letter**" means the United States Accredited Investor Letter in the form attached to the
Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**U.S. Exchange Act**" means the United States Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**U.S. Qualified Institutional Buyer Letter**" means the Qualified Institutional Buyer Letter in the form attached
to the Subscription Agreement.

2. Representations, Warranties and Covenants of the Underwriters

The Underwriters (on their own behalf and on behalf of any U.S. Affiliate), may offer the Offered Shares to U.S. Purchasers that are (A) Qualified Institutional Buyers to whom such securities shall be resold directly by the Underwriters pursuant to Rule 144A, or (B) U.S. Accredited Investors to whom such securities shall be sold by the Company, as Substituted Purchasers, pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act and, in each case, in accordance with all securities laws of any state of the United States, on the terms and subject to the conditions of this Schedule "A". In connection therewith, each of the Underwriters represents, warrants and covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It acknowledges that none of the Offered Shares have been
nor will be registered under the U.S. Securities Act or any securities laws of any state of the United States and may not be offered
or sold except pursuant to an exclusion or exemption from the registration requirements of the U.S. Securities Act and any applicable
securities laws of any state of the United States. It has not offered and sold, and will not offer and sell, any Offered Shares constituting
part of its allotment, except (i) in an Offshore Transaction in accordance with Rule 903 of Regulation S, or (ii) to U.S. Purchasers
as provided in paragraphs (b) through (l) below. Accordingly, none of the Underwriters, the U.S. Affiliates, any of their affiliates
or any persons acting on their behalf has engaged or will engage in any Directed Selling Efforts with respect to the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has not entered into and will not enter into any contractual arrangement with respect to the distribution of the Offered Shares,
except with its affiliates or the U.S. Affiliates without the prior written consent of the Company. It shall require each U.S. Affiliate
and each other affiliate to agree, for the benefit of the Company, to comply with, and shall use its best efforts to ensure that each
U.S. Affiliate and each other affiliate complies with, the provisions of this Schedule "A" applicable to such Underwriter
as if such provisions applied to such U.S. Affiliate or other affiliate, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All offers and sales of Offered Shares in the United States
shall be made through a U.S. Affiliate in compliance with all applicable U.S. broker-dealer requirements. Each such U.S. Affiliate is,
and will be on the date of each offer or sale of Offered Shares in the United States, duly registered as a broker-dealer pursuant to
Section 15(b) of the U.S. Exchange Act and the securities laws of each state in which such offer or sale is made (unless exempted from
the respective state's broker-dealer registration requirements) and a member of and in good standing with the Financial Industry
Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each U.S. Affiliate that is selling Offered Shares to U.S. Purchasers that are Qualified Institutional Buyers pursuant to Rule 144A
is a Qualified Institutional Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In connection with offers and sales of Offered Shares in the
United States, none of it, its U.S. Affiliate, its other affiliates or any person acting on its or their behalf has engaged or will engage
in (i) any form of General Solicitation or General Advertising, or (ii) any conduct in the United States involving a public offering
within the meaning of Section 4(a)(2) of the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any offer, sale or solicitation of an offer to buy Offered Shares to U.S. Purchasers has been or will be made solely to persons that
the Underwriter, or its U.S. Affiliate, (i) had a pre-existing business relationship with and had, and continue to have, reasonable grounds
to believe were Qualified Institutional Buyers and/or U.S. Accredited Investors, as applicable, immediately prior to making any such offer
and on the date hereof, and (ii) was in a position to determine that the offeree, or beneficial purchaser, if any, for whom the offeree
is acting as trustee or agent, has such knowledge and experience in financial and business matters that it is capable of evaluating the
merits and risks of its investment in the Offered Shares (i.e., that it is a sophisticated investor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prior to any (i) resale of Offered Shares by an Underwriter,
through its U.S. Affiliate, to any U.S. Purchaser that is a Qualified Institutional Buyer, it will cause such Qualified Institutional
Buyer to execute and deliver a Subscription Agreement and the U.S. Qualified Institutional Buyer Letter; and (ii) sale of Offered Shares
to any U.S. Purchaser that is a U.S. Accredited Investor by the Company (as a Substituted Purchaser), it will cause such U.S. Accredited
Investor to execute and deliver the Subscription Agreement and the U.S. Accredited Investor Certificate, and copies of each executed
and delivered Subscription Agreement and U.S. Qualified Institutional Buyer Letter and/or U.S. Accredited Investor Certificate, as applicable,
shall be delivered at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) At least one business day prior to the Closing Date, it will provide the transfer agent, the Company and its counsel with a list of
each U.S. Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At Closing, each Underwriter and U.S. Affiliate who made offers or sales of the Offered Shares in the United States will provide a
certificate, substantially in the form of Exhibit A to this Schedule "A", relating to the manner of the offer and sale of
the Offered Shares in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All Offered Shares sold to a U.S. Accredited Investor that is a U.S. Purchaser will bear a legend to the effect contained in the form
of Subscription Agreement used for the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) None of it, its affiliates or any person acting on its or their behalf has engaged or will engage, directly or indirectly, in any
action in violation of Regulation M under the U.S. Exchange Act in connection with the offer and sale of the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) As of the Closing Date, with respect to Offered Shares to
be offered and sold hereunder in reliance on Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act, each Underwriter
represents that none of (i) the Underwriter (or its U.S. Affiliate), (ii) the Underwriter's (or its U.S. Affiliate's) general
partners or managing members, (iii) the Underwriter's (or its U.S. Affiliate's) directors, executive officers or other officers
participating in the offering of the Offered Shares, (iv) Underwriter's (or its U.S. Affiliate's) general partners'
or managing members' directors, executive officers or other officers participating in the offering of the Offered Shares or (v)
any other person associated with any of the above persons, including any selling group members and any such persons related to such selling
group members, that have been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with
sale of Offered Shares (each, a **"Dealer Covered Person"** and, collectively, the **"Dealer Covered Persons"**),
is subject to any Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) As of the Closing Date, the Underwriter represents that it is not aware of any person (other than any Dealer Covered Person) that
has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Offered
Shares.

3. Representations, Warranties and Covenants of the Company

The Company represents, warrants and covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is and on the Closing Date will be a Foreign Issuer and reasonably believes that there is no Substantial U.S. Market Interest
in the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company is not, and as a result of the sale of the Offered Shares contemplated hereby will not be, required to be registered as
an "investment company" as defined in the United States Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except with respect to offers and sales to U.S. Purchasers
in reliance upon exemptions from registration under the U.S. Securities Act and securities laws of any state of the United States, neither
the Company nor any of its affiliates, nor any person acting on its or their behalf (other than the Underwriters, the U.S. Affiliates
and any person acting on its or their behalf, as to whom the Company makes no representation, warranty, agreement or covenant), has made
or will make: (i) any offer to sell, or any solicitation of an offer to buy, any Offered Shares to a person in the United States; or
(ii) any sale of Offered Shares unless, at the time the buy order was or will have been originated, the purchaser is (A) outside
the United States or (B) such offeror reasonably believes that the purchaser is outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) None of the Company, any of its affiliates or any person acting on its or their behalf (other than the Underwriters, the U.S. Affiliates
and any person acting on its or their behalf, as to whom the Company makes no representation, warranty, agreement or covenant), has made
or will make any Directed Selling Efforts with respect to the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None of the Company, any of its affiliates or any person acting on its or their behalf (other than the Underwriters, the U.S. Affiliates
and any person acting on its or their behalf, as to whom the Company makes no representation, warranty, agreement or covenant), has engaged
in or will engage in any form of General Solicitation or General Advertising with respect to offers or sales of the Offered Shares in
the United States or in any manner involving a public offering within the meaning of Section 4(a)(2) of the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any material document prepared or distributed by or on behalf of the Company used in connection with offers and sales of the Offered
Shares include, or will include, statements to the effect that the securities have not been registered under the U.S. Securities Act and
may not be offered or sold in the United States unless exemptions from the registration requirements of the U.S. Securities Act and securities
laws of any state of the United States are available. Such statements have appeared, or will appear in any press release or other public
statement made or issued by the Company or anyone acting on the Company's behalf (other than the Underwriters, the U.S. Affiliates
and any person acting on its or their behalf, as to whom the Company makes no representation, warranty, agreement or covenant) in connection
with the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company has not sold, offered for sale or solicited any offer to buy, during the period beginning six months prior to the start
of the Offering, and will not sell, offer for sale or solicit any offer to buy, during the period ending six months after the completion
of the Offering, any of its securities in the United States in a manner that would be integrated with and would cause either of the exemptions
from registration provided by Rule 506 of Regulation D, Rule 144A, Section 4(a)(2) of the U.S. Securities Act, or the exclusion from registration
provided by Rule 903 of Regulation S, to be unavailable with respect to offers and sales of the Offered Shares pursuant to this Schedule
"A".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Offered Shares are not, and as of the Closing Time, will
not be, and no securities of the same class as the Offered Shares are or will be, (i) listed on a national securities exchange registered
under Section 6 of the U.S. Exchange Act, (ii) quoted in a "U.S. automated inter-dealer quotation system", as such term is
used in Rule 144A, or (iii) convertible or exchangeable at an effective conversion premium (calculated as specified in paragraph (a)(6)
of Rule 144A) of less than 10% for securities so listed or quoted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Company, any of its affiliates or any person acting on any of their behalf (other than the Underwriters, the U.S. Affiliates,
their respective affiliates, or any person acting on any of their behalf, in respect of which no representation is made) has taken or
will take, directly or indirectly, any action in violation of Regulation M under the U.S. Securities Act in connection with the offer
and sale of the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company covenants and agrees that it, its affiliates and any person acting on its or their behalf (other than the Underwriters,
their U.S. Affiliates or any person acting on any of their behalf, in respect of which no representation is made) will not pay or give
any commission or other remuneration, directly or indirectly, for soliciting the exchange of the Offered Shares and is not aware of any
person (other than any Dealer Covered Person that has been or will be paid (directly or indirectly)) remuneration for solicitation of
purchasers in connection with the sale of any Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) As of the Closing Date, with respect to the offer and sale of the Offered Shares, neither the Company nor any of its or their predecessors,
any **"affiliated"** (as such term is defined in Rule 501(b) of Regulation D) issuer, any director, executive officer or
other officer of the Company participating in the offering of the Offered Shares, any beneficial owner of 20% or more of the Company's
outstanding voting equity securities, calculated on the basis of voting power, or any promoter (as that term is defined in Rule 405 under
the U.S. Securities Act) connected with the Company in any capacity at the time of sale of the Offered Shares (other than any Dealer Covered
Person, as to whom no representation is made) is subject to any Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will, within prescribed times, prepare and file any forms or notices required under the U.S. Securities Act or applicable
blue sky laws in connection with the offer and sale of the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For so long as any of the Offered Shares which have been sold
in the United States in reliance upon Rule 144A are outstanding and are "restricted securities" within the meaning of Rule
144(a)(3) under the U.S. Securities Act, and if the Company is not subject to and in compliance with the reporting requirements of Section
13 or 15(d) of, or exempt from reporting pursuant to Rule 12g3-2(b) under, the U.S. Exchange Act, the Company will furnish to any holder
of the Offered Shares in the United States and any prospective purchaser of the Offered Shares designated by such holder in the United
States, upon request of such holder, the information required to be delivered pursuant to Rule 144A(d)(4) under the U.S. Securities Act
(so long as such requirement is necessary in order to permit holders of the Offered Shares to effect resales under Rule 144A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) In connection with the initial resale of the Offered Shares to Qualified Institutional Buyers in the Offering, the Company shall make
available to such Qualified Institutional Buyers the information required to be provided pursuant to Rule 144A(d)(4) under the U.S. Securities
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) None of the Company's securities are registered or are required to be registered under Section 12 of the U.S. Exchange Act and
the Company does not, and will not upon the offer and sale of the Offered Shares, have a reporting obligation under Section 13 or Section
15(d) of the U.S. Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) None of the Company or any of its predecessors or affiliates has had the registration of a class of securities under the U.S. Exchange
Act revoked by the SEC pursuant to Section 12(j) of the U.S. Exchange Act and any rules or regulations promulgated thereunder.

**EXHIBIT A**

**TO SCHEDULE "A"**

**UNDERWRITER'S CERTIFICATE**

In connection with the private placement in the United States of common shares of Highlander Silver Corp. (the "**Company**") pursuant to an underwriting agreement (the "**Underwriting Agreement**") dated March 11, 2025, among the Company, Ventum Financial Corp., BMO Nesbitt Burns Inc., Haywood Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Stifel Nicolaus Canada Inc. and TD Securities Inc., the undersigned hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each undersigned U.S. Affiliate that offered or sold the Offered Shares in the United States is on the date hereof, and was on the
date of each offer and sale of Offered Shares made in the United States, a duly registered broker-dealer under the U.S. Exchange Act and
the securities laws of each state in which offers or sales are made (unless exempted from the respective state's broker-dealer registration
requirements), and a member of, and in good standing with, the Financial Industry Regulatory Authority, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all offers and sales of Offered Shares in the United States have been effected in accordance with all U.S. federal and state broker-dealer
requirements and in compliance with, or pursuant to exemptions from, the registration or qualification requirements of all applicable
securities laws of any state of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each undersigned U.S. Affiliate that sold Offered Shares to a U.S. Purchaser that is a Qualified Institutional Buyer pursuant to Rule
144A is a Qualified Institutional Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no written material was used or will be used in connection with the offer and sale of the Offered Shares in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each offeree in the United States was a Qualified Institutional Buyer or a U.S. Accredited Investor and, on the date hereof, each
U.S. Purchaser purchasing Offered Shares is a Qualified Institutional Buyer or a U.S. Accredited Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no form of General Solicitation or General Advertising was used by the undersigned in connection with the offer or sale of the Offered
Shares in the United States, nor have the undersigned solicited offers for or offered to sell the Offered Shares by any means involving
a public offering within the meaning of Section 4(a)(2) of the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) prior to any sale of Offered Shares in the United States, the undersigned obtained properly completed and executed Subscription Agreements
for Offered Shares from each purchaser in the United States including either: (i) a United States Qualified Institutional Buyer Letter
in the form of Schedule "G" thereto if the Subscriber identified itself as a Qualified Institutional Buyer; or (ii) a U.S.
Accredited Investor Letter in the form of Schedule "H" thereto if the Subscriber identified itself as a U.S. Accredited Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) none of the undersigned, or their respective affiliates or any person acting on any of their behalf, has taken or will take any action,
directly or indirectly, that would constitute a violation of Regulation M under the U.S. Exchange Act in connection with the offer and
sale of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no form of Directed Selling Efforts were made by the undersigned, or their respective affiliates or any person acting on any of their
behalf, in the United States regarding the Offered Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all offers and sales of the Offered Shares in the United States have been conducted in accordance with the terms of the Underwriting
Agreement, including Schedule "A" thereto.

Terms used in this certificate have the meanings given to them in the Underwriting Agreement (including Schedule "A" thereto), unless otherwise defined herein.

DATED this<u> </u> day of<u> </u>, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **[Underwriter]** | **[Underwriter]** | **[US Affiliate of Underwriter]** | **[US Affiliate of Underwriter]** |
| By: |  | By: |  |
|  | Authorized Signatory |  | Authorized Signatory |

---

**SCHEDULE "B"**

<br> **LEGAL OPINION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a valid and existing company under the laws of the Province of British Columbia and is, with respect to the filing
of annual reports with the Registrar of Companies for British Columbia, in good standing as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has all necessary corporate power and capacity to carry on its business as presently carried on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has the necessary corporate power and capacity to execute and deliver and to perform its obligations under this Agreement
and the Ancillary Documents, including but not limited to: (i) issuing and selling the Offered Shares; and (ii) the granting of the Underwriters'
Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The authorized and issued share structure of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All necessary corporate action having been taken by Company to authorize the execution and delivery of this Agreement and the Ancillary
Documents and the performance by the Company of its obligations hereunder and thereunder and to authorize the issuance, sale and delivery
of the Offered Shares and the grant of the Underwriters' Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement and all Ancillary Documents have been duly executed and delivered by the Company and constitute legal, valid and binding
obligations of the Company enforceable against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Offered Shares, when issued against payment therefor in accordance with the terms of this Agreement, will be issued as fully paid
and non-assessable common shares in the authorized share structure of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The execution and delivery of this Agreement and the Ancillary Documents by the Company and the performance by the Company of its
obligations hereunder and thereunder do not and will not result in any breach of any of the terms, conditions or provisions of the notice
of articles or articles of the Company, the *Business Corporations Act* (British Columbia) or Applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Endeavor Trust Corporation, at its office in the city of Vancouver has been appointed as the transfer agent and registrar for the
Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The offering, sale and issuance of the Offered Shares by the Company to purchasers of Offered Shares are exempt from the prospectus
requirements of Applicable Securities Laws in the Offering Jurisdictions and the only filing, approval, permit, consent or authorization
required to be made, taken or obtained by the Company from the Commissions under Applicable Securities Laws to permit such offering, sale
and issuance of such securities by the Company is the filing with the Commissions by or on behalf of the Company, within the prescribed
time periods, of a report of the trade on Form 45-106F1, together with the requisite filing fees prepared and executed in accordance with
Applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The first trade by a purchaser of Offered Shares in the Offering Jurisdictions, other than a trade which is otherwise exempt under
Applicable Securities Laws, will be a distribution and will be subject to the prospectus requirements of Applicable Securities Laws unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the time of such trade, the Company is and has been a "reporting issuer" (within the meaning of Applicable Securities
Laws) in an Offering Jurisdiction, for the four months immediately preceding such trade;

&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) at the time of such trade, at least four months have elapsed from the date of distribution of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certificates, if any, representing Offered Shares and, to the extent issued prior to four months and one day after the distribution
date of the Offered Shares were issued carrying the legend required by subsection 2.5(2)3(i) of National Instrument 45-102 – *Resale of Securities* ()"**NI 45-102** "), or, if the circumstances in subsection 2.5(2)3.1 of NI 45-102 apply, the purchaser
received written notice containing the legend restriction notation set out in subsection 2.5(2)3(i) of NI 45- 102;

&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) such trade is not a "control distribution" as defined in NI 45-102;

&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) no unusual effort is made to prepare the market or to create a demand for the securities that are the subject of the trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no extraordinary commission or consideration is paid to a person or company in respect of such trade; 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;(vii) if the purchaser is an "insider" or "officer" of the Company (as such terms are defined under Applicable Securities
Laws), the purchaser has no reasonable grounds to believe that the Company is in default of "securities legislation", as such
term is defined in NI 14-101.

## Exhibit 99.20

**Exhibit 99.20**

![](ex99-20_001.jpg)

**ANNUAL INFORMATION FORM**

**For the Year Ended September 30**, **2024**

(**Dated March 14, 2025**)

**HIGHLANDER SILVER CORP.**

**2500 – 100 King Street W**

**Toronto, ON M5X 1A9**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **ITEM 1:** | **PRELIMINARY NOTES** | **1** |
| 1.1 | Effective Date of Information | 1 |
| 1.2 | Financial Statements and Management Discussion and Analysis | 1 |
| 1.3 | Currency | 1 |
| 1.4 | Scientific and Technical Information | 1 |
| **ITEM 2:** | **CAUTIONARY NOTES** | **1** |
| 2.1 | Cautionary Note Regarding Forward Looking Statements and Forward Looking Information | 1 |
| 2.2 | Cautionary Note to United States Investors Regarding Classification of Mineral Resource Estimates | 2 |
| **ITEM 3:** | **CORPORATE STRUCTURE** | **3** |
| 3.1 | Name, Address and Incorporation | 3 |
| 3.2 | Inter-corporate Relationships | 3 |
| **ITEM 4:** | **GENERAL DEVELOPMENT OF THE BUSINESS** | **3** |
| 4.1 | Three Year History | 3 |
| **ITEM 5:** | **DESCRIPTION OF THE BUSINESS** | **5** |
| **ITEM 6:** | **MATERIAL MINERAL PROJECT** | **6** |
| 6.1 | Current Technical Report | 6 |
| **ITEM 7:** | **RISK FACTORS** | **9** |
| **ITEM 8:** | **DIVIDENDS** | **19** |
| **ITEM 9:** | **DESCRIPTION OF CAPITAL STRUCTURE** | **19** |
| **ITEM 10:** | **MARKET FOR SECURITIES** | **19** |
| 10.1 | Trading Price and Volume | 19 |
| **ITEM 11:** | **ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER** | **19** |
| **ITEM 12:** | **DIRECTORS AND OFFICERS** | **20** |
| 12.1 | Name, Occupation and Security Holding | 20 |
| 12.2 | Cease Trade Orders, Bankruptcies, Penalties or Sanctions | 21 |
| 12.3 | Conflicts of Interest | 22 |
| **ITEM 13:** | **Promoters** | **22** |
| **ITEM 14:** | **LEGAL PROCEEDINGS AND REGULATORY ACTIONS** | **22** |
| 14.1 | Legal Proceedings | 22 |
| 14.2 | Regulatory Actions | 22 |
| **ITEM 15:** | **INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS** | **23** |
| **ITEM 16:** | **TRANSFER AGENT AND REGISTRAR** | **23** |
| **ITEM 17:** | **MATERIAL CONTRACTS** | **23** |
| **ITEM 18:** | **INTERESTS OF EXPERTS** | **23** |
| 18.1 | Names of Experts | 23 |
| 18.2 | Interests of Experts | 23 |

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i

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| | | |
|:---|:---|:---|
| **ITEM 19:** | **AUDIT COMMITTEE** | **24** |
| 19.1 | The Audit Committee Charter | 24 |
| 19.2 | Composition of Audit Committee | 24 |
| 19.3 | Relevant Education and Experience | 24 |
| 19.4 | Reliance on Certain Exemptions | 25 |
| 19.5 | Audit Committee Oversight | 25 |
| 19.6 | Pre-Approval Policies and Procedures | 25 |
| 19.7 | External Audit Service Fees (By Category) | 25 |
| **ITEM 20:** | **ADDITIONAL INFORMATION** | **25** |

---

**SCHEDULE "A" – Audit Committee Charter** 

ii

**ITEM 1: PRELIMINARY NOTES**

1.1 Effective Date of Information

References to "**Highlander Silver Corp.**", "**Highlander**", "**Highlander Silver**", "**HSLV**", the "**Company**", "**its**", "**our**" and "**we**", or related terms in this Annual Information Form ("**AIF**"), refer to Highlander Silver Corp. and include, where the context requires, its subsidiaries.

*All information contained in this AIF is as at March 14, 2025, unless otherwise stated.*

 

1.2 Financial Statements and Management Discussion and Analysis

This AIF should be read in conjunction with the Company's audited consolidated annual financial statements for the years ended September 30, 2024, and September 30, 2023 (the "**Financial Statements**"), as well as the accompanying Management's Discussion and Analysis ("**MD&A**") for such periods. The Financial Statements and MD&A are available on the System for Electronic Document Analysis and Retrieval ("**SEDAR+**") at www.sedarplus.ca under the Company's profile.

1.3 Currency

All references to "$" or "dollars" in this AIF are to Canadian dollars, unless otherwise expressly stated. References to "US$" are to United States dollars.

1.4 Scientific and Technical Information

Unless otherwise indicated, scientific and technical information in this AIF has been reviewed and approved by Sergio Gelcich, Vice President Exploration of Highlander and a "Qualified Person" ("**QP**") as defined in National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* ("**NI 43-101**").

**ITEM 2: CAUTIONARY NOTES**

2.1 Cautionary Note Regarding Forward Looking Statements and Forward Looking Information

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur; exploration and development plans; timing of such exploration plans, and potential results of such exploration plans; and recommended work programs and the expected results therefrom. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "is expected", "scheduled", "estimates", "intends", "anticipates", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", or "might" occur or be achieved. Any such forward-looking statements are based, in part, on assumptions and factors that may change, thus causing actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. Such factors and assumptions may include, but are not limited to: assumptions concerning silver and other base and precious metal prices; cut-off grades; accuracy of mineral resource estimates and resource modeling; timing and reliability of sampling and assay data; representativeness of mineralization; timing and accuracy of metallurgical test work; anticipated political and social conditions; expected government policy, including reforms; ability to successfully raise additional capital; and other assumptions used as a basis for preparation of the Technical Report (as defined below).

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation: the ability to raise funding to continue exploration; development and mining activities; debt risk; share price fluctuation; global economic conditions; negative operating cash flow; uncertainty of future revenues or of a return on investment; no defined mineral reserves with no mineral properties in production or under development; speculative nature of mineral exploration and development; risk of global outbreaks and contagious diseases; risks from international operations; risk associated with an emerging and developing market; relationships with, and claims by, local communities and indigenous groups; geopolitical risk; risks related to obtaining future environmental licenses for exploitation; permitting risk; constitutional court ruling risk; anti-mining sentiment; failure to comply strictly with applicable laws, regulations and local practices may have a material adverse impact on the Company's operations or business; the Company's concessions are subject to pressure from artisanal and illegal miners; the inherent operational risks associated with mining, exploration and development, many of which are beyond the Company's control; land title risk; fraud and corruption; ethics and business practices; Highlander may in the future become subject to legal proceedings; Highlander's mineral assets are located outside Canada and are held indirectly through foreign affiliates; commodity price risk; exchange rate fluctuations; joint ventures; property commitments; infrastructure; properties located in remote areas; lack of availability of resources; key management; dependence on highly skilled personnel; competition, significant shareholders; conflicts of interests; uninsurable risks; information systems; public company obligations; internal controls provide no absolute assurances as to reliability of financial reporting and financial statement preparation, and ongoing evaluation may identify areas in need of improvement; the Company's foreign subsidiary operations may impact its ability to fund operations efficiently, as well as the Company's valuation and stock price; the value of the Company's common shares, as well as its ability to raise equity capital, may be impacted by future issuances of shares; and measures to protect endangered species may adversely affect the Company's operations, as well as those factors discussed in ITEM 7: "*Risk Factors*" below.

Although the Company has attempted to identify important factors and risks that could affect the Company and might cause actual actions, events or results to differ, perhaps materially, from those described in forward-looking statements, there may be other factors and risks not identified herein that cause actions, events or results not to occur as projected, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this AIF speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

2.2 Cautionary Note to United States Investors Regarding Classification of Mineral Resource Estimates

The disclosure in this AIF has been prepared in accordance with the requirements of Canadian securities laws. Disclosure, including scientific or technical information, has been made in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Reserves and Mineral Resources (the "**CIM Definition Standards**"), which establish standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101 and the CIM Definition Standards, differ significantly from the requirements of the United States Securities and Exchange Commission.

**Accordingly, information contained in this AIF containing descriptions of the Company's mineral property may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.**

**ITEM 3: CORPORATE STRUCTURE**

3.1 Name, Address and Incorporation

The Company was incorporated on October 19, 2016, under the *Business Corporations Act* (British Columbia) ("**BCBCA**") under the name "1093684 B.C. Ltd." On March 28, 2018, it changed its name to "Blue Aqua Holdings Ltd.", on December 14, 2018, it changed its name to "Commonwealth Cannabis Corp.", on February 11, 2020, it changed its name to "Lido Minerals Ltd.", and on August 12, 2021, in connection with its business combination with CAPPEX Mineral Ventures Inc., it changed its name to "Highlander Silver Corp."

The registered and records office of the Company is located at 1200 - 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8. The head office of the Company is located at 2500 – 100 King Street West, Toronto, Ontario, Canada.

3.2 Inter-corporate Relationships

The following diagram illustrates the organizational structure of Highlander, including its subsidiaries, as of the date of this AIF.

![](ex99-20_002.jpg)

**ITEM 4: GENERAL DEVELOPMENT OF THE BUSINESS**

4.1 Three Year History

Set out below is a summary of how the Company's business has developed over the last three completed financial years. In accordance with Form 51-102F2 *Annual Information Form*, the below summary includes only events, such as acquisitions or dispositions, or conditions that have influenced the general development of the business.

<u>2022</u>

On January 18, 2022, the Company announced it had entered into an option agreement to acquire 100% of the Politunche Property.

On September 1, 2022, the Company announced that it had commenced drilling at Alta Victoria and the appointment of David Fincham as President and Chief Executive Officer.

<u>2023</u>

On July 17, 2023, the Company announced that, following a strategic review the Company's portfolio, and the decision to focus resources on the highest quality projects, the Company terminated its option to acquire a 100% interest in the Politunche project.

On September 21, 2023, the Company announced the resignation of Mr. Phil Anderson from its board of directors.

On October 19, 2023, the Company completed a $3 million private placement. The offering involved the issuance of 30,000,000 units at a price of $0.10 per unit, with each unit composed of one common share of the Company and one warrant exercisable for one common share of the Company at a price of $0.15 per common share for a period of three years from the date of issuance.

On November 29, 2023, the Company entered into a share purchase agreement with SSR Mining Inc. ("**SSR Mining**") to acquire the San Luis Project located in Ancash Department of central Peru (the "**San Luis Share Purchase Agreement**"). Pursuant to the San Luis Share Purchase Agreement the Company purchased the San Luis Project from SSR Mining through the purchase of SSR Mining's direct and indirect shareholdings of four subsidiary companies, in consideration for an initial payment of US$5,000,000. The Company may pay up to an additional US$37,500,000 in cash to SSR Mining as contingent consideration (the "**Contingent Consideration**") upon completion of certain milestones in relation to the San Luis Project. The Contingent Consideration is only accrued and payable if and when the following milestones are achieved:

● US$1,250,000 after the commencement of an initial drilling program at the San Luis Project;

● US$1,250,000 after the first anniversary of commencement of an initial drilling program at the San Luis Project;

● US$5,000,000 after the completion of a feasibility study on any portion of the San Luis Project;

● US$10,000,000 after the beginning of commercial production;

● US$10,000,000 after the first anniversary of commercial production; and

● US$10,000,000 after the second anniversary of commercial production.

Pursuant to the San Luis Share Purchase Agreement, a 4% net smelter returns royalty (the "**Royalty**") on the San Luis Project was granted to SSR Mining prior to closing of the Transaction. At any time before the commencement of mine construction on the San Luis Project, the Company may buy back half of the Royalty for US$15,000,000, which if, exercised, would reduce SSR Mining's Royalty interest to 2%.

On December 4, 2023, following a strategic review of the Company's mineral project portfolio, and the need to focus resources on projects that have the highest probability of creating shareholder value, the decision was taken to allow the mining lease at Alta Victoria to lapse.

<u>2024</u>

On May 8, 2024, the Company completed a $9.2 million private placement with members of the Lundin family, Richard Warke and Eric Sprott. The offering involved the issuance of 20,514,222 Company common shares at a price of $0.45 per common share.

On May 23, 2024, the Company announced closing of the acquisition of the San Luis Project.

On October 22, 2024, the Company announced joining the Augusta Group of Companies, the appointment of Richard Warke as Director, Interim President and CEO of the Company, and the appointment of Messrs. Thomas Whelan, Jerrold Annett and Javier Toro as directors to serve on the Company's Board with current director Federico Velásquez. The Company also announced the resignations of Messrs. Graeme Lyall and Dave Fincham.

<u>2025</u>

On January 7, 2025, the Company announced the appointment of Daniel Earle as President and Chief Executive Officer of the Company, succeeding Richard Warke, Interim President and CEO, who continues to serve on the Board of Directors alongside Messrs. Thomas Whelan, Jerrold Annett, Javier Toro and Federico Velásquez. In addition to Mr. Earle, the Company strengthened its management team with the appointments of Sunny Lowe as Chief Financial Officer, Federico Velasquez as President Peru, Sergio Gelcich as Vice President Exploration, Arun Lamba as Vice President Corporate Development, Purni Parikh as Senior Vice President Corporate Affairs, and Tom Ladner as General Counsel.

On March 11, 2025, the Company closed its upsized brokered bought deal private placement consisting of, including exercise of the underwriters' option in full, the issuance of 23,000,000 common shares for aggregate gross proceeds of $32,200,000 pursuant to an underwriting agreement (the "**Underwriting Agreement**") between the Company and a syndicate of underwriters led by Ventum Financial Corp., as lead underwriter and sole bookrunner, and including BMO Nesbitt Burns Inc., Haywood Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Stifel Nicolaus Canada Inc. and TD Securities Inc. Insiders of the Company participated in the offering, subscribing for an aggregate of 3,957,300 common shares.

**ITEM 5: DESCRIPTION OF THE BUSINESS**

**Summary**

 ****

Highlander Silver is advancing a portfolio of silver exploration and development assets in the Americas, including the bonanza grade San Luis gold-silver project that is located adjacent to the Pierina mine in Central Peru. Highlander Silver is backed by the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5B in exit transactions, and supported by strategic shareholders, the Lundin Family and Eric Sprott.

**Specialized Skill and Knowledge**

 ****

Management is comprised of a team of individuals who have extensive expertise and experience in the mineral exploration industry and exploration finance and are complemented by an experienced board of directors (the "**Board**"). See ITEM 12: "*Directors and Officers*" below.

**Competitive Conditions**

 ****

The Company competes with other mineral exploration and mining companies for mineral properties, joint venture partners, equipment and supplies, qualified personnel and exploration and development capital. See ITEM 7: "*Risk Factors*" below.

**Environmental Protection**

 ****

The current and future operations of the Company are subject to laws and regulations governing exploration, development, tenure, production, taxes, labour standards, occupational health, waste disposal, greenhouse gas emissions, protection and remediation of the environment, reclamation, mine safety, toxic substances and other matters. Specifically, the San Luis Project is being advanced in accordance with Peruvian Environmental Regulations for Mining Exploration Activities, approved by Supreme Decree N°042-2017-EM other applicable norms, standards, laws and regulations.

Compliance with such laws and regulations increases costs and may cause delays in planning, designing, drilling and developing the San Luis Project. The Company attempts to diligently apply technically proven and economically feasible measures to advance protection of the environment throughout the exploration and development process, however it is often impossible to anticipate and mitigate all administrative delays. Currently, costs associated with compliance are considered to be normal compared to other South American countries.

**Employees**

 ****

As of September 30, 2024, the Company directly employed 13 employees.

**Foreign Operations**

 ****

The Company's mineral properties are located in Peru, and its operations are substantially carried out in that country. See ITEM 7: "*Risk Factors*" below.

**Social or Environmental Policies**

 ****

The San Luis Project occupies community land and developing and growing social license is a priority for Highlander Silver. Highlander Silver has an established presence on the project and community agreement to support commencing exploration. Highlander Silver intends to employ its award-winning participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs.

**ITEM 6: MATERIAL MINERAL PROJECT**

6.1 Current Technical Report

The Company's only material mineral project is the San Luis Project. The most recent technical report for the San Luis Project is titled "Technical Report on the San Luis Property, District of Shupluy, Yungay Province, Ancash Department, Peru", with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM CEng (the "**Technical Report**"), which is incorporated herein by reference. The summary from the Technical Report is reproduced below.

**SUMMARY**

The San Luis Property is situated within the District of Shupluy, Yungay Province, Ancash Department of west-central Peru; approximately 513 km north-northwest of the city of Lima. The geographic centre of the property is at 09<sup>o</sup>23' south latitude by 77<sup>o</sup>47' west longitude, or Universal Transverse Mercator (UTM) 8,960,000 m north by 195,000 m east within Peruvian National Topographic System (NTS) map sheet 19-H. Reliant Ventures S.A.C. ("**Reliant**") has been exploring this property since its discovery in June 2005.

On May 23, 2024, Highlander Silver Corp. announced that it had acquired the San Luis Property from SSR Mining Inc. ("**SSR Mining**"), pursuant to a share purchase agreement dated November 29, 2023 (as amended, the "**Share Purchase Agreement**").

The San Luis Property comprises 32 mineral rights which cover an area of approximately 23,298 ha. Out of these mineral rights, 31 are held by Reliant, while the remaining 1 is a recently staked claim held by CAPPEX Exploraciones S.A.C. (both subsidiaries of the Company), that the Company anticipates transferring to Reliant in due course.

**Geological Setting**

The San Luis Property is situated regionally within the Cordillera Negra terrain of the Peruvian Andes. It is dominantly underlain by volcanic, volcanoclastic and sub-volcanic intrusive rocks of andesitic-dacitic to rhyolitic composition belonging to the Paleocene-age Calipuy Formation. The Lower Cretaceous Santa Formation of limestone and calcareous clay crops out locally as 'windows' within the younger overlying volcanic rocks and there are exposures of the Coastal batholith in the southwestern portion of the property.

North to northwesterly trending fault structures are the most important structural features within the property since they appear to control and host most of the known precious metal-bearing vein structures. Northwesterly and north-northwesterly trending faults, especially those hosting vein structures, have been repetitively active since the cessation of volcanism. Faulting and shearing have also occurred during and after vein emplacement resulting in well-developed vein breccia textures, open tensional sites for later dyke emplacement, and later brecciation and displacement of both the dykes and vein structures.

**Exploration to Date**

Three distinctly different mineral deposit types have been identified within the property. The most extensively explored are the epithermal, low sulphidation, gold and silver-bearing, quartz-calcite veins of the Ayelén system first discovered in 2005. The others, hydrothermal breccia-hosted base metal and manto-hosted occurrences, appear related to a buried intrusion situated centrally within what is referred to as the BP zone explored in the period 2010–2012, and centred approximately 6 km southeast of the Ayelén vein system.

A similar gold-bearing Bonita vein system was located 7 km to the south of the Ayelén–Inés occurrence in 2011-2012. Trenching and two preliminary drillholes confirmed anomalous gold-silver values.

**2025 Mineral Resource Estimate**

The principal objective of the Technical Report was to review Reliant's 2009 Mineral Resource estimates and supporting data on behalf of HSC, and prepare this independent updated estimate as summarized in Table 1-1.

**Table 1-1 - 2025 San Luis Project updated Mineral Resource estimate**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** |
| **Vein** | **Resource Category** | **Tonnes** | **Grade (g/t)** | **Grade (g/t)** | **Contained ounces** | **Contained ounces** |
| **Vein** | **Resource Category** | **Tonnes** | **Au** | **Ag** | **Au** | **Ag** |
| Ayelén | <br>Indicated | 353602 | 28.83 | 655.2 | 327798 | 7448012 |
| Ayelén HW | <br>Indicated | 72462 | 9.94 | 348.0 | 23163 | 810798 |
| Inés |  | 27720 | 5.93 | 209.8 | 5282 | 186999 |
| **Subtotal** |  | **453784** | **24.42** | **578.9** | **356243** | **8445809** |
| Ayelén | <br>Inferred | 41911 | 5.39 | 208.3 | 7260 | 280725 |
| Ayelén HW | <br>Inferred | 6511 | 3.18 | 170.9 | 666 | 35770 |
| Inés |  | 3280 | 2.31 | 185.9 | 244 | 19598 |
| **Subtotal** |  | **51702** | **4.92** | **202.2** | **8170** | **336093** |

---

*Notes:*

● *Mineral Resources are not Mineral Reserves and do not have demonstrated viability.* 

● *All tonnages reported are Dry Metric Tonnes, and contained gold and silver are reported in Troy Ounces.* 

● *Mineral Resources are estimated at a cut-off grade of 3 g/t AuEq that considers bullion prices of US$1,700/oz gold and US$20/oz silver, and process recoveries of 90% for both gold and silver.* 

● *The AuEq content has been calculated as follows: AuEq = Au+0.0117C47\*Ag.* 

● *Numbers in the above table have not been rounded to ensure consistency in calculations and summations. However, readers should consider that due to estimation uncertainty, the report numbers are not reliable beyond three significant figures for Indicated Resources, and two significant figures for Inferred Resources.* 

● *The effective date of the mineral resource estimate is January 15, 2025.* 

 

**Conclusions and Recommendations**

Exploration to date has demonstrated that the main property opportunity comprises the continued exploration for epithermal, low sulphidation, gold and silver bearing veins in order to increase property value, and it is recommended that further exploration be carried out.

The exploration objectives are clear and require more exploration to grow the current Mineral Resources and make new discoveries that could support further growth beyond this, with the priorities as follows:

1) Continue with property-wide exploration for additional gold-silver bearing veins, including in the southeast catchment that has returned highly anomalous stream sediment samples although these have not yet been prospected or mapped.

2) Continue drilling in the Bonita vein to test the strike and depth extent of mineralization beyond the single section currently tested by drilling and also, advance prospecting, mapping and sampling in the Bonita area to identify any other veins and follow-up with trenching to support drill-testing these veins.

**Recommendations**

 ****

A two-phase work program is proposed, with a total estimated cost of US$10 million, which includes a 15% contingency. A summary of the program along with detailed cost estimates is provided in Table 1-2.

Phase 1 focuses on ground base discovery exploration work of Au/Ag veins to the south of Ayelén and in the area between Ayelén and Bonita, together with early delineation of resource potential in Bonita.

This phase is projected to require US$1.7 million and includes the following recommendations:

● Executing fieldwork on known untested veins and new targets for precise evaluation and prioritization.

● Initiation of drilling at Bonita, targeting priority zones within the known strike extent of the vein system.

The extent of Phase 2 is partially contingent upon favourable results from Phase 1. The estimated cost for this second phase is approximately US$8.3 million, which will cover:

● Extensive diamond drilling for resource definition and extension in Bonita,

● Initial discovery and resource outlining of new targets

**Table 1-2 – Recommended Work Program**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Phase/Area** | **Phase 1** | **Phase 1** | **Phase 2** | **Phase 2** |
|  | **Activity** | **Budget US$** | **Activity** | **Budget US$** |
| Bonita Vein | Mapping, Trenching & Discovery & Resource outline drilling (~2500 m) | 850000<br>| Resource drilling (~4000 m)<br>| 1300000 |
| Ayelen South Trend Veins | Geochemistry, Geological Mapping, Geophysics | 300000<br>| Discovery and extensional drilling and initial resource outline (~8000 m)<br>| 3250000<br>|
| New Target Generation | Geochemistry, Geological Mapping, Geophysics | 150000<br>| Discovery drilling and initial Resource outline of top Priority targets (~6000 m)<br>| 2000000<br>|
| Community and Social Engagement/Permitting | Community programs and infrastructure development | 150000<br>| Community programs and infrastructure development | 700000<br>|
| **Sub Total** |  | **1450000**<br>|  | **7250000** |
| Contingency 15% |  | 217500 |  | 1087500 |
| **Total** |  | **1667500** |  | **8337500** |
|  |  |  | **Total USD $** | **10005000** |

---

**ITEM 7: RISK FACTORS**

Highlander's business activities are subject to significant risks, but not limited the risks described below. Any of the following risks could have an adverse material effect on Highlander, its business and prospects, and could cause actual events to differ materially from those described in forward-looking statements relating to Highlander. These risks are in addition to those discussed in technical reports and other documents filed by Highlander from time to time on SEDAR+. In addition, other risks and uncertainties not presently known by management of Highlander or that management currently believes are immaterial could affect Highlander, its business and prospects. The following risk factors are not a definitive list or description of all the risks associated with Highlander's business but are intended to indicate what management considers to be significant considerations as of the date of this AIF:

**Ability to raise funding to continue exploration, development and mining activities**

 ****

The Company does not generate operating cash flow from a producing mine and has incurred operating losses to date. The Company expects to incur operating losses in future periods due to continuing expenses associated with advancing its mineral projects, seeking new business opportunities, and general and administrative costs. The Company has relied on cash received from share issuances to fund its business activities, including planned corporate expenditures and exploration expenses. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan and raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise the necessary funds primarily through the issuance of common shares. While the Company has been successful in securing financing to date, there can be no assurances that future equity financing, debt facilities or strategic alternatives will be available on acceptable terms to the Company or at all, in which case the Company may need to reduce its longer-term exploration plans. These financing requirements will result in dilution of existing Company shareholders. Failure to obtain such financing may result in delay or indefinite postponement of the Company's activities.

**Global economic conditions**

 ****

The unprecedented events in global financial markets in the past several years have had a profound impact on the global economy. Many industries, including the mining industry, are impacted by these market conditions. Market events and conditions, including disruptions in the international credit markets and other financial systems and the deterioration of global economic conditions, could impede Highlander's access to capital or increase the cost of capital and may adversely affect Highlander's operations.

Highlander is also exposed to liquidity risks in meeting its operating and capital expenditure requirements in instances where its cash position is unable to be maintained or appropriate financing is unavailable. These factors may impact Highlander's ability to obtain capital on terms favourable to it or at all. Increased market volatility may impact Highlander's operations which could adversely affect the trading price of Highlander common shares.

**Limited supplies, supply chain disruptions, and inflation**

 ****

Our exploration activities require skilled personnel and a supply of other resources, such as natural gas, diesel, oil and electricity. Supply may be interrupted due to a shortage or the scarce nature of inputs. Supply might also be interrupted due to transportation and logistics associated with the remote location of some of our operations, and government restrictions or regulations which delay importation of necessary items. Global supply chains have been further affected by the current conflict between Russia and Ukraine and could be strained further by any exacerbation of this conflict. Any interruptions to the procurement and supply of resources, or the availability of skilled personnel, as well as increasing rates of inflation, could have an adverse impact on our future cash flows, earnings, results of operations, and financial condition.

**Negative operating cash flow**

 ****

Highlander has negative operating cash flow and may continue to have negative operating cash flow in future periods. To the extent that Highlander has negative operating cash flow, Highlander will need to continue to deploy a portion of its cash reserves to fund such negative operating cash flow. Highlander expects to continue to sustain losses in the future until it begins to generate revenue from the commercial production of its properties. There is no guarantee that Highlander will ever have commercial production or be profitable.

**Uncertainty of future revenues or of a return on investment**

 ****

It is difficult to evaluate Highlander's business and future prospects. Highlander has no history of earnings, and operating losses are expected to continue for the foreseeable future. While Highlander's Board is optimistic about Highlander's prospects, there is no certainty that anticipated outcomes and sustainable revenue streams will be achieved. There is no assurance that Highlander common shares will provide a return on investment in the future. Highlander has no plans to pay dividends in the future.

**No defined reserves with no mineral properties in production or under development**

 ****

Highlander is an early exploration stage company, and its properties are in the exploration stage. Management has not defined or delineated any proven or probable reserves on any of Highlander's properties. Mineral exploration involves significant risk and few properties that are explored contain bodies of ore that would be commercially economic to develop into producing mines. Management cannot confirm the presence of any proven or probable reserves at its projects. The failure to establish proven or probable reserves could severely restrict Highlander's ability to implement its strategies for long-term growth. In addition, the Company's only project with a mineral resource estimate is its San Luis Project.

**Speculative nature of mineral exploration and development**

 ****

The exploration for and development of mineral deposits involves significant risk. Few properties that are explored are ultimately developed into producing mines. Substantial expenditures are required to establish mineral reserves through drilling, to develop processes to extract the mineral resources and, in the case of new properties, to develop the extraction and processing facilities and infrastructure at any site chosen for extraction. Development of Highlander's mineral projects will only follow upon obtaining satisfactory results. There is no assurance that Highlander's exploration activities will result in any discoveries of commercial bodies of ore, or that any of Highlander's mineral projects will be brought into commercial production. Whether a mineral deposit will be commercially viable depends on a number of factors, some of which are: the particular attributes of the deposit, accuracy of estimated size, continuity of mineralization, average grade, proximity to infrastructure, availability and cost of water and power, anticipated climatic conditions, commodity prices and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted but the combination of these factors may result in Highlander being unable to receive an adequate return on invested capital.

The process of mining, exploration and development also involves risks and hazards, including environmental hazards, industrial accidents, labour disputes, unusual or unexpected geological conditions or acts of nature. These risks and hazards could lead to events or circumstances, which could result in the complete loss of a project or could otherwise result in damage or impairment to, or destruction of, mineral properties and future production facilities, environmental damage, delays in exploration and development interruption, and could result in personal injury or death.

Although Highlander evaluates the risks and carries insurance policies to mitigate the risk of loss where economically feasible, not all of these risks are reasonably insurable and insurance coverages may contain limits, deductibles, exclusions and endorsements. Highlander cannot assure that its coverage will be sufficient to meet its needs. Such a loss may have a material adverse effect on Highlander. See "Uninsured Risks" below for more details.

**Risks from international operations**

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Changes in political situations may affect the manner in which Highlander operates. The operations of Highlander are conducted in Peru, which is exposed to various levels of economic, political, currency and other risks and uncertainties. These risks and uncertainties include, but are not limited to: terrorism, hostage taking, military repression, crime, violence, more prevalent or stronger organized crime groups, political instability, corruption, currency controls, extreme fluctuations in currency exchange rates, high rates of inflation, uncertainty of the rule of law and legal system, corruption of public officials and/or courts of law, labour unrest, the risks of war or civil unrest, expropriation and nationalization, renegotiation or nullification of existing concessions, licenses, permits, approvals and contracts, illegal mining, changes in taxation and mining laws, regulations and policies, restrictions on foreign exchange and repatriation, and changing political conditions and governmental regulations relating to foreign investment and the mining business. These countries have experienced political, social and economic unrest in the past and protestors have from time to time targeted foreign mining companies and their mining operations. The occurrence of mining regime changes adds uncertainties that cannot be accurately predicted and any future material adverse changes in government policies or legislation in Peru that affect foreign ownership, mineral exploration, development of mining activities and may affect Highlander's viability.

**Risk associated with an emerging and developing market**

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The disruptions recently experienced in the international and domestic capital markets have led to reduced liquidity and increased credit risk premiums for certain market participants and have resulted in a reduction of available financing. Companies located in countries in the emerging markets may be particularly susceptible to these disruptions and reductions in the availability of credit or increases in financing costs, which could result in them experiencing financial difficulty. In addition, the availability of credit to entities operating within the emerging and developing markets is significantly influenced by levels of investor confidence in such markets as a whole and as such any factors that impact market confidence (for example, a decrease in credit ratings, state or central bank intervention in one market or terrorist activity and conflict) could affect the price or availability of funding for entities within any of these markets.

**Environmental factors**

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The Company conducts exploration activities in various parts of Peru. Such activities are subject to various laws, rules and regulations governing the protection of the environment, including, in some cases, posting of reclamation bonds. Extensive environmental legislation has been enacted in Peru by federal, state and municipal governments. All phases of the Company's operations are subject to environmental regulation in the jurisdictions in which it operates. Environmental legislation is evolving in a manner which requires stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed properties and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company's operations.

The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations or to preclude entirely the economic development of a property. Environmental hazards may exist on the Company's properties, which hazards are unknown to the Company at present, which have been caused by previous or existing owners or operators of the properties. The Company is not aware of any environmental hazards on any of the properties held or formerly worked by the Company. The approval of new mines in Peru is subject to detailed review by Peruvian mining authorities and there is no assurance that such approval can be obtained. Further, under such review process, there is no assurance that regulatory and environmental approvals will be obtained on a timely basis or at all. Failure to comply with the legislation may have serious consequences. Orders may be issued requiring operations to cease or be curtailed or requiring installation of additional facilities or equipment. Violators may be required to compensate those suffering loss or damage by reason of its mining activities and may be fined if convicted of an offense under such legislation.

Peruvian mining law establishes requirements for the decommissioning, reclamation and rehabilitation of mining properties in a state of permanent closure. Such closure requirements relate to the protection and restoration of the environment and the protection of the public safety. Some former mining properties must be managed for long periods of time following closure in order to fulfill closure requirements. The costs of closure of mining properties, and, in particular, the cost of long-term management of mining properties can be substantial. By Peruvian mining law, environmental impact from past mining activities prior to the onset of present-day exploration activities are not the responsibility of the company.

Such historic mining disturbance are well documented in the DIA permitting document and will not be included in any future remediation requirement unless those same historical mine works have been further utilized or disturbed by the company.

The Company has adopted environmental practices designed to ensure that it continues to comply with or exceed all environmental regulations currently applicable to it. The Company is currently engaged in exploration with minimal environmental impact.

**Community relations**

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Community relations are an important part of the Company's business. Developing and growing social license with the communities in which the Company operates is critical to continuing successful exploration and development. Community support for operations is a key component of a successful exploration or development project. As a business in the mining industry, the Company may come under pressure to demonstrate that other stakeholders benefit and will continue to benefit from our commercial activities. The Company may face opposition with respect to our current and future development and exploration projects which could materially adversely affect our business, results of operations, financial condition and share price. Furthermore, any inability of the Company to develop and grow its social license, or any deterioration in the Company's relationship with the local communities, could materially adversely affect our business, results of operations, financial condition and share price.

**Permitting risk**

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Highlander's mineral exploration and development activities are subject to receiving and maintaining licenses, permits and approvals (collectively, "**permits**") from appropriate governmental authorities in Peru. Highlander may be unable to obtain on a timely basis or maintain in the future all necessary permits to explore and develop its properties. Delays may occur in connection with obtaining necessary renewals or permits for Highlander's existing operations and activities, additional permits for existing or future operations or activities, or additional permits associated with new legislation. It is possible that previously issued permits may become suspended or revoked for a variety of reasons, including through government or court action. Highlander can provide no assurance that it will continue to hold or obtain, if required to, all permits necessary to develop or continue operating at any particular site, which could adversely affect its operations.

**Failure to comply strictly with applicable laws, regulations and local practices may have a material adverse impact on the Company's operations or business**

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While the Company seeks to fully comply with applicable laws, regulations and local practices, failure to comply strictly with applicable laws, regulations and local practices relating to mineral rights applications and tenure could result in loss, reduction, cancellation or expropriation of entitlements, or the imposition of additional local or foreign parties as joint venture partners with carried or other interests. Any such loss, reduction or imposition of partners could have a material adverse impact on the Company's operations or business. Furthermore, increasing complexity of mining laws and regulations may render the Company incapable of strict compliance.

**The inherent operational risks associated with mining, exploration and development, many of which are beyond the Company's control**

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The Company's activities are subject to a high degree of risk due to factors that, in some cases, cannot be foreseen or anticipated, or controlled. These risks include, but are not limited to, tectonic or weather activity that may provoke landslides or other impacts, labour disruptions, legislative and regulatory changes, crime, the inability to obtain adequate sources of power, water, labour, suitable or adequate machinery and equipment, and expert attorneys and consultants. In addition, the Company may be unable to acquire or obtain such requirements as water rights and surface rights, which may be critical for the continued advancement of exploration, development and operational activities on its mineral concessions. These processes could generate delays and adverse decisions, however unexpected, could negatively impact project development and the Company's prospects.

**Land title risk**

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Although Highlander has investigated the right to explore and exploit its various properties and obtained records from government offices with respect to all the mineral claims, licenses, concessions and other rights in and to lands comprising its properties, there is no guarantee of title. Other parties may dispute the title to a property or the property may be subject to prior unregistered agreements and transfers or land claims by aboriginal, native, or indigenous peoples. The title to Highlander's properties may be affected by undetected encumbrances or defects or governmental actions. Highlander has not conducted surveys of all of its properties and the precise area and location of claims or the properties may be challenged. Title insurance is generally not available for mineral properties. Failure by Highlander to meet its payment and other obligations pursuant to laws governing its mineral claims, licenses, concessions and other forms of land and mineral tenure could result in the loss of its material property interests which could have a material adverse effect on Highlander, which could cause a significant decline in Highlander's stock price.

**Surface rights and access risks**

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Mining concession licenses in Peru are separate from surface rights. Permission for surface access must be negotiated with the owners of the surface rights to the areas covered by the mining concessions and commonly involve leasing of the surface rights. In Peru surface rights are owned by private persons or communities (local communal organizations), and agreements for access must be made with the surface owners to do significant work. There can be no guarantee that the Company will be able to negotiate a satisfactory agreement with any such existing landowners/occupiers for such access, and therefore it may ne unable to carry out significant exploration work or mining activities. There are also potential risks with regard to the completion of a successful exploration program in that there is a possibility of not being able to extend the surface access agreement over part of the area of interest, or problems with obtaining an environmental permit for road construction and drilling.

**Russia-Ukraine conflict**

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In late February 2022, Russia launched a large-scale military attack on Ukraine, which amplified global geopolitical tensions. In response to the military action by Russia, various countries, including Canada, issued broad-ranging economic sanctions against Russia. Such sanctions and any future sanctions against Russia may adversely impact, among other things, the Russian economy, which directly and indirectly affect various sectors of the economy, disrupt the global supply chain, and increase inflationary pressures. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets, and therefore have a significant negative effect on the ability of the Company to obtain equity financing to fund additional exploration activities.

**Risk of global outbreaks and contagious diseases**

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The risk of global outbreaks have the potential to significantly and adversely impact Highlander's operations and business. There can be no certainty that an outbreak of infectious illness and the restrictive measures implemented to slow the spread of the virus will not materially impact Highlander's operations or personnel. It is not possible for Highlander to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's business, results of operations or ability to raise funds at this time.

**Fraud and corruption**

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Highlander's operations are governed by, and involve interactions with, many levels of government in Peru. Highlander is required to comply with anti-corruption and anti-bribery laws, including the Canadian Corruption of Foreign Public Officials Act, as well as similar laws in Peru. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. Highlander's internal procedures and programs may not always be effective in ensuring that Highlander, its employees, contractors or third-party agents will comply strictly with such laws. If Highlander becomes subject to an enforcement action or in violation of such laws, this may have a material adverse effect on its reputation, result in significant penalties, fines, monitoring and investigation costs and/or sanctions imposed on it, and/or have a material adverse effect on Highlander's operations.

**Ethics and business practices**

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Highlander maintains and requires adherence to policies governing ethical business conduct and practices, including prohibition of illegal payments, and respect for human rights and the individual. All personnel are expected to promote a respectful and inclusive workplace environment irrespective of ethnic background, gender, age or experience. Nevertheless, there is no assurance of compliance and the Company may be subject to allegations of discriminatory practices, harassment, unethical behavior, or breach of human rights.

**Highlander may in the future become subject to legal proceedings**

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Highlander may, from time to time, become involved in various claims, legal proceedings, regulatory investigations and complaints. Highlander cannot reasonably predict the likelihood or outcome of any actions should they arise. If Highlander is unable to resolve any such disputes favorably, it may have a material adverse effect on Highlander's financial performance, cash flows, and results of operations. Highlander's assets and properties may become subject to further liens, agreements, claims, or other charges as a result of such disputes. Any claim by a third party on or related to any of Highlander's properties, especially where mineral reserves have been located, could result in Highlander losing a commercially viable property. Even if a claim is unsuccessful, it may potentially affect Highlander's operations due to the high costs of defending against the claim. If Highlander loses a commercially viable property, such a loss could lower its future revenues, or cause Highlander to cease operations if the property represents all or a significant portion of Highlander's mineral reserves.

**Highlander's mineral assets are located outside Canada and are held indirectly through foreign affiliates**

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It may be difficult if not impossible to enforce judgements obtained in Canadian courts predicted upon the civil liability provisions of the securities laws of certain provinces against substantially all of Highlander's assets which are located outside Canada.

**Commodity price risk**

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The price of Highlander common shares, financial results and exploration, and development and mining activities in the future may be materially adversely affected by declines in the price of silver and gold. Silver and gold prices fluctuate widely and are affected by numerous factors beyond Highlander's control, such as the sale or purchase of metals by various central banks and financial institutions, interest rates, exchange rates, inflation or deflation, fluctuation in the value of the United States dollar and foreign currencies, global and regional supply and demand, and the political and economic conditions of major metals-producing and metals-consuming countries throughout the world.

**Exchange rate fluctuations**

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Highlander reports its results in U.S. dollars, while many of Highlander's investments, costs and revenues may be denominated in other currencies. This may result in additions to Highlander's reported costs or reductions in Highlander's reported revenues. Fluctuations in exchange rates between currencies in which Highlander invests, reports, or derives income may cause fluctuations in its financial results that are not necessarily related to Highlander's underlying operations.

**Joint ventures**

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Highlander may enter into joint venture or similar arrangements with regard to future exploration, development and production properties (including potentially Highlander's concessions). There is a risk any future joint venture partner does not meet its obligations and Highlander may therefore suffer additional costs or other losses. It is also possible that the interests of Highlander or future joint venture partners are not aligned resulting in project delays or additional costs and losses. Highlander may have minority interests in the companies, partnerships and ventures in which it invests and may be unable to exercise control over the operations of such companies.

**Property commitments**

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The properties held by Highlander may be subject to various land payments and/or work commitments. Failure by Highlander to meet its payment obligations or otherwise fulfill its commitments under these agreements could result in the loss of related property interests.

**Infrastructure**

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Mineral exploration and development activities depend, to one degree or another, on adequate infrastructure. The costs, timing and complexities of developing Highlander's projects may be greater than anticipated for certain property interest without access to reliable roads, bridges, power sources and water supply. Unusual or infrequent weather phenomena, terrorism, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect Highlander's operations, financial condition and results of operations.

**Properties located in remote areas**

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Highlander's exploration properties may be located in remote areas with challenging terrain, climate and access, resulting in technical challenges for conducting geological exploration. The remote location of Highlander's operations may also result in increased costs and transportation difficulties, which could have a material adverse effect on Highlander's business and results of operations.

**Lack of availability of resources**

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Mining exploration requires ready access to mining equipment such as drills, and crews to operate that equipment. There can be no assurance that such resources will be available to Highlander on a timely basis or at a reasonable cost. Failure to obtain these resources when needed may result in delays in Highlander's exploration programs.

**Dependence on highly skilled personnel**

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Highlander's prospects depend in part on the services of key board members, executives and other highly skilled and experienced personnel focused on managing Highlander's interests and the advancement of its mineral projects, as well as its other interests, in addition to the identification of new opportunities for growth and funding. The loss of these persons or Highlander's inability to attract and retain additional highly skilled employees required for Highlander's activities may have a material adverse effect on its business or future operations. Highlander does not currently maintain "key person" life insurance on any of its key employees.

**Competition**

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There is competition within the mining industry for the discovery and acquisition of properties considered to have commercial potential. Highlander competes with other mining companies, many of which have greater financial resources than Highlander, for the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel.

**Significant shareholders**

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Each of Highlander's significant shareholders has or will have the ability to significantly influence the outcome of corporate actions requiring shareholder approval, including the election of directors of Highlander and the approval of certain corporate transactions. Highlander's significant shareholders' respective interests may differ from the interests of Highlander or its other shareholders. The concentration of ownership of the Highlander common shares may also have the effect of dissuading third-party offers or delaying or preventing other possible strategic transactions of Highlander.

**Reputational risk**

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As a result of the increased usage and the speed and global reach of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users, companies today are at much greater risk of losing control over how they are perceived in the marketplace. Damage to the Company's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity (for example, with respect to the Company's handling of environmental matters or the Company's dealings with community groups), whether true or not. The Company places a great emphasis on protecting its image and reputation, but the Company does not ultimately have direct control over how it is perceived by others. Reputation loss may lead to increased challenges in developing and maintaining community relations, decreased investor confidence and an impediment to the Company's overall ability to advance its projects, thereby having a material adverse impact on financial performance, cash flows and growth prospects.

**Conflicts of interest**

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Certain of the directors and/or officers of Highlander also serve as directors and/or officers of other companies involved in natural resource exploration, development and mining operations and consequently there exists the possibility for such directors and/or officers to be in a position of conflict. Any decision made by any of such directors and/or officers will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of Highlander and Highlander shareholders. In addition, each director is required to declare and refrain from voting on any matter in which such director may have a conflict of interest in accordance with the procedures set forth in applicable corporate and other laws.

**Uninsurable risks**

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As mentioned above, Highlander's business is subject to a number of risks and hazards including adverse environmental conditions, industrial accidents, labour disputes, and technical difficulties due to unusual or unexpected geologic formations. Such risks could result in personal injury or death, environmental damage, damage to and destruction of the facilities, delays in exploration and development, monetary losses and legal liability. For some of these risks, Highlander maintains insurance to protect against these losses at levels consistent with industry practice. However, Highlander may not be able to maintain current levels of insurance, particularly if there is a significant increase in the cost of premiums. Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration and production may not be generally available to Highlander or to other companies in the mining industry on acceptable terms. Highlander might also become subject to environmental liability or other hazards which may not be insured against or which we may elect not to insure against because of premium costs or other reasons. Losses from these events may cause Highlander to incur significant costs that could have a material adverse effect upon its financial condition and results of operations.

**Information systems**

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Targeted attacks on Highlander's systems (or on systems of third parties that Highlander relies on), failure or non-availability of key information technology ("**IT**") systems or a breach of security measures designed to protect Highlander's IT systems could result in disruptions to Highlander's operations, extensive personal injury, property damage or financial or reputational risks. As the threat landscape is ever-changing, Highlander must make continuous mitigation efforts, including risk prioritized controls to protect against known and emerging threats, tools to provide automate monitoring and alerting and backup and recovery systems to restore systems and return to normal operations.

**Public company obligations**

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Highlander is subject to evolving corporate governance and public disclosure regulations that have increased both Highlander's compliance costs and the risk of non-compliance, which could adversely impact Highlander's share price.

Highlander is subject to changing rules and regulations promulgated by a number of governmental and self-regulated organizations, including the Canadian Securities Administrators, the Canadian Securities Exchange, and the International Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity creating many new requirements. For example, the Canadian government proclaimed into force the Extractive Sector Transparency Measures Act on June 1, 2015, which mandates the public disclosure of payments made by mining companies to all levels of domestic and foreign governments starting in 2017. Highlander's efforts to comply with such legislation could result in increased general and administration expenses and a diversion of management time and attention from operating activities to compliance activities.

**Internal controls provide no absolute assurances as to reliability of financial reporting and financial statement preparation, and ongoing evaluation may identify areas in need of improvement**

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Highlander may fail to maintain the adequacy of its internal control over financial reporting as such standards are modified, supplemented or amended from time to time, and Highlander may not be able to ensure that it can conclude on an ongoing basis that it has effective internal controls over financial reporting. Highlander's failure to satisfy the requirements of Canadian legislation on an ongoing, timely basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm Highlander's business and negatively impact the trading price of the Highlander common shares or market value of its other securities. In addition, any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm Highlander's operating results or cause it to fail to meet its reporting obligations.

Highlander may fail to maintain the adequacy of its disclosure controls. Disclosure controls and procedures are designed to ensure that the information required to be disclosed by Highlander in reports filed with securities regulatory agencies is recorded, processed, summarized and reported on a timely basis and is accumulated and communicated to Highlander's management, as appropriate, to allow timely decisions regarding required disclosure.

No evaluation can provide complete assurance that Highlander's financial and disclosure controls will detect or uncover all failures of persons within Highlander to disclose material information otherwise required to be reported. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. The effectiveness of Highlander's controls and procedures could also be limited by simple errors or faulty judgments.

**The Company's foreign subsidiary operations may impact its ability to fund operations efficiently, as well as the Company's valuation and stock price**

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The Company conducts operations through foreign subsidiaries and substantially all of its assets are held in such entities. Accordingly, any limitation on the transfer of cash or other assets between the parent corporation and such entities, or among such entities, could restrict the Company's ability to fund its operations efficiently. Any such limitations, or the perception that such limitations may exist now or in the future, could have an adverse impact on the Company's valuation and stock price.

**Share price fluctuation**

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Securities markets have experienced a high degree of price and volume volatility, and the market price of securities of many companies have experienced wide fluctuations which have not necessarily been related to their operating performance, underlying asset values or prospects. Additionally, companies like Highlander often experience periods where their shares are thinly traded. There can be no assurance that these kinds of share price fluctuations or lack of liquidity will not occur in the future, and if they do occur, Highlander does not know how severe the impact may be on its ability to raise additional funds through equity issues. If Highlander is unable to obtain such additional financing, any investment in Highlander may be materially diminished in value or lost.

**The value of the Company's common shares, as well as its ability to raise equity capital, may be impacted by future issuances of shares**

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The Company is authorized to issue an unlimited number of Highlander common shares without par value. The Company may issue more Highlander common shares in the future. Sales of substantial amounts of Highlander common shares (including shares issuable upon the exercise of stock options), or the perception that such sales could occur, could materially adversely affect prevailing market prices for the Highlander common shares and the ability of the Company to raise equity capital in the future.

**Future sales of common shares by existing shareholders**

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Sales of a large number of Highlander common shares in the public markets, or the potential for such sales, could decrease the trading price of the Highlander common shares and could impair the ability of the Company to raise capital through future sales of Highlander common shares.

**Costs of land reclamation**

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It is difficult to determine the exact amounts which will be required to complete all land reclamation activities in connection with the properties in which the Company holds an interest. Reclamation bonds and other forms of financial assurance represent only a portion of the total amount of money that will be spent on reclamation activities over the life of a mine. Accordingly, it may be necessary to revise planned expenditures and operating plans in order to fund reclamation activities. Such costs may have a material adverse impact upon the consolidated financial condition and results of operations of the Company.

**Measures to protect endangered species may adversely affect the Company's operations**

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Peru has a diverse and fragile ecosystems and the federal government, regional governments, politicians, community leaders, and NGOs are vigilant in the protection of endangered species. The existence or discovery of an endangered species at or near the Company's projects may have a number of adverse consequences to the Company's plans and operations. For instance, the presence of an endangered species could require the Company to modify its design plans and construction, to take extraordinary measures to protect the species or to cease its activities temporarily or permanently, all of which would delay the Company's exploration activities and have an adverse economic impact on the Company, which could be material. The existence or discovery of an endangered species at one of Highlander's projects could also ignite NGO and local community opposition to the Company's projects, which could present further challenges to exploration and development activities.

**Environmental risks and hazards**

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All phases of the Company's consolidated operations are subject to environmental regulation in the various jurisdictions in which it operates. These regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, including potential loss of title, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company's operations. Environmental hazards may exist on the properties on which the Company holds interests which are unknown to the Company at present and which have been caused by previous or existing owners or operators of the properties.

Failure to comply with applicable environmental laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations or in the exploration or development of mineral properties may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations.

Amendments to current environmental laws, regulations and permits governing operations and activities of mining and exploration companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in exploration expenses, capital expenditures or production costs, reductions in levels of production at producing properties or require abandonment or delays in development of new mining properties.

**Changes in climate conditions**

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Governments are moving to introduce climate change legislation and treaties at the international, national, state/provincial and local levels. Regulation relating to emission levels (such as carbon taxes) and energy efficiency is becoming more stringent. If the current regulatory trend continues, the Company expects that this may result in increased costs at some of its operations. In addition, the physical risks of climate change may also have an adverse effect on the Company's operations. These risks include extreme weather events such as increased frequency or intensity of wildfire seasons or prolonged drought which could have the potential to disrupt the Company's operations. Effects of climate change or extreme weather events could cause prolonged disruption to the delivery of essential commodities, which may cause the Company's production efficiency to be reduced.

The Company can provide no assurance that efforts to mitigate the risks of climate changes will be effective and that the physical risks of climate change will not have an adverse effect on the Company's operations and profitability.

Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive.

**ITEM 8: DIVIDENDS**

All of the Highlander common shares are entitled to an equal share in the dividends declared and paid by the Company. There are no restrictions in the Company's articles which could prevent the Company from paying dividends as long as there are no reasonable grounds for believing that the Company is insolvent or the payment of dividends would render the Company insolvent.

The Company intends to retain all future earnings, if any, and other cash resources for the future operation and development of its business, and accordingly, does not intend to declare or pay any cash dividends in the foreseeable future. Payment of any future dividends will be at the discretion of the Board after taking into account many factors including the Company's operating results, financial condition and current and anticipated cash needs.

**ITEM 9: DESCRIPTION OF CAPITAL STRUCTURE**

As of the date hereof, the Company had 104,720,985 Highlander common shares, 29,950,000 warrants, and 7,195,000 stock options outstanding.

The holders of the Highlander common shares are entitled to receive notice of all meetings of shareholders and to attend and vote the Highlander common shares at the meetings. Each Highlander common share carries with it the right to one vote. The Highlander common shares have no pre-emptive, conversion, exchange, redemption, retraction, purchase for cancellation or surrender provisions and there are no sinking fund provisions in relation to the Highlander common shares.

In the event of a liquidation, dissolution or winding-up of the Company or other distribution of its assets, the holders of the Highlander common shares will be entitled to receive, on a pro rata basis, all of the assets remaining after the Company has paid out its liabilities. Distributions in the form of dividends, if any, will be set by the Board. See ITEM 8: "*Dividends*" above for particulars of the Company's dividend policy.

**ITEM 10: MARKET FOR SECURITIES**

10.1 Trading Price and Volume

The Highlander common shares currently trade on the Canadian Securities Exchange under the symbol "HSLV". The following table sets out the high and low sale prices and the volume of trading of the Highlander common shares on the CSE on a monthly basis for the financial year ended September 30, 2024.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Period** | **Price (High) (C$)** | **Price (Low) (C$)** | **Volume** |
| &nbsp;&nbsp;October 2023 | 0.40 | 0.15 | 391155 |
| &nbsp;&nbsp;November 2023 | 0.63 | 0.26 | 339060 |
| &nbsp;&nbsp;December 2023 | 0.60 | 0.38 | 466854 |
| &nbsp;&nbsp;January 2024 | 0.50 | 0.40 | 636965 |
| &nbsp;&nbsp;February 2024 | 0.57 | 0.43 | 341025 |
| &nbsp;&nbsp;March 2024 | 0.51 | 0.37 | 203200 |
| &nbsp;&nbsp;April 2024 | 0.70 | 0.45 | 864483 |
| &nbsp;&nbsp;May 2024 | 0.99 | 0.61 | 1210022 |
| &nbsp;&nbsp;June 2024 | 0.92 | 0.73 | 425220 |
| &nbsp;&nbsp;July 2024 | 0.89 | 0.66 | 328926 |
| &nbsp;&nbsp;August 2024 | 0.78 | 0.51 | 366274 |
| &nbsp;&nbsp;September 2024 | 0.83 | 0.58 | 468280 |

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**ITEM 11: ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER**

As of the date of this AIF, no securities of the Company are held in escrow.

**ITEM 12: DIRECTORS AND OFFICERS**

12.1 Name, Occupation and Security Holding

The following are the names and provinces/states/countries of residence of the directors and executive officers of the Company, the positions and offices they currently hold with the Company, their principal occupations during the five preceding years and the date they were appointed to their current office with the Company. Each director will hold office until the next annual general meeting of the Company unless his office is earlier vacated in accordance with the provisions of the BCBCA or the articles of the Company.

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| | | |
|:---|:---|:---|
| **Name, Residence and Office(s)** | **Principal Occupation During Past Five Years** | &nbsp;&nbsp;**Date of Appointment** |
|  Richard Warke<br> Chairman<br> BC, Canada | Executive Chairman of Titan Mining Corporation since 2012; Executive Chairman of Augusta Gold Corp. since 2021; Executive Chairman of Solaris Resources Inc. from 2020 to 2024; President and CEO of Armor Minerals Inc. since 2015; Executive Chairman of Tethyan Resource Corp. from 2019 to 2020, all mining companies. | &nbsp;&nbsp;October 21, 2024 |
|  Thomas Whelan<br> Director<br> BC, Canada | Chief Financial Officer of Coeur Mining, Inc., a mining company, since 2019. | &nbsp;&nbsp;October 21, 2024 |
|  Federico Velasquez, President Peru and<br> Director<br> BC, Canada | President, Peru of the Company; President, Latin America and before that, Vice President, Operations, of Solaris Resources Inc. from 2018 to 2024. | &nbsp;&nbsp;February 9, 2024 |
|  Jerrold Annett<br> Director<br> ON, Canada | Senior VP, Strategy & Capital Markets, Capstone Copper, a mining company, from 2019 to 2024. | &nbsp;&nbsp;October 21, 2024 |
|  Javier Toro<br> Director<br> AZ, United States | Chief Operating Officer of Solaris Resources Inc., a mining company, since 2024. Vice President, Mining Technical Services at Hudbay Minerals Inc., a mining company, with prior executive and director-level roles in mining, technical services, and mine optimization, from 2016 to 2023. | &nbsp;&nbsp;October 21, 2024 |
| Daniel Earle<br> President, CEO<br> ON, Canada | President and CEO of Solaris Resources Inc. from 2019 to 2024. | &nbsp;&nbsp;January 1, 2025 |
|  Sunny Lowe<br> CFO<br> ON, Canada | Chief Financial Officer of Solaris Resources Inc. from 2021 to 2024. Chief Financial Officer of INV Metals Inc. from 2018 to 2021. | &nbsp;&nbsp;January 1, 2025 |
| Sergio Gelcich<br> VP Exploration<br> ON, Canada | VP Exploration of Cerrado Gold and Ascendant Resources Inc. from May 2021 to December 2024. Director, Exploration for Hudbay Minerals Inc. from 2015 to 2021. | &nbsp;&nbsp;January 7, 2025 |

---

---

| | | |
|:---|:---|:---|
| **Name, Residence and Office(s)** | **Principal Occupation During Past Five Years** | &nbsp;&nbsp;**Date of Appointment** |
|  Arun Lamba<br> Vice President Corporate Development<br> ON, Canada | VP Corporate Development of Solaris Resources Inc. until 2024 and, prior to that, a Senior Mining Analyst at TD Cowen from 2014 to 2024. | January 1, 2025 |
|  Purni Parikh<br> Senior VP, Corporate Affairs and Corporate Secretary<br> BC, Canada | Senior Vice President, Corporate Affairs and Corporate Secretary for Augusta Gold Corp. since 2020 and Titan Mining Corporation since 2021 and President of Titan Mining Corporation from 2018 to 2021. Senior Vice President Corporate Affairs and Corporate Secretary of Solaris Resources Inc. from 2019 to 2024. | January 1, 2025 |
| Tom Ladner General Counsel BC, Canada | General Counsel of Titan Mining Corporation, Augusta Gold Corp. and Armor Minerals Ltd. since 2020. VP Legal of Solaris Resources Inc. from 2020 to 2024. Practiced law at Borden Ladner Gervais LLP, a law firm, from 2014 to 2020. | January 1, 2025 |

---

The Company has an Audit Committee. The Audit Committee is comprised of Thomas Whelan, Jerrold Annett, and Javier Toro. See ITEM 19: "*Audit Committee*" below.

As of the date hereof, the directors and executive officers of the Company, as a group, beneficially owned, controlled or directed, directly or indirectly, 35,121,459 Highlander common shares representing 33.54% of the total issued and outstanding Highlander common shares.

12.2 Cease Trade Orders, Bankruptcies, Penalties or Sanctions

**Corporate Cease Trade Orders**

 ****

No director or executive officer of the Company is, or was within the ten years prior to the date of this AIF, a director, chief executive officer or chief financial officer of any company that was the subject of a cease trade or similar order, or an order that denied the other issuer access to any statutory exemptions, for a period of more than thirty consecutive days:

&nbsp;&nbsp;&nbsp;&nbsp;1. while that person was acting as a director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;2. after that person ceased acting as a director, chief executive officer or chief financial officer which resulted from an event that
occurred while that person was acting in that capacity.

**Corporate Bankruptcies**

 ****

No director, executive officer or securityholder holding a sufficient number of securities of the Company to affect materially the control of the Company, is, or has been within the ten years before the date of this AIF, a director or executive officer of any company that, while that person was acting in that capacity, or within one year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

**Personal Bankruptcies**

 ****

No director, executive officer or securityholder holding a sufficient number of securities of the Company to affect materially the control of the Company has, within the ten years prior to the date of this AIF, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold his or her assets.

**Penalties or Sanctions**

 ****

No director, executive officer or securityholder holding a sufficient number of securities to materially affect the control of the Company has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority or been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

12.3 Conflicts of Interest

The directors and officers of the Company may, from time to time, serve as directors or officers of other issuers or organizations or may be involved with the business and operations of other issuers or organizations, in which case a conflict of interest may arise between their duties as a director or officer of the Company and their duties as a director or officer of such other issuers or organizations. In particular, certain of the directors and officers of the Company are involved in executive or director positions with other mineral exploration companies whose operations may, from time to time, be in direct competition with those of the Company or with entities which may, from time to time, provide financing to, or make equity investments in, competitors of the Company. See ITEM 12.1: "*Directors And Officers* - *Name, Occupation and Security Holding"* above for a description of other mineral exploration companies in which the directors and officers of the Company are currently involved.

The directors and officers of the Company are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and requiring disclosure by directors of conflicts of interest and the Company will rely upon such laws in respect of any directors' or officers' conflicts of interest or in respect of any breaches of duty by any of its directors or officers. All such conflicts will be disclosed by such directors or officers in accordance with the BCBCA and they will govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed upon them by law.

Save and except as aforesaid or otherwise disclosed in this AIF, to the Company's knowledge, there are no known existing or potential conflicts of interest between the Company and any director or officer of the Company.

**ITEM 13: PROMOTERS**

No person has acted as a promoter of the Company within the two most recently completed financial years or during the current financial year.

**ITEM 14: LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

14.1 Legal Proceedings

During the fiscal year ended September 30, 2024, and as of the date of this AIF, the Company is not and was not a party to, and its property is not and was not the subject of, any legal proceedings and no such proceedings are known by the Company to be contemplated.

14.2 Regulatory Actions

During the fiscal year ended September 30, 2024, and as of the date of this AIF, there were no penalties or sanctions imposed against, or settlement agreements with any court relating to securities legislation or with securities regulatory authority entered into by the Company or any other penalties or sanctions imposed by a court or regulatory body against the Company that would likely be considered important to a reasonable investor in making an investment decision.

**ITEM 15: INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Other than as disclosed in this AIF, in the notes to the Company's Financial Statements and its MD&A, no director or executive officer of the Company, and no Shareholder holding of record or beneficially, directly or indirectly, more than 10% of the Company's outstanding Highlander common shares ("**Insiders**"), and none of the respective associates or affiliates of any of the foregoing, had any material interest, direct or indirect, in any transaction with the Company or in any proposed transaction within the three most recently completed financial years or the current financial year of the Company that has materially affected or is reasonably expected to materially affect the Company.

**ITEM 16: TRANSFER AGENT AND REGISTRAR**

The Company's registrar and transfer agent for its Highlander common shares is Endeavor Trust Corporation located at 702 - 777 Hornby Street, Vancouver, BC, V6Z 1S4.

**ITEM 17: MATERIAL CONTRACTS**

Other than contracts entered into in the ordinary course of business, no material contracts were entered into by the Company since the commencement of the Company's fiscal year ended September 30, 2024, or before such time that are still in effect, other than the San Luis Share Purchase Agreement and the Underwriting Agreement. See Section 4.1 of this AIF for additional information on those agreements.

**ITEM 18: INTERESTS OF EXPERTS**

18.1 Names of Experts

The following table lists the persons and companies who have prepared or certified a report, valuation, statement or opinion described or included in a filing, or referred to in a filing, made under National Instrument 51-102 *Continuous Disclosure Obligations* by the Company during the fiscal year ended September 30, 2024 or subsequent thereto:

---

| | |
|:---|:---|
| **Name of Individual or Company** | **Report, Valuation, Statement or Opinion** |
| Davidson & Company LLP | Audited consolidated financial statements of the Company for the years ended September 30, 2024 and 2023 together with the auditors' report thereon. |
| Martinez Rodriguez Y Asociados | Audited financial statements of Reliant Ventures S.A.C. as of December 31, 2023 and 2022, together with the auditors' report thereon included in the business acquisition report dated August 2, 2024. |
| Martin Mount, MSc MCSM FGS CGeol FIMMM CEng | "Technical Report on The San Luis Property District of Shupluy, Yungay Province, Ancash Department, Peru" with an effective date of January 15, 2025 |
| Sergio Gelcich (PGeo) | Scientific and technical statements made in the Company's continuous disclosure. |
| Graeme Lyall (FAusIMM) | Scientific and technical statements made in the Company's continuous disclosure. |

---

18.2 Interests of Experts

To the knowledge of the Company, neither Martin Mount nor Martinez Rodriguez Y Asociados nor their respective associates or affiliates held, as of the date of the applicable report, valuation, statement or opinion referred to in ITEM 18.1: "*Interests of Experts - Names of Experts*" above, currently hold or will receive any registered or beneficial interests, direct or indirect, in any securities or other property of the Company. To the knowledge of the Company, Mr. Gelcich's and Mr. Lyall's interest in Company common shares is less than one per cent of the Company's outstanding common shares.

The auditor of the Company is Davidson & Company LLP, Chartered Professional Accountants ("**Davidson**"), 1200, 609 Granville Street, Pacific Centre, Vancouver, BC, V7Y 1G6. Davidson is independent from the Company within the meaning of the Rules of Professional Conduct of the Institute of Chartered Professional Accountants of British Columbia.

**ITEM 19: AUDIT COMMITTEE**

National Instrument 52-110 *Audit Committees* of the Canadian Securities Administrators ("**NI 52-110**") requires the Company to disclose annually in its AIF certain information concerning the constitution of its audit committee and its relationship with its external auditor, as set forth below.

19.1 The Audit Committee Charter

The text of the Company's Audit Committee Charter (the "**Audit Committee Charter**") is attached as Schedule "A" hereto.

19.2 Composition of Audit Committee

The following are the members of the Audit Committee:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Audit Committee Member** |
| &nbsp;&nbsp;Thomas Whelan &nbsp;&nbsp;Independent <sup>(1)</sup> &nbsp;&nbsp;Financially literate <sup>(1)</sup> |
| &nbsp;&nbsp;Jerrold Annett &nbsp;&nbsp;Independent <sup>(1)</sup> &nbsp;&nbsp;Financially literate <sup>(1)</sup> |
| &nbsp;&nbsp;Javier Toro &nbsp;&nbsp;Independent <sup>(1)</sup> &nbsp;&nbsp;Financially literate <sup>(1)</sup> |

---

 

*<sup>(1)</sup>* *As defined by NI 52-110.*

 

19.3 Relevant Education and Experience

As a result of their respective experience, each member of the Audit Committee (i) has an understanding of the accounting principles used by Highlander to prepare its financial statements, (ii) has the ability to assess the general application of such accounting principles in connection with the accounting for estimates, accruals and provisions, (iii) has experience in analyzing and evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to that that can reasonably be expected to be raised by Highlander's financial statements, and (iv) has an understanding of internal controls and procedures for financial reporting.

Mr. Whelan has over 30 years of experience in the mining industry. Mr. Whelan currently serves as Senior Vice President, Chief Financial Officer and Corporate Development for Coeur Mining ("**Coeur**"). Prior to joining Coeur, Mr. Whelan served as CFO of Arizona Mining Inc. from September 2017 to August 2018, when the company was acquired by South32 Limited. Previously, Mr. Whelan served as CFO for Nevsun Resources Ltd. from January 2014 to August 2017. He is a chartered professional accountant and was previously a partner with the international accounting firm Ernst & Young ("**EY**") LLP where he held several leadership roles.

Mr. Jerrold Annett has most recently been responsible for leading Capstone Copper's investor relations, marketing and metal sales activities. He joined Capstone in September 2019 and has over 29 years of global mining and capital markets experience, providing strategic direction and executive oversight for several junior exploration and development companies including in roles as Chief Executive Officer and SVP Corporate Development. Mr. Annett's over 29 years of experience in the mining industry including in strategic matters and extensive experience dealing with complex financial issues over many years offers him the requisite experience to perform his responsibilities as a member of the audit committee.

Mr. Toro is a Mining Engineer with over 25 years of experience leading the design and execution of engineering and economic studies for global scale open pit copper projects including the Constancia mine in Peru, Copper World mine in United States and Copper Mountain mine in Canada. Mr. Toro is currently the Chief Operating Officer at Solaris Resources. Mr. Toro's over 25 years of experience in the mining industry focused on complex engineering and economic models and studies offers him the requisite experience to perform his responsibilities as a member of the audit committee.

19.4 Reliance on Certain Exemptions

Except as set out below, at no time since the commencement of the Company's most recently completed financial year has the Company relied on an exemption in Sections 2.4, 3.2, 3.4, 3.5 of Part 8 of National Instrument 52-110 *Audit Committees* ("**NI 52-110**").

19.5 Audit Committee Oversight

At no time since the commencement of the Company's most recently completed financial year was a recommendation of the Audit Committee to nominate or compensate an external auditor not adopted by the Board.

19.6 Pre-Approval Policies and Procedures

The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services as described in Item 10(d)(i) of the Audit Committee Charter.

19.7 External Audit Service Fees (By Category)

The aggregate fees paid or payable by the Company's external auditors in each of the last two financial years for audit and related services are as follows:

---

| | | |
|:---|:---|:---|
| **Financial Year<br> Ending** | **Audit Fees<sup>(1)</sup>** | **All Other Fees<sup>(4)</sup>** |
| 2024 | $120000 Nil | $2000 |
| 2023 | $60000 Nil | Nil |

---

<sup>(1)</sup> "**Audit Fees**" include fees necessary to perform the annual audit and quarterly reviews of the Company's consolidated financial statements. Audit Fees include fees for review of tax provisions and for accounting consultations on matters reflected in the financial statements. Audit Fees also include audit or other attest services required by legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits.

<sup>(2)</sup> "**Audit-Related Fees**" include fees for services that are traditionally performed by the auditor. These audit-related services include employee benefit audits, due diligence assistance, accounting consultations on proposed transactions, internal control reviews and audit or attest services not required by legislation or regulation.

<sup>(3)</sup> "**Tax Fees**" include fees for all tax services other than those included in "Audit Fees" and "Audit-Related Fees". This category includes fees for tax compliance, tax planning and tax advice. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions, and requests for rulings or technical advice from tax authorities.

<sup>(4)</sup> "**All Other Fees**" include all other non-audit services.

ITEM 20: ADDITIONAL INFORMATION

Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities, and securities authorized for issuance under equity compensation plans, is contained in the Company's Management Information Circular filed on the Company's profile on SEDAR+ on February 16, 2024 for its 2024 Annual General Meeting of shareholders held on March 15, 2024.

Additional financial information is also provided in the Company's audited consolidated financial statements and related MD&A for its fiscal year ended September 30, 2024.

Additional information relating to the Company may be found on SEDAR+ at www.sedarplus.ca.

**SCHEDULE "A"**

**AUDIT COMMITTEE CHARTER**

**[Attached.]**

**Lido Minerals Ltd.**

**AUDIT COMMITTEE CHARTER**

**PURPOSE**

The overall purpose of the Audit Committee (the **"Committee")** of Lido Minerals Ltd. Corp. (the **"Company")** is to ensure that the Company's management has designed and implemented an effective system of internal financial controls to review and report on the integrity of the financial statements and related financial disclosure of the Company and to review the Company's compliance with regulatory and statutory requirements as they relate to financial statements, taxation matters and disclosure of financial information. It is the intention of the Board that through the involvement of the Committee, the external audit will be conducted independently of the Company's Management to ensure that the independent auditors serve the interests of Shareholders rather than the interests of Management of the Company. The Committee will act as a liaison to provide better communication between the Board and the external auditors. The Committee will monitor the independence and performance of the Company's independent auditors.

**COMPOSITION, PROCEDURES AND ORGANIZATION**

1. The Committee shall consist of at least three members of the Board of Directors (the **"Board"**).

2. At least two (2) members of the Committee shall be independent and the Committee shall endeavour to appoint
a majority of independent directors to the Committee who, in the opinion of the Board, would be free from a relationship which would interfere
with the exercise of the Committee members' independent judgment. At least one (1) member of the Committee shall have accounting or related
financial management expertise. All members of the Committee that are not financially literate will work towards becoming financially
literate to obtain a working familiarity with basic finance and accounting practices applicable to the Company. For the purposes of this
Charter, an individual is financially literate if he or she has the ability to read and understand a set of financial statements that
present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues
that can reasonably be expected to be raised by the Company's financial statements.

3. The Board, at its organizational meeting held in conjunction with each annual general meeting of the shareholders,
shall appoint the members of the Committee for the ensuing year. The Board may, at any time, remove or replace any member of the Committee
and may fill any vacancy in the Committee.

4. Unless the Board shall have appointed a chair of the Committee, the members of the Committee shall elect a chair and a secretary from
among their number.

5. The quorum for meetings shall be a majority of the members of the Committee, present in person, by telephone
or other telecommunication device that permits all persons participating in the meeting to speak and to hear each other.

6. The Committee shall have access to such officers and employees of the Company, to the Company's external
auditors and to such information respecting the Company, as it considers to be necessary or advisable in order to perform its duties and
responsibilities.

7. Meetings of the Committee shall be conducted as follows:

(a) The Committee shall meet at least four times annually at such times and at such locations as may be requested
by the chair of the Committee. The external auditors or any member of the Committee may request a meeting of the Committee;

(b) the external auditors shall receive notice of and have the right to attend all meetings of the Committee;
and

(c) management representatives may be invited to attend all meetings except private sessions with the external
auditors.

8. The internal auditors and the external auditors shall have a direct line of communication to the Committee
through its chair and may bypass management if deemed necessary. The Committee, through its chair, may contact directly any employee in
the Company as it deems necessary and any employee may bring before the Committee any matter involving questionable, illegal or improper
financial practices or transactions.

**ROLES AND RESPONSIBILITIES**

9. The overall duties and responsibilities of the Committee shall be as follows:

(a) to assist the Board in the discharge of its responsibilities relating to the Company's accounting principles,
reporting practices and internal controls and its approval of the Company's annual and quarterly financial statements and related financial
disclosure;

(b) to establish and maintain a direct line of communication with the Company's internal and external auditors
and assess their performance;

(c) to ensure that the management of the Company has designed, implemented and is maintaining an effective system of internal financial controls;
and

(d) to report regularly to the Board on the fulfillment of its duties and responsibilities.

10. The duties and responsibilities of the Committee as they relate to the external auditors shall be as follows:

(a) to recommend to the Board a firm of external auditors to be engaged by the Company, and to verify the independence of such external
auditors;

(b) to review and approve the fee, scope and timing of the audit and other related services rendered by the external auditors;

(c) to review the audit plan of the external auditors prior to the commencement of the audit;

(d) to review and/ or discuss with the external auditors, upon completion of their audit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the non-audit services provided by the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the quality and not just the acceptability of the Company's
accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the implementation of structures and procedures to ensure
that the Committee meets the external auditors on a regular basis in the absence of management.

11. The duties and responsibilities of the Committee as they relate to the internal control procedures of the Company are to:

(a) review the appropriateness and effectiveness of the Company's policies and business practices which impact
on the financial integrity of the Company, including those relating to internal auditing, insurance, accounting, information services
and systems and financial controls, management reporting and risk management;

(b) review compliance under the Company's business conduct and ethics policies and to periodically review
these policies and recommend to the Board changes which the Committee may deem appropriate;

(c) review any unresolved issues between management and the external auditors that could affect the financial
reporting or internal controls of the Company; and

(d) periodically review the Company's financial and auditing procedures and the extent to which recommendations
made by the internal audit staff or by the external auditors have been implemented.

12. The Committee is also charged with the responsibility to:

(a) review the Company's quarterly statements of earnings, including the impact of unusual items and changes
in accounting principles and estimates and report to the Board with respect thereto;

(b) review and approve the financial sections of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the annual report to Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the annual information form, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) annual and interim MD&A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) news releases discussing financial results of the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other public reports of a financial nature requiring approval
by the Board,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) and report to the Board with respect thereto;

(c) review regulatory filings and decisions as they relate to
the Company's financial statements;

(d) review the appropriateness of the policies and procedures used in the preparation of the Company's financial
statements and other required disclosure documents and consider recommendations for any material change to such policies;

(e) review and report on the integrity of the Company's financial statements;

(f) review the minutes of any audit committee meeting of subsidiary companies;

(g) review with management, the external auditors and, if necessary, with legal counsel, any litigation, claim
or other contingency, including tax assessments that could have a material effect upon the financial position or operating results of
the Company and the manner in which such matters have been disclosed in the financial statements;

(h) review the Company's compliance with regulatory and statutory requirements as they relate to financial
statements, tax matters and disclosure of financial information; and

(i) develop a calendar of activities to be undertaken by the Committee for each ensuing year and to submit
the calendar in the appropriate format to the Board of Directors following each annual general meeting of shareholders.

13. The Committee shall have the authority:

(a) to engage independent counsel and other advisors as it determines necessary to carry out its duties,

(b) to set and pay the compensation for any advisors employed by the Committee; and

(c) to communicate directly with the internal and externalauditors.

## Exhibit 99.21

**Exhibit 99.21**

**Form 52-109F1 – AIF**

**Certification of annual filings**

**in connection with voluntarily filed AIF**

This certificate is being filed on the same date that **Highlander Silver Corp.** (the "issuer") has voluntarily filed an AIF.

I, **Daniel Earle**, **President and Chief Executive Officer** of **Highlander Silver Corp.** certify the following:

1.  ***Review*** : I have reviewed the AIF, annual financial statements and annual MD&A, including
for greater certainty all documents and information that are incorporated by reference in the AIF (together, the "annual filings")
of the issuer for the financial year ended **September 30, 2024**.

2.  ***No misrepresentations*** : Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is
necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual
filings.

3.  ***Fair presentation*** : Based on my knowledge, having exercised reasonable diligence, the annual
financial statements together with the other financial information included in the annual filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual
filings.

Date: <u>March 14</u>, 2025

<u>*(signed) Daniel Earle*</u> <br> Daniel Earle <br> President and Chief Executive Officer

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>NOTE TO READER</u>** | &nbsp;&nbsp;**<u>NOTE TO READER</u>** |
| &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of |
| &nbsp;&nbsp;i) | &nbsp;&nbsp;controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| &nbsp;&nbsp;ii) | &nbsp;&nbsp;a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
| &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. |

---

## Exhibit 99.22

**Exhibit 99.22**

**Form 52-109F1 – AIF**

**Certification of annual filings**

**in connection with voluntarily filed AIF**

This certificate is being filed on the same date that **Highlander Silver Corp.** (the "issuer") has voluntarily filed an AIF.

I, **Sunny Lowe**, **Chief Financial Officer** of **Highlander Silver Corp.** certify the following:

1.  ***Review*** : I have reviewed the AIF, annual financial statements and annual MD&A, including
for greater certainty all documents and information that are incorporated by reference in the AIF (together, the "annual filings")
of the issuer for the financial year ended **September 30, 2024**.

2.  ***No misrepresentations*** : Based on my knowledge, having exercised reasonable diligence, the
annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is
necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual
filings.

3.  ***Fair presentation*** : Based on my knowledge, having exercised reasonable diligence, the annual
financial statements together with the other financial information included in the annual filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual
filings.

Date: <u>March 14</u>, 2025

<u>*(signed) Sunny Lowe*</u> <br> Sunny Lowe <br> Chief Financial Officer

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>NOTE TO READER</u>** | &nbsp;&nbsp;**<u>NOTE TO READER</u>** |
| &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of |
| &nbsp;&nbsp;i) | &nbsp;&nbsp;controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| &nbsp;&nbsp;ii) | &nbsp;&nbsp;a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
| &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. |

---

## Exhibit 99.23

**Exhibit 99.23**

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| ![](ex99-23_002.jpg) | ![](ex99-23_003.jpg) |

---

**TECHNICAL REPORT ON THE SAN LUIS PROPERTY**

**District of Shupluy, Yungay Province, Ancash Department, Peru**

**Effective Date: January 15, 2025**

**Report Date: March 14, 2025**

Report prepared for Highlander Silver Corp.

By Martin Mount, MSc MCSM FGS CGeol FIMMM CEng

![](ex99-23_004.jpg)

Photograph of the Ayelén Vein cropping out at surface <br> (latitude 09° 23' south by longitude 77° 47' west)

**Technical Report on the San Luis Property**<sub>1</sub>

![](ex99-23_001.jpg)

**DATE AND SIGNATURE PAGE**

I, Martin Mount, MSc MCSM FGS CGeol FIMMM CEng (Qualified Person), do hereby certify that I am author of the report entitled "Technical Report on the San Luis Property" with the effective date of January 15, 2025.

● My current work address is Avenida 28 de Julio 842-A, Miraflores, Lima, Peru, 15074.

● I am a self-employed independent Mining Geologist and Mine Planning Engineer.

● I graduated with a Distinction in Master of Science in Mining Geology at the Camborne School of Mines, UK in 1985.

● I have worked in the mining industry for more than 50 years. I specialize in the geological control, management and evaluation of exploration and base metal and Au-Ag mining projects. I have significant relevant experience in mineral resource estimation including, in addition to much other relevant experience, a five year period with Volcan Compañia Minera S.A.A., where my principal role was the 'Competent Person' for reporting Resources and Reserves (JORC Code), and where I was responsible for geological interpretation, modelling and planning in mining operations at the following underground mines: Carahuacra, San Cristobal, Andaychagua, Ticlio, Animon, Vinchos and Cerro de Pasco. I have read the definition of "Qualified Person" set out in National Instrument 43-101 ("NI 43-101") and certify that by reason of my education, affiliation with professional associations (as defined in NI 43-101) and past relevant work experience, I fulfil the requirements to be a "Qualified Person" for the purposes of reporting under NI 43-101.

● I am responsible for the preparation of all sections of this Technical Report.

● I am independent of Highlander Silver Corp. (the Issuer) applying all of the tests in section 1.5 of National Instrument 43-101.

● I have had no prior involvement with the property that is the subject of this technical report.

● I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with that instrument and form.

● I visited the San Luis Properties on March 20–22, 2024.

● I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the Technical Report.

● At the effective date of the technical report, to the best of my knowledge, information, and belief, the technical report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading

Dated this <u>14th</u> day of March, 2025.

*<u>(signed) Martin Mount</u>*

**Martin Mount**

MSc MCSM FGS CGeol FIMMM CEng (QP)

Fellow of the Geological Society of London – Membership No. 16658.

Fellow of the Institute of Materials Minerals and Mining – Membership No. 47566

**Technical Report on the San Luis Property**<sub>2</sub>

![](ex99-23_001.jpg)

**CONTENTS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **1** | **SUMMARY** | **SUMMARY** | **SUMMARY** | **11** |
|  | 1.1 | Geological Setting | Geological Setting | 11 |
|  | 1.2 | Exploration to Date | Exploration to Date | 11 |
|  | 1.3 | 2025 Mineral Resource Estimate | 2025 Mineral Resource Estimate | 12 |
|  | 1.4 | Conclusions and Recommendations | Conclusions and Recommendations | 12 |
|  |  | 1.4.1 | Recommendations | 13 |
| **2** | **INTRODUCTION** | **INTRODUCTION** | **INTRODUCTION** | **14** |
|  | 2.1 | Units of Measure | Units of Measure | 14 |
|  | 2.2 | Abbreviations | Abbreviations | 14 |
| **3** | **RELIANCE ON OTHER EXPERTS** | **RELIANCE ON OTHER EXPERTS** | **RELIANCE ON OTHER EXPERTS** | **16** |
| **4** | **PROPERTY DESCRIPTION AND LOCATION** | **PROPERTY DESCRIPTION AND LOCATION** | **PROPERTY DESCRIPTION AND LOCATION** | **17** |
|  | 4.1 | Permitting | Permitting | 19 |
|  | 4.2 | Annual Fees and Obligations | Annual Fees and Obligations | 20 |
|  |  | 4.2.1 | Licence Fees | 20 |
|  |  | 4.2.2 | Minimum Production Obligation | 20 |
|  | 4.3 | Ownership of Mining Rights | Ownership of Mining Rights | 21 |
|  | 4.4 | Royalties Payable | Royalties Payable | 21 |
|  |  | 4.4.1 | Royalties Payable to Third Parties | 22 |
|  | 4.5 | Taxation and Foreign Exchange Controls | Taxation and Foreign Exchange Controls | 23 |
|  | 4.6 | Protected Areas | Protected Areas | 24 |
|  | 4.7 | Rights to Conduct Exploration Activities | Rights to Conduct Exploration Activities | 25 |
| **5** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **26** |
|  | 5.1 | Accessibility | Accessibility | 26 |
|  | 5.2 | Climate | Climate | 27 |
|  | 5.3 | Local Resources | Local Resources | 27 |
|  | 5.4 | Infrastructure | Infrastructure | 27 |
|  | 5.5 | Physiography | Physiography | 28 |
|  | 5.6 | Water Resources | Water Resources | 29 |
| **6** | **HISTORY** | **HISTORY** | **HISTORY** | **30** |

---

**Technical Report on the San Luis Property**<sub>3</sub>

![](ex99-23_001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **7** | **GEOLOGICAL SETTING AND MINERALIZATION** | **GEOLOGICAL SETTING AND MINERALIZATION** | **GEOLOGICAL SETTING AND MINERALIZATION** | **31** |
|  | 7.1 | Regional Geology | Regional Geology | 31 |
|  |  | 7.1.1 | Cordillera Negra Mountain Range | 32 |
|  |  | 7.1.2 | Huaylas Valley | 33 |
|  |  | 7.1.3 | Cordillera Blanca Mountain Range | 33 |
|  |  | 7.1.4 | Structure | 33 |
|  | 7.2 | Property Geology | Property Geology | 33 |
|  |  | 7.2.1 | Lithology | 34 |
|  |  | 7.2.2 | Structure | 38 |
|  |  | 7.2.3 | Alteration | 39 |
|  | 7.3 | Mineralization | Mineralization | 40 |
|  |  | 7.3.1 | San Luis Vein System | 40 |
|  |  | 7.3.2 | Vein Mineralogy | 41 |
|  |  | 7.3.3 | Zinc-Copper-Lead-Silver (± Gold) Manto Mineralization of the BP Zone | 47 |
|  |  | 7.3.4 | Hydrothermal Breccia-Hosted Copper-Lead-Zinc-Silver Mineralization | 48 |
|  |  | 7.3.5 | Copper-Molybdenum Porphyry-Type Mineralization | 50 |
|  |  | 7.3.6 | Mineralogical/Petrographic Studies | 51 |
| **8** | **DEPOSIT TYPES** | **DEPOSIT TYPES** | **DEPOSIT TYPES** | **53** |
|  | 8.1 | Deposit Classification | Deposit Classification | 53 |
|  |  | 8.1.1 | Epithermal Low-Sulphidation Precious Metal Vein Mineralization | 53 |
|  |  | 8.1.2 | Copper-Molybdenum Porphyry and Related Base Metal Mineralization (BP Zone) | 54 |
|  |  | 8.1.3 | Sillitoe Opinion | 55 |
| **9** | **EXPLORATION** | **EXPLORATION** | **EXPLORATION** | **57** |
|  | 9.1 | Exploration Program (2005) | Exploration Program (2005) | 57 |
|  | 9.2 | Exploration Program (2006) | Exploration Program (2006) | 57 |
|  |  | 9.2.1 | Geological Mapping | 57 |
|  |  | 9.2.2 | Rock Geochemical Sampling | 57 |
|  | 9.3 | 2007 Exploration Program (2007) | 2007 Exploration Program (2007) | 59 |
|  |  | 9.3.1 | Infrastructure Construction | 59 |
|  |  | 9.3.2 | Geological Mapping | 59 |
|  |  | 9.3.3 | Silt Geochemical Sampling | 59 |
|  |  | 9.3.4 | Rock Geochemical Sampling | 59 |
|  |  | 9.3.5 | Geophysical Surveying | 60 |
|  |  | 9.3.6 | Diamond Drilling | 61 |
|  | 9.4 | Summarized Results of 2006–2007 Exploration Drilling Programs | Summarized Results of 2006–2007 Exploration Drilling Programs | 61 |
|  | 9.5 | Engineering Drillhole and Site Investigation Work carried out in 2010 | Engineering Drillhole and Site Investigation Work carried out in 2010 | 62 |
|  | 9.6 | Exploration Program (2011–2012) | Exploration Program (2011–2012) | 62 |
|  | 9.7 | Exploration Restart (2021–2023) | Exploration Restart (2021–2023) | 67 |

---

**Technical Report on the San Luis Property**<sub>4</sub>

![](ex99-23_001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **10** | **DRILLING** | **DRILLING** | **DRILLING** | **72** |
|  | 10.1 | Results of the 2006–2007 Drilling Programs | Results of the 2006–2007 Drilling Programs | 74 |
| **11** | **SAMPLE PREPARATION, ANALYSIS AND SECURITY** | **SAMPLE PREPARATION, ANALYSIS AND SECURITY** | **SAMPLE PREPARATION, ANALYSIS AND SECURITY** | **80** |
|  | 11.1 | Surface Trench Sampling | Surface Trench Sampling | 80 |
|  | 11.2 | Drill Core Sampling | Drill Core Sampling | 80 |
|  | 11.3 | Sample Security and Chain of Custody Procedures | Sample Security and Chain of Custody Procedures | 80 |
|  | 11.4 | Sample Preparation and Analysis | Sample Preparation and Analysis | 81 |
|  |  | 11.4.1 | Sample Preparation | 81 |
|  |  | 11.4.2 | Analyses | 81 |
|  |  | 11.4.3 | Quality Assurance and Quality Control | 82 |
| **12** | **DATA VERIFICATION** | **DATA VERIFICATION** | **DATA VERIFICATION** | **87** |
|  | 12.1 | Verification of Surface Sampling Trenches and Drillhole Collars | Verification of Surface Sampling Trenches and Drillhole Collars | 87 |
|  |  | 12.1.1 | Trenches | 87 |
|  |  | 12.1.2 | Drillhole Collars | 88 |
|  | 12.2 | Verification of Drill Core Logging | Verification of Drill Core Logging | 89 |
|  | 12.3 | Verification of Assay Results | Verification of Assay Results | 91 |
| **13** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **96** |
|  | 13.1 | Process Research Associates, Vancouver, Canada | Process Research Associates, Vancouver, Canada | 96 |
|  | 13.2 | Plenge Laboratory, Lima, Perú | Plenge Laboratory, Lima, Perú | 98 |
|  | 13.3 | G&T Metallurgical Services Ltd | G&T Metallurgical Services Ltd | 99 |
|  |  | 13.3.1 | Comminution and Settling Tests by G&T | 100 |
|  | 13.4 | Feasibility Study by BISA | Feasibility Study by BISA | 101 |
|  | 13.5 | Conclusions | Conclusions | 101 |
| **14** | **MINERAL RESOURCE ESTIMATES** | **MINERAL RESOURCE ESTIMATES** | **MINERAL RESOURCE ESTIMATES** | **103** |
|  | 14.1 | Review of the 2009 Mineral Resource Estimate | Review of the 2009 Mineral Resource Estimate | 103 |
|  |  | 14.1.1 | Databases | 103 |
|  |  | 14.1.2 | Drill Core vs Chip-Channel Sampling Quality | 105 |
|  | 14.2 | Geological Domains and Modelling | Geological Domains and Modelling | 105 |
|  | 14.3 | Outlier Treatment | Outlier Treatment | 108 |
|  | 14.4 | Sample Lengths | Sample Lengths | 109 |
|  | 14.5 | Block Model Parameters | Block Model Parameters | 109 |
|  | 14.6 | Gold and Silver Grade Estimation | Gold and Silver Grade Estimation | 110 |
|  | 14.7 | Bulk Density | Bulk Density | 113 |
|  | 14.8 | Resource Classification | Resource Classification | 113 |

---

**Technical Report on the San Luis Property**<sub>5</sub>

![](ex99-23_001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 14.9 | Block Model Validation | Block Model Validation | 114 |
|  |  | 14.9.1 | Statistics | 114 |
|  |  | 14.9.2 | Swath Plots | 116 |
|  |  | 14.9.3 | Estimation Software Checks | 117 |
|  |  | 14.9.4 | Visual Checks | 117 |
|  | 14.10 | Reasonable Prospects for Economic Extraction | Reasonable Prospects for Economic Extraction | 117 |
|  | 14.11 | Mineral Resource Statement | Mineral Resource Statement | 118 |
| **15** | **MINERAL RESERVE ESTIMATES** | **MINERAL RESERVE ESTIMATES** | **MINERAL RESERVE ESTIMATES** | **121** |
| **16** | **MINING METHODS** | **MINING METHODS** | **MINING METHODS** | **122** |
| **17** | **RECOVERY METHODS** | **RECOVERY METHODS** | **RECOVERY METHODS** | **123** |
| **18** | **PROJECT INFRASTRUCTURE** | **PROJECT INFRASTRUCTURE** | **PROJECT INFRASTRUCTURE** | **124** |
| **19** | **MARKET STUDIES AND CONTRACTS** | **MARKET STUDIES AND CONTRACTS** | **MARKET STUDIES AND CONTRACTS** | **125** |
| **20** | **ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT** | **ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT** | **ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT** | **126** |
| **21** | **CAPITAL AND OPERATING COSTS** | **CAPITAL AND OPERATING COSTS** | **CAPITAL AND OPERATING COSTS** | **127** |
| **22** | **ECONOMIC ANALYSIS** | **ECONOMIC ANALYSIS** | **ECONOMIC ANALYSIS** | **128** |
| **23** | **ADJACENT PROPERTIES** | **ADJACENT PROPERTIES** | **ADJACENT PROPERTIES** | **129** |
| **24** | **OTHER RELEVANT DATA AND INFORMATION** | **OTHER RELEVANT DATA AND INFORMATION** | **OTHER RELEVANT DATA AND INFORMATION** | **130** |
| **25** | **INTERPRETATION AND CONCLUSIONS** | **INTERPRETATION AND CONCLUSIONS** | **INTERPRETATION AND CONCLUSIONS** | **131** |
|  | 25.1 | Geological Model and Supporting Data | Geological Model and Supporting Data | 131 |
|  | 25.2 | Mineral Resource Estimation | Mineral Resource Estimation | 131 |
|  | 25.3 | Exploration Objectives | Exploration Objectives | 131 |
|  | 25.4 | Project Development | Project Development | 131 |
|  | 25.5 | Conclusions | Conclusions | 132 |
| **26** | **RECOMMENDATIONS** | **RECOMMENDATIONS** | **RECOMMENDATIONS** | **133** |
|  | 26.1 | Exploration | Exploration | 133 |
|  | 26.2 | Geological Modelling and Resource Estimation | Geological Modelling and Resource Estimation | 133 |
|  | 26.3 | Community and Social Engagement | Community and Social Engagement | 134 |
|  | 26.4 | The Proposed Exploration Program | The Proposed Exploration Program | 134 |
| **27** | **REFERENCES** | **REFERENCES** | **REFERENCES** | **136** |

---

**Technical Report on the San Luis Property**<sub>6</sub>

![](ex99-23_001.jpg)

**Tables**

---

| | | |
|:---|:---|:---|
| Table 1-1 | 2025 San Luis Project updated Mineral Resource estimate | 12 |
| Table 1-2 | Recommended Work Program | 13 |
| Table 4-1 | Summary of Reliant's 32 mineral concessions registered with MINEM | 18 |
| Table 4-2 | Royalties payable to the Peruvian Government | 22 |
| Table 4-3 | Summary of concessions where 1% NSR Royalty is payable to ESC | 22 |
| Table 4-4 | Summary of the concessions where 1% NSR Royalty is payable to Metalla Royalty & Streaming Ltd | 23 |
| Table 4-5 | Summary of the concessions where 4% NSR Royalty is payable to SSR Mining Inc | 23 |
| Table 4-6 | Summary of rates – Special Tax on Mining | 24 |
| Table 9-1 | Summary of surface trenches by vein target area | 58 |
| Table 9-2 | Highlights from veins mapped during 2021-2023 | 69 |
| Table 10-1 | Summary of 2006–2012 diamond drilling | 72 |
| Table 10-2 | Summary of the main drillhole logged lithologies | 77 |
| Table 11-1 | Accepted gold values and ranges for the San Luis standards | 82 |
| Table 11-2 | Accepted silver values and ranges for the San Luis standards | 82 |
| Table 12-1 | Summary of drill collars checked on site | 89 |
| Table 12-2 | Summary of drill cores inspected within Model Section 10 | 89 |
| Table 12-3 | Summary of drill cores inspected within Model Section 14 | 89 |
| Table 12-4 | Summary of drill cores inspected within Model Section 20 | 90 |
| Table 12-5 | Summary of surrounding drill cores inspected to the north, south and in depth | 91 |
| Table 12-6 | Summary of the check assay results carried out for HSC | 94 |
| Table 12-7 | Assay results for the inserted control samples | 95 |
| Table 13-1 | Summary of composite samples provided to PRA | 96 |
| Table 13-2 | Cyanidation results with and without gravity pre-concentration | 96 |
| Table 13-3 | PRA results showing the effect of grind size on recoveries | 97 |
| Table 13-4 | Summary of the composite sample make-up provided to Plenge | 98 |
| Table 13-5 | Plenge results showing the effect of grind sizes on recoveries | 98 |
| Table 13-6 | G&T settling test results | 101 |
| Table 14-1 | 2009 Reliant-declared Mineral Resource estimate (6.0 g/t Au cut-off) | 103 |
| Table 14-2 | Summary of trench sampling and metres assayed | 103 |
| Table 14-3 | Summary of diamond drillholes and metres sampled and assayed | 104 |
| Table 14-4 | Paired core vs chip-channel sample grades | 105 |
| Table 14-5 | Block model parameters | 110 |
| Table 14-6 | Search parameters used in block interpolation | 110 |
| Table 14-7 | Sample statistics for gold, before and after capping | 112 |
| Table 14-8 | Sample statistics for silver, before and after capping | 112 |
| Table 14-9 | Specific gravity measurements in the Ayelén zone | 113 |
| Table 14-10 | Statistics comparing 1 m composite samples to Resource Model block grades | 115 |
| Table 14-11 | San Luis Project Mineral Resources estimated in 2025 | 118 |
| Table 14-13 | Summary by vein – comparison 2009 with this 2025 estimate | 119 |
| Table 14-14 | Summary of the Indicated Resources by Elevation | 120 |

---

**Technical Report on the San Luis Property**<sub>7</sub>

![](ex99-23_001.jpg)

**Figures**

---

| | | |
|:---|:---|:---|
| Figure 4-1 | Location of the San Luis Property in Ancash, Peru | 17 |
| Figure 4-2 | Landsat image showing the distribution of Reliant's 32 mining concessions | 19 |
| Figure 5-1 | Map showing the road network and accessibility of the San Luis Project | 26 |
| Figure 5-2 | San Luis exploration camp at 3,705 masl, with the canteen to the left, accomodation in the centre, and core shed to the right | 27 |
| Figure 5-3 | Partly installed San Luis construction camp at 4,000 masl | 28 |
| Figure 5-4 | Map showing the camp locations and four lagoons within the project area | 29 |
| Figure 7-1 | Map showing the regional geological setting and the north-northwest trend of faulting, and the Tertiary Volcanic Belt, carrying high-sulphidation epithermal (Pierina), low-sulphidation epithermal (San Luis) deposits and skarns | 32 |
| Figure 7-2 | Reliant's regional geology and target generation map based on stream sediment sampling | 34 |
| Figure 7-3 | Stratigraphic column for the Ayelén District (developed by Reliant) | 35 |
| Figure 7-4 | Left – Dark grey, sub-horizontal andesitic flows (photo centre) near Inés vein structure. Right – Drill core of fine to medium-grained, feldspar-phyric andesite that constitutes portions of andesitic flow unit (coded V4, V4m (massive), V4mg (medium-grained) and V4fp (feldspar-porphyritic in drill logs) | 35 |
| Figure 7-5 | Heterolithic andesitic tuff-breccia with majority of poorly sorted andesitic volcanic clasts (left); Close-up of tuff breccia with black shale clasts (coded V4tbx in drill logs) (right) | 36 |
| Figure 7-6 | Left – Outcrop of pyroclastic flow rock with lapilli-sized, andesite and dacite volcanic clasts, and dark green, chloritized andesite pumice fragments partially compressed to form fiamme (coded V4pmt or V4lpt when pumice clasts are minor or absent). Right – Outcrop of coarse-grained andesitic crystal-lithic tuff (coded V4xlt in drillhole logs) exposed immediately west of the Ayelén vein structure | 37 |
| Figure 7-7 | Satellite image of the San Luis vein system (modified after Pincus and McCrea, 2007) | 41 |
| Figure 7-8 | Left – Drill core samples showing typical multiple brecciation and epithermal vein textures of the Ayelén vein. Thin laminations and colloform banding of quartz, chalcedony, sericite, calcite and minor adularia. Right – Drill core (DDH A-SL-064) hosting grey bands of very fine-grained pyrite with electrum, acanthite and base metal sulphides | 42 |
| Figure 7-9 | Geology of the Ayelén and Inés vein structures (modified from Pincus and McCrea, 2006) | 43 |
| Figure 7-10 | Satellite image of the San Luis vein and BP zones (after Ferraris, 2007) | 47 |
| Figure 7-11 | Patacocha manto occurrence (highlighted as white lines), after Ferraris, 2007 (left); Quartz-calcite stockwork hosted by andesitic rocks beneath manto occurrences (right) | 48 |
| Figure 7-12 | Aerial view of Patacocha hydrothermal vein outcrops (yellow lines) (left); Outcrop of hydrothermal breccia (right) | 49 |
| Figure 7-13 | Representative drill core samples from drillhole BP-SL-131, Patoccocha breccia, BP zone | 50 |
| Figure 7-14 | Native gold grain filling up porosities in the pyrite (py); the biggest grain measures 0.02 mm | 52 |
| Figure 8-1 | The epithermal model (Hedenquist et al., 1996, 2000, 2005 and others) | 54 |
| Figure 8-2 | Schematic geological section of inferred BP zone porphyry copper centre | 56 |
| Figure 9-1 | Hand-excavated trench with spray-painted locations of individual channel samples (after Pincus and McCrea, 2006) (left); Locations of 2006 channel samples on central portion of Ayelén vein structure (after Reliant, 2007) (right) | 58 |
| Figure 9-2 | Plans of resistivity (left) and chargeability (right), depth of 100 m, BP zone | 60 |
| Figure 9-3 | Geologic map showing gold and silver geochemical values from the 2011 Bonita target sampling and the 2012 BP zone sampling, location of the adits and trenches of the former Esperanza mine, Yanacota and San Simon prospects, and a noted breccia target | 63 |
| Figure 9-4 | Geological map showing the south extension of the copper-molybdenum target in the BP zone with an off-centre unaltered granodiorite and feldspar-phyric intrusion, copper and molybdenum values from 2012 sampling, the limits of the molyndenum anomalies, and location of 2013 proposed drillholes | 64 |
| Figure 9-5 | 2011–2012 Bonita trench sampling results and location of the first drillhole | 66 |
| Figure 9-6 | Two initial diamond drillholes drilled across the Bonita vein system | 67 |

---

**Technical Report on the San Luis Property**<sub>8</sub>

![](ex99-23_001.jpg)

---

| | | |
|:---|:---|:---|
| Figure 9-7 | Extent of vein mapping during 2021-2023 within the area surrounding the Ayelén occurrence | 68 |
| Figure 9-8 | Crop out of the Gemela West Vein approximately 1 km northeast of the Ayelén zone (right-hand inset photograph shows the vein in more detail) | 69 |
| Figure 9-9 | Two cross-sections through the Ayalén and Inés veins indicating a possible relationship between the mineralization and the faulted juxtaposition of the Upper Volcanics | 70 |
| Figure 9-10 | Northeast-southwest cross section showing the relationship between mineralization, faulting, and lithology adjacent to the Ayelén vein may be repeated in the case of the Ayelén West and Carhuan Puquio veins further to the west and southWest, and where drilling is being considered | 70 |
| Figure 10-1 | 2006 drillhole locations re the Ayelén and Inés vein structures | 73 |
| Figure 10-2 | Drilling section 1675 north showing the interpreted Ayelén vein and dyke structures | 75 |
| Figure 10-3 | Drilling section 1825 north showing the interpreted Ayelén and Inés veins, and dyke structures | 76 |
| Figure 11-1 | Duplicate core sample assays – Au ppm scatterplot | 84 |
| Figure 11-2 | Duplicate core sample assays – Ag ppm scatterplot | 84 |
| Figure 11-3 | 2007 duplicate core sample assay results for gold (left); 2007 duplicate core sample assay results for silver (right) | 85 |
| Figure 11-4 | Duplicate core sample assays – Au ppm relative difference chart | 85 |
| Figure 11-5 | Duplicate core sample assays – Ag ppm relative difference chart | 86 |
| Figure 12-1 | Ayelén trench 13 (left) and Ayelén trench 10 (right) | 87 |
| Figure 12-2 | Checking coordinates for two of the drillhole collars | 88 |
| Figure 12-3 | Collar to SL06-15 (left) and collar to SL06-14 (right) | 88 |
| Figure 12-4 | Sawn core from drillhole SL06-02 shows sampling continuing beyond the vein boundary | 90 |
| Figure 12-5 | Documented, bagged and sealed coarse sample rejects on wooden pallets | 91 |
| Figure 12-6 | A well numbered separate assay pulp sample store at Chorrillos | 92 |
| Figure 12-7 | Access to the computerized database can locate sample pulps within minutes | 93 |
| Figure 14-1 | South-north section of the drillhole intersections along the Ayelén vein | 104 |
| Figure 14-2 | 3D wireframe models including Ayelén, Ayelén HW and Inés | 106 |
| Figure 14-3 | 3D wireframe models showing high-grade domains | 107 |
| Figure 14-4 | Ayelén vein – distribution of gold grades (left) and distribution of silver grades (right) | 107 |
| Figure 14-5 | Ayelén vein – distribution of true widths (left) and distribution of width x AuEq grades (right) | 108 |
| Figure 14-6 | Gold log-probability plots for vein samples showing the determined capping values | 108 |
| Figure 14-7 | Silver log-probability plots for vein samples showing the determined capping values | 109 |
| Figure 14-8 | Histogram of sample interval lengths inside vein intercepts | 109 |
| Figure 14-9 | Box plot for gold for vein samples within different domains | 110 |
| Figure 14-10 | Box plot for silver for vein samples within different domains | 111 |
| Figure 14-11 | Gold histogram for different domains – all veins | 111 |
| Figure 14-12 | Silver histogram for different domains – all veins | 111 |
| Figure 14-13 | East-facing long sections of Ayelén, Ayelén HW and Inés showing Mineral Resource categories, surface trench and drillhole intercept spacing | 114 |
| Figure 14-14 | Ayelén vein gold – elevation and northing swath plots for different domains | 116 |
| Figure 14-15 | Ayelén vein silver – elevation and northing swath plots for different domains | 116 |
| Figure 14-16 | Gold – full width comparison between vein intercepts and block model | 117 |
| Figure 14-17 | Silver – full width comparison between vein intercepts and block model | 117 |

---

**Technical Report on the San Luis Property**<sub>9</sub>

![](ex99-23_001.jpg)

Appendices

---

| | |
|:---|:---|
| Appendix A | Summary of San Luis Project Sampling Trenches |
| Appendix B | Summary of San Luis Project Diamond Drillholes |
| Appendix C | San Luis Project – Summary of Main Drillhole Intercepts and Trench Sampling Results |
| Appendix D | Assay Certificates for the Check Assays carried out for Highland Silver Corp. |

---

**Technical Report on the San Luis Property**<sub>10</sub>

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **1** | **SUMMARY** |

---

The San Luis Property is situated within the District of Shupluy, Yungay Province, Ancash Department of west-central Peru; approximately 513 km north-northwest of the city of Lima. The geographic centre of the property is at 09o23' south latitude by 77o47' west longitude, or Universal Transverse Mercator (UTM) 8,960,000 m north by 195,000 m east within Peruvian National Topographic System (NTS) map sheet 19-H. Reliant Ventures S.A.C. ("Reliant") has been exploring this property since its discovery in June 2005.

On May 23, 2024, Highlander Silver Corp. (the "Company" or "HSC") announced that it had acquired the San Luis Gold-Silver Project (the "San Luis Property") from SSR Mining Inc. ("SSR Mining"), pursuant to a share purchase agreement dated November 29, 2023 (as amended, the "Share Purchase Agreement").

The San Luis Property comprises 32 mineral rights which cover an area of approximately 23,298 ha. Out of these mineral rights, 31 are held by Reliant, while the remaining 1 is a recently staked claim held by CAPPEX Exploraciones S.A.C., (both subsidiaries of the Company), that the Company anticipates transferring to Reliant in due course.

**1.1** **Geological Setting** 

The San Luis Property is situated regionally within the Cordillera Negra terrain of the Peruvian Andes. It is dominantly underlain by volcanic, volcanoclastic and sub-volcanic intrusive rocks of andesitic-dacitic to rhyolitic composition belonging to the Paleocene-age Calipuy Formation. The Lower Cretaceous Santa Formation of limestone and calcareous clay crops out locally as 'windows' within the younger overlying volcanic rocks and there are exposures of the Coastal batholith in the southwestern portion of the property.

North to northwesterly trending fault structures are the most important structural features within the property since they appear to control and host most of the known precious metal-bearing vein structures. Northwesterly and north-northwesterly trending faults, especially those hosting vein structures, have been repetitively active since the cessation of volcanism. Faulting and shearing have also occurred during and after vein emplacement resulting in well-developed vein breccia textures, open tensional sites for later dyke emplacement, and later brecciation and displacement of both the dykes and vein structures.

**1.2** **Exploration to Date** 

Three distinctly different mineral deposit types have been identified within the property. The most extensively explored are the epithermal, low sulphidation, gold and silver-bearing, quartz-calcite veins of the Ayelén system first discovered in 2005. The others, hydrothermal breccia-hosted base metal and manto-hosted occurrences, appear related to a buried intrusion situated centrally within what is referred to as the BP zone explored in the period 2010–2012, and centred approximately 6 km southeast of the Ayelén vein system.

A similar gold-bearing Bonita vein system was located 7 km to the south of the Ayelén occurrence in 2011-2012. Trenching and two preliminary drillholes confirmed anomalous gold-silver values.

**Technical Report on the San Luis Property**<sub>11</sub>

![](ex99-23_001.jpg)

**1.3** **2025 Mineral Resource Estimate** 

The principal objective of this technical report was to review Reliant's 2009 Mineral Resource estimates and supporting data on behalf of HSC, and prepare this independent updated estimate as summarized in Table 1-1.

---

| | |
|:---|:---|
| **Table 1-1** | **2025 San Luis Project updated Mineral Resource estimate** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** | **San Luis Project Mineral Resources – 3D model** |
| **Vein** | **Resource Category** | **Tonnes** | **Grade (g/t)** | **Grade (g/t)** | **Contained ounces** | **Contained ounces** |
| **Vein** | **Resource Category** | **Tonnes** | **Au** | **Ag** | **Au** | **Ag** |
| Ayelén |  | 353602 | 28.83 | 655.2 | 327798 | 7448012 |
| Ayelén HW<br> Inés | Indicated | 72462<br> 27720 | 9.94<br> 5.93 | 348.0<br> 209.8 | 23163<br> 5282 | 810798<br> 186999 |
| **Subtotal** |  | **453784** | **24.42** | **578.9** | **356243** | **8445809** |
| Ayelén |  | 41911 | 5.39 | 208.3 | 7260 | 280725 |
| Ayelén HW<br> Inés | Inferred | 6511<br> 3280 | 3.18<br> 2.31 | 170.9<br> 185.9 | 666<br> 244 | 35770<br> 19598 |
| **Subtotal** |  | **51702** | **4.92** | **202.2** | **8170** | **336093** |

---

*Notes:*

● *Mineral Resources are not Mineral Reserves and do not have demonstrated viability.* 

● *All tonnages reported are Dry Metric Tonnes, and contained gold and silver are reported in Troy Ounces.* 

● *Mineral Resources are estimated at a cut-off grade of 3 g/t AuEq that considers bullion prices of US$1,700/oz gold and US$20/oz silver, and process recoveries of 90% for both gold and silver.* 

● *The AuEq content has been calculated as follows: AuEq = Au+0.0117647\*Ag.* 

● *Numbers in the above table have not been rounded to ensure consistency in calculations and summations. However, readers should consider that due to estimation uncertainty, the report numbers are not reliable beyond three significant figures for Indicated Resources, and two significant figures for Inferred Resources.* 

● *The effective date of the mineral resource estimate is January 15, 2025.* 

 

**1.4** **Conclusions and Recommendations** 

Exploration to date has demonstrated that the main property opportunity comprises the continued exploration for epithermal, low sulphidation, gold and silver bearing veins in order to increase property value, and it is recommended that further exploration be carried out.

The exploration objectives are clear and require more exploration to grow the current Mineral Resources and make new discoveries that could support further growth beyond this, with the priorities as follows:

1) Continue with property-wide exploration for additional gold-silver bearing veins, including in the southeast catchment that has returned highly anomalous stream sediment samples although these have not yet been prospected or mapped.

2) Continue drilling in the Bonita vein to test the strike and depth extent of mineralization beyond the single section currently tested by drilling and also, advance prospecting, mapping and sampling in the Bonita area to identify any other veins and follow-up with trenching to support drill-testing these veins.

**Technical Report on the San Luis Property**<sub>12</sub>

![](ex99-23_001.jpg)

**1.4.1** **Recommendations** 

A two-phase work program is proposed, with a total estimated cost of US$10 million, which includes a 15% contingency. A summary of the program along with detailed cost estimates is provided in Table 26- 1.

Phase 1 focuses on ground base discovery exploration work of Au/Ag veins to the south of Ayelén and in the area between Ayelén and Bonita, together with early delineation of resource potential in Bonita.

This phase is projected to require US$1.7 million and includes the following recommendations:

● Executing fieldwork on known untested veins and new targets for precise evaluation and prioritization.

● Initiation of drilling at Bonita, targeting priority zones within the known strike extent of the vein system.

The extent of Phase 2 is partially contingent upon favourable results from Phase 1. The estimated cost for this second phase is approximately US$8.3 million, which will cover:

● Extensive diamond drilling for resource definition and extension in Bonita

● Initial discovery and resource outlining of new targets

**Table 1-2 – Recommended Work Program**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Phase/Area** | **Phase 1** | **Phase 1** | **Phase 2** | **Phase 2** |
|  | **Activity** | **Budget US$** | **Activity** | **Budget US$** |
| Bonita Vein | Mapping, Trenching & Discovery & Resource outline drilling (~2500 m) | 850000<br>| Resource drilling (~4000 m)<br>| 1300000 |
| Ayelen South Trend Veins | Geochemistry, Geological Mapping, Geophysics | 300000<br>| Discovery and extensional drilling and initial resource outline (~8000 m)<br>| 3250000<br>|
| New Target Generation | Geochemistry, Geological Mapping, Geophysics | 150000<br>| Discovery drilling and initial Resource outline of top Priority targets (~6000 m)<br>| 2000000<br>|
| Community and Social Engagement/Permitting | Community programs and infrastructure development | 150000<br>| Community programs and infrastructure development | 700000<br>|
| **Sub Total** |  | **1450000**<br>|  | **7250000** |
| Contingency 15% |  | 217500 |  | 1087500 |
| **Total** |  | **1667500** |  | **8337500** |
|  |  |  | **Total USD $** | **10005000** |

---

**Technical Report on the San Luis Property**<sub>13</sub>

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **2** | **INTRODUCTION** |

---

The QP was retained by HSC in 2024 to conduct a review of the Mineral Resource estimate and supporting dn Luis Property, for the purposes of preparing a Technical Report following the guidelines of Canadian National Instrument 43-101 *Standards of Disclosure for Mineral Projects* (NI 43-101).

This work involved a property visit carried out on March 20-21, 2024, examination of various mineral occurrences on the property, verification of drilling and sampling, data validation, review of the geological model and the previous Mineral Resource estimate and classification of NI 43-101-compliant Mineral Resources according to the guidelines set out by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM). An inspection of Reliant's sample store (coarse rejects and assay pulps) was made on March 22, 2024, in Chorrillos, Lima.

This report complies with the disclosure and reporting requirements set forth in NI 43-101, Companion Policy 43-101CP to NI 43-101, and Form 43-101F1 of NI 43-101.

**2.1** **Units of Measure** 

The metric system has been used throughout this report. Tonnes are dry metric of 1,000 kg, or 2,204.6 lb. All currency is in United States dollars and referenced as 'US$' unless otherwise stated.

**2.2** **Abbreviations** 

---

| | |
|:---|:---|
| **Abbreviation** | **Description** |
| ° | degrees |
| °C | degrees Celsius |
| µm | micron(s) |
| 3D | three-dimensional |
| AAS | atomic absorption spectroscopy |
| Ag | silver |
| Arce | Arce Geofisicos |
| Au | gold |
| AuEq | gold equivalent |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| cm | centimetres |
| CRM | certified reference material |
| Cu | silver |
| CV | coefficient of variation |
| Cwi | Crusher Abrasion Work index |
| DREM | Direction Regional de Energia y Minas |
| ESC | Esperanza Silver Corp. |
| ft | feet (or foot) |
| g | grams |

---

**Technical Report on the San Luis Property**<sub>14</sub>

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **Abbreviation** | **Description** |
| G&T | G&T Metallurgical Services Ltd |
| g/cm<sup>3</sup> | grams per cubic centimetre |
| g/t | grams per tonne |
| GPS | global positioning system |
| ha | hectares |
| HSC | Highlander Silver Corp. |
| ICP | inductively coupled plasma |
| ICP-OES | inductively coupled plasma-optical emission spectroscopy |
| INGEMMET | Peruvian Geological, Mining and Metallurgical Institute |
| kg | kilogram(s) |
| km | kilometres |
| km<sup>2</sup> | square kilometres |
| kWh/t | kilowatt hours per tonne |
| lb | pound(s) |
| m | metre(s) |
| m2 | square metres |
| Ma | million years |
| masl | metres above sea level |
| MINEM | Peruvian Ministry of Energy and Mines |
| mm | millimetres |
| Mo | molybdenum |
| NI 43-101 | National Instrument 43-101 |
| NSR | net smelter return |
| NTS | National Topographic System |
| oz | troy ounce(s) |
| ppm | parts per million |
| PRA | Process Research Associates |
| QA | quality assurance |
| QAQC | quality assurance and quality control |
| QC | quality control |
| QP | Qualified Person |
| REI | Resource Evaluation Inc. |
| Reliant | Reliant Ventures S.A.C. |
| RMI | Resource Modeling Inc. |
| SD | standard deviation(s) |
| SSR Mining | SSR Mining Inc. (formerly Silver Standard Resources Inc.) |
| Stantec | Stantec International |
| US$ | United States dollars |
| UTM | Universal Transverse Mercator |

---

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 15 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **3** | **RELIANCE ON OTHER EXPERTS** |

---

The author of this current report is not qualified to provide comment on legal issues associated with the property included in Item 4 of this report. Inclusion of these aspects was based on a report provided by HSC's counsel, Cillóniz & Valencia Abogados, confirmed current as of February 5, 2025, and has not been independently verified by the author. The author is therefore relying fully on such report as it pertains to legal matters disclosed in Item 4 of this report.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 16 |

---

![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **4** | **PROPERTY DESCRIPTION AND LOCATION** |

---

The San Luis Property is located in the high Andes of the Department of Ancash in Central Peru (Figure 4-1). The geographic centre of the property is at 09<sup>o</sup>23' south latitude by 77<sup>o</sup>47' west longitude, or UTM 8,960,000 m north by 195,000 m east within Peruvian NTS map sheet 19-H.

![](ex99-23_005.jpg)

**Figure 4-1 Location of the San Luis Property in Ancash, Peru**

The property comprises 32 mineral rights covering an area of 23, 298.84 ha (Table 4-1 and Figure 4-2).

Out of the 32 mineral rights, a total of 31 have been granted definitive title to Reliant as metallic mining concessions, while the remaining mineral right (San Luis SW2) is a mining claim currently undergoing the corresponding titling procedure before INGEMMET.

All 31 titled mining concessions are registered and held under the name of Reliant, while CAPPEX Exploraciones S.A.C. (a subsidiary of the Company) is the titleholder of the San Luis SW2 mining claim. This concession is in the process of being transferred to Reliant.

The author understands that these mineral rights are in good standing, and he has not been made aware of any pending litigation or legal issues relating to the property. Mining concessions in Peru are irrevocable provided that their titleholder complies with the Maintenance Obligations referred to in Item 4.2. Except as set forth herein, the author is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform work on the property.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 17 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **Table 4-1** | **Summary of Reliant's 32 mineral concessions registered with MINEM.** |

---

![](ex99-23_006.jpg)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 18 |

---

![](ex99-23_001.jpg)

![](ex99-23_007.jpg)

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| | |
|:---|:---|
| **Figure 4-2** | **Landsat image showing the distribution of Reliant's 32 mining concessions** |

---

**4.1** **Permitting** 

Like other mining projects, San Luis is subject to various Peruvian mining laws, regulations and procedures. Mining activities in Peru are subject to the provisions of the Uniform Code of the General Mining Law ("General Mining Law"), which was approved by Supreme Decree No. 14- 92-EM, on June 4, 1992, and its subsequent amendments and regulations, as well as other related laws. Under Peruvian law, the Peruvian State is the owner of all mineral resources in the ground. The rights to explore for, develop and mine these mineral resources are granted by means of the "Concessions System".

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 19 |

---

![](ex99-23_001.jpg)

Mining concessions are considered immovable assets and are therefore subject to being transferred, optioned, leased and/or granted as collateral (mortgaged) and, in general, may be subject to any transaction or contract not specifically forbidden by law. Mining concessions may be privately owned and the participation in the ownership of the Peruvian State is not required. Buildings, workings and other permanent structures used in a mining operation are considered real property accessories to the concession on which they are situated.

**4.2** **Annual Fees and Obligations** 

**4.2.1** **Licence Fees** 

Pursuant to article 39 of the General Mining Law, titleholders of mining concessions must pay an Annual Licence Fee (Derecho de Vigencia). The Licence Fee is due on June 30 of each year and is set at US$3.00 per hectare. Failure to pay Licence Fees for two consecutive years causes the termination (caducidad) of the mining concession. According to article 59 of the General Mining Law, payment for one year may be delayed and the mining concessions will remain in good standing provided the outstanding payment is made before June 30 of the following year.

To the date of this report, with the sole exception of the San Luis SW2 mining claim, all 31 mining concessions making up the San Luis Project are currently two years behind in License Fee payments, meaning payment of the 2024 and 2025 License Fees is pending.

Failure by Reliant to comply with, at least, payment of the 2024 Licence Fees applicable to these concessions, on or before June 30, 2025, will result in the termination of the corresponding mining concessions.

In the case of San Luis SW2, this mining claim is one year behind in License Fee payments, meaning payment of the 2025 License Fees is pending.

**4.2.2** **Minimum Production Obligation** 

Legislative Decree 1010 dated May 9, 2008, Legislative Decree 1054 dated June 27, 2008, and Legislative Decree 1320 dated January 5, 2017, amended several articles of the General Mining Law referring to the Minimum Production Obligation, to the point of establishing a new regime for compliance with such Minimum Production Obligation ("New MPO Regime").

According to the New MPO Regime, titleholders of metallic mining concessions must reach a minimum level of annual production ("Minimum Production") of at least one (1) Tax Unit or "UIT" (UIT for the year 2025 was set at PEN5,350.00, approximately US$1,500) per hectare, within a period of 10 years, counted as from January 1st of the year following that in which title to concession was granted.

A mining concession that did not reach Minimum Production during the 10-year period mentioned above may remain in good standing for up to an additional 20 years, provided that the titleholder complies with payment of an annual Penalty payable until the year in which the mining concession reaches Minimum Production. The Penalty will be applied as from the year following that in which Minimum Production had to be reached.

The amount of the Penalty will be automatically increased every five years, as follows:

● Failure
 to reach Minimum Production (Years 10 through 14): The Penalty will be equivalent to 2% of
 the applicable Minimum Production

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 20 |

---

![](ex99-23_001.jpg)

● Failure to reach Minimum Production (Years 15 through 19): The Penalty will be equivalent
to 5% of the applicable Minimum Production

● Failure to reach Minimum Production (Years 20 through 29): The Penalty will be
equivalent to 10% of the applicable Minimum Production.

Payment of the Penalty may be waived, on an annual basis, in case the titleholder incurs in qualified exploration investments in the mining concessions in the order of at least 10 times the amount of the applicable Penalty.

Failure to comply with payment of the applicable Penalty for two consecutive years will cause the termination of the mining concession.

Same as in the case of Licence Fees, in the case of Penalties payment for one year may be delayed and the mining concessions will remain in good standing provided the outstanding payment is made before June 30 of the following year.

Notwithstanding the above, in the event the titleholder does not reach Minimum Production within a period of 30 years counted as from the year following the year in which title to concession was granted, the mining concession will be terminated.

In the case of concessions granted title on or before October 10, 2008, the 10-year period for reaching Minimum Production began on January 1, 2009.

To the date of this report, a total of 26 out of the 31 mining concessions making up the San Luis Property are subject to Penalty payments. In all these cases, Penalties have been timely paid up until the year 2023.

Payment of the 2024 and 2025 Penalties is pending in the case of all the 26 mining concessions referred to above. Failure to comply with, at least, payment of the 2024 Penalties on or before June 30, 2025, will result in the termination of the corresponding mining concessions.

**4.3** **Ownership of Mining Rights** 

Pursuant to the General Mining Law:

● Mining rights may be forfeited only due to a number of circumstances defined by
law (i.e. non- payment of the license fees and/or non-compliance with the Minimum Production Obligation or Penalty payments).

● The right of concession holders to sell mine production freely in world markets
is established. Peru has become party to agreements with the World Bank's Multilateral Investment Guarantee Agency and with the
Overseas Private Investment Corporation.

**4.4** **Royalties Payable** 

Mine production in Peru is subject to a Royalty payable to the Government. The Royalty applies to gross sales and its percentage will depend on the company's operating margin (income from sales of minerals minus production costs and operational expenses). Depending on the operating margin the royalty can range between 1% and 12% (Table 4-2). Royalty payments are tax deductible.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 21 |

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![](ex99-23_001.jpg)

Table 4-2 Royalties payable to the Peruvian Government

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| | | | |
|:---|:---|:---|:---|
| **No** | **Royalty Trenches**<br> **(Operating Margin divided by Gross Sales)** | **Royalty Trenches**<br> **(Operating Margin divided by Gross Sales)** | **Royalty (%)** |
| 1 | 0% | 10% | 1.00% |
| 2 | 10% | 15% | 1.75% |
| 3 | 15% | 20% | 2.50% |
| 4 | 20% | 25% | 3.25% |
| 5 | 25% | 30% | 4.00% |
| 6 | 30% | 35% | 4.75% |
| 7 | 35% | 40% | 5.50% |
| 8 | 40% | 45% | 6.25% |
| 9 | 45% | 50% | 7.00% |
| 10 | 50% | 55% | 7.75% |
| 11 | 55% | 60% | 8.50% |
| 12 | 60% | 65% | 9.25% |
| 13 | 65% | 70% | 10.00% |
| 14 | 70% | 75% | 10.75% |
| 15 | 75% | 80% | 11.50% |
| 16 | More than 80% | More than 80% | 12.00% |

---

**4.4.1** **Royalties Payable to Third Parties** 

By public deed dated August 22, 2011, issued before notary public of Lima Anibal Sierralta Rios, Reliant granted SSR Mining Inc. (then called Silver Standard Resources Inc.) a perpetual 1% Net Smelter Return (NSR) Royalty on all minerals produced from the mining concessions referred to in Table 4-3.

By public deed dated August 22, 2011, issued before notary public of Lima Anibal Corvetto Romero, SSR Mining Inc. assigned all its rights and obligations under the Royalty Agreement in favour of Esperanza Resources Corp. ("ESC").

---

| | |
|:---|:---|
| **Table 4-3** | **Summary of concessions where 1% NSR Royalty is payable to ESC** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Name** | **Code** | **No.** | **Name** | **Code** |
| 1 | Cahuaran Dos | 010265605 | 13 | Sieren Tres | 010001406 |
| 2 | Cahuaran Tres | 010265705 | 14 | Sieren Uno | 010278205 |
| 3 | Cahuaran Uno | 010265805 | 15 | Sol de Oro Leon | 010249505 |
| 4 | Don Simon 1 | 010063404 | 16 | Teclio Dos | 010236006 |
| 5 | EPZ Cuatro | 010245505 | 17 | Teclio Uno | 010235906 |
| 6 | EPZ Dos | 010120205 | 18 | Tocash Dos | 010278105 |
| 7 | EPZ Tres | 010160305 | 19 | Tocash Uno | 010278305 |
| 8 | EPZ Uno | 010120305 | 20 | Tunancancha Uno | 010240607 |
| 9 | Huanchuy | 010228106 | 21 | Ushno Dos | 010278005 |
| 10 | Ocshiapampa Uno | 010235705 | 22 | Ushno Tres | 010001506 |
| 11 | Pumahuillca Uno | 010277905 | 23 | Ushno Uno | 010278405 |
| 12 | Sieren Dos | 010278505 | 24 | Yanacoto Tres | 010228206 |

---

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 22 |

---

![](ex99-23_001.jpg)

By public deed dated August 1, 2011, issued before notary public of Lima Anibal Corvetto Romero, Reliant granted Esperanza Silver Perú S.A.C. a perpetual 1% NSR Royalty on all minerals produced from the mining concessions referred to in Table 4-4.

By public deed dated October 17, 2019, issued before notary public of Lima Luis Dannon Brender, Esperanza Silver Perú S.A.C. assigned all its rights and obligations under the Royalty Agreement in favour of Metalla Royalty & Streaming Ltd.

---

| | |
|:---|:---|
| **Table 4-4** | **Summary of the concessions where 1% NSR Royalty is payable to Metalla Royalty & Streaming Ltd** |

---

---

| | | |
|:---|:---|:---|
| **No.** | **Name** | **Code** |
| 1 | Pucaranra Dos | 010277007 |
| 2 | Pucaranra Uno | 010276907 |

---

By public deed dated May 22, 2024, issued before notary public of Lima Luis Dannon Brender, Reliant granted SSR Mining Inc. a perpetual 4% NSR Royalty on all minerals produced from the mining concessions referred to in Table 4-5. The Royalty Agreements includes a buy-back right in favor of Reliant for 50% of the Royalty, subject to a payment of US$15,000,000 exercisable prior to mine construction (as such term is defined in the Royalty Agreement).

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| | |
|:---|:---|
| **Table 4-5** | **Summary of the concessions where 4% NSR Royalty is payable to SSR Mining Inc.** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Name** | **Code** | **No.** | **Name** | **Code** |
| 1 | Cahuaran Dos | 010265605 | 17 | Sol De Oro Leon | 010249505 |
| 2 | Cahuaran Tres | 010265705 | 18 | Teclio Dos | 010236006 |
| 3 | Cahuaran Uno | 010265805 | 19 | Teclio Uno | 010235906 |
| 4 | Don Simon 1 | 010063404 | 20 | Tocash Dos | 010278105 |
| 5 | Epz Cuatro | 010245505 | 21 | Tocash Uno | 010278305 |
| 6 | Epz Dos | 010120205 | 22 | Tunancancha Uno | 0102406 |
| 7 | Epz Tres | 010160305 | 23 | Ushno Dos | 010278005 |
| 8 | Epz Uno | 010120305 | 24 | Ushno Tres | 010001506 |
| 9 | Huanchuy | 010228106 | 25 | Ushno Uno | 010278405 |
| 10 | Ocshiapampa Uno | 010235706 | 26 | Ventura Dos | 010016421 |
| 11 | Pucaranra Dos | 010277007 | 27 | Ventura Nueve | 010016621 |
| 12 | Pucaranra Uno | 010276907 | 28 | Ventura Nueve A | 010016621A |
| 13 | Pumahuillca Uno | 010277905 | 29 | Ventura Tres | 010016521 |
| 14 | Sieren Dos | 010278505 | 30 | Ventura Uno | 010016321 |
| 15 | Sieren Tres | 010001406 | 31 | Yanacoto Tres | 010228206 |
| 16 | Sieren Uno | 010278205 |  |  |  |

---

**4.5** **Taxation and Foreign Exchange Controls** 

Income Tax applicable to companies and other corporate entities is currently set at 29.5%. Regarding the tax rate applicable to dividends, it is currently 5% and this has been in force since 2017.

According to the Peruvian Constitution, foreign investment is subject to the exact same rules as local investment. Furthermore, there are no restrictions on the ability of a company operating in Peru to transfer dividends, interest, royalties or foreign currency in to, or out of Peru, or to convert Peruvian currency into foreign currency.

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|:---|:---|
| **Technical Report on the San Luis Property** | 23 |

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![](ex99-23_001.jpg)

Law 29789, dated September 28, 2011, created the Special Tax on Mining. This tax applies to operating profit and its percentage will depend on the company's operating margin (income from sales of minerals minus production costs and operational expenses). Depending on the operating profit, the tax can range between 0% and 8.40% (Table 4-6). Special Tax payments are tax deductible.

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| | |
|:---|:---|
| **Table 4-6** | **Summary of rates – Special Tax on Mining** |

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| | | | |
|:---|:---|:---|:---|
| **No.** | &nbsp;&nbsp;**Special Tax on Mining<br> (Operating Margin divided by Gross Sales)** | &nbsp;&nbsp;**Special Tax on Mining<br> (Operating Margin divided by Gross Sales)** | **Tax (%)** |
| 1 | 0% | 10% | 2.00% |
| 2 | 10% | 15% | 2.40% |
| 3 | 15% | 20% | 2.80% |
| 4 | 20% | 25% | 3.20% |
| 5 | 25% | 30% | 3.60% |
| 6 | 30% | 35% | 4.00% |
| 7 | 35% | 40% | 4.40% |
| 8 | 40% | 45% | 4.80% |
| 9 | 45% | 50% | 5.20% |
| 10 | 50% | 55% | 5.60% |
| 11 | 55% | 60% | 6.00% |
| 12 | 60% | 65% | 6.40% |
| 13 | 65% | 70% | 6.80% |
| 14 | 70% | 75% | 7.20% |
| 15 | 75% | 80% | 7.60% |
| 16 | 80% | 85% | 8.00% |
| 17 | More than 85% | More than 85% | 8.40% |

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Congress has approved a Temporary Net Assets Tax, which applies to companies subject to the General Income Tax Regime. Net assets are taxed at a rate of 0.4% on the value exceeding one million Peruvian soles. Taxpayers must file the tax return in the month of April (in accordance with the schedule of due dates for monthly tax returns for the March period) and the amounts paid can be used as a credit for Income Tax. Companies which have not started productive operations (such as exploration companies) are exempt from such tax.

The Tax Administration Superintendent is the entity empowered under the Peruvian Tax Code to collect government taxes. The Tax Administration Superintendent can enforce tax sanctions, which can result in fines, the confiscation of goods and vehicles, and the closing of a taxpayer's offices.

**4.6** **Protected Areas** 

Reliant state that from the review of the Cadastral Map issued by the Peruvian Geological, Mining and Metallurgical Institute (INGEMMET) in February 2025, it appears that none of the 32 mineral rights overlap Natural Protected Areas, identified Archaeological sites, Urban or Urban Expansion Areas, fragile ecosystems and/or other restricted areas.

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|:---|:---|
| **Technical Report on the San Luis Property** | 24 |

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![](ex99-23_001.jpg)

**4.7** **Rights to Conduct Exploration Activities** 

The General Mining Law defines "Prospecting" as those activities aimed at identifying possible areas of mineralization by means of low impact activities (such as sampling, geophysics, geochemistry, topography among others of a similar nature), provided these activities are conducted by using minor equipment that can be transported without causing disturbances exceeding those usually associated with the ordinary movement of people and light vehicles. Due to the limited environmental impact associated with these activities, the General Mining Law establishes that these may be conducted freely nationwide, with the exception of areas covered by third-party mining concessions (in which authorization of the titleholder is required) and/or restricted areas in which the conduction of mining activities has been prohibited by a competent authority. These activities do not require any government approvals or authorization (including environmental permits).

Notwithstanding the above, as mining concessions are considered independent from (and do not grant any rights over) the land in which these are located, these activities (as well as any activity entailing use of surface land) will require an authorization granted by the owner of the surface land.

In this sense, Reliant as titleholder of the concessions making up San Luis Project can effectively conduct Prospecting Activities over these concessions without the need of obtaining any Government permit or authorization, provided the company has been authorized by the owner of the surface land to enter its property to conduct such activities.

Exploration Activities on the other hand are defined as the execution of mining activities aimed at demonstrating the location, dimensions, mineralogical characteristics and/or reserves found in mineral deposits by means of activities with a higher environmental impact (diamond drilling, RC drilling, tunnel digging, construction of facilities, etc.).

These activities are governed by the Environmental Regulations for Mining Exploration Activities, approved by Supreme Decree N°042-2017-EM. According to these and other applicable regulations, the conduction of drilling requires the granting of an Environmental Permit. There are three different types of environmental permits available for exploration, depending on the magnitude of the proposed activities, being these: (i) Environmental Technical Form (FTA) – For Drilling of up to 20 pads; (ii) Environmental Impact Statement (DIA) – for drilling up to 40 pads; and, (iii) Semi-Detailed Environmental Impact Statement (EIS-Sd) – for drilling up to 700 pads.

Furthermore, after obtaining the approval of the corresponding environmental permit, the conduction of these activities is conditioned to the granting of an Authorization to Commence Exploration Activities, issued the Ministry of Energy and Mines.

To the date hereof, Reliant holds an Environmental Impact Statement for Project Bonita ("DIA Bonita") which allows the company to construct up to 32 drill pads for a total of 96 drill holes, located within the area of the Huanchuy mining concession. Furthermore, Reliant has obtained an Authorization to Commence Exploration Activities under the DIA Bonita.

The DIA Bonita and the Authorization to Commence Exploration Activities have a term of 27 months (including reclamation) counted as from the moment Reliant communicates to the Ministry that exploration work under the DIA Bonita has begun.

To the date of this report, Reliant has not initiated exploration work under the DIA Bonita.

With regards to the use of surface land for prospecting and exploration purposes, Reliant has executed a community agreement pursuant to which it was granted the right to conduct the exploration activities under the DIA Bonita (covering an area of 150.80Has), as well as the right to conduct sampling and mapping activities over the portion of San Luis Project that overlaps the community land.

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|:---|:---|
| **Technical Report on the San Luis Property** | 25 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **5** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** |

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**5.1** **Accessibility** 

The San Luis Property is readily accessible year-round by vehicle from either the cities of Carhuaz or Casma, on route from the capital city of Lima (Figure 5-1). It is approximately 113 km from Casma to the property via paved and secondary gravel roads, a total of 7 hours of driving from Lima.

![](ex99-23_008.jpg)

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| | |
|:---|:---|
| **Figure 5-1** | **Map showing the road network and accessibility of the San Luis Project** |

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|:---|:---|
| **Technical Report on the San Luis Property** | 26 |

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![](ex99-23_001.jpg)

**5.2** **Climate** 

The climate is generally quite arid from May to December, with daily temperatures ranging from 22°C to -10°C. The 'rainy' season, from January to April, has more moderate temperatures but also heavy rains, dense fog, hail and snow at higher elevations. Maximum monthly precipitations range from 206 mm in February to 2.5 mm in July (Pincus and McCrea, 2006).

**5.3** **Local Resources** 

The project site is rural and isolated. The nearest population centres are Tambra (located on the western limit of the property) and Pueblo Viejo (situated in the northeast portion of the project concessions). Both villages are located in the Shupluy District, Yungay Province, Ancash Department, and each has approximately 500 inhabitants. The larger population centres near the project are Casma, Carhuaz, and Huaraz. Each of these population centres have labour and services required to support the development of a mining project.

**5.4** **Infrastructure** 

Reliant has two camp installations at the San Luis Property – the original exploration camp established at an elevation of 3,705 metres above sea level (masl), and a construction start-up camp established in 2010 at an elevation of ±4,000 masl.

The exploration camp is comfortably equipped for 18 staff, 8 technical and 5 security personnel, and includes a canteen, a large core store, core cutting and office facilities (Figure 5-2).

![](ex99-23_009.jpg)

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| | |
|:---|:---|
| **Figure 5-2** | **San Luis exploration camp at 3,705 masl, with the canteen to the left, accomodation in the centre, and core shed to the right** |

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|:---|:---|
| **Technical Report on the San Luis Property** | 27 |

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![](ex99-23_001.jpg)

The construction camp (Figure 5-3) is not yet being used due to suspension of project development activities. It is built on three levels, and has accommodation and office capacity for 32 staff, 60 technicians, and there is additional space for workers that has not yet been built. The upper level includes a 2,000-gallon fuelling facility, and stores and maintenance space. There is a large generator on site which has never been put to work.

![](ex99-23_010.jpg)

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| | |
|:---|:---|
| **Figure 5-3** | **Partly installed San Luis construction camp at 4,000 masl** |

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Power supply to the exploration camp comprises the use of two diesel generators which currently require maintenance.

The power company Distriluz and its local subsidiary Hidrandina have reportedly (BISA, 2010) applied for expansion projects that would allow San Luis to draw power from the grid, however, the QP is informed that the utility is unable to offer any assurance that these projects will proceed.

**5.5** **Physiography** 

The physiography of the region is mountainous with high elevation rolling hills and valleys surrounding higher craggy snow-capped mountains, typical of the western front of the Peruvian Andes. Relief is high with local elevations varying from 3,700 m (12,140 ft) at the project campsite to 4,850 m (15,912 ft) masl at the peak of Cerro Huilcahuaín.

The local vegetation varies with elevation. Below 4,000 m elevation there are small deciduous trees and bushes and various grasses while above this elevation the mountain slopes are sparse covered with Stipa Ichu (grass) and various small bushes, typical of the 'Puna'.

Domesticated llamas graze the local grasses, and there are several varieties of rodents, and resident and migratory birds within the property.

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|:---|:---|
| **Technical Report on the San Luis Property** | 28 |

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![](ex99-23_001.jpg)

**5.6** **Water Resources** 

Existing water resources in the project area include several freshwater lagoons and some seasonal surface water. Some of the lagoons are currently used to supply water to the small adjacent communities of Tambra and Pueblo Viejo. This water is, however, subject to seasonal variations and anecdotal evidence indicates that water supplies could disappear during the dry season.

Specifically, four small lagoons are located within the project's area of indirect influence (Figure 5-4). These include the Pacsococha and Orcuncocha lagoons, which drain to the Tocash gorge, as well as the Cotacocha and Yahuarcocha lagoons which drain their waters to the Huanchuy gorge. These lagoons could be used as a potential source of water supply if necessary.

![](ex99-23_011.jpg)

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| | |
|:---|:---|
| **Figure 5-4** | **Map showing the camp locations and four lagoons within the project area** |

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Several other lagoons are located within the project's area of direct influence, and these include Yanacocha, Azulcocha Baja, Huancacocha and Sejcacocha lagoons. Yanacocha lagoon drains towards the Iscupampa gorge while the others drain towards the Huanchuy gorge. The Sejcacocha lagoon was being planned (BISA, 2010) to be used as a location for the tailings storage facility.

The Tocash and Huanchuy gorges join with the Iscupampa gorge to the west of the project to form the Quellaycancha River. This in turn is a tributary of the Yaután River and the Yaután River sub-basin represents approximately 4% of the hydrographic basin of the Casma River.

With installation of a water diversion sump in Quebrada Huanchuy, it has been determined (BISA, 2010) that an adequate water supply can be maintained year-round to support the needs of the project and adjacent communities.

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|:---|:---|
| **Technical Report on the San Luis Property** | 29 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **6** | **HISTORY** |

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According to Konkin (2007) and Pincus and McCrea (2006), there is no evidence of any modern exploration work or previous land tenure in the vicinity of the San Luis vein system in the west-central portion of the property. Six kilometres to the southeast, there are historical test pits, short adits and evidence of past polymetallic 'high grading' operations within what is referred to as the BP zone that were reportedly active in the 1980s and possibly earlier.

It appears that artisanal miners extracted manto-hosted pyrrhotite-sphalerite-galena mineralization at what is referred to as the BP zone, and silver veins were mined at the Esperanza mine to the west of Ayelén. There is also evidence of trials at Yanacoto and San Simon where they appear to have transported hand-cobbed mineralization away for milling. Nevertheless, it appears that the Ayelén and the other precious metal-bearing vein structures are 2005 grassroot discoveries by Reliant, as there was no reported historical mineral resources or documented production from this part of the San Luis Property.

The Ayelén and Inés vein gold discoveries were made by Reliant, a wholly owned subsidiary of ESC in 2005, which was followed by a 55% earn-in joint venture agreement with SSR Mining made later that year which led to the trenching and drilling exploration of the two main veins found during 2006–2008. SSR Mining's percentage ownership was increased during 2009 to fund the Feasibility Study announced towards the end of 2010. The residual 30% of the Reliant property was then acquired by SSR Mining for the sum of US$18 million plus the return of 6.5 million shares and a 1% NSR.

An Environmental Impact Statement was approved in 2012 for construction of the project, although there has been no progress with this up to the date of this report. Instead, wider exploration activities were started with the exploration of nearby porphyry-related mineralization potential, and during 2014 the Bonita vein was discovered approximately 7.5 km to the south-southeast of the Ayelén discovery. It appears that SSR Mining was focusing Reliant to look for more gold potential in order to extend the life of mine indicated from the 2010 Feasibility Study.

SSR Mining then entered into joint venture or other agreement with Hochschild Mining in 2015, but this was soon terminated in 2016. SSR Mining then had to apply for an extension to the Environmental Impact Statement in order to keep the construction approval valid.

After 2016, the San Luis Project appears to have gone quiet again, and any further progress was further delayed during the 2019–2020 pandemic. In the period 2021–2023, there was a resumption of concession-wide field mapping, and it can be seen from a 2023 company presentation document that they were actively maintaining community relations, whilst exploring for more mineral resources. In the meantime, the decision to go ahead with construction remains on hold.

On May 23, 2024, HSC announced that it had acquired Reliant's San Luis Gold-silver Project (the "San Luis Property") from SSR Mining, pursuant to a share purchase agreement dated November 29, 2023.

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|:---|:---|
| **Technical Report on the San Luis Property** | 30 |

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![](ex99-23_001.jpg)

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|:---|:---|
| **7** | **GEOLOGICAL SETTING AND MINERALIZATION** |

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Peru has a long and complicated geological history dominated by the Andean Cordillera that extends both north and south along the western margins of South America.

Most of the stratigraphy, structure, magmatism, volcanism and mineralization in Peru is spatially and genetically related to the tectonic evolution of the Andean Cordillera which is situated along a major convergent subduction zone where the oceanic crust, the Nazca Plate, slips beneath the overriding South American continental plate. The Andean Cordillera has a metamorphic rock basement of Proterozoic age on which Hercynian Paleozoic sedimentary rocks accumulated and were in turn deformed by plutonism and volcanism to Upper Paleozoic time. Beginning in the Late Triassic time, following Atlantic Ocean rifting, two periods of subduction along the western margins of South America has resulted in the formation of the present Andes; the Mariana-type subduction from the Late Triassic to Late Cretaceous and Andean-style subduction from the Late Cretaceous to the present (Benavides- Caceres, 1999).

The Western Andean Cordillera, or Cordillera Negra, is famous for its world-class base and precious- metal deposits; many of which have been intermittently mined since Inca times. Most of the metal deposits in Peru are spatially and genetically associated with metal-rich hydrothermal fluids generated along magmatic belts that were emplaced along convergent plate tectonic lineaments. Furthermore, many of these primary base metal deposits have undergone significant secondary enrichment over the last 30 Ma as a result of periodic continental uplift and weathering, followed by volcanic cover preservation (Quang et al., 2005).

Radiometric studies by Petersen (1999) correlated the igneous host rocks and attendant hydrothermal alteration for some of the largest and richest porphyry copper deposits in the world along the Western Andean Cordillera from 6° to 32° south latitude, including the Chalcobamba–Tintaya iron-gold-copper skarn and porphyry belt (30–35 Ma) in the main magmatic arc, southward through the Santa Lucia district (25–30 Ma) and into Chile. The Andahuaylas–Yauri Porphyry Copper Belt, a well-known 300 km long porphyry copper belt related to middle Eocene to early Oligocene calc-alkaline plutonism, is situated along the northeast edge of the Western Andean Cordillera.

**7.1** **Regional Geology** 

The San Luis Property is situated regionally within the Cordillera Negra geomorphological terrain of the Peruvian Andes. A few kilometres east of the property is the northwest-trending Huaylas Valley, drained by the Rio Santa, and further east is the Cordillera Blanca which includes Cerro Huascaran, the second highest peak in South America at 6,768 masl.

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|:---|:---|
| **Technical Report on the San Luis Property** | 31 |

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![](ex99-23_001.jpg)

**7.1.1** **Cordillera Negra Mountain Range** 

The geology of the Cordillera Negra is dominated by andesitic volcanic and volcaniclastic rocks of middle Tertiary age (Figure 7-1). Tectonically deformed sedimentary rocks of Cretaceous age and granitoid rocks of the Coastal Batholith underlie the mainly intermediate volcanic rocks. The volcanic rocks of the Cordillera Negra in the project area belong to the Calipuy Formation of Eocene age (i.e. approximately 55–38 Ma.). This formation comprises lavas and synvolcanic dykes and sills, fine to coarse-grained pyroclastics and volcaniclastic units. The volcanics range in composition from andesites to dacites, with rhyolites being relatively minor volumetrically. A regional unconformity separates the Tertiary volcanic sequence from the underlying Cretaceous lithologies which predominantly consist of granodiorite along the western flank of the cordillera and marine sedimentary units along its eastern flank.

![](ex99-23_012.jpg)

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|:---|:---|
| **Figure 7-1** | **Map showing the regional geological setting and the north-northwest trend of faulting, and the Tertiary Volcanic Belt, carrying high-sulphidation epithermal (Pierina), low-sulphidation epithermal (San Luis) deposits and skarns** |

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|:---|:---|
| **Technical Report on the San Luis Property** | 32 |

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![](ex99-23_001.jpg)

**7.1.2** **Huaylas Valley** 

The succession of Cretaceous sedimentary rocks that probably form the core of the Cordillera Negra is well exposed along the eastern and western slopes of the Huaylas Valley that separates the Cordillera Negra to the west and the Cordillera Blanca to the east. The oldest of these rocks belong to the Upper Jurassic Chicama Formation of interbedded mudstone and sandstone cropping out northeast of the town of Yungay.

The Lower Cretaceous Chimu Formation conformably overlies the Chicama Formation. It includes a sequence of quartzite, sandstone and lesser shale. These siliciclastic rocks outcrop near the town of Pariacoto, situated southwest of the property, as well as in the Huaylas Valley to the east.

The Lower Cretaceous Santa Formation of limestone and calcareous clays, the Carhuaz Formation comprised of sandstone and quartzite with interbedded mudstone and the Farrat Formation of fine- grained quartzite with interbeds of red mudstone disconformably overlie the Upper Cretaceous Chicama Formation.

These formations are in turn overlain by a Cretaceous sequence of calcareous rocks belonging to the Pariahuanca, Chulec and Pariatambo formations that dominantly crop out along the eastern flank of the Cordillera Negra.

The Miocene to Pliocene-age Yungay Formation of dacitic tuff and ignimbrites fill the paleo-valley bottoms along the Santa River, east of the property, and recent fluvial and glacial unconsolidated sediments overlie all the above formations.

**7.1.3** **Cordillera Blanca Mountain Range** 

The western portion of the Cordillera Blanca is marked by a spectacularly rugged, permanently snow- capped mountain range formed by the rapid uplift and erosion of a granodioritic to tonalitic batholith that is exposed for more than 200 km in a northwest-southeast direction and 12–15 km west to east. Middle to Upper Cretaceous shale and limestone formations dominate the fold-and-thrust belt that parallels the eastern flank of this cordillera.

**7.1.4** **Structure** 

This region has undergone four main stages of structural deformation. The first stage resulted in the uplift of the Andean belt and the regression of Cretaceous seas from the region. This was followed by a major orogeny beginning in the late Palaeocene that produced the pronounced northwest-southeast trending folds and thrust faults that affected the early Jurassic to Cretaceous sedimentary rocks of the region. The third stage is characterized by regional block faulting which vertically deformed all the stratigraphy, including the basement rocks. The final stage of regional tectonism resulted in Pliocene to Pleistocene uplift of the Andean belt with the eastern Cordillera Blanca mountain range being uplifted more than the western Cordillera Negra.

**7.2** **Property Geology** 

The San Luis Property is dominantly underlain by volcanic, volcanoclastic and sub-volcanic intrusive rocks of andesitic-dacitic to rhyolitic composition belonging to the Paleocene-age Calipuy Formation. The Lower Cretaceous Santa Formation of limestone and calcareous clays crops out locally as 'windows' within the younger overlying volcanic rocks. Elsewhere, intrusions of the Coastal batholith are exposed in the southwestern portion of the property (Figure 7-2).

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|:---|:---|
| **Technical Report on the San Luis Property** | 33 |

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![](ex99-23_001.jpg)

![](ex99-23_013.jpg)

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|:---|:---|
| **Figure 7-2** | **Reliant's regional geology and target generation map based on stream sediment sampling** |

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**7.2.1** **Lithology** 

The property is predominantly underlain by Eocene-age volcanic and volcanoclastic rocks belonging to the Calipuy Formation (Figure 7-3). The basal section of the volcanic sequence is dominated by thick lavas and probably synvolcanic sills of massive, commonly medium-grained to feldspar porphyritic andesite (Figure 7-4). This sequence of volcanics is estimated to have a thickness greater than 300 m.

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|:---|:---|
| **Technical Report on the San Luis Property** | 34 |

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![](ex99-23_001.jpg)

![](ex99-23_014.jpg)

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|:---|:---|
| **Figure 7-3** | **Stratigraphic column for the Ayelén District (developed by Reliant)** |

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![](ex99-23_015.jpg)

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| | |
|:---|:---|
| **Figure 7-4** | **Left – Dark grey, sub-horizontal andesitic flows (photo centre) near Inés vein structure. Right – Drill core of fine to medium-grained, feldspar-phyric andesite that constitutes portions of andesitic flow unit (coded V4, V4m (massive), V4mg (medium-grained) and V4fp (feldspar-porphyritic in drill logs).** |

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|:---|:---|
| **Technical Report on the San Luis Property** | 35 |

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![](ex99-23_001.jpg)

In the vicinity of the San Luis vein system and probably elsewhere on the property, the basal andesite flows are conformably overlain by a unit of andesitic tuff breccia of probably volcanoclastic origin. It contains boulder to pebble-sized clasts of a variety of andesite and possibly dacite lithologies and distinguished by the presence of pebble shards of black shale (Figure 7-5). This unit is of variable thickness, and where intersected by drilling it is in the order of 10–30 m thick.

![](ex99-23_016.jpg)

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| | |
|:---|:---|
| **Figure 7-5** | **Heterolithic andesitic tuff-breccia with majority of poorly sorted andesitic volcanic clasts (left); Close-up of tuff breccia with black shale clasts (coded V4tbx in drill logs) (right)** |

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A sequence of andesitic pyroclastic flows and possible air-fall ash and crystal-lithic tuffs directly overlie the coarse clastic unit (Figure 7-6). The pyroclastic flows are rich with lapilli-sized andesite clasts including dark green, chloritized pumice fragments that are commonly flattened to form fiamme (Figure 7-6). These pyroclastics are exposed at elevations greater than 4,300 masl comprising beds of 200 m thickness or more. They are the youngest extrusive volcanic rocks identified on the property to date.

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|:---|:---|
| **Technical Report on the San Luis Property** | 36 |

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![](ex99-23_001.jpg)

![](ex99-23_017.jpg)

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| | |
|:---|:---|
| **Figure 7-6** | **Left – Outcrop of pyroclastic flow rock with lapilli-sized, andesite and dacite volcanic clasts, and dark green, chloritized andesite pumice fragments partially compressed to form fiamme (coded V4pmt or V4lpt when pumice clasts are minor or absent). Right – Outcrop of coarse-grained andesitic crystal-lithic tuff (coded V4xlt in drillhole logs) exposed immediately west of the Ayelén vein structure.** |

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Felsic volcanics have yet to be identified on the property, but rhyodacitic to rhyolitic dykes and sills intrude the andesitic lava and pyroclastic sequences. These dykes have also been emplaced along the same fault and shear structures hosting both auriferous and barren quartz-calcite veins. The dykes are aphanitic to weakly quartz-porphyritic and locally have flow banding, especially near their contacts.

Accompanying the Ayelén vein structure, there are two varieties of dykes, namely: feldspar (± quartz eye) porphyry (I2fp, qfp) and flow-banded spherulitic or amygdaloidal dyke (I2fb, sphl, amy). Both varieties appear to be of calc-alkaline composition. These dykes are described by Konkin (2007) as follows, from oldest to youngest:

● Very fine-grained, finely laminated, flow-banded dyke (I2fb) contains rare spherulitic
(I2sphl) or amygdaloidal (I2amy) textures that may be confused with porphyritic textures. This dyke is often well fractured, oxidized
and altered.

● Feldspar (+ quartz) porphyry dyke is pale beige to speckled green-grey in colour
with very minor alteration and oxidation. Its porphyritic texture is generally obvious except near its wall-rock contacts. Late-stage
veining is minimal, less than in the flow-banded dyke or other country rocks.

At the separate BP zone, andesite lavas are intercalated with at least three units of fine-grained sedimentary rock including calcareous mudstone and impure limestone. These inter-beds are 0.5 m to 2.5 m thick and have been traced a few hundred metres along strike. The same calcareous units have been locally metasomatized to form calc-silicate exoskarn rock and pyrrhotite-sphalerite-actinolite 'manto' deposits.

The Lower Cretaceous Carhuaz Formation of sandstone and fine-grained quartzite with interbedded mudstone crops out as small 'windows' through the overlying Calipuy Formation. These isolated 'windows' appear to be spatially related to antiformal fold axis cores and local normal block faulting in the central and northern portions of the property. However, insufficient fieldwork has been carried out to determine their nature or stratigraphic position in the regional geologic setting.

Granodioritic intrusions of the Cretaceous to Paleocene-age Coastal batholith crop out within the western mineral concessions of the property, near the village of Tambra.

Colluvial deposits are omnipresent on the slopes of the volcanic hills and mountains, while fluvial-glacial deposits of variable thicknesses occur in the stream valleys.

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| **Technical Report on the San Luis Property** | 37 |

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![](ex99-23_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.2** **Structure** 

Geological mapping by INGEMMET (1995) has identified several northwest-trending anticlinal and synclinal fold axes north and east of the San Luis vein system and BP zone, respectively. Regional compressional movement that has produced this folding appears to have also resulted in conjugate strike-slip faulting mapped within the northeast and northern portions of the property. Block-bounding faults appear to dominantly strike north-northwest and east-west, and dip from moderately to steeply eastward to sub-vertically. Relative displacements are in the order of tens of metres to perhaps more than 100 m.

The north-northwest trending fault structures are important for their mineral exploration potential since they appear to control and host most of the known precious metal-bearing vein structures, such as the Ayelén vein which has been traced on surface for more than 720 m. Other vein structures of the San Luis vein system occupy similarly oriented fault structures striking northwest to north-northwest with variable dips. The faults hosting the Ayelén and Inés veins define the western and eastern limits respectively of a horst block that is at least 125 m wide. Here, massive andesite lava rock of the horst is structurally juxtaposed against younger pyroclastic rocks and tuff-breccias to the west and east respectively. The northwest and north-northwest faults, especially those vein-hosting structures, have been repetitively active since the majority of volcanism ceased, prior to the main epithermal veining events. However, faulting also occurred during and after vein emplacement resulting in the well-developed vein breccia textures, open tensional sites for later rhyodacitic dyking, and later brecciation and displacement of both the dykes and vein structures.

Pincus and McCrea (2006) documented a sequence of structural events that may have controlled the emplacement and subsequent deformation of the known vein structures. These structural events were interpreted as follows:

●  ***"D1 deformation:*** *Regional deformation resulting in east-west sinistral strike slip movement. Well defined structural lineaments can be seen on Aster and Quick Bird images north and south of the identified veins. Resulting regional extensional features probably resulted in the initial development of the NW-SE trending veins. It is assumed this period of deformation was caused by the initial emplacement of the Coastal Batholith. Across the valley, towards the north from Ayelén, folds can be seen with strong axial planar cleavage, probably produced during the emplacement of the batholith.* 

●  ***S1 vein development:*** *Open fractures developed during D1 were filled during multiple pulses of hydrothermal activity as reflected by well-developed colloform banding.* 

●  ***M1 mineralization:*** *Varying degrees of Au/Ag mineralization probably were associated with the multiple pulses of silicification during **S1** development as noted by iron oxides (FeOx) and fine grey sulphides in the colloform bands.* 

D2 deformation; *Following the initial emplacement of the Coastal Batholith there was probably a period of tectonic relaxation resulting in readjustment of the stress regime and local horst and graben development accompanied by normal oblique/dip slip faulting. A well-developed horst can be seen that is bounded by the Ayelén and Inés veins. Strong brecciation of the **S1** veins occurred during this period.*

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| **Technical Report on the San Luis Property** | 38 |

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![](ex99-23_001.jpg)

 

●  ***S2 vein development:*** *Silicification of the brecciated **S1** veins and probable development of ladder structures (noted in the Sheyla vein) occurred during or in the waning stages of **D2**."* 

The Calipuy volcanic units have variable dips across the property but generally they are sub-horizontal to very shallow dipping. In the vicinity of the Ayelén and Inés veins zone, the country rocks commonly dip -10° to -20° west-southwest, whilst within the BP zone the lavas and sedimentary inter-bedding dip shallowly westward.

A regional unconformity separates the Eocene-age volcanic strata from the underlying Cretaceous-age intrusive and sedimentary rocks. Within the property boundaries, this unconformity has only been observed along the gravel track that leads from the exploration field camp to the Ayelén–Inés vein system. At an elevation of about 4,200 masl, medium-grained granodiorite forms the basement to the Tertiary volcanic pile. It is suspected by the project geologists that a basal conglomerate may occur with this unconformity: one rich in granodiorite clasts with detritus derived from Lower Cretaceous sedimentary rocks was found in the region.

**7.2.3** **Alteration** 

Regional green-schist metamorphic facies affect the country rocks ubiquitously throughout the property and can be misinterpreted as distal hydrothermal alteration. In the volcanic and volcanoclastic rocks of the Palaeocene Calipuy Formation, mafic minerals have been chloritized, plagioclase phenocrysts have been saussuritized to varying degrees, and quartz, calcite and magnetite alteration products are common, especially in well sheared and fractured zones.

On the other hand, Konkin (2007) has described the hydrothermal alteration in the vicinity of the Ayelén vein as follows:

 

*"Although much of the (Ayelén vein) system appears to be near-vertical, the strongest alteration occurs in the hanging wall or western portion of the vein and immediately adjacent to the rhyolitic dykes. The footwall geology is composed primarily of feldspar porphyry flows (V4fp) and its' minor associated members (V4m, V4fbx, V4mg). These rocks exhibit weak argillic alteration at the immediate vein and dyke contacts but the alteration rapidly grades to a moderate propylitic alteration just a few centimetres from the structures. Weak to moderate propylitic alteration is commonly observed throughout this entire footwall unit. Very little iron oxidation is associated with the footwall zone.*

 

*The strongest alteration occurs throughout the upper half of the hanging wall sequence within the pyroclastic units along shears that host veins and dykes. Strong argillic alteration is observed over 1-2 meter widths within these shear zones. The majority of the pyroclastic upper volcanic sequences contain weak near-surface pervasive argillic alteration. This may be related to the chemical breakdown of the unit rather than the epithermal alteration. Otherwise the majority of the alteration is confined to weak-moderate propylitic alteration similar to that which occurs within the footwall.*

 

*Similar to the argillic alteration, strong to moderate limonitic fracture-controlled oxidation is commonly associated with and along the flow-banded rhyolite dyke and veins at the upper portion of the system. The oxide development decreases rapidly below 125-150 meters with only minor sporadic fracture controlled limonite. Due to the low volumetric presence of sulphides, the level of iron oxidation is considered to be low within the Ayelén vein."*

Geological mapping within the separate BP zone has identified several alteration facies typically associated with a shallow-buried calc-alkaline stock intruding volcanic and volcaniclastic country rocks. According to Ferraris (2007), the most intense hydrothermal alteration occurs in the immediate vicinity of hydrothermal breccia bodies, mantos, and dioritic intrusions and fault and shear structures. Silicification is widespread, as quartz fracture filling and veining; potassic alteration occurs peripheral to dioritic stocks and feldspar porphyry dykes; and argillic alteration, as montmorillonite and illite, occurs mainly in the volcanic country rocks with interbedded sedimentary beds.

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| **Technical Report on the San Luis Property** | 39 |

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![](ex99-23_001.jpg)

Contact metasomatic alteration of the calcareous sedimentary units within the volcanic sequence has produced skarns (± grossularite) with manto mineralization, including pyrrhotite and pyrite with lesser sphalerite and chalcopyrite. Galena and molybdenite are rare. Iron oxide alteration (gossan) zones are widespread and affect all lithologies, especially the andesitic volcanics at higher elevations of the Huilcahuain mountain, and surrounding the feldspar porphyry intrusions at the Pucajirca summit (Ferraris, 2007).

**7.3** **Mineralization** 

Four main types of potentially economic mineralization have been identified on the property to date, including:

● Gold
 and silver-bearing epithermal quartz veins comprising the "San Luis vein system"

● Zinc-rich
 sulphide replacement bodies, referred to as "mantos"

● Base
 metal-bearing sulphide mineralization hosted by brecciated and hydrothermally altered andesite
 and polylithic breccias of undetermined origin

● A
 copper-molybdenum porphyry system within the BP zone.

**7.3.1** **San Luis Vein System** 

Recent exploration has identified a number of mineralized quartz veins in different areas of the property concessions, but the most intense and advanced exploration has been undertaken on the San Luis vein system, especially the Ayelén and Inés vein structures. The San Luis vein system includes, from west to east, five principal veins known as: 'Ayelén', 'Inés', 'Paula' and 'Paula Split', 'Regina' and 'Sheyla' (Figure 7-7). These en-echelon vein structures strike approximately west-northwest to northwest and are spaced at 400–600 m intervals within an east-west trend within the property. The combined strike length is almost 5 km, although less than one-quarter of this strike length has been explored to date.

The Ayelén and Inés vein structures were identified from surface trenching as carrying anomalous gold and silver values, and these became the focus of most of the 2006 and 2007 drilling programs since they were indicated to host the highest precious metal grades. Elsewhere, 21 other drillholes have tested some of the other quartz vein structures and stockwork-type mineralization identified to date.

The San Luis vein structures have continuous strike lengths over hundreds of metres and down-dip extents, based on drilling intercepts, exceeding 200 m. Vein thicknesses vary considerably due to local faulting, shearing and dyking; however, they range in true width from 50 cm to more than 10 m but commonly average 1.5 m to 3.5 m. The vein structures are controlled and hosted by normal faults that are sub-vertical to moderately to steeply inclined to the northeast.

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| **Technical Report on the San Luis Property** | 40 |

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![](ex99-23_001.jpg)

![](ex99-23_018.jpg)

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| **Figure 7-7** | **Satellite image of the San Luis vein system (modified after Pincus and McCrea, 2007)** |

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At the Ayelén and Regina veins, rhyodacitic to rhyolitic dykes of 2–12 m thick have been emplaced along the controlling fault structures for the veining. Along the Ayelén vein structure, two or more felsic dykes have intruded both the fault and vein. It appears from drilling results that the dykes are dominantly post-mineral relative to the main auriferous vein mineralization but locally they do host volumetrically minor gold and silver-bearing mineralization that may be either late-stage primary or of secondary origin.

**7.3.2** **Vein Mineralogy** 

Textural features of the various San Luis veins are consistent with veins of low sulphidation epithermal origin, showing alternate colloform banding and laminae of white, grey, pale green quartz, chalcedony, carbonates and possible minor adularia (Figure 7-8 left) hosting grey bands of very fine-grained pyrite with electrum, acanthite and base metal sulphides (Figure 7-8 right). Lattice-type crystal growths can be locally observed where coarse calcite blades have been replaced by silica with chalcedonic quartz filling matrix between the silica pseudomorphs. In addition to these typical epithermal vein textures, the San Luis veins are composed in part of massive white quartz, repetitively brecciated vein quartz and tectonic breccia clasts composed of silicified, angular to partially-milled andesite clasts mixed with vein fragments that have been cemented with drusy and colloform quartz and calcite. The well mineralized Ayelén vein generally tends to display more complex vein textures than the other major veins, especially those hosting little or no significant precious metal mineralization such as the Regina and Sheyla veins (Burk, 2007).

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| **Technical Report on the San Luis Property** | 41 |

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![](ex99-23_001.jpg)

![](ex99-23_019.jpg)

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| **Figure 7-8** | **Left – Drill core samples showing typical multiple brecciation and epithermal vein textures of the Ayelén vein. Thin laminations and colloform banding of quartz, chalcedony, sericite, calcite and minor adularia. Right – Drill core (DDH A-SL-064) hosting grey bands of very fine-grained pyrite with electrum, acanthite and base metal sulphides.** |

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Fifteen drill core samples of the wall-rocks were petrographically examined by consulting petrographers C. Leitch and J. Shannon to determine the mineralogy of the hydrothermal alteration, especially that of the Ayelén vein. According to Burk (2007), vein rock samples examined by Leitch contained small fragments of volcanic wall rocks, mainly medium-grained andesite, showing pervasive alteration to secondary growths of quartz-sericite-calcite/dolomite-pyrite. Similar alteration mineralogy also forms proximal haloes to the vein structures extending a few tens of centimetres from vein margins into the wall-rock andesitic volcanics. The sericite-rich 'inner' alteration facie grades outward from the veins into 'outer' facies of chlorite-sericite-calcite ± minor disseminated pyrite which generally extends a few metres away from the veins and locally up to 20 m. Sericite in the outer alteration facies tends to be replaced by albite further away from the veins.

Hydrothermal alteration is also developed in the felsic dykes that are spatially associated with some of the veins, typically consisting of moderate to strong replacement of plagioclase, alkali feldspar and minor biotite by sericite-calcite with minor disseminated, fine-grained pyrite. Within the zone of supergene oxidation, which extends little more than 15–20 m below surface along the Ayelén vein, the relatively minor amounts of pyrite in the mineralized veins (less than 5% by volume) have been converted into limonite-goethite fracture fillings and coatings. Metallic minerals, except for pyrite, only occur in trace amounts and are generally very fine-grained. Minute grains of native gold, native silver, electrum, acanthite, sphalerite, chalcopyrite, galena and possible tetrahedrite have been observed microscopically (Leitch, 2007). Visible gold (or electrum) was observed by the author in outcrops of the Ayelén vein near Trench 10. These precious metal and sulphide minerals are seen to generally occur in paragenetically late quartz + sericite ± calcite veinlets and breccias-fillings.

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| **Technical Report on the San Luis Property** | 42 |

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![](ex99-23_001.jpg)

The following text provides more detailed descriptions of the principal vein structures comprising the San Luis vein system.

**Ayelén Vein**

The Ayelén vein is the most extensively explored and better mineralized of the known vein structures (Figure 7-9). Trenching and diamond drilling have traced this structure along a strike length of over 720 m with down-dip extensions of 100–327 m, striking of 340–345°. Surface mapping results indicate the vein structure dips -75° to -85° west-southwest, but drilling results show the controlling fault structure(s), subsurface individual vein segments and post-mineral dykes dip vertically to -80° west-southwest. True thicknesses of individual vein segments vary from tens of centimetres to over 10 m, averaging 1.5 m to

3.0 m wide.

![](ex99-23_020.jpg)

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| **Figure 7-9** | **Geology of the Ayelén and Inés vein structures (modified from Pincus and McCrea, 200C)** |

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| **Technical Report on the San Luis Property** | 43 |

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![](ex99-23_001.jpg)

Thirty-two surface trenches were excavated along the surface trace of the Ayelén vein and 108 diamond drillholes, totalling 19,195.15 m, have tested its down-dip extensions during the 2006 and 2007 exploration programs. The results of this work show that the vein structure has been displaced by faulting and shearing repeatedly during the emplacement of the veining, mineralization and later dyking. The mineralizing events appear to have extended from the initial vein emplacement to after the emplacement of the two varieties of felsic dykes since, although generally barren, the dykes do host very local fracture filling precious and base metal mineralization. Repetitive faulting and shearing have produced multiple lenticular vein bodies or segments that dominantly occur on the footwall or east-northeast side of the dykes in the southern portion of the structure but occur between and bound the dykes on both sides towards the north-northwest end. Thus, the collective Ayelén vein structure has been subdivided into hangingwall and footwall sections based upon their relative position with respect to the post-mineral dykes.

Vein composition, texture and mineralogy are characteristically epithermal, low sulphidation vein type. Quartz, chalcedony, calcite and minor adularia are the main gangue minerals, occurring with typical banding, layering and brecciation. Electrum, acanthite and other silver sulphosalts are the main economic minerals accompanied by trace amounts of sulphide minerals including: pyrite, chalcopyrite, galena and sphalerite.

According to Pincus and McCrea (2006), the weighted average grade from 2006 surface trench sampling along a 350 m strike length is 51.7 g/t Au and 1,078 g/t Ag. The mineral resources of the Ayelén and Inés vein structures is the subject of this review of the Reliant 'Mineral Resource Estimate' previously carried out (Blanchflower, 2009).

At the southern end of the vein structure, at local grid line 1575 m north, lenses of brecciated quartz veining occur between three rhyolitic dykes that vary in thickness from 3 m to 7 m and dip 80° southeast. On grid line 1675 m north, 100 m to the north-northwest, three drillholes have intersected several rhyolitic dykes (or faulted dyke segments) with a number of 50–150 cm thick quartz veins between them and on the footwall side of the dyking. This set of veins is well developed at a vertical depth of about 75 m and weakens near surface. A 4–5 m thick brecciated quartz vein was encountered on the west or hangingwall side of the felsic dykes that extends to a depth of at least 150 m below surface. Higher grade precious metal mineralization is prevalent on the eastern or footwall side of veins from surface to a vertical depth of about 200 m.

On grid line 1750 m north, the Ayelén vein structure is in part formed by a quartz-healed, apparently milled tectonic breccia that follows the eastern branch or splay of a bifurcating normal fault structure. The previously mentioned felsic dyke is interpreted to have been intruded into the western splay of the fault zone. Based on drilling results, the two splayed fault structures merge together at about 100 m below surface, beneath which there is a lens of brecciated quartz-calcite vein rock and hydrothermally altered wall-rock breccia. This well-mineralized lens of veining and brecciation is up to 6 m thick and extends 70 m down-dip on the western side of the felsic dyke.

Around grid line 1825 m north, the Ayelén vein structure simplifies and trends approximately 5–7° or more to the north. This inflection in the strike of the vein structure is interpreted to be the loci of an intersecting northwest-trending fault. At this location, there is a single vein segment in the upper 100 m that trends along the eastern (footwall) side of the rhyolitic dyke. This vein of variably textured epithermal quartz pinches down within about 90 m below surface and continues downward as a narrow shear infilling along the margins and contained within the rhyolitic dyke. There are also two other weakly mineralized, narrow quartz vein segments at a depth of 200 m below surface, one within the dyke and one on the footwall side. These lenticular vein segments within the otherwise barren dyke may be either faulted slices or evidence of post-dyking mineralization during late-stage tectonism. The highest grade gold-silver mineralization occurs within 100 m of surface.

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| **Technical Report on the San Luis Property** | 44 |

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![](ex99-23_001.jpg)

Further to the north, on grid line 1900 m north, the Ayelén vein structure occurs as a single, wedge-shaped lens of quartz veining that is up to 9 m thick at surface and narrows down to less than 1 m at 120 m below surface before pinching out entirely. The vein is situated on the eastern side of a 3–7 m thick, steeply westward dipping rhyolitic dyke. At a vertical depth of 100 m, the felsic dyke merges with the main sub-vertical dyke body that continues to depth. Between a vertical depth of 50 m and 100 m, there is a narrow mineralized quartz vein between the two branches of the rhyolitic dyke structure. At a vertical depth of 190 m, veining along the Ayelén vein structure reappears in the form of two relatively thin brecciated veins, but these are only weakly mineralized.

The Ayelén vein structure continues north-northwest on the eastern side of the rhyolitic dyke. On grid line 2000 m north, there are two well-mineralized vein segments to a vertical depth of 100 m below surface, varying in true thickness from 1 m to more than 3 m each. Beneath this level, the veins pinch out against the rhyolitic dyke margin. At 200 m below surface, thin breccia veins or lenses of hydrothermal breccia exist along both margins of the rhyolitic dyke, but these do not carry any significant gold or silver values.

From grid lines 2000 m to 2100 m north, the Ayelén vein appears like sheeted veins of quartz breccia on both sides of the rhyolitic dyke. The highest gold and silver values are hosted in 1–10 m thick veins within 30–100 m of surface.

Close to the northern limits of the well-mineralized section of the Ayelén vein structure, on grid line 2175 m north, there are two separate rhyolite dykes separated by 3–15 m. The 3–4 m thick eastern dyke appears to be the rhyolite body along which most of the Ayelén veining follows while the 8–11 m thick western dyke is quartz porphyritic. Brecciated quartz veins, 50–150 cm thick, occur on both sides of and in between the two dykes. This segment of the Ayelén vein structure is weakly mineralized.

**Inés Vein**

The Inés vein structure is situated approximately 110 m east of the Ayelén vein structure, trends north-northwest at 320–340° and dips -50° to -75° north-northwest (Figure 7-9). Drilling and geo-modelling results indicate that the primary and easterly-dipping normal fault structure controlling this vein may intersect the Ayelén vein structure in the vicinity of surface trench number 16 at UTM. 190455 m east by 8961000 m north with parasitic structures trending northward. The main brittle-ductile structure appears to be a listric fault, since the vein dips about -75° eastwardly near surface then progressively more gently at -60° to -45° as it is traced downwards. The Inés vein crops out as series of discontinuous resistant ridges for more than 2,200 m along strike with apparent widths of 2.0 m to 7.5 m, but assay results from the outcrop and surface trench samples show that only a relatively short section of the Inés vein is significantly mineralized with gold and silver. This mineralized section is situated where it is closest to the Ayelén vein.

Based on drilling and mapping results, the Inés vein has the appearance of a brittle-ductile fault zone, approximately 1–5 m wide, hosting anastomosing veinlets of quartz and tectonic breccias healed by quartz and coarse-grained calcite. Sizeable epithermal quartz structures such as that forming the Ayelén vein are not commonly developed along the Inés vein structure, except where it is well mineralized (Burk, 2007).

Prospecting, geological mapping, surface trenching and 28 diamond drillholes, totalling 3,157.8 m, has tested the Inés vein with most of the work being undertaken along its 475 m long northwest portion. The drillholes usually ranged between 75 m and 250 m in length and were inclined westward. Drilling results indicate that only a short section of Inés vein, perhaps 100 m in strike length, is host to potentially economic gold-silver mineralization.

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| **Technical Report on the San Luis Property** | 45 |

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![](ex99-23_001.jpg)

Along grid line 1825 m north, the Inés vein structure is a continuous, arcuate structure, 1–3 m thick, that can be traced to a vertical depth of at least 150 m. Within 50 m of surface, the structure consists of banded quartz hosting significant gold and silver mineralization. With depth the banded quartz appears replaced by weakly to unmineralized massive to highly fractured quartz-calcite vein gangue. At a depth of 100 m or more, hydrothermal breccia rock dominates the structure where fragments of andesitic flow rock are encrusted or supported by quartz and calcite (Burk, 2007).

**Paula and Paula Split Veins**

The Paula and Paula Split vein structures are situated approximately 650 m east of the Inés vein. These two veins coalesce at 191900 m east by 8960100 m north. They crop out as discontinuous resistant quartz vein exposures along a strike length of 1,100 m. The main Paula vein structure strikes north- northwest at 320–330°, and dips at -50° to -75° northeastwardly. The structure appears to pinch and swell with an apparent maximum thickness of 9.5 m (Pincus and McCrea, 2006). The parasitic Paula Split vein structure branches to the north-northwest and parallels the Paula vein for a few hundred metres. It may join the main vein at depth.

The Paula vein structure has been tested to depths of 50–255 m from surface with 10 diamond drillholes, totalling 1,759 m, spread out along a 350 m long section of its known strike length. Each of the drillholes intersected the anticipated structure but encountered zones of discontinuous thin quartz veins and veinlet stockworks containing traces of disseminated fine-grained pyrite and in some cases minor aggregates of chalcopyrite. None of the intercepts yielded precious metal assays of economic significance.

When drilling the Paula vein structure, drillholes P-SL-065, P-SL-112 and P-SL-122 intersected a buried vein, approximately 1–2 m thick, on the eastern side of the Paula vein that hosts geochemically significant values of gold and silver. This 'Cristina' vein strikes at 345° and dips 60° eastwardly and represents a potential drilling target for future exploration (Burk, 2007).

**Regina Vein**

The Regina vein structure crops out approximately 2 km east of the Ayelén vein or 600 m east of the Paula vein. It has a rhyolitic dyke along its western margin, similar in size and appearance to those along the Ayelén vein structure. At outcrop, the Regina vein structure is characterized by its breccia texture with abundant angular fragments of sericite and calcite-altered andesite encrusted with drusy and colloform banded quartz which attains a maximum thickness of 4.2 m. Rock sampling in 2006 traced this vein structure for 500 m along a northwesterly trend. According to Pincus and McCrea (2006), "*Eight grab samples returned low gold and silver values (up to 4 ppm Ag) but were strongly anomalous in arsenic and less so in antimony*."

In 2007, five diamond drillholes tested the Regina vein structure beneath its strongest surface expression. Four drillholes (R-SL-50, R-SL-51, R-SL-52, and R-SL-54) were completed from two drill sites situated about 75 m apart. These drillholes tested the vein structure at vertical depths of between 50 m and 100 m. Only slightly anomalous gold values were encountered in drillhole R-SL-54. A fifth, deeper drillhole was directed in between the two-hole fans and intersected the Regina vein structure 250 m below surface. It failed to intersect any significant precious metal values (Burk, 2007).

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| **Technical Report on the San Luis Property** | 46 |

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![](ex99-23_001.jpg)

**Sheyla Vein**

The Sheyla vein structure is situated 2.5 km east of the Ayelén vein, or 400 m east of the Regina vein. Prospecting and diamond drilling has traced this quartz breccia vein for 700 m along a northwesterly trend with a maximum apparent thickness of 3 m. Four drillholes (S-SL-44, S-SL-46, S-SL-47, and S-SL-48), totalling 595 m, from two sites 240 m apart, intersected the vein structure between 65 m and 125 m below surface. Only traces of fine-grained pyrite and acicular tourmaline were encountered in the vein intercepts with no significant gold and silver values (Burk, 2007).

**Puca-Puca Quartz Stockwork**

A limonitic quartz stockwork zone outcrops along the access road that passes between the Regina and Paula veins. It was deemed worthy of evaluation and in 2007 two drillholes tested this 20 m wide quartz veinlet structure. The first hole was planned to intersect the targeted zone at a depth of 250 m, but it failed to encounter any significant veining or brecciation. A shorter hole was then drilled to cut the stockwork 75 m below surface, but it too failed to intersect anything of interest (Burk, 2007).

**7.3.3** **Zinc-Copper-Lead-Silver (± Gold) Manto Mineralization of the BP Zone** 

The BP zone is situated approximately 6 km southeast of the San Luis vein system (Figure 7-10). It covers approximately 12 km2 where the Calipuy Formation is prominently stained by limonite, goethite and hematite derived from the pyritized andesitic country rocks, which is readily visible in the IKONOS satellite imagery (Figure 7-10). At the centre of this zone, within a glacial cirque on the northern flank of *Cerro Huillcahuain*, there are a number of small, abandoned trenches and short adits collectively known as the 'Patococha' mineral showings. These minor workings were reportedly active in the 1980s and possibly earlier where the local miners 'high-graded' sub-horizontal tabular 'manto' bodies of fairly coarse-grained pyrrhotite-sphalerite mineralization and transported the hand-cobbed mineralization away for milling.

![](ex99-23_021.jpg)

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| **Figure 7-10** | **Satellite image of the San Luis vein and BP zones (after Ferraris, 2007)** |

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| **Technical Report on the San Luis Property** | 47 |

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![](ex99-23_001.jpg)

The Patococha 'manto' or skarn occurrences are 50–250 cm thick. They have been traced along strike for several tens of metres, and dip -20° south to southwestwardly (Figure 7-11). According to Ferraris (2007), these mantos are commonly associated with quartz stockwork veining within the underlying andesitic volcaniclastics, and usually terminated by strike-slip faulting trending northwest and steeply dipping (Figure 7-11 left). They are hosted within a sequence of andesite lava flows and are interpreted by the project geologists to be metasomatic deposits where interbedded, fine-grained, sedimentary units have been partially replaced by hydrothermal intergrowths of pyrrhotite, sphalerite, galena, actinolite-tremolite and chlorite.

![](ex99-23_022.jpg)

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| **Figure 7-11** | **Patacocha manto occurrence (highlighted as white lines), after Ferraris, 2007 (left); Quartz-calcite stockwork hosted by andesitic rocks beneath manto occurrences (right)** |

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Besides pyrrhotite, sphalerite is the most common sulphide mineral found in the mantos with reported zinc contents ranging up to 12% (Burk, 2007). Galena may be nearly absent or occur in significant amounts. It is reported that some samples returned values of up to 6% lead (Burk, 2007). Chalcopyrite and possibly other sulphides, such tetrahedrite-tennantite, are locally present in trace to minor amounts. Samples with relatively high lead contents have correspondingly higher silver and gold concentrations (Burk, 2007).

Lithogeochemical sampling of the exposed manto occurrences has been undertaken and a combined magnetics and induced polarization geophysical survey of the BP zone has been carried out. A number of the east-west and north-south oriented survey lines passed over the sulphide replacement bodies. No diamond drilling within the zone has yet been specifically targeted to test the economic potential of the manto mineralization.

**7.3.4** **Hydrothermal Breccia-Hosted Copper-Lead-Zinc-Silver Mineralization** 

Hydrothermally brecciated, intensely altered and mineralized andesite crops out a few hundred metres north of the Patoccocha manto deposits, central to the much larger gossan area defining the BP zone. Bedrock exposures occur around a small pond and bog locally known as *Laguna Patococha*, suggesting that the breccia body has an elliptical shape with surface dimensions in the order of 400 m by 200 m (Figure 7-12). Significant pyrite, chalcopyrite, sphalerite and minor galena mineralization occurs within a brecciated matrix.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 48 |

---

![](ex99-23_001.jpg)

![](ex99-23_023.jpg)

---

| | |
|:---|:---|
| **Figure 7-12** | **Aerial view of Patacocha hydrothermal vein outcrops (yellow lines) (left); Outcrop of hydrothermal breccia (right)** |

---

During 2007, Reliant carried out geological mapping, at a scale of 1:2,000, lithogeochemical sampling survey (75 samples), conducted a combined magnetics and induced polarization geophysical survey, and completed four diamond drillholes, totalling 1,067 m, within the BP zone.

According to Burk (2007) and based upon surface outcrop and drill core observations, medium-grained andesitic flow rocks around *Laguna Patoccocha* have been strongly fractured and locally brecciated, apparently as a result of hydrostatic over pressuring related to a well-evolved hydrothermal event. In addition to brittle deformation, the hydrothermal fluids caused relatively widespread and locally intense mineral alteration of the andesitic country rocks. Macroscopic examinations indicate that original plagioclase-pyroxene composition of the intermediate volcanics was initially affected by pervasive potassium metasomatism resulting in fine-grained intergrowths of brown biotite and secondary alkali feldspar (albite ± orthoclase) with finely disseminated and fracture filling pyrite mineralization (Figure 7-13).

The phyllically altered volcanic rocks were strongly fractured and altered by a third stage of hydrothermal fluids that replaced sericite with kaolinite and minor calcite and quartz. Open spaces within well brecciated rocks were infilled by relatively coarse-grained pyrite and lesser amounts of chalcopyrite, sphalerite and galena. Calcite and drusy quartz also occur as crystal growths in open fractures and breccia vugs.

The three superimposed hydrothermal alteration facies at *Laguna Patoccocha* are interpreted to indicate a hydrothermal system with an initial potassic signature with each subsequent facie being progressive at a lower temperature. The key secondary phases that were stable during each of the three stages are represented by biotite, sericite and kaolinite, respectively. It is possible that this "collapsing" hydrothermal system had evolved from a magma source that could also be the source of an unidentified buried porphyry intrusion beneath the altered andesitic volcanics (Burk, 2007).

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 49 |

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![](ex99-23_001.jpg)

![](ex99-23_024.jpg)

---

| | |
|:---|:---|
| **Figure 7-13** | **Representative drill core samples from drillhole BP-SL-131, Patoccocha breccia, BP zone** |
| | *Notes to the left image: Original medium-grained andesite is altered to the dark brownish-grey rock rich with secondary biotite, representing the first alteration facie. The pale grey rock is phyllically altered to a sericite-quartz-pyrite assemblage with fracture filling pyrite and coarse-grained white quartz and calcite.* |
|  | *Notes to the right image: Pale grey phyllically alter andesite has secondary intergrowths of sericite-quartz-pyrite. Lighter grey alteration is marked by kaolinite replacing sericite. Dark specks may consist of late-stage biotite or quartz-tourmaline clusters. Well-developed hydrothermal breccia texture with coarse-grained pyrite and chalcopyrite mineralization with quartz-calcite gangue occupies the matrix between the breccia fragments.* |

---

 

**7.3.5** **Copper-Molybdenum Porphyry-Type Mineralization** 

At BP zone, in the central-east part of the San Luis Project, the dominated andesitic volcanic rocks are widely altered to pyrite- and pyrrhotite-bearing, biotite hornfels by a concealed intrusive centre. Within the southern part of the alteration zone, the andesitic rocks and a shallowly inclined rhyolite sill host a porphyry-type veinlet stockwork, with surface dimensions of at least 800 m by 600 m (Sillitoe, 2011). Additional stockwork veining is reportedly also present at surface some 1 km farther north.

According to Sillitoe (2011), the stockwork is formed by D-type quartz-pyrite-(pyrrhotite) veinlets, with sericitic selvages up to 1 cm wide, which attain intensities of 20–40 per linear metre. Earlier B-type veinlets are much less abundant, ranging from <1 to a maximum of 3 per linear metre. The B-veinlets generally contain molybdenite, pyrite and, locally, minor chalcopyrite, and many of the wider (>0.5 cm) veinlets display the characteristic confinement of molybdenite grains to the veinlet margins. The B-veinlets lack alteration selvages and, in places in the andesitic host rocks, contain flakes of biotite (and minor epidote), implying that they accompanied potassic alteration: a conclusion further supported by the presence of clots and veinlets of biotite throughout the stockworked andesitic rocks. In contrast, the rhyolite sill is everywhere sericitic altered, a feature believed to be attributable to its more felsic, iron-poor initial composition.

The stockworked rocks are only weakly mineralized, averaging only several hundred parts per million copper, much of it contributed by disseminated grains of chalcopyrite. Molybdenum values are erratically distributed but attain several hundred ppm where the B-veinlets are most closely spaced.

Two dacite porphyry dykes, containing plagioclase, biotite and subordinate quartz phenocrysts, were observed in drill core from holes BP-SL-148 and 151. The porphyry is chloritized and only weakly veined compared to the immediate host rocks. Sillitoe (2011) interpreted that these dykes are late inter-mineral in timing and they emanated from a concealed porphyry centre beneath the observed BP stockwork zone, but after completion of most of the alteration and mineralization.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 50 |

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![](ex99-23_001.jpg)

Sillitoe (2011) stated that such B-type and D-type veinlets are generated exclusively in porphyry copper systems, implying that a progenitor stock must be present at depth. That early-mineral porphyritic stock was not identified neither on surface mapping nor in the drillholes made to date.

**7.3.6** **Mineralogical/Petrographic Studies** 

Two petrographic analyses were carried out on samples from the Ayelén vein. One was performed by Dr Craig Leitch and the other was prepared by BISA.

Dr Leitch analysed nine samples of sawn core to determine:

● Mode
 of occurrence of gold and silver

● Locking
 of metal values with quartz or adularia

● Secondary
 enrichment of gold or silver.

Dr Leitch reports that *"the samples mostly consist of epithermal-looking quartz-carbonate-sericite vein material with textures ranging from breccia to crustiform, colloform banded, comb- or cockade-textured, to locally vuggy or very fine-grained ("chalcedonic"), with only minor sulfides. Clasts in breccia veins are mainly intensely altered, to quartz-sericite-carbonate-local chlorite, rutile, and only rarely retain vestiges of former (felsic to intermediate, volcanic to hypabyssal?) origin. Carbonate likely includes calcite and dolomite (plus local Fe-calcite and ankerite?). Sulfides are mainly fine-grained pyrite, commonly partly to wholly replaced by limonite, but in several samples trace to significant base-metal sulfides, including chalcopyrite, sphalerite (ranging from colourless or pale yellow, low Fe, to almost opaque, due to minute oriented inclusions of chalcopyrite), galena (rarely intergrown with acanthite or tetrahedrite?), and rare possible marcasite (?). In 5 (possibly 6) of the 7 samples from drillholes SL609, 610, 613 and 702, rare small (<15 to 100 micron) particles of yellow-brown, partly tarnished (?) possibly native Au or electrum occur, mostly associated with either relatively late carbonate, sericite, quartz veinlets or fractures; they only locally appear to be locked within carbonate or pyrite (or limonite after pyrite), not quartz or adularia. In the two samples from SL01 and 02, traces of highly tarnished, possibly native Ag/electrum (?) as ragged particles or aggregates up to 200 microns across are also associated with late quartz, sericite veinlets or open fractures. No evidence of enrichment of Au or Ag was noted in the sections".*

BISA carried out mineralogical analyses on 11 samples collected from diamond drill core and surface trenches in the Ayelén vein area.

BISA reports that "vein material mostly consists of quartz, calcite, sericite and illite. Quartz is present in different forms such as hyaline quartz, gray and chalcedonic with banded, crustiform and brecciated textures.

Microscopic evaluation indicates three common groups of minerals:

● Native
 minerals (gold, silver, electrum)

● Sulphides
 (pyrite, chalcopyrite, sphalerite, galena, argentite, pyrrhotite, marcasite)

● Oxides
 (hematite, limonite, goethite).

BISA reports that gold is mainly present as electrum and in smaller amount as free fine-grain gold (0.002 mm to 0.04 mm). Native gold appears to contain some silver giving it a pale colour and, in some cases, causing it to be confused with electrum. Silver, in addition to electrum, is present as argentite and argento-jarosite associated to pyrite and grey quartz. The amount of silver in electrum varies and often it is difficult to identify if silver is native silver or electrum.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 51 |

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![](ex99-23_001.jpg)

Pyrite is the most abundant sulphide. It is often associated with occurrences of native gold, native silver and electrum as indicated in Figure 7-14. Chalcopyrite, galena and sphalerite are present in trace amounts. Their amounts tend to increase with depth. Hematite, goethite and limonites are observed in the upper part of the mineralized system.

![](ex99-23_025.jpg)

---

| | |
|:---|:---|
| **Figure 7-14** | **Native gold grain filling up porosities in the pyrite (py); the biggest grain measures 0.02 mm** |
|  | *Note: Pyrite is present filling up a fracture in the gangue (GGs). In addition to gold, there are some grains of galena (gn) filling porosities in the pyrite.* |

---

 

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 52 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **8** | **DEPOSIT TYPES** |

---

Four distinctly different mineral deposit types have been identified within the property. The most extensively explored are the epithermal, low sulphidation, gold and silver-bearing, quartz-calcite veins of the San Luis vein system, while the others, hydrothermal breccia-hosted base metal, manto-hosted occurrences and copper-molybdenum porphyry type stockwork, appear related to a buried intrusion, possibly of calc-alkaline composition, central to the BP zone.

The vein-hosted gold-silver occurrences, and the hydrothermal breccia and manto-hosted base metal mineralization are relatively close, and appear to share common regional structural controls.

**8.1** **Deposit Classification** 

**8.1.1** **Epithermal Low-Sulphidation Precious Metal Vein Mineralization** 

The gold and silver-bearing veins of the San Luis vein system have many characteristics typical of 'epigenetic or epithermal, low sulphidation, precious metal vein deposits'. According to Simmons et al. (2005), *"Epithermal deposits comprise epigenetic ores that are generally hosted by coeval or older volcanic rocks. Most commonly, mineralized bodies occur in veins with steep dips that were formed through dilation and extension. Some are hosted by major faults but more commonly they are hosted by minor faults with smaller displacements (< 10 m)"* (Pincus and McCrea, 2006).

The following description of low sulphidation precious-metal vein-hosted mineralization was documented by Pincus and McCrea (2006) after Simmons et al. (2005):

 

*"Low sulphidation mineralization consists of a gangue mineral assemblage containing quartz-calcite-adularia-illite. Gold typically occurs as electrum and silver occurs as electrum, acanthite and other silver sulphosalts. Epithermal deposits are characterized by a variety of textures including crustiform banding, often with interlayers of quartz and sulphide minerals. Bands are often interrupted indicating repeated pulses of mineralization. Lattice textures in which calcite crystals have been replaced by quartz and brecciation are also common characteristics.*

 

*Interpretations of the epithermal model indicate that ore-bearing fluids typically travel along structural pathways at high temperatures with sufficient hydrostatic pressure to prevent boiling. When the pressure drops suddenly through faulting or rupture, boiling occurs and the fluids quickly deposit their mineral load in available open spaces. Deposition of minerals, particularly quartz will typically occur in these open spaces with bands growing from either wall inward. Open spaces are eventually sealed by this growth until ruptured once again by underlying fluid pressure or new faulting and the process begins over again. This repeated rupturing results in the interrupted banded texture typical of epithermal veins.*

 

*As described above, structural features, particularly faulting and fracturing, are a key element in controlling the location of ore deposition. Ore 'shoots' will typically occur in dilational zones, which in turn result from a variety of local stresses. Often these stresses are repeated along the length of a vein structure resulting in multiple ore-shoots.*

 

*The total precious metal content of epithermal systems can often be significant. Some deposits have been characterized as 'bonanza', that is greater than 1 million ounces of gold at a grade of greater than 30 grams per tonne. Significant deposits that have been classified as low-sulphidation epithermal deposits include: Fresnillo in Mexico (800,000 ounces Au and 516 million ounces Ag), The Comstock Lode in California (7.6 million ounces Au and 176 million ounces Ag), El Peñon in Chile (3.8 million ounces Au and 63 million ounces Ag) and Midas in Nevada (2.5 million ounces Au and 30 million ounces Ag) (Hedenquist et.al., 2005)."*

 

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 53 |

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![](ex99-23_001.jpg)

 

The currently understood geological model is summarized in Figure 8-1.

![](ex99-23_026.jpg)

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| | |
|:---|:---|
| **Figure 8-1** | **The epithermal model (Hedenquist et al., 1996, 2000, 2005 and others)** |
|  | *Source: Reliant, 2024* |

---

 

**8.1.2** **Copper-Molybdenum Porphyry and Related Base Metal Mineralization (BP Zone)** 

The BP zone has many features indicative of a central, buried intrusion responsible for locally intense brittle fracturing, hydrothermal breccia bodies, multiple alteration facies, peripheral 'manto' or skarn occurrences, and base and precious metal mineralogy with an intrusion-related, possibly calc-alkaline, porphyry-style signature. These deposits typically occur in association with the emplacement of high-level stocks during extensional tectonism related to regional strike-slip faulting at convergent plate boundaries or back-arc spreading following continent margin accretion. Any type of country rock may be mineralized but commonly the high-level stocks and related dykes intrude their coeval and cogenetic volcanic piles (Panteleyev, 1995).

Calc-alkaline porphyry deposits typically have stockworks of quartz veinlets, quartz veins, closely spaced fractures and breccias containing pyrite and chalcopyrite with lesser molybdenite, bornite and magnetite occurring in large zones of mineralization in or adjoining porphyritic intrusions and related breccia bodies. Disseminated sulphide minerals are present, generally in subordinate amounts. The mineralization is commonly spatially, temporally and genetically associated with hydrothermal alteration of the host rock intrusions and wall-rock (Panteleyev, 1995). Intrusions range from coarse-grained phaneritic to porphyritic stocks, batholiths and dyke swarms; rarely pegmatitic. Compositions range from calc-alkaline quartz diorite to granodiorite and quartz monzonite. Commonly there are multiple emplacements of successive intrusive phases and a wide variety of breccias (Panteleyev, 1995).

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 54 |

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![](ex99-23_001.jpg)

**8.1.3** **Sillitoe Opinion** 

Following a three-day visit to the San Luis Property, Richard Sillitoe (2011) provided Reliant with the following observations:

● *"The Ayelén bonanza-grade gold-silver ore shoot is considered as an erosional remnant of the shallow parts of a classic low-sulphidation epithermal vein. Nearby veins appear to have been more deeply eroded, leading to loss of any ore shoots. However, further geological reconnaissance designed to search for previously undetected ore-shoot remnants would be justified.* 

● *At the BP Zone, a well-developed stockwork of porphyry-type veinlets, some containing molybdenite, defines the lateral limits of a concealed porphyry copper centre. Two observed porphyry dykes within this zone may be late-stage offshoots of the porphyry intrusion that must be present in the core of the system. A second concealed porphyry centre may also exist farther north in the BP Zone.* 

● *The zinc-rich mineralization present in hydrothermal breccias, replacement mantos and the Huinchos veins is considered to represent distal manifestations of the BP Zone porphyry centre, much of it generated relatively late in the evolution of the system. None of these mineralization styles is considered worthy of further attention.* 

● *The low-sulphidation epithermal Ayelén and nearby veins are not genetically related to the BP Zone, but are products of a much earlier mineralization event. The temporal relations of the low-sulphidation veins and BP Zone with respect to minor rhyolite intrusions provide the basis for this metallogenically important conclusion.* 

● *Following further geological definition of the outcropping stockwork zone, scout drilling is recommended in search of the concealed porphyry stock. Although the size, grade and depth of the inferred stock cannot be reliably predicted, drilling needs to be sufficiently deep to confidently intersect the early, best-mineralized phase of the stock, which is considered to require holes to at least 700 m depth. It is suspected that the porphyry copper mineralization will prove to be molybdenum rich."* 

Sillitoe's report included the following conceptual diagram (Figure 8-2) in relation to the BP zone.

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|:---|:---|
| **Technical Report on the San Luis Property** | 55 |

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![](ex99-23_001.jpg)

![](ex99-23_027.jpg)

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| | |
|:---|:---|
| **Figure 8-2** | **Schematic geological section of inferred BP zone porphyry copper centre** |

---

According to Cox and Singer (1988), typical global calc-alkaline porphyry copper-molybdenum (± gold) deposits contain median values of 500 million tonnes with 0.41% Cu, 0.016% Mo, 1.22 g/t Au and 1.22 g/t Ag. Examples of this deposit type include: Brenda, Huckleberry and Schaft Creek (British Columbia, Canada); Casino (Yukon, Canada); Inspiration, Morenci, Ray, Sierrita-Esperanza, Twin Buttes, Kalamazoo and Santa Rita (Arizona, USA); Bingham (Utah, USA); El Salvador (Chile); and Bajo de la Alumbrera (Argentina).

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 56 |

---

![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **9** | **EXPLORATION** |

---

Most of the exploration work has been focused on a 400–500 m section of the Ayelén vein structure and 100–150 m of the Inés vein structure where the highest gold and silver grades have been found to occur. These two vein structures have been tested with 136 diamond drillholes drilled in 2007–2008, totalling 22,354 m, and over 70 shallow trenches (Appendix A refers) from which surface channel samples have been collected. Elsewhere, the other vein structures and the BP zone have been tested with 25 diamond drillholes during this period, totalling 4,673 m.

The following text documents the exploration work undertaken by Reliant during the latter half of 2006 and 2007, and briefly summarizes earlier exploration work. The 2005 and early 2006 exploration work and their results are well documented in the November 2006 Technical Report by W.J. Pincus and J.A. McCrea.

**9.1** **Exploration Program (2005)** 

The San Luis Property was first visited by ESC field personnel in June 2005. They discovered and sampled the Inés vein structure which returned values ranging from trace to 1.56 g/t Au and 0.8–100 g/t Ag. During a later property visit in July 2005, the Ayelén and Paula vein structures were discovered, prospected and channel sampled.

The channel samples from the Ayelén vein returned values ranging from 0.026 g/t to 173.8 g/t Au and 23 g/t to 2,504 g/t Ag (Pincus and McCrea, 2006). Prospecting work by ESC later in the year led to the discovery of the nearby Sheyla and Regina vein structures.

**9.2** **Exploration Program (2006)** 

**9.2.1** **Geological Mapping** 

Dr Eric P. Nelson was retained to carry out geological mapping and a detailed structural analysis of the area surrounding the San Luis vein system at a scale of 1:2,000.

**9.2.2** **Rock Geochemical Sampling** 

Systematic channel sampling of the Ayelén and Inés vein structures was initiated in January 2006 and completed by November 2006 after being delayed during the rainy season (Table 9-1). According to Pincus and McCrea (2006), 32 separate trenches were excavated along the trend of the Ayelén vein structure at 25 m intervals and 403 channel samples were collected along these trenches from the vein structure and wall-rock (Figure 9-1). True thicknesses of the samples were calculated using the vein dips at each sample site. These vein dip angles varied from -70° to -85° west-southwestwardly. The results of the channel sampling showed that the Ayelén vein structure hosted values ranging from trace to 134 g/t Au and 5.3–2,246 g/t Ag over true vein thicknesses of 0.98–7.14 m (Pincus and McCrea, 2006). Figure 9-2 shows the locations of channel samples and results along the central portion of the Ayelén vein structure.

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|:---|:---|
| **Technical Report on the San Luis Property** | 57 |

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![](ex99-23_001.jpg)

Table 9-1 Summary of surface trenches by vein target area

---

| | | |
|:---|:---|:---|
| **Area** | **No. of samples** | **Metres sampled** |
| Ayelén | 34 | 508.21 |
| Inéz | 62 | 441.00 |
| **Total >** | **96** | **947.21** |

---

![](ex99-23_028.jpg)

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| | |
|:---|:---|
| **Figure 9-1** | **Hand-excavated trench with spray-painted locations of individual channel samples (after Pincus and McCrea, 2006) (left); Locations of 2006 channel samples on central portion of Ayelén vein structure (after Reliant, 2007) (right)** |

---

Twenty-five trenches were excavated across the Inés vein structure at 25 m intervals and 90 channel samples were collected along these trenches from the vein structure and wall-rock. Vein structure dip angles varied from -65° to -75° northeast from which true thicknesses of the structure were calculated. Pincus and McCrea (2006) reported precious metal values for samples that graded greater than 1 g/t Au or representing longer true widths across the Inés vein structure. The reported results ranged from trace to 21.07 g/t Au and trace to 1,969 g/t Ag over true widths from 0.66 m to 3.43 m.

The results of this work identified the high gold and silver grades hosted by the Ayelén and Inés vein structures and showed that these veins have features commonly associated with typical low sulphidation epithermal vein systems. A detailed description of the trenching and rock geochemical sampling work is documented in the technical report by Pincus and McCrea (2006).

The results of the 2006 trenching program justified the start-up of diamond drilling in the same year (Item 10 refers).

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 58 |

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![](ex99-23_001.jpg)

**9.3** **2007 Exploration Program (2007)** 

During the latter half of 2006, ESC and SSR Mining formed a joint venture and continued their exploration efforts through their joint venture subsidiary company, Reliant, under the terms of their joint venture agreement.

**9.3.1** **Infrastructure Construction** 

The existing field camp was renovated and expanded to accommodate anticipated field staff, diamond drillers and other contract personnel. In addition, the on-site core logging, sampling and storage facilities were renovated with sufficient capacity to process, handle and store all anticipated drill core.

Drill access roads had been constructed and drill pads excavated on all the known vein structures and within the BP zone for the 2006 and 2007 drilling programs. Access drill road construction included ditching and installation of culverts for surface water management and erosion control.

**9.3.2** **Geological Mapping** 

Reliant retained Mr Fernando Ferraris, CPG, to conduct a combined geological mapping and lithogeochemical sampling survey of the BP zone at a scale of 1:2,000. The results of his work were reported in the private Technical Report Pucajirca Hydrothermal Altered Zone, Ancash Department, Central Perú, dated July 2007.

**9.3.3** **Silt Geochemical Sampling** 

Exploandes Mining Exploration Consulting and Services of Lima, Peru was retained by Reliant to carry out a property-wide stream sediment (silt) geochemical sampling survey. This work was undertaken in two stages during the period of October 30 to December 30, 2006. A total of 187 stream sediment samples were collected and submitted for multi-element analysis including four standard, four blank and four field duplicate samples for quality assurance and quality control (QAQC) evaluation.

The results of the silt sampling survey showed a number of drainages within the property with geochemically anomalous precious- and/or base metal-in-silt values worthy of follow-up prospecting and further rock geochemical sampling.

**9.3.4** **Rock Geochemical Sampling** 

Most of the rock geochemical sampling work was undertaken within the BP zone during the mapping and sampling work by Fernando Ferraris (2007). A total of 105 rock samples were reportedly collected and analysed for 26 elements using inductively coupled plasma (ICP) techniques. The analytical results were then statistically analysed and plotted to show the distribution of gold, silver, base metals and a variety of trace elements within the BP zone.

The plotted geochemical results showed a spatial association of anomalous base metal-in-rock values within the manto and intrusive breccia-hosted mineralization. In addition, the distribution of anomalous copper, molybdenum, gold and silver-in rock values indicated that there may be a buried intrusion centrally located within the BP zone that may have been responsible for the widespread pyritization, together with an anomalous suite of elements commonly associated with an intrusion-related, porphyry-style occurrence.

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|:---|:---|
| **Technical Report on the San Luis Property** | 59 |

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![](ex99-23_001.jpg)

**9.3.5** **Geophysical Surveying** 

Arce Geofisicos ("Arce") of Lima, Peru was contracted to carry out a combined ground magnetics and induced polarization survey. This work included surveying 19,850 m in three east-west and five north- south profile lines across the central BP zone, and 3,500 m in five southwest-northeast profile lines across the northern extensions of the San Luis vein system area (Figure 9-2). The surveying work was completed during the period of August 23 to September 6, 2007 (Arce, 2007).

![](ex99-23_029.jpg)

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| | |
|:---|:---|
| **Figure 9-2** | **Plans of resistivity (left) and chargeability (right), depth of 100 m, BP zone** |

---

According to the September 2007 geophysical report submitted by Arce, *"The magnetic profiles were surveyed with readings every 10 meters, employing three Scintrex ENVI proton magnetometers, one for base station. The Induced Polarization profiles were surveyed with constant-spacing measurements taken at 50m intervals, employing the Pole-Pole (2-Array) electrode configuration, with a plotting point at mid-distance between the moving electrodes C1 and P1; seven successive "a" spacings of 50m, 100m, 150m, 200m, 250m, 300m and 350m were used, with apparent chargeability (Ma) and apparent resistivity (Ra) readings.*

*Line preparation and staking were topographically controlled with the GPS/OMNISTAR system, using a TDS Ranger 300X data processor and a Trimble AGGPS114 receiver. Expected errors are in the sub- metric range for the X-Y coordinates. GPS elevations have been corrected using bench mark SNL-18 located at Rocahuaran."*

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|:---|:---|
| **Technical Report on the San Luis Property** | 60 |

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![](ex99-23_001.jpg)

The following geophysical results for the BP zone were summarized from the September 2007 geophysical report by Arce:

&nbsp;&nbsp;&nbsp;&nbsp;● Total
 Field Magnetic Intensity – There are three obvious anomalies in the western portion
 of the survey area and one notable one where the north-south and east-west profiles cross.
 Two large magnetic bodies have been defined on profile lines LPE1 and LPE2 at distances of
 800 m to 1,000 m. These is also a series of small dipole anomalies that could be reflecting
 many small and isolated magnetic bedrocks.

&nbsp;&nbsp;&nbsp;&nbsp;● Self-Potential
 – There are coincident self-potential and chargeability anomalies at LPN1/LPN2 (0 to
 800) and at LPN2/LPN3(1550 to 1700). Other coincident anomalies occur on line LPN5 (2300
 to 2600), line PPN4(150) and LPE2(600).

&nbsp;&nbsp;&nbsp;&nbsp;● Resistivity
 (20–280 m deep) – Resistivity readings range from less than 5 Ωm for strongly
 altered rocks to more than 3,000 Ωm for dense and silicified bodies. Highly resistive
 bodies occur near surface in the western, centre and eastern portions of the survey area.
 The central one disappears at some 100 m of depth while the others become less resistive
 with depth.

&nbsp;&nbsp;&nbsp;&nbsp;● Chargeability
 (20–280 m deep) – The strongest chargeability anomalies occur at shallow levels
 (up to 80mV/V on maps P11 (20 m) and P12 (50 m). There is an important chargeability anomaly
 centred at LPN1/LPN2(700 to 2000) and confirmed with LPE1/LPE2(1500 to 2200).

&nbsp;&nbsp;&nbsp;&nbsp;● 3D
 Modelling – Resistivity readings vary widely from <5 Ωm to >3,000 Ωm.
 Chargeability anomalies occur on all section lines indicating metallic sulphide mineralization
 or clay mineral alteration which can cause a similar response.

**9.3.6** **Diamond Drilling** 

In 2007, Reliant continued drill testing of the Ayelén and Inés vein structures and proceeded to drill test the other known San Luis vein systems, including: Paula, Paula Split, Regina, Sheyla and Puca-Puca. Near the end of the field season four drillholes tested coincident geological, geophysical and geochemical anomalies in the vicinity of the mineralized hydrothermal breccia situated centrally within the BP zone. A total of 133 HQ-size diamond drillholes were completed during the 2007 field season totalling 23,261.05 m.

A more detailed summary of the 2006 and 2007 drilling programs follows in Item 10 of this report. Appendix I of the 2008 Technical Report (Blanchflower) contains a tabulation of all pertinent 2006 and 2007 drilling data and their mineralized intercepts made at that time.

**9.4** **Summarized Results of 2006–2007 Exploration Drilling Programs** 

The results of the 2006 and 2007 exploration work carried out by Reliant were summarized by Blanchflower (2008) as follows.

&nbsp;&nbsp;&nbsp;&nbsp;● The
 property hosts three known types of mineralization: precious metal-bearing epithermal veins,
 manto-hosted base metal occurrences, and hydrothermal breccia-hosted base metal occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;● The
 San Luis vein system, including the Ayelén, Inés, Paula, Paula Split, Regina,
 Sheyla and Puca- Puca veins, has been initially tested by prospecting, rock geochemical sampling,
 trenching and diamond drilling. The cumulative strike length of the combined vein structures
 is almost 5 km and less than one-quarter of this strike length has been explored.

&nbsp;&nbsp;&nbsp;&nbsp;● Property-wide
 stream sediment sampling results show a number of geochemical anomalies worthy of follow-up
 prospecting and rock geochemical sampling.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 61 |

---

![](ex99-23_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;● Geological,
 lithogeochemical and geophysical results from recent work in the BP zone indicate that the
 recently discovered manto and hydrothermal breccia-hosted copper-lead-zinc-silver-gold mineralization
 may be related to a buried intrusion with the potential for porphyry-style mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;● There
 is a 400–500 m section of the Ayelén vein and a 100–150 m section of the
 Inés vein, with significant economic potential worthy of continued work.

**9.5** **Engineering Drillhole and Site Investigation Work carried out in 2010** 

BISA (2010) reported that a "feasibility level" geotechnical and hydrogeological drilling program was completed for all project surface facilities being considered at that time. This comprised a geophysics survey, 11 drillholes totalling approximately 500 m, and 27 tests pits (and road cuts) were excavated and mapped in the accumulation of subsurface data across the project site and in areas that were restricted to drilling equipment.

**9.6** **Exploration Program (2011–2012)** 

After finalization of the 2007–2008 exploration activities attention had been turned to preparing an NI 43-101 compliant Mineral Resource estimate for the Ayelén and Inés veins (Lecher et al., 2009), which was then followed up by a project Feasibility Study (Kaye et al., 2010) focused on a standalone underground mining operation. Exploration activities do not appear to have been resumed until 2010.

Following a site visit to the San Luis Property by Sillitoe (2011), attention was drawn again to exploring the BP zone. This was followed up by a site visit by Drobek (May 2012) which recommended a preliminary drilling program of six drillholes totalling 4,300 m aimed at the potential porphyry target outlined by Sillitoe.

It appears that during the period 2011–2012, surface mapping was being carried out over and around the BP zone as evidenced from an Internal Report by Somers et al. (December 2012) which summarized the work that had been carried out. Figure 9-3 shows the prospective areas identified, and Figure 9-4 shows detail of the BP zone.

The BP zone is described as a gossanous area measuring 3.5 km by 2.5 km located at the northeast of the mapped area (Konkin, 2007). Ferrari (2007) first suggested the BP zone was part of a hidden porphyry copper system as indicated in this area by the occurrence of a large hydrothermal altered zone, stockwork of porphyry type veinlets, two porphyritic events, breccias, and mantos. Sillitoe (2011) later confirmed that a well-developed stockwork of porphyry-type veinlets probably defines the lateral limits of a concealed porphyry centre.

In 2007 and 2008, six drillholes, referred to as BP-SL132 to BP-SL133 and BP-SL148 to BP-SL151, were drilled directly under the anomalous copper and molybdenum surface samples collected from Ferrari (2007) (Konkin, 2007: Konkin et al., 2008; Figure 19). However, only weakly anomalous metal values of up to 0.12% Cu and 0.077% Mo were obtained over sporadic 2–9 m intervals throughout BP-SL148 and BP-SL151, while the other four holes returned no economically significant metal values (Konkin, 2007: Konkin et al., 2008). From 2008 to 2011, additional surface sampling and mapping allowed the definition of the stockwork boundaries and the anomalous molybdenum boundary (Figure 9-3). After the revision of Drobeck (2012) and Soler (2012), four proposed holes (600 m depth) were defined as priority to drill the copper-molybdenum porphyry target in 2013 (Figure 9-4). However, exploration was suspended, and these holes were never drilled.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 62 |

---

![](ex99-23_001.jpg)

![](ex99-23_030.jpg)

---

| | |
|:---|:---|
| **Figure 9-3** | **Geologic map showing gold and silver geochemical values from the 2011 Bonita target sampling and the 2012 BP zone sampling, location of the adits and trenches of the former Esperanza mine, Yanacota and San Simon prospects, and a noted breccia target** |

---

*Source: Somers et al. (2012)*

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 63 |

---

![](ex99-23_001.jpg)

![](ex99-23_031.jpg)

---

| | |
|:---|:---|
| **Figure 9-4** | **Geological map showing the south extension of the copper-molybdenum target in the BP zone with an off-centre unaltered granodiorite and feldspar-phyric intrusion, copper and molybdenum values from 2012 sampling, the limits of the molyndenum anomalies, and location of 2013 proposed drillholes** |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 64 |

---

![](ex99-23_001.jpg)

With reference to the other areas explored during 2011–2012, Somers et al. (December 2012) summarized the following:

*"Detailed mapping at a scale of 1:10,000 allowed a subdivision of the stratigraphy of the mapped area into formal formations and informal lithofacies and facies. The oldest formation is represented by the Cretaceous sediments, i.e., the quartzite and polymictic pebble to boulder conglomerate lithofacies, which occur as xenolithic fragments within the andesitic and dacitic intrusions respectively. The Paleocene Calipuy Formation is the most abundant formation in the mapped area, which consists of an andesitic polymictic volcaniclastic lithofacies, locally intercalated with a dacitic polymictic volcaniclastic lithofacies conformably overlain by a flow-banded feldspar- and biotite-phyric dacitic flow lithofacies. The Paleocene Calipuy Formation is intruded by synvolcanic feldspar- and mafic mineral-phyric andesitic dikes and sills, which were emplaced prior to the mineralization events. Two intrusive pulses of granodiorite and feldspar- and biotite-phyric dacite were emplaced before or during the epithermal mineralization event for the former, before or during the porphyry mineralization event for the latter, and after the epithermal and porphyry mineralization events for both. Rhyolitic dikes are interpreted as genetically related to the epithermal vein formation, but were emplaced prior to this mineralization as observed at the Ayelén vein system."*

Somers et al. (December 2012) go on to say that *"during mapping program 2012, two new targets were discovered, the south extension of the Cu-Mo porphyry target at BP zone (Figure S-3 and Figure S-4 show location) and the precious and base metal epithermal quartz veins at San Simon and at Yanacoto (Figure S-3 shows location). Three other occurrences, discovered between 200C and 2011, are the oxidized Au- Ag-rich epithermal quartz veins at Bonita and the Ag-Pb-Zn±Cu-rich phreatomagmatic breccia and mantos at BP zone. Recommendations for each area are given below.*

*The south extension of the Cu-Mo porphyry target at BP zone will be tested in 2013 with the four proposed drillholes. It is recommended to drill to depth of more than C00 m as outlined by Sillitoe (2011). In addition to the recommendation of Sillitoe (2011), other Cu-Mo porphyry deposits were discovered in Peru with deep drilling beyond C00 m such as for the Haquira project in southern Peru owned by First Quantum Minerals Ltd. The Cu-Mo porphyry target and the gossanous area extend further to the south beyond the mapped area, and therefore, it is recommended that SSR acquires the accesses and exploration rights for the Chacchan Community to explore the entire Cu-Mo porphyry target.*

*For the San Simon target (C00 m by 400 m) and Yanacoto target (400 m by 500 m), detailed mapping (1:2,000) and sampling (spaced by 20 to 30 m maximum) of extensions of know veins, stockworks, rhyolitic dikes, and structures is recommended. This will define the location of the precious and base metal in preparation to drill 20 holes in 2014. The drill program objectives are: (1) drill underneath the precious and base metal anomalous zones to define the depth extent of the epithermal quartz vein mineralization and (2) drill one deep hole to test for stockwork zone commonly associated with precious and base metal epithermal veins at depth.*

*For the Bonita target (Figure S-3 shows location), it is recommended to do trenches of 200 m length every 30 m with retro excavator. Each trench will have approximately 10 channel samples that will average 2 to 3 m length. This will represent a total of approximately 300 samples for 20 trenches. The new trenches will better constrain the gold and silver anomalies of the epithermal quartz veins that will be used later to plan a drillhole program of 20 holes in 2014."*

It is concluded from a later presentation document that not all these trenches were carried out, although two diamond drillholes were drilled across one section of the Bonita mapped vein system (Figure 9-5 and Figure 9-6), and that further drilling was being planned. The two holes showed positive results, but also indicated (Figure 9-5) that the gold-silver grade might be declining with depth as had been previously found in relation to the Ayelén and Inés veins.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 65 |

---

![](ex99-23_001.jpg)

Trench sampling and drilling at Bonita appears to have ceased after 2012. Renewed interest in 2023 is evidenced from an application to MINEM dated 2/06/2023 to drill the holes previously planned together with surface trenching.

This application met with approval from MINEM dated 4/12/2023, of 37 surface trenches and 32 drilling platforms with reference to proposed exploration of the "Bonita" exploration target. Pursuant to applicable law, exploration activities under the Bonita DIA must commence on or before June 2, 2028. Failure to do so will result in the expiration of the Bonita DIA.

![](ex99-23_032.jpg)

---

| | |
|:---|:---|
| **Figure 9-5** | **2011–2012 Bonita trench sampling results and location of the first drillhole** |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 66 |

---

![](ex99-23_001.jpg)

![](ex99-23_033.jpg)

---

| | |
|:---|:---|
| **Figure 9-6** | **Two initial diamond drillholes drilled across the Bonita vein system** |

---

**9.7** **Exploration Restart (2021–2023)** 

After an eight-year gap in activities, exploration on the San Luis Property was restarted in mid-2021 once access permission was granted by the Ecash and Cochabamba communities.

The main objective was to search for new gold-silver vein targets within the concessions surrounding the known Ayelén zone. This comprised a grassroots reconnaissance program covering a wide area starting to the east and northeast and where several new veins were found, and the continuation of known veins was confirmed (Figure 9-7).

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 67 |

---

![](ex99-23_001.jpg)

![](ex99-23_034.jpg)

---

| | |
|:---|:---|
| **Figure 9-7** | **Extent of vein mapping during 2021-2023 within the area surrounding the Ayelén occurrence** |

---

Two of the veins found comprised the closely spaced north-south trending quartz veins, referred to as the Gemelas veins. These were traced up to 110 m length with widths up to 1.20 m. Ten samples were taken, and the West vein (Figure 9-8) returned values up to 13.6 g/t Au and 14.35 g/t Ag.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 68 |

---

![](ex99-23_001.jpg)

![](ex99-23_035.jpg)

---

| | |
|:---|:---|
| **Figure 9-8** | **Crop out o9-7 f the Gemela West Vein approximately 1 km northeast of the Ayelén zone (right-hand inset photograph shows the vein in more detail)** |

---

Table 9-2 summarizes highlights of the other veins found and sampled, although these results have not been checked by the QP.

Table 9-2 Highlights from veins mapped during 2021-2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| VEIN<br> ID | Traceable<br> length | Width<br> metres | Highest grades sampled | Highest grades sampled |
| VEIN<br> ID | Traceable<br> length | Width<br> metres | g/tAu | g/tAu |
| Cenicienta | 90 m | <1.0 m | 13.60 |  |
| Gemelas West | 110 m | <1.0 m | 11.00 |  |
| Gemelas East | 90 m | 0.2 m | 22.00 |  |
| Maria | 160 m | 0.2 m | 1.60 | 127 & 183 |
| Pati | 300 m | <0.6 m | 1.24 | 77.2 |
| Cecilia | 1.5 Km | >0.4 m | 2.58 | 622.0 |
| Linda | 600 m | <1.1 m | 6.64 | 92.1 |

---

*Source: Reliant*

Revision of the 2006–2007 drill cores was also being carried out at the same time, and from which it was recognized that the gold mineralization in the Ayelén vein is controlled not only by structures but also by lithology. Whilst the Ayelén vein is spatially related to northwest-trending steep fault where it is emplaced along with two-stages of rhyolite dyking, it is now interpreted that the gold mineralization is probably related to a lithological arrangement when andesitic flows contact the footwall and an andesitic tuff contacts the hangingwall. Furthermore, the combined relationship between the magnitude of fault displacement and the gold endowment (Rhys et al., 2020) is an important feature to be considered (Figure 9-9).

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 69 |

---

![](ex99-23_001.jpg)

![](ex99-23_036.jpg)

---

| | |
|:---|:---|
| **Figure 9-9** | **Two cross-sections through the Ayalén and Inés veins indicating a possible relationship between the mineralization and the faulted juxtaposition of the Upper Volcanics** |

---

It is this feature that has been taken into consideration with regards to the target generation process for low-sulphidation epithermal veins in the San Luis Property, and where faulting along the Ayelén West vein and Carhuan Puquio veins to the west of Ayelén (Figure 9-10) indicates a similar faulting and wall- rock association to that identified adjacent to the Ayelén and Inés veins.

![](ex99-23_037.jpg)

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| | |
|:---|:---|
| **Figure 9-10.** | **Northeast-southwest cross section showing the relationship between mineralization, faulting, and lithology adjacent to the Ayelén vein may be repeated in the case of the Ayelén West and Carhuan Puquio veins further to the west and southWest, and where drilling is being considered** |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 70 |

---

![](ex99-23_001.jpg)

Reliant has consequently proposed (September 2023) an initial drilling program comprising 10 widely spaced drillholes (80–100 m spacing) aimed at the down-dip extension of the Ayelén West vein and totalling 1,890 m, and nine similarly spaced drillholes aimed at the down-dip extension of the Carhuan Puquio vein. The QP is in general agreement with this proposal, with the exception that results from the shallow drillholes should be evaluated prior to drilling the deeper holes. The Gemelas veins warrant further sampling and possible drilling as well.

Also proposed was a program of 10 drillholes aimed at probing the possible in-depth extensions of the Ayelén vein. However, in this case the QP is not in agreement with Reliant's proposed deep drilling, when the cost would be better spent on the necessary drilling required to increase confidence and convert Indicated Mineral Resources to Measured Mineral Resources at and near surface.

Other work carried out during this period, was to re-log and carry out further drillhole sampling of the wall-rocks of the Ayelén and Bonita zones with a view to evaluating the open pit bulk mining of these deposits. However, the QP has reviewed the additional sampling and assaying data and considers that bulk tonnage at Ayelén is unlikely to add any value to the project, and that no opinion can be given in the case of the Bonita zone until the proposed trenching and diamond drilling has been carried out.

The last project work carried out by Reliant included re-evaluation of the 2009 geological model and Mineral Resource estimate. However, this work was carried out in-house, not checked externally, and is not therefore considered relevant to the information supporting the current technical report.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 71 |

---

![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **10** | **DRILLING** |

---

The property has been tested by 184 bore holes, totalling 43,949 m of diamond drilling.

Table 10-1 summarizes the diamond drilling carried out on each of the tested exploration targets within the property.

---

| | |
|:---|:---|
| **Table 10-1** | **Summary of 200C–2012 diamond drilling** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exploration Target** | **Year** | **No. of holes** | &nbsp;&nbsp;&nbsp;**Total metres** |
| Ayelén & Inés | 2006-07 | 129 | 31471.60 |
| Ayelén metallurgical samples | 2007 | 7 | 882.40 |
| Scout drilling (other veins) | 2007 | 23 | 4051.00 |
| BP Zone | 2007-08 | 23 | 7254.00 |
| Bonita Vein | 2012 | 2 | 290.00 |
| **Total Drilling** | **2006-12** | **184** | **43949.00** |

---

A summary of all holes drilled, their target, coordinates, azimuth, angle and depth is presented in Appendix B of this report. A summary of all the principal drillhole intersections is presented in Appendix C.

On September 25, 2006, Reliant (then owned by Esperanza) commenced the first drilling program on the San Luis Property. A minimum of 4,000 m of HQ-size diamond drilling was proposed to evaluate the indicated higher-grade sections of the Ayelén and Inés vein structures as well as other vein targets on the property. At the time of the Pincus and McCrea technical report (November 22, 2006), 12 drillholes had been completed, totalling 1,500 m, and the drill core assay results from the first four drillholes were reported.

Between September 25 and December 16, 2006, Reliant (now under joint venture between Esperanza and SSR Mining) completed 28 HQ-size bore holes, totalling 3,764.9 m, to initially test the central portion of the Ayelén vein structure and northwest portion of the Inés vein structure (Figure 10-1).

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 72 |

---

![](ex99-23_001.jpg)

![](ex99-23_038.jpg)

---

| | |
|:---|:---|
| **Figure 10-1** | **2006 drillhole locations re the Ayelén and Inés vein structures** |

---

*Source: Reliant*

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 73 |

---

![](ex99-23_001.jpg)

Drilling resumed on January 10, 2007, and during the next 10 months Reliant drilled an additional 133 HQ-size diamond drillholes. This work continued the evaluation of the Ayelén and Inés vein structures and tested the other five veins of the San Luis vein system. The final four drillholes of the 2007 field season tested several exploration targets within the BP zone with the last 2007 drillhole (BP-SL-133) being completed on October 18, 2007.

Boart Longyear of Lima, Peru was the diamond drilling contractor for all of the drilling. Boart Longyear provided two diamond drill rigs, namely LF-70 and LY-44 rigs, capable of recovering HQ-size and NQ- size core. All drillholes were started with HQ-size equipment and only occasionally reduced to NQ-size if poor ground conditions were encountered.

Heavy equipment was utilized to construct drill access roads, drill sites, support the rigs during drilling, and to rehabilitate the drill sites afterwards.

The locations of the 2006 drillholes were based largely on positive results from trenching and channel sampling along the Ayelén and Inés vein structures. Subsequent drilling on these structures was positioned to follow mineralized shoots along strike and down dip at a drilling density of ±40 m spacing, sufficient to start modelling the veins and estimate their mineral resources. Drilling on the other vein structures and within the BP zone was directed at coincidental geological, geochemical and/or geophysical targets.

Drillhole collars were reportedly surveyed initially with global positioning system (GPS) instrumentation and later using Distamat surveying techniques. Downhole survey measurements were recorded at 50 m intervals and near the terminus of each drillhole. Occasionally, extra downhole surveys were requested near-surface to obtain a more accurate azimuth and inclination than that determined using a handheld compass. Every downhole survey was recorded on the field geologic log and in the 'Survey' of the drilling database.

All drillhole locations were surveyed immediately upon their completion. The confirmed drillhole locations were then entered into their respective databases. The surveyor marked the collar of the drilled hole with a labelled cairn. The relative positions for various holes were regularly checked on plotted maps and drill collars were also regularly checked using handheld GPS units as a quality control (QC) measure.

**10.1** **Results of the 2006–2007 Drilling Programs** 

Drilling results for the central portion of the Ayelén vein structure show that structure is composed of multiple lenticular vein segments resulting from repetitive faulting and shearing during the emplacement of the epithermal quartz veining, auriferous mineralization and later rhyolitic and felsic dyking. The Ayelén vein structure has been traced on surface for 720 m and down dip for 100–327 m along a strike orientation of 340–345°. Within its known strike length, there is a central 400–500 m long section that appears to have been better mineralized with longer drill intercepts. On surface, the vein structure dips -75° to -85° west-southwest, but drilling results show that the controlling fault structure(s), subsurface individual vein segments and post-mineral dykes dip sub-vertically to -80° west-southwest. True thicknesses of individual vein segments vary from tens of centimetres to over 10 m, averaging 1.5–3.0 m wide (Figure 10-2 and Figure 10-3).

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 74 |

---

![](ex99-23_001.jpg)

![](ex99-23_039.jpg)

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| | |
|:---|:---|
| **Figure 10-2** | **Drilling section 1C75 north showing the interpreted Ayelén vein and dyke structures** |

---

*Source: Blanchflower, 2007*

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 75 |

---

![](ex99-23_001.jpg)

![](ex99-23_040.jpg)

---

| | |
|:---|:---|
| **Figure 10-3** | **Drilling section 1825 north showing the interpreted Ayelén and Inés veins, and dyke structures** |

---

*Source: Blanchflower, 2007*

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 76 |

---

![](ex99-23_001.jpg)

Multiple lenticular vein segments dominantly occur on the footwall or east-northeast side of the dykes in the southern portion of the Ayelén vein structure but occur between and bound the dykes on both sides towards the north-northwest end. Thus, the collective Ayelén vein structure has been subdivided into hanging-wall and footwall sections based upon their relative position with respect to the dyking. The mineralogical and textural features of the various vein segments vary with depth, probably due to vertical zonation during their original epithermal emplacement.

The highest gold and silver grades commonly occur within 100 m of topographic surface but may extend to vertical depths of 200 m or more. Very fine-grained pyrite, native gold, native silver, electrum, acanthite, sphalerite, chalcopyrite, galena and possible tetrahedrite occur in paragenetically late quartz

+ sericite ± calcite veinlets and breccias-fillings. The main lithological types logged in the drillholes are summarized in Table 10-2.

Table 10-2 Summary of the main drillhole logged lithologies

---

| | | |
|:---|:---|:---|
| **Logged lithologies** | **Logged lithologies** | **Main group** |
| **Description** | **Code** | **Main group** |
| Fault zone | FZ | Fault zone |
| Quartz vein | H1 | Vein |
| Banded quartz vein | H1bd | Vein |
| Quartz vein – hydrothermal breccia | H1bx | Vein |
| Quartz vein – coliform banded | H1cb | Vein |
| Quartz vein – massive | H1m | Vein |
| Carbonate vein | H2 | Vein |
| Banded carbonate vein | H2bd | Vein |
| Carbonate vein – hydrothermal breccia | H2bx | Vein |
| Carbonate vein – coliform banded | H2cb | Vein |
| Carbonate sulphate vein | H5 | Vein |
| Carbonate sulphate vein – hydrothermal breccia | H5bx | Vein |
| Carbonate sulphate vein | H5m | Vein |
| Hydrothermal breccia | H7 | Vein |
| Hydrothermal breccia – coliform banded | H7cb | Vein |
| Rhyodacite dyke | I2 | Intrusive dyke |
| Rhyodacite – flow banded | I2fb | Intrusive dyke |
| Rhyodacite – feldspar porphyry | I2fp | Intrusive dyke |
| Rhyodacite – quartz feldspar porphyry | I2qfp | Intrusive dyke |
| Rhyodacite – quartz porphyry | I2qp | Intrusive dyke |
| Rhyodacite – spherulitic | I2sphl | Intrusive dyke |
| Intrusive dyke | 13 | Intrusive dyke |
| Tuff breccia | Tbx | Breccia |
| Andesite | V4 | Lower volcanic sequence |
| Andesite – ash tuff | V4at | Upper volcanic sequence |
| Andesite – brecciated | V4fbx | Upper volcanic sequence |
| Andesite – feldspar porphyritic | V4fp | Upper volcanic sequence |
| Andesite – lapilli tuff | V4lpt | Upper volcanic sequence |
| Andesite – mafic porphyritic | V4mp | Upper volcanic sequence |
| Andesite – brecciated tuff | V4tbx | Upper volcanic sequence |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 77 |

---

![](ex99-23_001.jpg)

The Inés vein has been traced on surface for over 2,200 m, trending northwest at 320–340°. The main controlling brittle-ductile structure appears to be a listric fault, since the vein dips about -75°eastwardly near surface then progressively more gently at -60° to -45° as it is traced downwards, and that it may intersect and possibly rotate the strike of the adjacent Ayelén vein structure slightly northward.

The better mineralized section of the Inés vein is where it is in close proximity to the Ayelén vein and where it has sizeable epithermal quartz veining. Otherwise, it has the appearance of a brittle-ductile fault zone, approximately 1–5 m wide, hosting anastomosing veinlets of quartz and tectonic breccia healed by quartz and coarse-grained calcite. The results of 28 diamond drillholes along a 475 m long section of the Inés vein structure indicate that only a short section, perhaps 100 m in strike length, is host to potentially economic gold-silver mineralization.

The results from the scout drilling conducted beyond the Ayelen and Ines veins are considered preliminary and inconclusive regarding the complete nature and full potential of the partially tested structures. This is because individual structures can host multiple hydrothermal stages. Nelson (2006) discusses the complex history of quartz and carbonate precipitation in some of these veins (e.g., Regina), including the presence of lattice textures in the quartz matrix.

The Paula vein structure has been tested to depths of 50–255 m from surface with 12 diamond drillholes spread out along a 350 m long section of its known strike length. This drilling intersected the inferred vein structure but only intercepted zones of discontinuous thin quartz veins and veinlet stockworks with minor fine-grained pyrite and occasional chalcopyrite. None of the intercepts yielded significant gold or silver values. However, this drilling also intersected a 'blind' vein structure, named 'Cristina', that hosted geochemically significant gold and silver values which should be investigated during future drilling work.

Five diamond drillholes tested the Regina vein structure to vertical depths of between 50 m and 250 m. Only slightly anomalous gold values were encountered in one drillhole (R-SL-54).

Four drillholes intersected the Sheyla vein structure between 65 m and 125 m below surface. Only traces of fine-grained pyrite and acicular tourmaline were encountered in the vein intercepts with no significant gold and silver values.

Two drillholes tested the Puca-Puca quartz stockwork zone. Only one hole cut the stockwork 75 m below surface, but it did not intersect any significant gold or silver values.

Four drillholes were completed on the newly discovered BP zone during October 2007. These holes were directed to test several coincident ground magnetics and induced polarization anomalies situated centrally within the zone. According to the joint Esperanza-Silver Standard press release dated November 15, 2007:

&nbsp;&nbsp;&nbsp;&nbsp;● *"Drillhole SL-131 was drilled within the outcrop area of hydrothermal breccia and from **surface encountered 45 meters containing 0.53% copper, C2.7 grams per tonne silver, 0.02 grams per tonne gold, 0.11% lead and 0.10% zinc**.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *Drillhole SL-130 was drilled approximately 300 meters northwest of the outcropping breccias and was designed to test a geophysical anomaly. This hole encountered a **54-meter section of hydrothermal breccia containing 0.11% copper** and anomalous silver, gold, lead and zinc. This intersection possibly expands the area of the known mineralized breccia or indicates the presence of multiple breccia bodies.* 

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 78 |

---

![](ex99-23_001.jpg)

● Drillholes SL-132 and SL-133 were drilled west and
 southwest respectively of the outcropping breccia and were designed to test additional geophysical anomalies. Although there was
 porphyry-style alteration they did not yield significant metal values."

In summary, the last two drilling campaigns have successfully shown that portions of the Ayelén and Inés vein structures host potentially economic gold and silver mineralization, some of which has bonanza grades. Initial drilling within the BP zone has shown there are multiple mineralized breccia bodies centrally located within the zone, and that this mineralization and the locally intense porphyry-style alteration may be indicative of a buried intrusion with significant exploration potential.

The drillhole spacing of ±40 m was considered sufficient by previous QPs to model and estimate the Mineral Resources of the Ayelén and Inés vein structures. In the experience of the current QP infill drilling would be required to convert Indicated Resources to the Measured category.

The QP notes there are indications that the Ayelén vein mineralization is possibly open both to the north and the south. Further exploratory drilling is therefore recommended along the continuing strike of this vein.

The historic sampling methods and sample quality were not in line with current reporting standards but were considered sufficient for the purposes for which they were used. There was bias detected between surface chip channel sampling and drill core data, and for this reason the surface sampling was discounted when the mineral resource estimate was carried out because the drill hole sampling gave the most representative results.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 79 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **11** | **SAMPLE PREPARATION, ANALYSIS AND SECURITY** |

---

**11.1** **Surface Trench Sampling** 

Pincus (2006) records that surface trenches were sampled by cutting material (using a hammer and chisel) from channels in the floor of the trenches after the floors were cleaned by pick and shovel. Based on Reliant's examinations of the surface trenches during a 2008 site visit, the samples taken were not true channel samples (where material was carefully removed such that well defined, regular rectangular cuts remained). Rather, the surface trench samples appeared to be what is well known and accepted in the industry as "chip channel" samples. Individual sample locations were then marked by spray paint continuously along the entire length of the trench (see Photograph 15, Section 9). Each sample was cut along a length of approximately 1 m, although the lengths of individual samples varied. Each individual sample generally weighed between 1 kg and 2 kg.

**11.2** **Drill Core Sampling** 

Diamond core recovery for the various drill campaigns is recorded as excellent. Fifty-six percent of the assayed intervals had a core recovery of 100% and 95% of the total data had core recoveries in excess of 90%. The San Luis project geologists who logged the core determined the core intervals to be sampled. Sample intervals averaged approximately 1.0 m in length, with individual samples rarely greater than 1.5 m or less than 0.5 m in length. Definite sample breaks were reportedly made at contacts between geologic units (vein/wall-rock boundaries and lithologic contacts). Within an individual geologic unit, sample intervals were extended or reduced slightly to allow for a nearby geologic contact. The maximum allowable sample length was 2.0 m.

Once the project geologists marked the sample interval breaks, core from each assigned sample interval was individually removed and cut in half lengthwise using a diamond saw. After sawing the core from an individual sample interval, one-half of the drill core was placed in a 6 mm thick plastic sample bag for assay, and the other half was returned to its original position in the core box. All the core from the 10 holes examined during the June 2008 site visit were found to be well sawn, with the remaining half core carefully placed back in the boxes in good order.

**11.3** **Sample Security and Chain of Custody Procedures** 

Once trench or core sampling was complete, the individual sample bags were then securely tied with non-slip plastic straps, properly labelled and then transferred to a locked room in the camp facility under the supervision of the project geologist, and until they could be despatched to the assay laboratory.

Prior to despatch, the individual bags of samples were placed into large woven nylon rice bags, the contents were marked on each rice bag, and each rice bag was securely sealed. These rice bags containing the individual samples were then delivered directly to either the SGS del Peru S.A.C. in Lima or the ALS Chemex assay laboratory in Lima by project personnel, thus maintaining an uninterrupted chain of custody between the sampling point and the assay laboratory.

Occasional exceptions to this procedure occurred when trench samples were delivered by project personnel to the town of Casma, from which the samples were then transferred via commercial transport (TEPSA S.A.) to Lima and picked up from the terminal by arrangement by SGS.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 80 |

---

![](ex99-23_001.jpg)

**11.4** **Sample Preparation and Analysis** 

During the exploration of the San Luis veins, sample preparation and analysis was carried out by various laboratories, including SGS del Peru S.A.C. in Lima, Peru (2006), and ALS Chemex Peru S.A. in Lima (2007). Both laboratories are accredited according to the ISO/IEC 172025 standard, which is specifically designed for Mineral Analysis Testing Laboratories. The sample preparation and analytical procedures used by these laboratories (as described in Blanchflower (2007) and Pincus and McCrea (2006)) are appropriate for the type of epithermal gold-silver mineralization present in the San Luis deposit.

No aspects of the sample preparation or sample analysis were conducted by an employee, officer, director, or associate of either Silver Standard or ESC, its joint venture partner in the San Luis Project.

**11.4.1** **Sample Preparation** 

Previous Technical Reports state that *"upon arrival at the SGS or ALS Chemex laboratory the drill core samples were logged into their system. Each sample would have been placed into a stainless steel tray and dried in an oven set not to exceed 105o C for approximately 4 to 8 hours, the timing being dependent upon its moisture content. Then each sample was progressively crushed by primary and secondary crushers until more than 70% of the crushed sample passed through a 2 mm (Tyler 10 mesh) screen. Standard crushing practises also included repeatedly cleaning the crusher prior to, during and after each sample batch using coarse quartz material, and air cleaning the crushers after each sample.*

*The sample material was then riffle split to obtain approximately 250 to 500 grams and the remaining coarse reject material was returned to RVSAC for storage in their Lima warehouse for possible future use. The 250 to 500 gram sample, size dependent upon requested analyses, was pulverized using a ring pulverizer until 85% of the pulverized material passed through a 75 micron (Tyler 200 mesh) screen. Then 250 grams of finely pulverized material was transferred to a paper envelope for later analytical work. This same preparation procedure was used for both rock chip and drill core samples."*

**11.4.2** **Analyses** 

Records indicate that various methods of analyses were used for the determination of gold and silver content. For gold determination, two methods of analyses have been employed by SGS. The first method (SGS Code FA313) is a fire assay of a 30 g charge followed by an atomic absorption spectroscopy (AAS) determination. The lower and upper detection limits of this method are 0.005 ppm and 5.0 ppm. When the analytical result of a sample exceeds 5 ppm, the sample is re-analyzed using a second method (SGS Code FAG303). The FAG303 method is fire assay of a 30 g charge with a gravimetric finish.

For the determination of silver, two methods of analyses were utilized. The first method (ICP40B) is a four-acid digestion of a 0.25 g sample followed by a silver determination using induced coupled plasma optical emission spectroscopy (ICP-OES) instrument. The four acids used in the digestion are: HCl (hydrochloric acid), HNO3 (nitric acid), HF (hydrofluoric acid), and HClO4 (perchloric acid). The lower and upper detection limits of this method are 0.2 ppm and 100 ppm. When analytical results exceed 100 ppm, the sample is re-analyzed using a second method (SGS Code AAS41B now termed AA_TO4). A 0.25 g sample is digested using four acids and silver is determined by AAS instrumentation.

Multi-element analyses were also carried out using the ICP40B method, aqua-regia digestion, and 35 element concentrations are determined by ICP-OES. The *major* and minor elements determined are: *Al, Ca, Fe, K, Mg, Na, S, Ti,* As, B, Ba, Be, Bi, Cd, Co, Cr, Cu, Ga, La, Mn, Mo, Nb, Ni, P, Pb, Sb, Sc, Sn, Sr, Tl, V, W, Y, Zn, Zr.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 81 |

---

![](ex99-23_001.jpg)

**11.4.3** **Quality Assurance and Quality Control** 

Following the start of exploration activities Reliant established a quality assurance (QA) program utilizing QC samples to monitor accuracy (standards), contamination (blanks), precision (duplicates), and sample mix-ups.

Sample results were reportedly monitored on a real-time basis by the database manager, and any QC sample failures were reported to the laboratory and check analyses were carried out in order to rectify the failure.

The QA program comprised the insertion of QC samples at a rate of approximately 7% or one sample per 15 samples submitted to the laboratory. Secondary cross-check analyses (replicates) are then carried out by the laboratory at a rate of 5%.

QC samples were reportedly inserted randomly into sample batches and within every 15 consecutive samples, rotating between the insertion of a standard, blank, or duplicate sample. The standard and blank samples are inserted into the sequence of samples as they are prepared for shipment to the SGS laboratory, while field duplicate samples are collected in the field at the same time as the original sample collection or comprised quartered core.

The QC samples use the same numbering sequence as regular samples and are not identified in any other manner other than being in a smaller sample bag identifiable by number only.

However, the QP notes that there was no evidence that the assay results were reviewed on a batch by batch or regular basis, in order to eliminate importing erroneous data into the database and 3-D modeling, because there was no such reporting other than that carried out once by McCrea in 2007.

**Insertion of Certified Reference Materials (Standards)**

The three standards (certified reference materials – CRMs) reportedly used on the San Luis Property were developed in-house using coarse reject rock material from samples collected at San Luis (Zuker, 2006). The gold and silver accepted values of the three standards are shown in Table 11-1 and Table 11-2, respectively. When results do not fall within these plus and minus three (±3) standard deviations (SD), the result is considered to have failed and appropriate actions are taken.

---

| | |
|:---|:---|
| **Table 11-1** | **Accepted gold values and ranges for the San Luis standards** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Standard** | **Mean (g/t Au)** | **SD** | **Mean -3 SD** | **Mean +3 SD** |
| SL1 | 82.5 | 1.27 | 78.69 | 86.32 |
| SL2 | 29.2 | 0.78 | 26.84 | 31.5 |
| SI3 | 3.74 | 0.11 | 3.41 | 4.07 |

---

---

| | |
|:---|:---|
| **Table 11-2** | **Accepted silver values and ranges for the San Luis standards** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Standard** | **Mean (g/t Ag)** | **SD** | **Mean -3 SD** | **Mean +3 SD** |
| SL1 | 1764.0 | 24.58 | 1690.0 | 1838.0 |
| SL2 | 1033.0 | 23.90 | 961.0 | 1106.0 |
| SI3 | 122.5 | 2.998 | 113.5 | 131.5 |

---

The rock material used for the development of the standards was crushed, pulverized, screened, split into 75 g subsamples, placed into plastic bags, sealed and labelled by SGS del Perú Labs. The gold and silver values for these three standards were established from multiple assays by SGS del Perú and ALS Chemex Perú laboratories.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 82 |

---

![](ex99-23_001.jpg)

When a standard is inserted into a batch of samples, one of the sealed bags is placed, intact, without standard identification, into a numbered sample bag, and tied shut.

McCrea (2007) made an independent check of the QAQC protocol and results for the 2006 trench sampling and assays results, and made the following observations:

&nbsp;&nbsp;&nbsp;&nbsp;● *"The current assay protocol has the standards submitted to the lab as pulp bags with bags of broken rock. This is not a blind submission but this is industry standard practice as no other practical method for submitting standards is in common use.* 

&nbsp;&nbsp;&nbsp;&nbsp;● *The standards that Reliant had fabricated, did not have certified values. The prepared standards did not undergo a round robin analysis. The standards were submitted to two labs for 15 to 20 analyses and a third lab is in process."* 

Nevertheless, McCrea was of the opinion that the performance of the prepared standards meets NI 43-101 standards.

**Insertion of Blanks**

With reference to the insertion of "blanks", McCrea notes that Reliant used quartz sand as blank material which had been purchased from SGS Mineral Laboratories of Lima, Peru. The blanks were inserted on a 1-in-50 basis. The assays of the blank material indicated *"that there is some very minor silver contamination of the blank material, although the blanks show no anomalous values for gold or silver."*

**Insertion of Field Duplicates**

Reliant submitted 22 duplicate trench chip samples for assaying in the 2006 program. Scatterplots prepared by McCrea are skewed indicating one erratic high grade point and some scatter around 100 ppm to 200 ppm Ag. In this case, both the gold and silver results were based on a small population set from which McCrea concluded that the results "*show no bias, and the erratic point is possibly due to a sample mix up*."

Reliant submitted duplicate samples during the 2006–2007 drill program. The "assays Masterfile" records that 136 duplicates out of a total 5,130 drill-core samples were submitted for assay, and representing a 2.65% insertion rate. Although scatterplots of original assays vs the duplicate assays show no marked bias, a little scatter is noted above 3 g/t Au for gold (Figure 11-1), and silver has some scatter around 1,000–1,500 g/t for silver (Figure 11-2).

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 83 |

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![](ex99-23_001.jpg)

![](ex99-23_041.jpg)

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| | |
|:---|:---|
| **Figure 11-1** | **Duplicate core sample assays – Au ppm scatterplot** |

---

*Source: McCrea, 2007*

![](ex99-23_042.jpg)

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| | |
|:---|:---|
| **Figure 11-2** | **Duplicate core sample assays – Ag ppm scatterplot** |

---

*Source: McCrea, 2007*

The QP has reviewed the "Masterfile" which contains the raw data and has confirmed the duplicate sampling results in the following plots (Figure 11-3). Some minor data management issues with the numbers were noted, but nothing that invalidates the comparison.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 84 |

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![](ex99-23_001.jpg)

![](ex99-23_043.jpg)

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| | |
|:---|:---|
| **Figure 11-3** | **2007 duplicate core sample assay results for gold (left); 2007 duplicate core sample assay results for silver (right)** |

---

McCrea (2007) noted that the silver distribution is tighter than that for the gold. However, neither indicates apparent bias (Figure 11-4 and Figure 11-5).

![](ex99-23_045.jpg)

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| | |
|:---|:---|
| **Figure 11-4** | **Duplicate core sample assays – Au ppm relative difference chart** |

---

*Source: McCrea, 2007*

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 85 |

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![](ex99-23_001.jpg)

 

![](ex99-23_046.jpg)

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| | |
|:---|:---|
| **Figure 11-5** | **Duplicate core sample assays – Ag ppm relative difference chart** |

---

*Source: McCrea, 2007*

**Independent Laboratory Checks**

Reliant submitted 62 samples to ALS Chemex for check assays. The 62 samples contained three standards and one blank. The samples submitted for check assay were randomly selected from the trenching results in both veins sampled. McCrea concluded "*that the check assay results had good reproducibility."*

Based on the limited reporting of the historic sample preparation, sample security and analytical procedures reviewed by the QP, together with the quality of the assay pulps and duplicates stored and checked by the QP in Lima, it is the author's opinion that the sample preparation, security and analytical procedures were carried out in an acceptable manner and that the data used in the updated estimate are adequate for the purposes of this technical report. Nevertheless, it is important to emphasize that sampling and QA-QC procedures have been improved since 2006-7, and that these will need to be reviewed and improved upon in the future.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 86 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **12** | **DATA VERIFICATION** |

---

Data verification has comprised the review of QAQC data included in Item 11, the project site visit carried out on March 20–21, 2024, and a visit to the sample store completed on March 22, 2024, following return to Lima.

In addition to the site visit, systematic checking of database inputs, sample numbering and assay certificates (13% checked without showing errors) was carried out during the process of reviewing the project databases, and the data which was included in the geological interpretation and modelling, and the subsequent review of Reliant's 2010 historical Mineral Resource estimate.

**12.1** **Verification of Surface Sampling Trenches and Drillhole Collars** 

**12.1.1** **Trenches** 

Some 19 years have passed since the sample trenches had been carried out, and although there is little vegetation on site, the trenches are partly if not wholly obscured by thin soil and vegetation cover except for areas where the rock (vein and host-rocks) crops out at surface. For this reason, no complete trench was discernible, and there were indications that further trenching may need to be carried out.

As for the quality of trench sampling, this comes under the title of "chip-channel" sampling, no attempt having been made to saw the channels in order to acquire better samples (Figure 12-1).

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| | |
|:---|:---|
| ![](ex99-23_047.jpg) | ![](ex99-23_048.jpg) |

---

---

| | |
|:---|:---|
| **Figure 12-1** | **Ayelén trench 13 (left) and Ayelén trench 10 (right)** |

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---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 87 |

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![](ex99-23_001.jpg)

**12.1.2** **Drillhole Collars** 

All drillhole collars are marked by stand-up plastic piping and a metal collar ID set into cement adjacent to the collar (Figure 12-2 and Figure 12-3).

![](ex99-23_049.jpg)

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| | |
|:---|:---|
| **Figure 12-2** | **Checking coordinates for two of the drillhole collars** |

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| | |
|:---|:---|
| ![](ex99-23_050.jpg) | ![](ex99-23_051.jpg) |

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---

| | |
|:---|:---|
| **Figure 12-3** | **Collar to SL06-15 (left) and collar to SL06-14 (right)** |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 88 |

---

![](ex99-23_001.jpg)

Nine of the 108 Ayelén drillhole collars (8%) were checked by GPS and found to be satisfactorily located in relation to the drillhole database (Table 12-1). Other drillhole collars were visually noted to be in their mapped positions.

---

| | |
|:---|:---|
| **Table 12-1** | **Summary of drill collars checked on site** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Database – PSAD56** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Database – PSAD56** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Database – PSAD56** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GPS site check – PSAD56** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GPS site check – PSAD56** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GPS site check – PSAD56** | **Difference** | **Difference** | **Difference** |
| **Hole ID** | **E** | **N** | **Elevation** | **E** | **N** | **Elevation** | **E** | **N** | **Elevation** |
| SL06-028 | 190436.7 | 8960747.5 | 4576.04 | 190436 | 8960748 | 4580 | 0.8 | -0.2 | -4.0 |
| A-SL-0001 | 190436.6 | 8960747.6 | 4575.99 | 190436 | 8960748 | 4580 | 0.7 | -0.2 | -4.0 |
| SL06-014 | 190469.2 | 8960760.4 | 4569.96 | 190468 | 8960760 | 4577 | 1.3 | 0.7 | -7.0 |
| SL06-015 | 190468.4 | 8960760.0 | 4570.01 | 190468 | 8960760 | 4577 | 0.5 | 0.2 | -7.0 |
| SL06-001 | 190431.8 | 8960886.7 | 4580.48 | 190432 | 8960888 | NA | -0.1 | -1.0 |  |
| SL06-002 | 190431.4 | 8960886.8 | 4580.38 | 190432 | 8960888 | NA | -0.5 | -1.0 |  |
| SL06-016 | 190388.2 | 8961047.1 | 4534.87 | 190389 | 8961046 | 4551 | -0.7 | 1.3 | -16.1 |
| SL06-017 | 190338.5 | 8961047.0 | 4534.91 | 190389 | 8961046 | 4551 | -0.4 | 1.2 | -16.1 |
| A-SL-0028 | 190385.6 | 8961046.5 | 4534.97 | 190389 | 8961046 | 4551 | -3.3 | 0.8 | -16.0 |

---

**12.2** **Verification of Drill Core Logging** 

Prior to arriving on site, Reliant was given a selection of Ayelén vein and adjacent wall-rock intercepts that the QP and accompanying geologists wanted to inspect, and which related to high-grade zones within Sections 10, 14 and 20 of the geological model. The cores inspected are summarized in Table 12-2, Table 12-3 and Table 12-4.

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| | |
|:---|:---|
| **Table 12-2** | **Summary of drill cores inspected within Model Section 10** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Drillhole** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Core inspected** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Core inspected** | **Vein zone** | **Vein zone** | **Vein zone** |
| **Drillhole** | **From** | **To** | **From** | **To** | **Observations** |
| A-SL-001 | 121.00 | 137.00 | 126.10 | 136.00 | Main vein: high grade values |
| A-SL-001 | 137.00 | 144.30 | 138.00 | 141.87 | Branch vein: very low grade |
| A-SL-064 | 182.20 | 202.75 | 187.20 | 197.25 | High grade vein zone |
| A-SL-066 | 215.00 | 233.00 | 225.85 | 226.98 | V. narrow vein and no Au-Ag values |
| SL06-14 | 29.65 | 44.90 | 35.03 | 36.40 | Mixed medium-low Au-Ag grade |
| SL06-15 | 51.90 | 71.00 | 58.55 | 66.63 | Variable low to medium grades |
| SL06-28 | 87.50 | 104.45 | 93.15 | 97.46 | Narrow high-grade vein zone |

---

---

| | |
|:---|:---|
| **Table 12-3** | **Summary of drill cores inspected within Model Section 14** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Drillhole** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Core inspected** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Core inspected** | **Vein zone** | **Vein zone** | **Vein zone** |
| **Drillhole** | **From** | **To** | **From** | **To** | **Observations** |
| A-SL-006 | 136.20 | 150.00 | 139.30 | 143.30 | Some included wall-rock |
| A-SL-016 | 174.50 | 186.00 | 174.50 | 186.00 | No sign of the vein |
| A-SL-114 | 105.00 | 126.00 | 114.40 | 120.00 | Variable high-grade Au-Ag |
| SL06-01 | 37.25 | 60.00 | 45.00 | 55.08 | Wide vein zone: variable grades |
| SL06-02 | 63.55 | 82.00 | 68.47 | 78.40 | Wide vein zone: variable grades |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 89 |

---

![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **Table 12-4** | **Summary of drill cores inspected within Model Section 20** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Drillhole** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Core inspected** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Core inspected** | **Vein zone** | **Vein zone** | **Vein zone** |
| **Drillhole** | **From** | **To** | **From** | **To** | **Observations** |
| A-SL-028 | 60.73 | 86.00 | 71.14 | 80.26 | Some Au-Ag in wall-rocks |
| A-SL-045 | 195.00 | 209.00 | 200.30 | 204.20 | Variable high grade |
| A-SL-084 | 75.36 | 91.10 | 81.35 | 85.35 | Low grade branch vein? |
| A-SL-084 | 114.00 | 130.00 | 119.00 | 124.10 | Main vein zone |
| SL06-16 | 38.90 | 51.00 | 44.55 | 50.00 | Main vein zone |
| SL06-16 | 51.00 | 59.00 | 51.85 | 55.00 | Branch vein with values |
| SL06-17 | 45.00 | 61.57 | 49.60 | 59.80 | Wide zone – variable grade |
| SL06-17 | 61.57 | 79.35 | 62.42 | 77.95 | Wide zone high-grade Au-Ag |
| SL06-17 | 79.35 | 85.99 | 80.50 | 81.70 | Narrow branch vein: little value |
| SL06-19 | 69.00 | 82.40 | 73.75 | 77.73 | Low grade with included breccia |

---

Amongst other observations made when comparing sample records with the drill logs, was that not all geological modelling represented the full width of the vein when very low-grade vein material occurred adjacent to wall-rock. In addition, it was also noted that some vein sampling goes beyond the wall-rock boundary, as shown in Figure 12-4.

![](ex99-23_052.jpg)

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| | |
|:---|:---|
| **Figure 12-4** | **Sawn core from drillhole SL06-02 shows sampling continuing beyond the vein boundary** |

---

Further to inspection of the drillholes within Model Sections 10, 14 and 20, three drillhole vein intercepts were also inspected to the extreme north, south and in depth of the deposit explored to date. It was concluded that exploration had not reached the limits of gold-silver mineralization, and that further exploration in all three directions is warranted (Table 12-5). For example, the QP was advised that the southern extension of the vein zone was not explored any further due to coverage by superficial deposits.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 90 |

---

![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **Table 12-5** | **Summary of surrounding drill cores inspected to the north, south and in depth** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Drillhole** | **Vein zone** | **Vein zone** | **Vein zone** |
| **Drillhole** | **From** | **To** | **Observations** |
| SL06-26 | 69.90 | 74.30 | Mineralization open to the north |
| A-SL-077 | 38.46 | 45.80 | Mineralization open to the south |
| A-SL-104 | 273.40 | 282.73 | Further exploration required in depth |

---

It was concluded from the drill-core inspections that more information can be recovered by re-logging the main vein intercepts and their adjacent wall-rocks. This to improve the geological model in relation to mine design, and this should include more detailed geotechnical logging using the photographic records to develop a geotechnical model.

**12.3** **Verification of Assay Results** 

It had been the intention to carry out selective re-sampling of some of the main vein intersections by cutting half cores into quarters, but this had already been carried out. However, the results of this re-sampling could not be found by Reliant's geological team, and it is suspected this may relate to work carried out by Hochschild when they took interest in the San Luis Project.

Assay checks were therefore focused on Reliant's sample store in Chorrillos, Lima which was inspected on March 22, 2024. This showed a well-preserved and fully documented sample storage system of coarse sample rejects (Figure 12-5) and assay pulps (Figure 12-6).

![](ex99-23_053.jpg)

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| | |
|:---|:---|
| **Figure 12-5** | **Documented, bagged and sealed coarse sample rejects on wooden pallets** |

---

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 91 |

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![](ex99-23_001.jpg)

![](ex99-23_054.jpg)

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| | |
|:---|:---|
| **Figure 12-6** | **A well numbered separate assay pulp sample store at Chorrillos** |

---

Coarse sample rejects and sample pulp storage is labelled and coded by year and includes sample batch and number in easily located and systematically shelved boxes within a dust-free room. This includes a computerized database (Figure 12-7) which records details of all samples, including their origin.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 92 |

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![](ex99-23_001.jpg)

![](ex99-23_055.jpg)

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| | |
|:---|:---|
| **Figure 12-7** | **Access to the computerized database can locate sample pulps within minutes** |

---

Sixty sample pulps were selected for check assaying representing a selection across the full range of original gold assays. Of these, three pulps could not be found (probably used up previously) and one pulp was found by the laboratory to be of insufficient weight for assaying.

Fifty-six assay check samples were therefore selected and submitted to the ALS Lima laboratory together with 11 QC samples comprising four certified blanks, three high-grade CRMs, and three low- grade CRMs.

Table 12-6 shows the check assay results compared with Reliant's original results and indicates two separate failures for gold and silver respectively, representing a 3.57% failure rate overall which is considered acceptable, being less than the 10% threshold normally accepted.

Table 12-6 also compares the sum-total results for gold and silver assays which indicate that overall the check assays show a +0.45% increase in value, indicating the original assays can be considered as on the conservative side for gold, whereas for silver there is an underestimation shown for the check assays (-4.80%).

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 93 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **Table 12-6** | **Summary of the check assay results carried out for HSC** |

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![](ex99-23_056.jpg)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 94 |

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![](ex99-23_001.jpg)

Overall, the check assays indicate that the original assaying together with previously Reliant-reported QAQC results, can be considered as adequate for the purposes used herein. As for the inserted control samples, Table 12-7 shows that one of the blanks failed for gold, indicating possible contamination during assaying procedures and indicating a 20% failure rate, whereas all other insertion results can be considered as adequate for the purposes used herein.

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| | |
|:---|:---|
| **Table 12-7** | **Assay results for the inserted control samples** |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| INSERTS | TYPE | TYPE | Au | Ag | HLSV<br>Number<br>| Au re-assay<br>GRA22<br>| Au re-assay<br>GRA21<br>| Ag re-assay<br>GRA21<br>|
| OREAS 23B | BLANK | BLANK | <3ppb | 0.065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_003 | <0.05 | <0.05 | <5 |
| OREAS 23B | BLANK | BLANK | <3ppb | 0.065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_0013 | <0.05 | <0.05 | <5 |
| OREAS 23B | BLANK | BLANK | <3ppb | 0.065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_0028 | <0.05 | <0.05 | <5 |
| OREAS 23B | BLANK | BLANK | <3ppb | 0.065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_0044 | 0.45 | <0.05 | <5 |
| OREAS 23B | BLANK | BLANK | <3ppb | 0.065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_0068 | <0.05 | <0.05 | <5 |
| OREAS 245 | CRM | High grade | 25.7 | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_007 | 25.9 | 25.5 | <5 |
| OREAS 245 | CRM | High grade | 25.7 | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_0030 | 25.4 | 26.1 | <5 |
| OREAS 245 | CRM | High grade | 25.7 | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_0041 | 24.8 | 26.2 | <5 |
|  |  |  |  |  | Averages > | 25.4 | 25.9 |  |
|  |  |  |  |  |  | -1.2% | +.09% |  |
| OREAS 627 | CRM | Low grade | 1.88 | 57.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_0019 | 1.96 | 2.02 | 57 |
| OREAS 627 | CRM | Low grade | 1.88 | 57.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_0053 | 1.91 | 2.00 | 59 |
| OREAS 627 | CRM | Low grade | 1.88 | 57.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSSL_0063 | 1.87 | 1.89 | 53 |
|  |  |  |  |  | Averages > | 1.91 | 1.97 | 563 |
|  |  |  |  |  |  | +1.6% | +4.8% | -1.23% |

---

The ALS assay certificates are included in Appendix D. These are addressed to Minera Cappex S.A.C., a wholly owned subsidiary of HSC.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 95 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **13** | **MINERAL PROCESSING AND METALLURGICAL TESTING** |

---

The following testwork information has been summarized from Section 18 of SSR Mining's San Luis Project Feasibility Study (2010).

Following initial advice and guidance from F. Wright Consulting (2008), four metallurgical testwork programs were completed investigating the metallurgical response of mineralized samples from the San Luis Project. The diamond drillhole core sample material provided for testwork is summarized in the reports by Lechner and Earnest (2009) and Kaye et al. (2010). The four testwork programs are summarized in the following sub-items of this report.

**13.1** **Process Research Associates, Vancouver, Canada** 

Five composite samples identified as Ayelén #1 to #5 were prepared from drillhole assay reject material for the Process Research Associates ("PRA") metallurgical testwork program, as summarized in Table 13-1.

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| | |
|:---|:---|
| **Table 13-1** | **Summary of composite samples provided to PRA** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Composite** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**No. diamond drillhole samples** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade range (ppm Au)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade range (ppm Au)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade range (ppm Ag)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade range (ppm Ag)** |
| **Composite** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**No. diamond drillhole samples** | **From** | **To** | **From** | **To** |
| Ayelén 1 | 5 | 13.60 | 91.57 | 184.5 | 2050.7 |
| Ayelén 2 | 3 | 17.97 | 29.90 | 525.3 | 910.7 |
| Ayelén 3 | 3 | 6.73 | 13.25 | 199.6 | 368.9 |
| Ayelén 4 | 3 | 5.42 | 16.18 | 274.7 | 506.4 |
| Ayelén 5 | 2 | 16.02 | 35.62 | 528.8 | 1254.0 |

---

PRA carried out 15 gravity pre-concentration tests and achieved gold recoveries in the range of 9.3% to 24.1%, and 1.3% to 4.6% silver recovery. Pan concentrate grades varied from 1,423 g/t and 24,971 g/t Au and from 7,214 g/t to 55,953 g/t Ag. The gravity rougher tests used a Knelson centrifugal concentrator operated in an open cycle single pass.

PRA carried out cyanide leach tests with and without prior gravity concentration and reported the following results, and where the "end" recoveries give similar results (Table 13-2).

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| | |
|:---|:---|
| **Table 13-2** | **Cyanidation results with and without gravity pre-concentration** |

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![](ex99-23_044.jpg)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 96 |

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![](ex99-23_001.jpg)

Then using a 72-hour leach time, PRA carried out a series of cyanidation leach tests over a range of grind sizes. Their results are summarized in Table 13-3.

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| | |
|:---|:---|
| **Table 13-3** | **PRA results showing the effect of grind size on recoveries** |

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![](ex99-23_082.jpg)

The test results listed in Table 13-3 indicate that gold and silver recoveries increase as primary grind size is reduced from a P<sub>80</sub> of approximately 100 µm to a P<sub>80</sub> of approximately 40 µm. These preliminary results indicated that a study of grind size optimization is needed. Tests C1, C4 and C5 had very coarse grind (crush) sizes. Such sizes are not typical for leaching. The results demonstrate, however, that a processing alternative such as heap leaching is not suitable.

PRA concludes that although the majority of the gold and silver recoveries is achieved in 24 hours, a 72-hour retention time is indicated to be required given the samples tested and conditions used.

PRA carried out nine bulk flotation tests on gravity concentrate tails to investigate the effect of primary grind sizes on gold and silver recoveries, and found that recoveries of the precious metals improved with finer grind sizes. However, tailings losses were noted to be significant even at the finest grind sizes evaluated. Given the low sulphur contents in the tails, the losses of precious metals are expected to be associated with non-sulphide gangue. Subsequent bulk flotation tests were performed where the gravity circuit was excluded from the circuit.

The results indicated that for a flotation circuit, gravity concentration is not required. A series of flotation tests (open circuit cleaner) at a target primary grind of P<sub>80</sub> = 44 µm, without gravity concentration, was also carried out. The results showed that significant gold and silver are still lost to tails. In these tests, the bulk concentrate was subsequently upgraded via three stages of cleaning.

This resulted in concentrates with precious metal grades ranging from 990 g/t to 4,340 g/t for gold and 18,375 g/t to 91,600 g/t for silver. Detailed analysis of the concentrates indicated elevated levels of arsenic and antimony which may have potential penalty issues for smelting.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 97 |

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![](ex99-23_001.jpg)

**13.2** **Plenge Laboratory, Lima, Perú** 

One composite sample was prepared from drillhole assay reject material for Plenge's testwork program. This comprised 13 vein intersections of the Ayelén vein made up from 88 individual samples, as summarized in Table 13-4.

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| | |
|:---|:---|
| **Table 13-4** | **Summary of the composite sample make-up provided to Plenge** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drillhole** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**No. samples** | **Metres** | **Metres** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade range (ppm Au)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade range (ppm Au)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade range (ppm Ag)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grade range (ppm Ag)** |
| **Drillhole** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**No. samples** | **From** | **To** | **From** | **To** | **From** | **To** |
| SL06-26 | 4 | 70.85 | 74.30 | 1.97 | 10.10 | 68.10 | 324.00 |
| A-SL-077 | 5 | 42.10 | 46.80 | 0.38 | 94.00 | 84.00 | 2400.00 |
| A-SL-069 | 11 | 228.20 | 238.67 | 0.61 | 12.75 | 34.00 | 802.00 |
| A-SL-098 | 9 | 70.35 | 80.96 | 0.30 | 133.50 | 19.00 | 1680.00 |
| A-SL-124 | 6 | 164.49 | 169.32 | 0.10 | 0.23 | 2.00 | 7.00 |
| A-SL-074 | 8 | 190.75 | 197.10 | 0.02 | 0.37 | 1.00 | 7.00 |
| A-SL-093 | 13 | 94.50 | 106.35 | 0.07 | 1.22 | 3.00 | 39.00 |
| SL06-21 | 6 | 81.95 | 86.33 | 0.47 | 0.70 | 26.00 | 70.10 |
| A-SL-126 | 9 | 129.20 | 135.48 | 2.53 | 207.00 | 104.00 | 8910.00 |
| A-SL-064 | 9 | 187.20 | 194.25 | 1.05 | 72.50 | 50.00 | 1855.00 |
| SL06-28 | 3 | 93.85 | 96.46 | 33.47 | 56.06 | 722.00 | 978.00 |
| SL06-11 | 2 | 63.10 | 64.70 | 5.86 | 26.62 | 454.00 | 606.00 |
| SL06-18 | 3 | 49.31 | 51.36 | 2.95 | 83.80 | 185.00 | 1185.00 |
| **13 holes** | **88** |  |  |  |  |  |  |

---

 

*NB: No average grades available because sample weights not given.*

Plenge carried out three cyanide leach tests at different grind sizes; the results are shown in Table 13-5.

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| | |
|:---|:---|
| **Table 13-5** | **Plenge results showing the effect of grind sizes on recoveries** |

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![](ex99-23_083.jpg)

Plenge reports that the recovery of gold does not significantly increase in decreasing the grind size from a P80 of 74 µm to a P80 of 44 µm, however, the NaCN consumption increases significantly. This tends to contradict the PRA results; however, it should be noted that the Plenge tests are very preliminary tests (as are the PRA tests) and on only one sample.

A leach test performed by PRA on material with a head grade similar to that tested by Plenge and at a similar primary grind size (P<sub>80</sub> of 77 µm for PRA and P<sub>80</sub> of 74 µm for Plenge) produced gold and silver recoveries of 94.8% and 77%, respectively. The comparable Plenge test produced gold and silver recoveries of 94% and 74%, respectively.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 98 |

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![](ex99-23_001.jpg)

Plenge carried out 10 cyanide leach tests on gravity concentrate tails. These tests investigated the effect of pH, primary grind size, and cyanide concentration. The leach time for each test was 72 hours, and the results indicated that for the variables tested, better metallurgical recoveries are achieved at a pH of 11.5; a primary grind of P<sub>80</sub> = 44 µm, and an NaCN concentration of 0.250%. Again, it should be noted that these results are preliminary.

Plenge carried out gravity pre-concentration tests on the Ayelén 1, 4 and 5 samples. Gold and silver recovered to the concentrate was 33.7% and 9.1% respectively, and the concentrate produced was 2,265 g/t Au and 13,865 g/t Ag, although it was not indicated whether this was a rougher or pan concentrate. The calculated head grade of the sample was 18.91 g/t Au and 410.6 g/t Ag.

Plenge also performed a carbon-in-leach test on gravity concentrate tails ground to a P<sup>80</sup> of 74 µm. At a solution pH of 10.5 and a NaCN concentration of 0.10%, recoveries of gold and silver are reported to be 95.4% and 88.4% respectively. A similar test without carbon produced recoveries for gold and silver of 93.1% and 68.9%. Indications are that the presence of carbon appears to assist in the recovery of silver, although the reason for this is uncertain. Nevertheless, the use of carbon in the final process selection is not considered practical by Plenge due to the amount of silver in the material at the San Luis Project.

Settling tests and related work were also carried out by Plenge, such as flocculant screening and rheology studies, which are needed to determine the number and size of thickeners to be used for leach slurry counter-current decantation, and for use in sizing process pumps and piping. Plenge reported that the flocculant Sedipur AF-404 gave the best results. The slurry pH was 11.5 and dose rate was 30 g/t of leach tails.

Plenge also evaluated the settling rate of tails materials with grind sizes of P<sup>80</sup> = 74 µm and 44 µm. Using the flocculant Sedipur AF-404 (30 g/t of leach tails at a 0.02% flocculent solution concentration) in a slurry at a pH of 11.5, the results are:

● Settling rate = 0.158 m<sup>2</sup>/tpd for a grind size of P <sup>80</sup> = 74 µm.

● Settling rate = 0.333 m<sup>2</sup>/tpd for a grind size of P <sup>80</sup> = 44 µm.

**13.3** **G&T Metallurgical Services Ltd** 

G&T Metallurgical Services Ltd ("G&T") carried out two testwork programs: the first comprising the recovery of gold and silver using gravity concentration, cyanide leaching and flotation; the second comprising comminution and settling tests.

G&T tested gravity concentration followed by cyanidation of the gravity tailings to evaluate gold and silver extractions under variable reagent addition rates. Two test programs were carried out and their key findings from these tests were:

● *"Combined gravity plus 72 hour cyanidation of the gravity tailings produced overall gold recoveries ranging between 97 and 98%. Approximately 25% of the gold values were recovered into the gravity concentrate with a grind P80 of 74 microns. Five percent or less of the silver reported to gravity concentrates.* 

● *Relatively fine grinds with P80s of 45 microns resulted in high gravity recoveries for gold but increased total gold recoveries increased only slightly. With a P80 of 45 microns, gravity gold recoveries were in the range of 32%, compared to 74 micron P80 recoveries of around 25%. Total gold recoveries for 45 micron P80 grind, however, were in the range of 98.4% compared to 74 micron P80 recoveries of 97.1% to 97.9%.* 

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 99 |

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![](ex99-23_001.jpg)

 

● *Twenty four hour leach times produced variable results and slightly lower recoveries compared to 72 hour leach times, especially for silver. Twenty four hour leach times extracted 65% to 77% of total gold and 57% to 92% of total silver, while 72 hour leach times extracted 71% to 77% of total gold and 76% to 94% of total silver.* 

● *Gold and silver recoveries were very similar for low-grade, medium-grade and high-grade samples at a given primary grind size. Total gold recoveries were in the range of 96% to 98% for the lowest grade samples and 97% to 98% for the highest. Other factors, including coarse grind size, reagent concentrations and leach retention time had significantly more influence on total recovery than the feed grade of the samples tested.* 

● *For 24 hour leach time tests, high sodium cyanide concentrations of 5,000ppm with 0.5kg/t PbNO3 produced improved total gold and silver recoveries compared to 2,000ppm sodium cyanide with 0.5kg/t PbNO3. For 72 hour leach tests, 5,000ppm sodium cyanide concentrations with 0.5kg/t PbNO3 produced only slightly higher total gold and silver recoveries than 2,000ppm tests with 0.5kg/t PbNO3".* 

G&T then carried out two rougher flotation tests to investigate the potential for recovering gold and silver into a high-grade low mass flotation concentrate. A single cyanidation test was also carried out on rougher tailings produced in one of the flotation tests. G&T made the following comments when summarizing the results of these tests:

● *"Approximately 89% of the gold and 84% of the silver in the feed were recovered into a bulk sulphide rougher concentrate. The mass recoveries to the bulk rougher concentrate were approximately 10%.* 

● *The rougher concentrate had gold and silver contents of approximately 1,200g/t and 23,000g/t, respectively.* 

● *Cyanide leaching of the flotation rougher tails (72 hours) resulted in gold and silver extractions of 92% and 87% respectively (based on feed to the cyanidation leaching). The combined recoveries (flotation plus cyanidation of flotation tails) for gold and silver recoveries were 99% and 97% respectively."* 

**13.3.1** **Comminution and Settling Tests by G&T** 

Bond Ball Mill work test results by G&A ranged between 9.5 kWh/t and 16.5 kWh/t for the samples tested. Although two of the 13 samples tested were relatively soft, the average of all samples indicates a work index of moderate hardness, and Crusher Abrasion work index (Cwi) results indicated that two of the 13 samples have relatively high Cwi values at 14 and 17.4 kWh/t. The remaining samples produced Cwi values between 6 kWh/t and 11 kWh/t.

Settling testwork by G&T carried out on tails samples from cyanide leaching tests on composites Ayelén 1 and 4 gave the following results (Table 13-6). It was concluded that both samples indicated poor settling properties under the conditions tested and that more testwork must be carried out.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 100 |

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![](ex99-23_001.jpg)

Table 13-6 G&T settling test results

![](ex99-23_084.jpg)

Filtration testwork, rheology and counter-current decantation tests were contracted out by G&T to Pocock Industrial Inc. of Utah. Pressure filtration tests showed that final moistures of approximately 15% can be achieved, and the counter-current decantation tests indicated a wash ratio of 3:1, indicating that three thickeners would be required in the plant design.

**13.4** **Feasibility Study by BISA** 

In November 2010 BISA proposed a process flowsheet of crushing, grinding, gravity (tabling) to recover free gold, recovery of gold from gravity tails by cyanide in agitation leach, with gold recovery from the pregnant solution through precipitation, and final on-site smelting to produce a gold doré.

Included with their assumptions is a project schedule starting with plant procurement, and then proceeding through construction and process commissioning with a project schedule spanning approximately 20 months, which includes preparation of the underground mine.

It is assumed by the author that this study was accompanied by a completed Environmental Impact Statement and used by Reliant to obtain the construction permit later granted. The indication from the site inspection is that Reliant was prepared to move forward in 2012 with the preparation of the construction camp, and prior to running into difficulties with the local communities.

**13.5** **Conclusions** 

It is quite clear to the QP that some of the testwork carried out is preliminary in nature and insufficient to support a Feasibility Study. Nevertheless, it has probably been sufficient to indicate:

● "Heap leaching" is not a process option

● Production of high-grade bulk flotation concentrates is not an option unless there is a moratorium on cyanide use on this property

● Pre-concentration by gravity prior to a cyanide leach still requires further testwork to write off this as an option

● A cyanide leach is the obvious process route, although further testwork needs to be carried out for detailed engineering design purposes.

If there is a moratorium on the use of cyanide, it should be noted that leaching with more environmentally accepted chemicals is coming into use (e.g. thiosulphate leaching).

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 101 |

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![](ex99-23_001.jpg)

This process is being promoted by SGS, and it removes gold from gold-bearing ores without the use of cyanide. Although not as aggressive a leaching agent as cyanide, thiosulphate offers several technological advantages including its lower toxicity and greater efficiency with gold deposits associated with preg-robbing ores. The thiosulphate leaching process, followed by resin-in-pulp gold extraction, has been developed by SGS to the point where it is a technically and economically viable alternative to cyanidation for some gold-bearing orebodies.

Draslovka Industries is promoting Glycene Leaching Technology as an alternative to cyanidation. They utilize Glycene, a non-toxic amino acid often used as a food additive or nutritional supplement in humans and animals.

Outotec (2019) has funded research at the Aalto University, Finland, into cyanide-free gold leaching in exceptionally mild chloride solutions.

Further advice on alternative leaching options is therefore recommended.

The samples used for metallurgical testing are thought to be representative of the types and styles of mineralization and the mineral deposit as a whole, although variability is yet to be tested. Except as set out herein, there are no currently known processing factors or deleterious elements that could have a significant effect on potential economic extraction.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 102 |

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![](ex99-23_001.jpg)

14 MINERAL RESOURCE ESTIMATES

Reliant carried out the following Measured and Indicated Mineral Resource estimates as they grew the San Luis Project; in both cases, the Inferred estimates were minimal and are not shown in the following two summaries:

● 2007 – Preliminary Measured and Indicated estimate totalling a contained 265,000 ounces of gold and 7,126,000 ounces of silver when applying a cut-off of 40 g/t Ag.

● 2008 – Second Measured and Indicated estimate totalling a contained 366,100 ounces of gold and 9,868,000 ounces of silver when applying the same cut-off.

The second Measured and Indicated estimate was revised by Resource Modeling Inc. ("RMI") in January 2009 and totalled a contained 348,100 ounces of gold and 9,003,300 ounces of silver when applying a 6.0 g/t Au cut-off. This estimate was then taken into the Feasibility Study carried out in 2010 (Table 14-1). It is a review of this last estimate together with the geological model and supporting data that comprises the objective of this current Technical Report.

Table 14-1 2009 Reliant-declared Mineral Resource estimate (6.0 g/t Au cut-off)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reliant's declared Mineral Resource estimate for the San Luis Project, 2010** | **Reliant's declared Mineral Resource estimate for the San Luis Project, 2010** | **Reliant's declared Mineral Resource estimate for the San Luis Project, 2010** | **Reliant's declared Mineral Resource estimate for the San Luis Project, 2010** | **Reliant's declared Mineral Resource estimate for the San Luis Project, 2010** | **Reliant's declared Mineral Resource estimate for the San Luis Project, 2010** |
| &nbsp;&nbsp;**Resource Category** | **Tonnes** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **Contained ounces** | **Contained ounces** |
| &nbsp;&nbsp;**Resource Category** | **Tonnes** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **Au** | **Ag** |
| &nbsp;&nbsp;Measured | 55222 | 34.3 | 758 | 61000 | 1345000 |
| &nbsp;&nbsp;Indicated | 429183 | 20.8 | 555 | 287000 | 7658200 |
| &nbsp;&nbsp;**Measured + Indicated** | **484405** | **22.3** | **578** | **348000** | **G,003,200** |
| &nbsp;&nbsp;Inferred | 20528 | 5.7 | 273 | 3600 | 174900 |

---

**14.1** **Review of the 2009 Mineral Resource Estimate** 

Review of the 2009 estimate comprises the principal objective of this current report. This has included the site visit for the purpose of checking drillhole locations and surface trenching, checking drill core and selected intersections, as well as the exploration facilities and the competent support of the Reliant geological team.

**14.1.1** **Databases** 

There are two main Microsoft Excel databases, one for the 2005–2006 surface trenching, and a second database for the 2006–2007 drilling. Table 14-2 and Table 14-3 summarize the trench and diamond drilling metres and samples assayed.

Table 14-2 Summary of trench sampling and metres assayed

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** | **Number** | **Metres** | **Assayed metres** |
| &nbsp;&nbsp;Ayelén and HW Vein | 34 | 506 | 506 |
| &nbsp;&nbsp;Inés | 62 | 441 | 440 |
| &nbsp;&nbsp;**Total** | **G6** | **G47** | **G46** |

---

Of the 161 drillholes completed within Reliant's property to date, 136 drillholes targeted the Ayelén and Inés veins; that is 108 and 28 drillholes respectively.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 103 |

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![](ex99-23_001.jpg)

Table 14-3 Summary of diamond drillholes and metres sampled and assayed

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** | **Number** | **Metres** | **Assayed metres** |
| &nbsp;&nbsp;Ayelén and HW Vein | 108 | 19196 | 3655 |
| &nbsp;&nbsp;Inés | 28 | 3158 | 546 |
| &nbsp;&nbsp;**Total** | **136** | **22354** | **4201** |

---

Diamond core recovery for the various drill campaigns was excellent. Fifty-six percent of the assayed intervals reportedly had a core recovery of 100%, and 95% of the remaining data had core recoveries in excess of 90%. For the minor amount of drilling where core recovery was below 50%, gold and silver grades tended to be lower than the grades in intervals having higher recovery.

Drill core information includes logged lithological codes as well as sample assay determinations for gold and silver. A significant number of drillhole intervals were not sampled and assayed when there was no evidence of mineralization within the cores. Vein intervals from seven twin holes drilled for metallurgical comminution testwork were not assayed and were excluded from the Mineral Resource estimate for this reason.

Figure 14-1 shows the drillholes that cut the Ayelén vein at depth along its strike together with the surface trench samples.

![](ex99-23_057.jpg)

Figure 14-1 South-north section of the drillhole intersections along the Ayelén vein

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 104 |

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![](ex99-23_001.jpg)

**14.1.2** **Drill Core vs Chip-Channel Sampling Quality** 

Majority of the sampled metres being used to estimate Mineral Resources have been derived from HQ diamond drillholes (87.75%) and the remainder obtained from chip-channel samples collected from "trenches" spaced along the outcropping veins. It had already been observed from the site inspection that there was a variation on quality between the trench and diamond drill core sampling.

RMI (2009) previously reviewed the two data types because of an apparent disparity between the mean grades of the two sampling methods when all data was compared. They noted that the trench samples had a higher mean grade than the diamond core holes.

To examine this apparent bias, RMI spatially paired the trench samples with the closest HQ drillhole samples so that various statistics could be calculated. Both sample types were composited after the raw assay data had been capped, and a total of 145 Ayelén trench composites were paired with the core holes. The resultant data summarized in Table 14-4 shows that the gold and silver core samples are about 10% higher than the chip-channel samples which suggests that the core samples are producing higher grades than the chip-channel samples.

Table 14-4 Paired core vs chip-channel sample grades

![](ex99-23_058.jpg)

*Source: RMI*

The QP concludes that variance relates in part to chip-channel samples being taken to different geological boundaries to those cored in depth, partly due to the difficulty of taking trench samples within very hard rock vein boundaries. Therefore, better trench sampling or shallow drilling should probably be carried out in order to improve grade estimation. In the meantime, care needs to be taken when taking the chip-channel samples into account when it comes to Mineral Resource classification.

**14.2** **Geological Domains and Modelling** 

Geological modelling has considered the following three vein structures:

● The Ayelén vein comprises the main structure and can be followed from surface trenches and drilling over a north-northwest trending strike length of over 600 m and dipping steeply to the west-southwest. The structure has been identified in depth down to a maximum of 270 m below surface in drillhole A-SL-104 on the southern part of the structure. Gold and silver grades are highest at surface, diminishing in depth. High-grade shoots are observed to plunge to the south. True widths are mostly between 2.0 m and 5.0 m, averaging 3.5 m, but have been noted to reach close to 15.0 m in trenches A10, A11 and A12, and drillhole SL06-17.

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|:---|:---|
| **Technical Report on the San Luis Property** | 105 |

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![](ex99-23_001.jpg)

● The Ayelén HW vein parallels and is situated some 10 m to the west of Ayelén in the northern part. The main mineralized shoot extends over approximately 100 m in depth and along strike. True widths are estimated mostly between 1.5 m and 4.0 m, averaging 3.3 m.

● The Inés vein crops out some 100 m to the east of the Ayelén vein system and has been identified from surface trenches over a strike length of 250 m. The structure dips 65° to the east-northeast and has been followed by drilling to a depth of 100 m below surface. True widths are mostly between 1.0 m and 5.0 m, and average 2.5 m.

Initial vein intercepts for the three modelled veins were taken from the historical work performed as part of the 2009 geological modelling, where intervals had been defined based on a nominal cut-off grade of 0.5 g/t Au as well as the drillhole logging. The intercepts were reviewed and, where necessary, modified to ensure consistent 3D vein structures. In addition, high-grade and low-grade sub-domains were differentiated within each structure considering lithology, gold grades and a minimum sample length interval inside vein envelopes of 2 m. The final defined intercepts and sub-domains are included in Appendix B.

3D vein and sub-domain wireframes were developed in Leapfrog Geo using implicit modelling techniques. The resulting vein models are pictured in Figure 14-2 and Figure 14-3.

![](ex99-23_059.jpg)

Figure 14-2 3D wireframe models including Ayelén, Ayelén HW and Inés

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 106 |

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![](ex99-23_001.jpg)

![](ex99-23_060.jpg)

Figure 14-3 3D wireframe models showing high-grade domains

Modelled vein/wall-rock contacts are noted not to always recognize true geological boundaries. In some cases, the edge of vein sample continues into the wall-rock, in other cases the edge of the model is within the vein in order to capture grade without including low-grade vein rock.

There is therefore a need to revise and improve the geological model prior to conversion to mineable reserves.

The distribution of gold and silver grades along the Ayelén vein is shown in Figure 14-4, the widths in Figure 14-5 (left) and the widths x AuEq in Figure 14-5 (right).

![](ex99-23_061.jpg)

Figure 14-4 Ayelén vein – distribution of gold grades (left) and distribution of silver grades (right)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 107 |

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![](ex99-23_001.jpg)

![](ex99-23_062.jpg)

Figure 14-5 Ayelén vein – distribution of true widths (left) and distribution of width x AuEq grades (right)

**14.3** **Outlier Treatment** 

High outlier gold and silver values for each vein were reviewed using log-probability plots shown in Figure 14-6 and Figure 14-7, where departures from log-normality are noted by inflections at the high end of the distributions. The chosen outlier thresholds correspond to approximately the 95th percentile of the distributions and these values were used to cap high grade values prior to using these in the grade estimation process.

![](ex99-23_063.jpg)

Figure 14-6 Gold log-probability plots for vein samples showing the determined capping values

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|:---|:---|
| **Technical Report on the San Luis Property** | 108 |

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![](ex99-23_001.jpg)

![](ex99-23_064.jpg)

Figure 14-7 Silver log-probability plots for vein samples showing the determined capping values

**14.4** **Sample Lengths** 

A total of 808 samples inside the vein envelopes were sampled at intervals averaging close to 1 m. Figure 14-8 shows the sample interval ranges. The varying sample lengths were composited into 1 m lengths after outlier treatment (top cutting) was applied due to the high nugget effect seen within the sample results.

![](ex99-23_065.jpg)

Figure 14-8 Histogram of sample interval lengths inside vein intercepts

**14.5** **Block Model Parameters** 

The block model for the San Luis vein structures was developed using a 1 m(X) by 5 m(Y) by 5 m(Z) parent block size with sub-celling at boundaries to represent more precisely the geometry of the modelled structures. The block model parameters and extent are summarized in Table 14-5.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 109 |

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![](ex99-23_001.jpg)

Table 14-5 Block model parameters

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Origin** | **No. of blocks** | **Size (m)** | **Size (m)** |
|  | **Origin** | **No. of blocks** | **Parent** | **Sub-cell** |
| &nbsp;&nbsp;Easting (X) | 190000 | 1000 | 1 | 0.20 |
| &nbsp;&nbsp;Northing (N) | 8960500 | 200 | 5 | 1.00 |
| &nbsp;&nbsp;Elevation (Z) | 4200 | 90 | 5 | 0.50 |

---

Capped gold and silver samples within the vein envelopes and domains were composited to regular 1 m intervals. These were used to interpolate gold and silver grades into individual blocks using inverse distance squared interpolation. Blocks were estimated in three search passes oriented parallel to the axis of the vein structure along observed direction of continuity. Table 14-6 shows the search strategy employed.

Table 14-6 Search parameters used in block interpolation

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Distance (m)** | **Distance (m)** | **Distance (m)** | **Rotation** | **No. of composites** | **No. of composites** | **No. of composites** |
| **X** | **Y** | **Z** | **Axis (X)** | **Minimum** | **Maximum** | **Maximum/hole** |
| 20 | 60 | 30 | -35°S | 4 | 12 | 3 |
| 40 | 120 | 60 | -35°S | 4 | 12 | 3 |
| 60 | 180 | 90 | -35°S | 1 | 12 | 3 |

---

**14.6** **Gold and Silver Grade Estimation** 

Figure 14-9 and Figure 14-10 show box plots representing gold and silver distributions for the different veins. This is complemented by gold and silver histograms including all veins samples shown in Figure 14-11 and Figure 14-12. High-grade and low-grade domains show very different distributions confirming distinctive domains within the vein structures.

![](ex99-23_066.jpg)

Figure 14-9 Box plot for gold for vein samples within different domains

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 110 |

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![](ex99-23_001.jpg)

![](ex99-23_067.jpg)

Figure 14-10 Box plot for silver for vein samples within different domains

![](ex99-23_068.jpg)

Figure 14-11 Gold histogram for different domains – all veins

![](ex99-23_069.jpg)

Figure 14-12 Silver histogram for different domains – all veins

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 111 |

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![](ex99-23_001.jpg)

Statistics for gold and silver raw and capped values are detailed in Table 14-7 and Table 14-8. Notable observations are:

● The effect of capping outlier values is significant, reducing overall gold grades by 12% and silver grades by 14% in the Ayelén vein.

● Coefficients of variation (CVs) are significantly reduced to values just over 1 after domaining and capping. This gives additional support to distinctive units within the vein envelopes.

Table 14-7 Sample statistics for gold, before and after capping

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au (g/t)** | **All** | **All** | **All** | **Low-grade domain** | **Low-grade domain** | **Low-grade domain** | **High-grade domain** | **High-grade domain** | **High-grade domain** |
| **Au (g/t)** | **Ayelén** | **Aye-HW** | **Inés** | **Ayelén** | **Aye-HW** | **Inés** | **Ayelén** | **Aye-HW** | **Inés** |
| **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** |
| Count | 576 | 145 | 87 | 279 | 55 | 77 | 297 | 90 | 10 |
| Minimum | 0 | 0 | 0.1 | 0 | 0 | 0.1 | 0.2 | 0.1 | 1.9 |
| Maximum | 434 | 50 | 83 | 12 | 17 | 9 | 434 | 50 | 83 |
| Mean | 19.8 | 8.2 | 4.2 | 1.4 | 1.9 | 1.8 | 37 | 12.1 | 22.8 |
| SD | 42.5 | 10.6 | 11 | 1.7 | 2.6 | 2 | 53.7 | 11.8 | 26.3 |
| CV | 2.1 | 1.3 | 2.6 | 1.2 | 1.4 | 1.1 | 1.5 | 1 | 1.2 |
| **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** |
| Count | 576 | 145 | 87 | 279 | 55 | 77 | 297 | 90 | 10 |
| Minimum | 0 | 0 | 0.1 | 0 | 0 | 0.1 | 0.2 | 0.1 | 1.9 |
| Maximum | 130 | 40 | 30 | 12 | 17 | 9 | 130 | 40 | 30 |
| Mean | 17.5 | 8.1 | 3.4 | 1.4 | 1.9 | 1.8 | 32.5 | 11.8 | 15.2 |
| SD | 31.2 | 10 | 6.1 | 1.7 | 2.6 | 2 | 37.7 | 11 | 11.9 |
| CV | 1.8 | 1.2 | 1.8 | 1.2 | 1.4 | 1.1 | 1.2 | 0.9 | 0.8 |
| **Difference 2-1 (%)** | **-12%** | **-2%** | **-21%** | **0%** | **1%** | **0%** | **-12%** | **-2%** | **-33%** |

---

Table 14-8 Sample statistics for silver, before and after capping

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ag (g/t)** | **All** | **All** | **All** | **Low-grade domain** | **Low-grade domain** | **Low-grade domain** | **High-grade domain** | **High-grade domain** | **High-grade domain** |
| **Ag (g/t)** | **Ayelén** | **Aye-HW** | **Inés** | **Ayelén** | **Aye-HW** | **Inés** | **Ayelén** | **Aye-HW** | **Inés** |
| **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** | **Raw data** |
| Count | 576 | 146 | 87 | 279 | 55 | 77 | 297 | 90 | 10 |
| Minimum | 0 | 0 | 5.9 | 0 | 0 | 5.9 | 2 | 6 | 40 |
| Maximum | 8910 | 1405 | 1115 | 571 | 662 | 897 | 8910 | 1405 | 1115 |
| Mean | 487 | 294 | 123 | 73 | 104 | 85 | 876 | 407 | 409 |
| SD | 912 | 304 | 203 | 93 | 114 | 140 | 1137 | 326 | 353 |
| CV | 1.9 | 1 | 1.7 | 1.3 | 1.1 | 1.6 | 1.3 | 0.8 | 0.9 |
| **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** | **Capped data** |
| Count | 576 | 145 | 87 | 279 | 55 | 77 | 297 | 90 | 10 |
| Minimum | 0 | 0.9 | 5.9 | 0 | 0.9 | 5.9 | 2 | 6 | 40 |
| Maximum | 2400 | 800 | 600 | 571 | 662 | 600 | 2400 | 800 | 600 |
| Mean | 419 | 277 | 110 | 73 | 104 | 80 | 743 | 383 | 340 |
| SD | 617 | 268 | 155 | 93 | 114 | 113 | 717 | 280 | 240 |
| CV | 1.5 | 1 | 1.4 | 1.3 | 1.1 | 1.4 | 1 | 0.7 | 0.7 |
| **Difference 2-1 (%)** | **-14%** | **-6%** | **-10%** | **0%** | **0%** | **-6%** | **-15%** | **-6%** | **-17%** |

---

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 112 |

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![](ex99-23_001.jpg)

**14.7** **Bulk Density** 

A total of 610 specific gravity measurements for drilling at Ayelén were taken from drill core from 121 of the 136 drillholes covering different lithotypes. The determinations were made by taking the average of weighing the sample in air five times (each time after being dried in an oven to remove moisture), followed by the average of five measurements of the core sample length and the average of the five measurements. Table 14-9 summarizes the determinations by lithotype.

Table 14-9 Specific gravity measurements in the Ayelén zone

![](ex99-23_085.jpg)

An average value of 2.60 g/cm3 obtained from these measurements within the vein envelopes was considered reasonably representative for the resource estimation.

**14.8** **Resource Classification** 

Under CIM Definition Standards, Mineral Resources are classified into three confidence categories. In order of increasing confidence, blocks can be classified as either Inferred, Indicated or Measured. Important considerations in assigning a resource category are spatial aspects, including continuity of grade, and the locations, types, and spatial density of the informing data. In addition, it is important to consider the relative confidence of all the data inputs.

The Mineral Resources for the San Luis veins were classified into Indicated and Inferred categories based on vein intercept spacings. Whilst closer spaced sample information is found at surface from surface trenches at distances of 10–25 m, the sampling of these is considered of inferior quality to the drillholes and further work is required to address relative precision of these samples. As such, at this point, a Measured Resource has not been defined. Blocks estimated at intercept spacings of 50 m or less were classified as Indicated, otherwise they were classified as Inferred.

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|:---|:---|
| **Technical Report on the San Luis Property** | 113 |

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![](ex99-23_001.jpg)

Figure 14-13 shows long section projections for the Ayelén vein, Ayelén HW vein and the Inés, showing the outlined Mineral Resource classification.

![](ex99-23_070.jpg)

Figure 14-13 East-facing long sections of Ayelén, Ayelén HW and Inés showing Mineral Resource categories, surface trench and drillhole intercept spacing

**14.9** **Block Model Validation** 

An essential step in resource modelling is the verification process. Statistics, swath plots (spatial averages) and visual checks comparing the block estimates to the informing data are presented in the following sections.

**14.9.1** **Statistics** 

The 1 m composites are compared to the block estimates in Table 14-10. The results show lower average block grades as compared to the sample composites as a result of capping and sample clustering in high-grade areas. Overall, the comparison is considered good.

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|:---|:---|
| **Technical Report on the San Luis Property** | 114 |

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![](ex99-23_001.jpg)

Table 14-10 Statistics comparing 1 m composite samples to Resource Model block grades

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Vein** | **Field** | **Domain** | **1 m Composites** | **1 m Composites** | **1 m Composites** | **1 m Composites** | **1 m Composites** | **1 m Composites** | **1 m Composites** | **Resource Model** | **Resource Model** | **Resource Model** | **Resource Model** | **Resource Model** | **Resource Model** | **% Difference mean** | **% Difference mean** |
| **Vein** | **Field** | **Domain** | **No.** | **Min.** | **Max.** | **Mean** | **Capped** | **SD** | **CV** | **Kt** | **Min.** | **Max.** | **Mean** | **SD** | **CV** | **Capped** | **Raw** |
|  <br>Ayelén | Au | Low<br> High | 270<br> 280 | 0.0<br> 0.0 | 12<br> 130 | 1.4<br> 33.1 | 1.4<br> 37.3 | 1.6<br> 35.4 | 1.1<br> 1.1 | 467<br> 308 | 0.0<br> 3.7 | 7<br> 126 | 1.3<br> 33.1 | 0.9<br> 26.3 | 0.7<br> 0.8 | -10%<br> 0% | -10%<br> -11% |
|  <br>Ayelén | Ag | Low<br> High | 270<br> 280 | 0<br> 2 | 550<br> 2400 | 73<br> 737 | 73<br> 864 | 88<br> 665 | 1.2<br> 0.9 | 467<br> 308 | 0<br> 45 | 406<br> 2369 | 64<br> 745 | 44<br> 481 | 0.7<br> 0.6 | -13%<br> 1% | -13%<br> -14% |
|  <br> Ayelén HW | Au | Low<br> High | 49<br> 73 | 0.0<br> 0.5 | 7<br> 38 | 1.7<br> 11.0 | 1.7<br> 11.2 | 1.5<br> 8.7 | 0.9<br> 0.8 | 65<br> 65 | 0.0<br> 2.8 | 4<br> 30 | 1.4<br> 10.9 | 0.6<br> 4.0 | 0.5<br> 0.4 | -19%<br> 0% | -19%<br> -2% |
|  <br> Ayelén HW | Ag | Low<br> High | 49<br> 73 | 0<br> 15 | 353<br> 800 | 94<br> 365 | 94<br> 384 | 77<br> 229 | 0.8<br> 0.6 | 65<br> 65 | 2<br> 122 | 259<br> 725 | 79<br> 374 | 46<br> 118 | 0.6<br> 0.3 | -16%<br> 2% | -16%<br> -3% |
|  <br>Inés | Au | Low<br> High | 70<br> 11 | 0.1<br> 2.5 | 7<br> 30 | 1.7<br> 16.5 | 1.7<br> 23.5 | 1.5<br> 10.4 | 0.9<br> 0.6 | 91<br> 7 | 0.3<br> 6.5 | 5<br> 29 | 1.5<br> 15.4 | 0.8<br> 6.3 | 0.5<br> 0.4 | -12%<br> -7% | -12%<br> -35% |
|  <br>Inés | Ag | Low<br> High | 70<br> 11 | 6<br> 59 | 524<br> 600 | 75<br> 364 | 78<br> 442 | 91<br> 218 | 1.2<br> 0.6 | 91<br> 7 | 10<br> 88 | 409<br> 594 | 84<br> 338 | 69<br> 144 | 0.8<br> 0.4 | 12%<br> -7% | 7%<br> -24% |

---

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|:---|:---|
| **Technical Report on the San Luis Property** | 115 |

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![](ex99-23_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.9.2** **Swath Plots** 

Swath plots are commonly used to compare block estimates to sample averages within coordinate slices oriented in specific directions. Observed differences may be suggestive of extrapolation or over-smoothing of the block estimates. Larger differences can often be attributed to areas with limited sampling or sample clustering.

Gold and silver swath plots for Ayelén, Ayelén HW and Inés for high-grade and low-grade domains along northing and elevation axes are included in Figure 14-14 and Figure 14-. Overall comparisons are considered good with differences that can be more significant over slices comparing limited data and vein volumes. Moreover, there is no indication of biases, extrapolation, or over-smoothing of the block estimates.

![](ex99-23_071.jpg)

Figure 14-14 Ayelén vein gold – elevation and northing swath plots for different domains

![](ex99-23_072.jpg)

Figure 14-15 Ayelén vein silver – elevation and northing swath plots for different domains

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|:---|:---|
| **Technical Report on the San Luis Property** | 116 |

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![](ex99-23_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.9.3** **Estimation Software Checks** 

An estimation check was made using Minesight software. The variation in overall tonnes and the equivalent-gold (AuEq) ounces contained was negligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.9.4** **Visual Checks** 

The final step in the verification process was to visually review long sections comparing full width block-estimated values against the drillhole composite assays. Figure 14-15 and Figure 14-16 show east-facing long sections through each of the vein models comparing composite silver and gold grades to full width block-estimated grades, noting a good correlation.

![](ex99-23_073.jpg)

Figure 14-16 Gold – full width comparison between vein intercepts and block model

![](ex99-23_074.jpg)

Figure 14-17 Silver – full width comparison between vein intercepts and block model

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.10** **Reasonable Prospects for Economic Extraction** 

Reasonable prospects for eventual economic extraction assume underground mining using an overhand cut-and fill method of stope extraction, with the last cut being long-holed and backfilled from surface, and with the following assumptions: metal prices of Au and Ag prices of US$1,700 and US$20 respectively; mining cost of US$85 per tonne, processing cost of US$70 per tonne and general and administrative costs of US$45 per tonne (consistent with current Peruvian underground mines); and Au and Ag recoveries of 90% and 75% respectively from cyanide leaching.

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|:---|:---|
| **Technical Report on the San Luis Property** | 117 |

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![](ex99-23_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.11** **Mineral Resource Statement** 

The Mineral Resources for the San Luis veins are summarized in the following Table 14-11.

Table 14-11 San Luis Project Mineral Resources estimated in 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **San Luis Project Mineral Resources** | **San Luis Project Mineral Resources** | **San Luis Project Mineral Resources** | **San Luis Project Mineral Resources** | **San Luis Project Mineral Resources** | **San Luis Project Mineral Resources** | **San Luis Project Mineral Resources** |
| **Vein** | **Resource Category** | **Tonnes** | **Grade (g/t)** | **Grade (g/t)** | **Contained ounces** | **Contained ounces** |
| **Vein** | **Resource Category** | **Tonnes** | **Au** | **Ag** | **Au** | **Ag** |
| Ayelén |  | 353602 | 28.83 | 655.2 | 327798 | 7448012 |
|  Ayelén HW<br> Inés | Indicated | 72462<br> 27720 | 9.94<br> 5.93 | 348.0<br> 209.8 | 23163<br> 5282 | 810798<br> 186999 |
| **Subtotal** |  | **453784** | **24.42** | **578.G** | **356243** | **8,445,80G** |
| Ayelén |  | 41911 | 5.39 | 208.3 | 7260 | 280725 |
|  Ayelén HW<br> Inés | Inferred | 6511<br> 3280 | 3.18<br> 2.31 | 170.9<br> 185.9 | 666<br> 244 | 35770<br> 19598 |
| **Subtotal** |  | **51702** | **4.G2** | **202.2** | **8170** | **336,0G3** |

---

*Notes:*

 

● *Mineral Resources are not Mineral Reserves and do not have demonstrated viability.* 

● *All tonnages reported are Dry Metric Tonnes, and contained gold and silver are reported in Troy Ounces.* 

● *Mineral Resources are estimated at a cut-off grade of 3 g/t AuEq that considers bullion prices of US$1,700/oz gold and US$20/oz silver, and process recoveries of 90% for both gold and silver.* 

● *The AuEq content has been calculated as follows: AuEq = Au+0.0117C47\*Ag.Numbers in the above table have not been rounded to ensure consistency in calculations and summations. However, readers should consider that due to estimation uncertainty, the report numbers are not reliable beyond three significant figures for Indicated Resources, and two significant figures for Inferred Resources.* 

● *The mineral resource estimate has an effective date of January 15, 2025.* 

The variance in gold and silver ounces between this estimate and that previously carried out for Reliant by MRI (2009) is as shown in Table 14-12.

Table 14-12 Summary comparison 2009 with this estimate of contained ounces

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Resource class** | **200G Contained ounces by MRI** | **200G Contained ounces by MRI** | **2025 estimated contained ounces** | **2025 estimated contained ounces** |
| **Resource class** | **Au** | **Ag** | **Au** | **Ag** |
| Measured + Indicated | 348000 | 9003200 | 356243 | 8445809 |
| Inferred | 3600 | 174900 | 8170 | 336093 |

---

This variance relates to the exclusion of several minor branch veins (Table 14-13) where there is as yet insufficient supporting information to class these as containing Mineral Resources. In parallel, there is an increase in Inferred Resources due to a minor modification in classification limits.

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|:---|:---|
| **Technical Report on the San Luis Property** | 118 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **Table 14-13** | **Summary by vein – comparison 2009 with this 2025 estimate** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  <br> **Cut-off**<br> **=>3 g/t**<br> **AuEq** | <br>**Category** | **Mineral Resource estimate by RMI<br> and REI for Reliant, 2009** | **Mineral Resource estimate by RMI<br> and REI for Reliant, 2009** | **Mineral Resource estimate by RMI<br> and REI for Reliant, 2009** | **Mineral Resource estimate for <br> HSC, 2025** | **Mineral Resource estimate for <br> HSC, 2025** | **Mineral Resource estimate for <br> HSC, 2025** |
|  <br> **Cut-off**<br> **=>3 g/t**<br> **AuEq** | <br>**Category** | <br>**Tonnes** | **Grade** | **Grade** | <br>**Tonnes** | **Grade** | **Grade** |
|  <br> **Cut-off**<br> **=>3 g/t**<br> **AuEq** | <br>**Category** | <br>**Tonnes** | **g/t Au** | **g/t Ag** | <br>**Tonnes** | **g/t Au** | **g/t Ag** |
| <br>Ayelén | Measured<br>Indicated<br>| 55222<br>308070<br>| 34.3<br>25.5<br>| 758<br>623<br>| 0<br>353602<br>| 0<br>28.83<br>| 0<br>655.2<br>|
| <br>Ayelén | Measured + Indicated | 363292 | 26.8 | 643 | 353602 | 28.82 | 655.2 |
| <br>Ayelén | Inferred | 4741 | 7.9 | 261 | 51702 | 4.92 | 202.2 |
| Ayelén HW | Measured<br>Indicated<br>| <br>90661<br>| <br>9<br>| <br>382<br>| 0<br>72462<br>| 0<br>9.94<br>| 0<br>348.0<br>|
| Ayelén HW | Measured + Indicated | 90661 | 9 | 392 | 72462 | 9.94 | 348.0 |
| Ayelén HW | Inferred | 382 | 11.4 | 439 | 6511 | 3.18 | 170.9 |
| Inés | Measured<br>Indicated<br>| <br>15344<br>| <br>8.5<br>| <br>294<br>| 0<br>27720<br>| 0<br>5.93<br>| 0<br>209.8<br>|
| Inés | Measured + Indicated | 15344 | 8.5 | 294 | 27720 | 5.93 | 209.8 |
| Inés | Inferred | 14828 | 4.7 | 268 | 3280 | 2.31 | 185.9 |
|  <br> Branch (12) | Measured<br>Indicated<br>| <br>765<br>| <br>5<br>| <br>185<br>| 0<br>0<br>| 0<br>0<br>| 0<br>0<br>|
|  <br> Branch (12) | Measured + Indicated | 765 | 5 | 185 | 0 | 0 | 0 |
|  <br> Branch (12) | Inferred |  |  |  | 0 | 0 | 0 |
|  <br>Branch (13) | Measured<br>Indicated<br>| <br>11166<br>| <br>8<br>| <br>378<br>| 0<br>0<br>| 0<br>0<br>| 0<br>0<br>|
|  <br>Branch (13) | Measured + Indicated | 11166 | 8 | 378 | 0 | 0 | 0 |
|  <br>Branch (13) | Inferred | 195 | 5.7 | 301 | 0 | 0 | 0 |
|  <br>Branch (14) | Measured<br>Indicated<br>| <br>1224<br>| <br>9.9<br>| <br>454<br>| 0<br>0<br>| 0<br>0<br>| 0<br>0<br>|
|  <br>Branch (14) | Measured + Indicated | 1224 | 9.9 | 454 | 0 | 0 | 0 |
|  <br>Branch (14) | Inferred |  |  |  | 0 | 0 | 0 |
| <br> Branch (15) | Measured<br>Indicated<br>| <br>1746<br>| <br>13.8<br>| <br>739<br>| 0<br>0<br>| 0<br>0<br>| 0<br>0<br>|
| <br> Branch (15) | Measured + Indicated | 1746 | 13.8 | 739 | 0 | 0 | 0 |
| <br> Branch (15) | Inferred | 382 | 11.4 | 439 | 0 | 0 | 0 |
|  <br> Branch (16) | Measured<br>Indicated<br>| <br>207<br>| <br>6.5<br>| <br>145<br>| 0<br>0<br>| 0<br>0<br>| 0<br>0<br>|
|  <br> Branch (16) | Measured + Indicated | 207 | 6.5 | 145 | 0 | 0 | 0 |
|  <br> Branch (16) | Inferred |  |  |  | 0 | 0 | 0 |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 119 |

---

![](ex99-23_001.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  <br>**Subtotals** | **Measured**<br>**Indicated** | **55222**<br>**429183** | **34.3**<br>**20.8** | **758**<br>**555**<br>| **0**<br>**453784** | **0**<br>**24.42**<br>| **0**<br>**578.9** |
|  <br>**Subtotals** | **Measured + Indicated** | **484405** | **22.3** | **578** | **453784** | **24.42** | **578.9** |
|  <br>**Subtotals** | **Inferred** | **20528** | **5.7** | **273** | **51702** | **4.92** | **202.2** |

---

It is important to note, that the distribution of the Indicated Resources which comprises 96% of the resource tonnage, shows that 82.4% of the mineral value estimated to date occurs within 100 metres of surface.

**Table 14-14:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ELEVATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tonnes | Grade (g/t) | Grade (g/t) | Contained Ounces | Contained Ounces | Tonnes |
| &nbsp;&nbsp;&nbsp;&nbsp;ELEVATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tonnes | Au | Ag | Au | Ag |  |
| 4500 - 4585 | 167927 | 37.29 | 791.5 | 201348 | 4273421 | 55.20% |
| 4450 - 4495 | 128631 | 23.52 | 551.9 | 97275 | 2282322 | 27.20% |
| 4400 - 4445 | 115758 | 12.85 | 414.4 | 47835 | 1542267 | 14.50% |
| 4350 - 4395 | 39293 | 6.95 | 252.5 | 8779 | 319019 | 2.80% |
| 4330 - 4345 | 2276 | 13.91 | 402.0 | 1018 | 29417 | 0.30% |
| **TOTAL** | **453784** | **24.42** | **578.9** | **356256** | **8446496** | **100.00%** |

---

**Summary of the Indicated Resources by Elevation**

This current review of the property mineral resources is in general agreement with the 2009 historical estimate, the only variations comprising the following:

● Elimination
 of five minor branch veins due to limited data

● The
 downgrading of limited Measured Resources to the Indicated category due to the poorer quality
 of surface sampling compared with drillhole sampling.

Except as disclosed elsewhere herein, the author is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that could materially affect the mineral resource estimate disclosed herein.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 120 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **15** | **MINERAL RESERVE ESTIMATES** |

---

This section is not applicable as the San Luis Property is not an "advanced property" as defined in NI 43- 101.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 121 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **16** | **MINING METHODS** |

---

This section is not applicable as the San Luis Property is not an "advanced property" as defined in NI 43- 101.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 122 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **17** | **RECOVERY METHODS** |

---

This section is not applicable as the San Luis Property is not an "advanced property" as defined in NI 43- 101.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 123 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **18** | **PROJECT INFRASTRUCTURE** |

---

This section is not applicable as the San Luis Property is not an "advanced property" as defined in NI 43- 101.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 124 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **19** | **MARKET STUDIES AND CONTRACTS** |

---

This section is not applicable as the San Luis Property is not an "advanced property" as defined in NI 43- 101.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 125 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **20** | **ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT** |

---

This section is not applicable as the San Luis Property is not an "advanced property" as defined in NI 43- 101.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 126 |

---

![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **21** | **CAPITAL AND OPERATING COSTS** |

---

This section is not applicable as the San Luis Property is not an "advanced property" as defined in NI 43- 101.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 127 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **22** | **ECONOMIC ANALYSIS** |

---

This section is not applicable as the San Luis Property is not an "advanced property" as defined in NI 43- 101.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 128 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **23** | **ADJACENT PROPERTIES** |

---

Item 23 permits a technical to include relevant information concerning an adjacent property. It was determined not to include information regarding adjacent properties in this technical report.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 129 |

---

![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **24** | **OTHER RELEVANT DATA AND INFORMATION** |

---

The author notes that following the rapid advancement of the San Luis Property from exploration (2005– 2007), and resource estimation (2008–2009), the project then proceeded into a Feasibility Study (2010) without going through the process of scoping the project with a Preliminary Economic Assessment or considering all the engineering trade-offs needed to support a Prefeasibility Study beforehand.

SSR Mining may have recognized certain areas of weakness in their project planning when they requested Stantec to carry out a review and "gap analysis" in November 2010. Their report highlighted the need for flexible thinking, trade-off studies and design alternatives, and the QP notes the preliminary nature of the metallurgical testing and that further testing will be required before moving forward into detailed engineering.

As exploration moves forward it is therefore important to recognize that in addition to improving the geological modeling and supporting data, it will be important to develop geotechnical (RQD, RMR and UCS data) and geo-metallurgical (mapping and testing variability) models in order to optimise this type of mineralization for mine planning purposes.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 130 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **25** | **INTERPRETATION AND CONCLUSIONS** |

---

This Technical Report represents a review and update of the "Updated Mineral Resource Estimate San Luis Project, Ancash Department, Perú" prepared by Resource Modeling Incorporated and Resource Evaluation Incorporated and dated January 9, 2009 (the "Historical Resource Estimate" or "2009 Mineral Resource Estimate").

**25.1** **Geological Model and Supporting Data** 

Whilst the geological model and supporting data are considered adequate for Mineral Resource estimation it has been noted that some improvements need to be made to assist mine planning prior to converting Mineral Resources to Mineral Reserves in a potential update to "San Luis Project Feasibility Study, Ancash Department, Peru" dated June 2010" (the "Historical Feasibility Study").

Any new geological team needs to acquaint themselves with all drill-core intersections and, where necessary, re-interpret geological boundaries and related grade information, carry out sampling to add to grade boundary information, and most importantly, to carry out more detailed geotechnical logging using the core photographs for the purposes of creating a geotechnical model for mine planning purposes.

**25.2** **Mineral Resource Estimation** 

The current Mineral Resource Estimate and supporting information for the Ayelén vein are in general agreement with the Historical Resource Estimate. See Table 14-11 in Item 14.

A few minor weaknesses were noted in supporting data and the geological modelling, and further drilling will be required to upgrade Indicated Resources to Measured Resources prior to mine planning and conversion to Mineral Reserves in any potential update to the Historical Feasibility Study.

**25.3** **Exploration Objectives** 

The exploration objectives are clear and require more exploration to grow the current Mineral Resources and make new discoveries that could support further growth beyond this, with the priorities as follows:

1) Continue with property-wide exploration for additional gold-silver bearing veins, including in the southeast catchment that has returned highly anomolous stream sediment samples but not been prospected or mapped.

2) Continue drilling in the Bonita vein to test the strike and depth extent of mineralization beyond the single section currently tested by drilling and also advance prospecting, mapping and sampling in the Bonita area to identify new veins and follow-up with trenching to support drill-testing these veins.

**25.4** **Project Development** 

It is the observation of the current writer that the current objectives of the exploration team are supported, although different project scales should be assessed if and when significant additional mineral resources are added.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 131 |

---

![](ex99-23_001.jpg)

**25.5** **Conclusions** 

San Luis has the potential to be a highly profitable mine. The priority is to advance exploration alongside community social relations programs to support updated Mineral Resources, Feasibility Studies and permitting with social license to support development.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 132 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **26** | **RECOMMENDATIONS** |

---

Due to the discovery of "bonanza grades" in the Ayelén, Inés and Bonita veins, along with the presence of known veins indicating high grades from surface sampling, as well as the potential for finding other vein systems in covered areas, and areas of potential identified by stream sediment sampling on the property, the San Luis project shows promise for hosting a relevant epithermal vein field that can generate positive economic returns at various project scales.

New exploration efforts would be best be focused on growing the mineral resources and discovering new veins as follows:

3) Continue with property-wide exploration for additional gold-silver bearing veins, including in the southeast catchment that has returned highly anomalous stream sediment samples although these have not yet been prospected or mapped.

4) Continue drilling in the Bonita vein to test the strike and depth extent of mineralization beyond the single section currently tested by drilling and also, advance prospecting, mapping and sampling in the Bonita area to identify any other veins and follow-up with trenching to support drill-testing these veins.

In view of the conclusions made in Item 25 of this report, the writer makes the following recommendations.

**26.1** **Exploration** 

It is recommended that the Company continues the current field work program to determine the potential of the known untested veins to the south of Ayelén and identification of new gold-silver bearing veins between Ayelén and the southern Bonita target. The early field component of this program should include initial prospecting/transversing, geochemical soil and rock sampling, and structural, lithological and alteration mapping.

Data integration of field results should provide a pipeline and prioritization of new targets for further trenching and drilling. Execution of the discovery phase drilling programs should materialize after the required permitting processes are put in place.

It is recommended that the Company proceed with the trench and drill sampling of the Bonita zone to the south of the Ayelén vein system. The first objective should be delineating the extent of any mineralized structures, and understanding the general controls upon mineralization.

Delineation drilling should follow new high priority targets according to target ranking on the discovery drilling phase. Success in this stage should trigger resource extension drilling in new targets and aiming at increasing the MRE.

**26.2** **Geological Modelling and Resource Estimation** 

The Company should complete mineral resource extension drilling in new veins outlined in the discovery/delineation phase.

The Company should conduct continuous review of all geological data over existing resource models (Ayelén and Ines) and potential new resources, after successful discovery/delineation phases (e.g. Bonita).

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 133 |

---

![](ex99-23_001.jpg)

Some improvements need to be made to geological processes. Although QAQC is conducted, there is a need for regular batch and monthly analysis of results and reporting. Regular reporting of all other exploration results should also be considered as mandatory.

More complete geotechnical (RQD, RMR and UCS data) needs to be recovered together with geo-metallurgical data in order to develop geotechnical and geo-metallurgical variability models for each vein included in the MRE, as will be required when it comes to converting Mineral Resources into Mineral Reserves.

**26.3** **Community and Social Engagement** 

The property occupies community land and developing and growing the social license is a priority for the Company. The Company has an established presence on the property and community agreement to support commencing exploration. The author recommends that the Company employs its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs, activities and budget.

**26.4** **The Proposed Exploration Program** 

A two-phase work program is proposed, with a total estimated cost of USD$10 million, which includes a 15% contingency. A summary of the program along with detailed cost estimates is provided in Table 26-1.

Phase 1 focuses on ground base discovery exploration work of Au/Ag veins to the south of Ayelén and in the area between Ayelén and Bonita, together with early delineation of resource potential in Bonita.

This phase is projected to require US$1.7 million and includes the following recommendations:

● Executing fieldwork on known untested veins and new targets for precise evaluation and prioritization.

● Initiation of drilling at Bonita, targeting priority zones within the known strike extent of the vein system.

The extent of Phase 2 is partially contingent upon favourable results from Phase 1. The estimated cost for this second phase is approximately US$8.3 million, which will cover:

● Extensive diamond drilling for resource definition and extension in Bonita

● Initial discovery and resource outlining of new targets

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 134 |

---

![](ex99-23_001.jpg)

**Table 26-1 – Recommended Work Program**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Phase/Area** | **Phase 1** | **Phase 1** | **Phase 2** | **Phase 2** |
|  | **Activity** | **Budget US$** | **Activity** | **Budget US$** |
| Bonita Vein | Mapping, Trenching & Discovery & Resource outline drilling (~2500 m) | 850000<br>| Resource drilling (~4000 m)<br>| 1300000 |
| Ayelen South Trend Veins | Geochemistry, Geological Mapping, Geophysics | 300000<br>| Discovery and extensional drilling and initial resource outline (~8000 m)<br>| 3250000<br>|
| New Target Generation | Geochemistry, Geological Mapping, Geophysics | 150000<br>| Discovery drilling and initial Resource outline of top Priority targets (~6000 m)<br>| 2000000<br>|
| Community and Social Engagement/Permitting | Community programs and infrastructure development | 150000<br>| Community programs and infrastructure development | 700000<br>|
| **Sub Total** |  | **1450000**<br>|  | **7250000** |
| Contingency 15% |  | 217500 |  | 1087500 |
| **Total** |  | **1667500** |  | **8337500** |
|  |  |  | **Total USD $** | **10005000** |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 135 |

---

![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **27** | **REFERENCES** |

---

Arleón, J. (2009): "Chapter V: Study Mineral Processing of San Luis Project." Feasibility Study for Ayelén Vein – San Luis Project.

Beane, R. E. and Titley, S. R., (1981): Porphyry Copper Deposits Part II. Hydrothermal Alteration and Mineralization; in 75th Anniversary Volume, *Economic Geology*, pages 235-269.

Benavides-Caceres, V., (1999): Orogenic Evolution of the Perúvian Andes; *In* Geology and Ore Deposits of the Central Andes, Society of Economic Geologists Special Publication Number 7, Skinner, B.J. (ed), pp 61 - 107.

BISA Engineers (April 2010): Feasibility Study, San Luis Project, Ancash Department, Peru.

BISA Laboratory (nd). Petrographic and Mineralogic Studies, with Mineralogic Analyses by X-ray Diffraction and Chemical Analyses by X-ray Fluorescence of Twenty-three Samples from the San Luis Project.

Blanchflower, J. D., (2007/08): NI 43-101 compliant Technical Report and First Mineral Resource estimate on the San Luis Project, Ancash Department, North Central Peru.

Burk, R., (2007): Various notes and photographs pertaining to the regional and property geology.

Cox, D. P. and Singer, D. A., 1988: Distribution of Gold in Porphyry Copper Deposits; *U. S. Geological Survey*, Open File 88-46, 23 pages.

Canadian Environmental & Metallurgical Inc. (November 2009): Static and Kinetic Test Report for Silver Standard Resources, San Luis Project, Perú.

Cox DP, Singer DA (1988) Distribution of gold in porphyry copper deposits, U.S. Geological Survey Open File Report pp. 88-46.

Drobek, P., (May, 2012): Internal Memorandum with Recommendations for an 8 hole drilling program totalling 4,300 metres aimed at starting exploration within the DB Zone.

Ferraris, F., (2007): Pucajirca Hydrothermal Altered Zone, Ancash Department, Central Peru; private technical report prepared for Esperanza Silver Corporation and Silver Standard Resources Inc., pp 37 plus appendices and maps.

Folinsbee, J. & Shouldice. (July 14, 2009): Grindability Testing, San Luis Project, Central Peru, South America KM2453. G&T Metallurgical Services Ltd.

Folinsbee, J. & Shouldice. (July 16, 2009): Flowsheet Confirmation and Mineralogical Assessment of Samples from the San Luis Project, Central Peru, South America KM2437. G&T Metallurgical Services Ltd.

Instituto Geólogico Minero y Metalúrico (INGEMMET), (1995): Mapa Sheet 19-h, Geologico Del Cuadrangulo De Carhuaz, at 1:100,000 scale.

Instituto Geólogico Minero y Metalúrico (INGEMMET), (1967): Bulletin No. 60, Geología de los cuadrángulos de Mollebamba, Tayabamba, Huaylas, Pomabamba, Carhuaz y Huari.

Kaye, C. E. et Al, (2010): NI 43-101 compliant Technical Report for the San Luis Project Feasibility Study.

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 136 |

---

![](ex99-23_001.jpg)

Konkin, K., 2007: Personal communications. McCrea, J. A., 2007: 2006 QA/QC Review of Trench Sample Data; private report prepared for Silver Standard Resources Inc., pp. 18.

Lechner, M. J. & Earnest, D. F. (2009): NI 43-101 compliant Updated Mineral Resource Estimate, San Luis Project, Ancash, Peru.

Leitch, C. (2010): Report on mineralogy and gold-silver mode of occurrence in San Luis materials. n. pub. 2007? Quoted. in current work, Section 6.1.2.1.

McCrea, J. A., (2007): 2007 QA/QC Review of Drillhole Sample Data; internal report prepared for Silver Standard Resources Inc., pp. 15.

McMillan, W. J., (1991): Porphyry Deposits in the Canadian Cordillera; in Ore Deposits, Tectonics and Metallogeny in the Canadian Cordillera, *B. C. Ministry of Energy, Mines and Petroleum Resources*, Paper 1991-4, pages 253-276.

MINEM (2/06/2023): INFORME Nº 236 - 2023/MINEM-DGAAM-DEAM-DGAM: Evaluación final de la Declaración de Impacto Ambiental (DIA) del proyecto de exploración minera "Bonita", presentado por Reliant Ventures S.A.C.

MINEM (4/12/2023): RESOLUCION DIRECTORAL No. 0703-2023-MINEM/DGM approving 37 Surface Trenches and 32 Drilling Platforms with reference to proposed exploration of the "Bonita" area.

Nelson, E., (2006): Field Geological Analysis of San Luis Prospect, Perú ; private technical report prepared for Esperanza Silver Corporation and Silver Standard Resources Inc., pp 27 plus appendices and maps.

Panteleyev, A., (1995): Porphyry Cu+/-Mo+/-Au, in Selected British Columbia Mineral Deposit Profiles, Volume 1 – Metallics and Coal, Lefebure, D. V. and Ray, G. E., Editors, British Columbia Ministry of Energy of Employment and Investment, Open File 1995-20, pp. 87-92.

Petersen, U., (1999): Magmatic and Metallogenic Evolution of the Central Andes *In:* Geology and Ore Deposits of the Central Andes, Society of Economic Geologists Special Publication Number 7, pages 10.

Pincus, W. J. and McCrea, J. A., (2006): NI 43-101 compliant Technical Report on the San Luis Project, Ancash Department, North Central Peru; private technical report prepared for Esperanza Silver Corporation and Silver Standard Resources Inc., pp 29 plus appendices and maps.

Plenge C. H. & Cia. SA Laboratory (nd): Metallurgical Investigation No. 7275: San Luis Project: Gravity, Cyanidation, Sedimentation and Filtration.

Pocock Industrial, Inc. (October 2009): Flocculant Screening, Gravity Sedimentation, Pulp Rheology, Vacuum Filtration and Pressure Filtration Studies conducted for: G&T Metallurgical Services Ltd., for the Silver Standard Resources – San Luis Project.

Quang, C., Clark, A. Lee, J., and Hawkes, N., (2005): Response of Supergene Processes to Episodic Cenozoic Uplift, Pediment Erosion, and Ignimbrite Eruption in the Porphyry Copper Province of Southern Perú, Economic Geology, v.100, pp. 87 – 114.

Outotec (2019) and Aalto University funded research (2019) into "Cyanide-free gold leaching in exceptionally mild chloride solutions"; El Sevier Vol. 234, pp 9-17.

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 137 |

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![](ex99-23_001.jpg)

Reliant Ventures S.A.C., (2006-2007) exploration drilling records, database, and the geological model that supports the mineral resource estimate reviewed.

Reliant Ventures S.A.C., (October 10, 2010): Estudio de Impacto Ambiental (Environmental Impact Study), Proyecto de Explotación del La Veta Ayelén y Procesamiento de minerales de Oro y Plata, San Luis.

Reliant Ventures S.A.C., (September 28, 2017): Letter of notification to MINEM that project construction work had started on July 21, 2017.

Reliant Ventures S.A.C., (October 13, 2017): Letter of notification to MINEM that work under the EIA had been suspended.

Sillitoe, R.H., (1993): Giant and bonanza gold deposits in the epithermal environment: Assessment of potential factors: Economic Geology Special Pub. 2, p. 125-156.

Sillitoe, R. H., (1985): Ore-related Breccias in Volcanoplutonic Arcs. *Economic Geology*, Vol. 80: p. 1467- 1514.

Sillitoe, R. H., (2000): Role of gold-rich porphyry models in exploration, in S.G. Hagerman and P.H. Brown, eds. Gold in 2000, Reviews in *Economic Geology*, v. 13, p. 311 - 346.

Sillitoe, R. H., (2011): Geological Relationships and Porphyry Copper Potential of the San Luis Project, Northern Peru. Report prepared for Silver Standard Resources Inc.

Sillitoe, R. H., and Gappe, I. M., Jr., (1984): Philippine porphyry copper deposits: Geologic setting haracteristics: United Nations Economic Social Commission Asia-Pacific, Committee Coordination Joint Prospecting Mineral Resources Asian Offshore Areas Tech. Pub. 14, 89 p.

Simmons, S.F., White, N.C., John, D. A., (2005): Geologic characteristics of epithermal precious and base metal deposits: *in* Hedenquist, J.W., Thompson, J.F.H., Goldfarb, R.J., and Richards, J.P., editors, 2005, ECONOMIC GEOLOGY 100th ANNIVERSARY VOLUME, p. 485-522.

Somers, C., Cherre, C., Baez, A., & Soler, M (December, 2012): Internal Report re The Mapping Program of the Cochabamba Community, San Luis property, Ancash Department, Peru.

SGS Mineral Services (October 2008): Brochure T3 SGS 869, Thiosulphate Leaching – An Alternative to Cyanidation in Gold Processing.

Stantec International Consulting (19<sup>th</sup> November 2010): San Luis Mine Plan Design – Feasibility Study Review and Gap Analysis – Rev 2.

Wright, F. R., (February 26, 2008): San Luis Gold Silver Project Preliminary Metallurgical Study by F. Wright Consulting Inc.

Zuker, J. S., (2006): Development of the San Luis Standards, Internal Corporate Memorandum

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 138 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **Appendix A** | **Summary of San Luis Project Sampling Trenches** |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 139 |

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![](ex99-23_001.jpg)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Trench ID** | **Target** | **Year** | **Coordinates** | **Coordinates** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| **Trench ID** | **Target** | **Year** | **E** | **N** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| A1 | AYELEN | 2006 | 190523 | 8960691 | 4529 | 266.7 | -21.49 | 3.5 |
| A2 | AYELEN | 2006 | 190520 | 8960712 | 4541 | 261.38 | -11.03 | 7.2 |
| A3 | AYELEN | 2006 | 190511 | 8960735 | 4552 | 268.92 | 2.28 | 4.1 |
| A4 | AYELEN | 2006 | 190502 | 8960758 | 4565 | 280.59 | -5.28 | 10.8 |
| A5 | AYELEN | 2006 | 190498 | 8960773 | 4572 | 254.96 | 0 | 12.7 |
| A6 | AYELEN | 2006 | 190492 | 8960784 | 4578 | 75.03 | -2.99 | 8.1 |
| A7 | AYELEN | 2006 | 190488 | 8960808 | 4587 | 258.65 | -8.13 | 10.9 |
| A7-1 | AYELEN | 2006 | 190479 | 8960819 | 4588 | 84.99 | -6.2 | 7.9 |
| A8 | AYELEN | 2006 | 190480 | 8960830 | 4586 | 271.47 | 0.63 | 10.9 |
| A9 | AYELEN | 2006 | 190479 | 8960850 | 4582 | 264.73 | 2.13 | 16.6 |
| A10 | AYELEN | 2006 | 190478 | 8960864 | 4578 | 261.76 | 6.75 | 18.9 |
| A11 | AYELEN | 2006 | 190474 | 8960888 | 4573 | 289.21 | 3.61 | 26.7 |
| A12 | AYELEN | 2006 | 190473 | 8960911 | 4566 | 266.83 | 9.39 | 19.7 |
| A13 | AYELEN | 2006 | 190473 | 8960924 | 4562 | 277.67 | 13.46 | 23.3 |
| A14 | AYELEN | 2006 | 190472 | 8960933 | 4558 | 274.82 | -10.78 | 19.5 |
| A15 | AYELEN | 2006 | 190465 | 8960960 | 4549 | 277.66 | 13.3 | 23.7 |
| A16 | AYELEN | 2006 | 190463 | 8960990 | 4541 | 244.9 | 7.69 | 34.1 |
| A17 | AYELEN | 2006 | 190451 | 8961012 | 4536 | 230.03 | 14.76 | 23.8 |
| A18 | AYELEN | 2006 | 190436 | 8961029 | 4534 | 259.99 | 14.03 | 13.7 |
| A19 | AYELEN | 2006 | 190436 | 8961056 | 4523 | 251.89 | 5.55 | 25.1 |
| A19-1 | AYELEN | 2006 | 190430 | 8961066 | 4519 | 258.09 | 6.03 | 17.4 |
| A20 | AYELEN | 2006 | 190423 | 8961077 | 4514 | 250.53 | 5.32 | 21.0 |
| A21 | AYELEN | 2006 | 190411 | 8961094 | 4504 | 254.31 | 5.38 | 8.2 |
| A22 | AYELEN | 2006 | 190403 | 8961120 | 4489 | 250.04 | -6.98 | 11.0 |
| A23 | AYELEN | 2006 | 190398 | 8961144 | 4475 | 266.56 | -7.12 | 23.1 |
| A24 | AYELEN | 2006 | 190393 | 8961167 | 4460 | 277.01 | -5.55 | 10.8 |
| A25 | AYELEN | 2006 | 190389 | 8961195 | 4443 | 220.47 | 0.62 | 15.2 |
| A26 | AYELEN | 2006 | 190380 | 8961212 | 4428 | 259.11 | 30.69 | 16.5 |
| A27 | AYELEN | 2006 | 190375 | 8961238 | 4413 | 253.61 | -9.34 | 10.8 |
| A28 | AYELEN | 2006 | 190371 | 8961262 | 4398 | 267.57 | 4.55 | 7.3 |
| A29 | AYELEN | 2006 | 190367 | 8961286 | 4384 | 257.14 | -2.24 | 9.7 |
| A30 | AYELEN | 2006 | 190365 | 8961319 | 4364 | 229.79 | 1.51 | 10.6 |
| A31 | AYELEN | 2006 | 190363 | 8961336 | 4354 | 249.57 | -1.08 | 13.0 |
| A32 | AYELEN | 2006 | 190347 | 8961349 | 4339 | 244.03 | -26.93 | 10.9 |
| I1 | INES | 2006 | 190553 | 8961168 | 4425 | 252 | 40 | 8.4 |
| I2 | INES | 2006 | 190577 | 8961140 | 4442 | 265 | 48.54 | 21.9 |
| I3 | INES | 2006 | 190564 | 8961113 | 4443 | 280 | 45 | 4.8 |
| I5 | INES | 2006 | 190563 | 8961070 | 4465 | 255 | 28 | 8.0 |
| I6 | INES | 2006 | 190553 | 8961039 | 4485 | 250 | 20 | 7.2 |
| I7 | INES | 2006 | 190560 | 8961025 | 4495 | 265 | -10 | 4.4 |
| I8 | INES | 2006 | 190540 | 8961001 | 4508 | 281 | 61.97 | 4.4 |
| I9 | INES | 2006 | 190541 | 8960976 | 4524 | 272 | -2 | 8.2 |
| I10 | INES | 2006 | 190546 | 8960954 | 4534 | 281 | 4 | 15.2 |
| I11 | INES | 2006 | 190557 | 8960934 | 4542 | 250 | 20 | 17.6 |
| I12 | INES | 2006 | 190574 | 8960914 | 4550 | 236 | 60.52 | 16.9 |
| I13 | INES | 2006 | 190585 | 8960890 | 4561 | 236 | 30 | 5.6 |
| I14 | INES | 2006 | 190598 | 8960869 | 4572 | 236 | -2 | 12.0 |
| I15 | INES | 2006 | 190602 | 8960844 | 4581 | 240 | -2.19 | 7.6 |
| I16 | INES | 2006 | 190618 | 8960822 | 4589 | 240 | -12 | 16.1 |
| I17 | INES | 2006 | 190626 | 8960800 | 4591 | 227 | -13.87 | 11.3 |
| I18 | INES | 2006 | 190633 | 8960787 | 4591 | 234 | -15 | 11.1 |
| I19 | INES | 2006 | 190646 | 8960772 | 4587 | 220 | -12 | 8.5 |
| I20 | INES | 2006 | 190663 | 8960753 | 4572 | 220 | 7 | 4.3 |
| I23 | INES | 2006 | 190714 | 8960705 | 4531 | 222 | 50 | 4.9 |
| I24 | INES | 2006 | 190731 | 8960692 | 4520 | 226 | 7 | 7.5 |
| I26 | INES | 2006 | 190771 | 8960663 | 4502 | 245 | 7 | 3.9 |
| I28 | INES | 2006 | 190781 | 8960624 | 4483 | 260 | -18 | 8.8 |

---

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 140 |

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![](ex99-23_001.jpg)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Trench ID** | **Target** | **Year** | **Coordinates** | **Coordinates** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| **Trench ID** | **Target** | **Year** | **E** | **N** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| I29 | INES | 2006 | 190799 | 8960608 | 4474 | 222 | 15.33 | 5.5 |
| I30 | INES | 2006 | 190822 | 8960596 | 4467 | 219 | -32 | 3.8 |
| I31 | INES | 2006 | 190843 | 8960579 | 4458 | 265 | -35 | 4.0 |
| I31-1 | INES | 2006 | 190856 | 8960559 | 4453 | 48 | 20 | 10.9 |
| I32 | INES | 2006 | 190859 | 8960551 | 4449 | 60 | 50 | 13.6 |
| I33 | INES | 2006 | 190878 | 8960533 | 4440 | 30 | 25 | 2.4 |
| I34 | INES | 2006 | 190893 | 8960513 | 4433 | 35 | 10 | 6.0 |
| I38 | INES | 2006 | 190953 | 8960444 | 4434 | 30 | 75 | 6.5 |
| I44 | INES | 2006 | 191064 | 8960320 | 4455 | 75 | 35 | 4.3 |
| I45 | INES | 2006 | 191081 | 8960305 | 4481 | 244 | -46 | 6.1 |
| I47 | INES | 2006 | 191122 | 8960274 | 4455 | 40 | 20 | 3.5 |
| I48 | INES | 2006 | 191134 | 8960258 | 4439 | 35 | -16 | 5.2 |
| I49 | INES | 2006 | 191170 | 8960243 | 4419 | 35 | 50 | 3.2 |
| I50 | INES | 2006 | 191190 | 8960226 | 4407 | 221 | 32.87 | 4.3 |
| I53 | INES | 2006 | 191248 | 8960194 | 4380 | 30 | -5 | 5.7 |
| I54 | INES | 2006 | 191264 | 8960177 | 4370 | 243 | 22.43 | 4.4 |
| I55 | INES | 2006 | 191264 | 8960164 | 4366 | 78 | 8 | 4.3 |
| I56 | INES | 2006 | 191284 | 8960142 | 4362 | 250 | 21.2 | 4.2 |
| I57 | INES | 2006 | 191298 | 8960128 | 4360 | 226 | 45.11 | 4.5 |
| I58 | INES | 2006 | 191315 | 8960109 | 4361 | 245 | 30 | 2.7 |
| I60 | INES | 2006 | 191358 | 8960084 | 4364 | 225 | -5 | 6.5 |
| I66 | INES | 2006 | 191423 | 8959959 | 4392 | 240 | 10 | 10.9 |
| I67 | INES | 2006 | 191428 | 8959934 | 4405 | 280 | -20 | 12.0 |
| I68 | INES | 2006 | 191431 | 8959916 | 4414 | 258.58 | 0 | 6.7 |
| I74 | INES | 2006 | 191511 | 8959792 | 4465 | 230 | -5 | 5.3 |
| I75 | INES | 2006 | 191530 | 8959786 | 4474 | 265 | 5 | 15.6 |
| I76 | INES | 2006 | 191571 | 8959761 | 4491 | 65 | 0 | 6.1 |
| I77 | INES | 2006 | 191580 | 8959763 | 4497 | 190 | -20 | 7.5 |
| I78 | INES | 2006 | 191615 | 8959745 | 4512 | 220 | 40.15 | 2.7 |
| I79 | INES | 2006 | 191641 | 8959732 | 4525 | 216 | -10 | 6.7 |
| I80 | INES | 2006 | 191658 | 8959719 | 4533 | 220 | 30 | 2.9 |
| I81 | INES | 2006 | 191680 | 8959708 | 4550 | 220 | 66.55 | 4.2 |
| I82 | INES | 2006 | 191708 | 8959693 | 4559 | 15 | 12 | 2.2 |
| I83 | INES | 2006 | 191733 | 8959678 | 4573 | 36 | 5 | 9.7 |
| I84 | INES | 2006 | 191762 | 8959677 | 4579 | 196 | 40 | 3.0 |
| I85 | INES | 2006 | 191780 | 8959692 | 4586 | 215 | 5 | 3.6 |
| I86 | INES | 2006 | 191789 | 8959691 | 4590 | 195 | 8 | 3.7 |
| I88 | INES | 2006 | 191845 | 8959692 | 4623 | 215 | -5 | 3.0 |
| I89 | INES | 2006 | 191870 | 8959680 | 4628 | 45 | 30 | 5.3 |

---

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 141 |

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![](ex99-23_001.jpg)

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| | |
|:---|:---|
| **Appendix B** | **Summary of San Luis Project Diamond Drillholes** |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 142 |

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![](ex99-23_001.jpg)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Target** | **Year** | **Coordinates** | **Coordinates** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| **Hole ID** | **Target** | **Year** | **E** | **N** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| SL06-01 | Ayelén | 2006 | 190431.8 | 8960886.7 | 4580.5 | 90 | -45 | 85.0 |
| SL06-02 | Ayelén | 2006 | 190431.4 | 8960886.8 | 4580.4 | 90 | -62 | 127.5 |
| SL06-03 | Ayelén | 2006 | 190422.8 | 8960911.4 | 4577.5 | 72 | -45 | 120.0 |
| SL06-04 | Ayelén | 2006 | 190422.4 | 8960911.3 | 4577.5 | 72 | -60 | 95.0 |
| SL06-05 | Ayelén | 2006 | 190419.5 | 8960964.7 | 4563.2 | 90 | -45 | 60.0 |
| SL06-06 | Ayelén | 2006 | 190417.8 | 8960964.7 | 4563.0 | 90 | -62 | 78.5 |
| SL06-07 | Ayelén | 2006 | 190409.6 | 8961010.6 | 4547.8 | 93 | -45 | 63.3 |
| SL06-08 | Ayelén | 2006 | 190409.0 | 8961010.7 | 4547.7 | 93 | -63 | 99.0 |
| SL06-09 | Ayelén | 2006 | 190443.2 | 8960841.2 | 4589.1 | 75 | -45 | 165.9 |
| SL06-10 | Ayelén | 2006 | 190442.6 | 8960841.0 | 4589.2 | 72 | -63 | 115.5 |
| SL06-11 | Ayelén | 2006 | 190429.3 | 8960805.1 | 4589.8 | 80 | -45 | 250.0 |
| SL06-12 | Ayelén | 2006 | 190428.8 | 8960805.0 | 4589.8 | 80 | -59 | 145.0 |
| SL06-13 | Ayelén | 2006 | 190426.3 | 8960836.1 | 4589.1 | 72 | -62 | 137.5 |
| SL06-14 | Ayelén | 2006 | 190469.2 | 8960760.4 | 4570.0 | 64 | -47 | 210.1 |
| SL06-15 | Ayelén | 2006 | 190468.4 | 8960760.0 | 4570.0 | 64 | -70 | 139.3 |
| SL06-16 | Ayelén | 2006 | 190388.2 | 8961047.1 | 4534.9 | 82 | -45 | 240.0 |
| SL06-17 | Ayelén | 2006 | 190387.5 | 8961047.0 | 4534.9 | 82 | -62 | 157.9 |
| SL06-18 | Ayelén | 2006 | 190381.3 | 8961064.3 | 4524.7 | 71 | -45 | 132.6 |
| SL06-19 | Ayelén | 2006 | 190380.6 | 8961064.1 | 4524.7 | 71 | -60 | 135.0 |
| SL06-20 | Ayelén | 2006 | 190364.4 | 8961107.4 | 4496.2 | 72 | -50 | 126.9 |
| SL06-21 | Ayelén | 2006 | 190363.8 | 8961107.3 | 4496.1 | 72 | -65 | 116.8 |
| SL06-22 | Ayelén | 2006 | 190363.3 | 8961106.8 | 4496.2 | 37 | -65 | 140.1 |
| SL06-23 | Ayelén | 2006 | 190487.5 | 8960719.4 | 4546.2 | 52 | -45 | 51.5 |
| SL06-24 | Ayelén | 2006 | 190486.8 | 8960718.9 | 4546.2 | 52 | -74 | 91.9 |
| SL06-25 | Ayelén | 2006 | 190463.6 | 8960695.9 | 4540.3 | 45 | -70 | 154.6 |
| SL06-26 | Ayelén | 2006 | 190468.8 | 8960696.0 | 4540.5 | 92 | -56 | 120.0 |
| SL06-27 | Ayelén | 2006 | 190468.2 | 8960696.0 | 4540.4 | 92 | -77 | 249.5 |
| SL06-28 | Ayelén | 2006 | 190436.7 | 8960747.5 | 4576.0 | 67 | -59 | 156.5 |
| A-SL-001 | Ayelén | 2007 | 190436.6 | 8960747.6 | 4576.0 | 67 | -71 | 192.5 |
| A-SL-002 | Ayelén | 2007 | 190425.9 | 8960835.9 | 4589.1 | 72 | -71 | 177.0 |
| A-SL-006 | Ayelén | 2007 | 190396.4 | 8960887.6 | 4583.3 | 90 | -62 | 165.0 |
| A-SL-010 | Ayelén | 2007 | 190421.7 | 8960911.0 | 4577.4 | 72 | -71 | 156.6 |
| A-SL-013 | Ayelén | 2007 | 190395.3 | 8960902.7 | 4581.5 | 72 | -68 | 190.0 |
| A-SL-016 | Ayelén | 2007 | 190354.3 | 8960887.7 | 4569.4 | 90 | -53 | 195.3 |
| A-SL-019 | Ayelén | 2007 | 190419.1 | 8960964.8 | 4563.2 | 90 | -75 | 120.6 |
| A-SL-021 | Ayelén | 2007 | 190384.6 | 8960964.6 | 4570.0 | 90 | -67 | 182.5 |
| A-SL-023 | Ayelén | 2007 | 190385.9 | 8961012.2 | 4553.7 | 93 | -62 | 120.5 |
| A-SL-025 | Ayelén | 2007 | 190385.7 | 8961012.2 | 4553.7 | 93 | -71 | 170.0 |
| A-SL-028 | Ayelén | 2007 | 190385.6 | 8961046.5 | 4535.0 | 82 | -77 | 158.0 |
| A-SL-030 | Ayelén | 2007 | 190380.8 | 8961063.9 | 4524.7 | 71 | -78 | 159.5 |
| A-SL-033 | Ayelén | 2007 | 190363.2 | 8961107.1 | 4496.3 | 72 | -75 | 146.0 |
| A-SL-035 | Ayelén | 2007 | 190346.9 | 8961176.4 | 4450.0 | 70 | -45 | 82.0 |
| A-SL-036 | Ayelén | 2007 | 190352.2 | 8961014.2 | 4556.3 | 93 | -68 | 227.0 |
| A-SL-039 | Ayelén | 2007 | 190352.4 | 8961014.3 | 4556.4 | 105 | -56 | 180.0 |
| A-SL-041 | Ayelén | 2007 | 190346.7 | 8961175.7 | 4450.0 | 72 | -68 | 125.0 |
| A-SL-043 | Ayelén | 2007 | 190346.4 | 8961175.5 | 4450.0 | 70 | -76 | 177.5 |
| A-SL-045 | Ayelén | 2007 | 190288.8 | 8961007.9 | 4546.0 | 71 | -54 | 259.0 |
| A-SL-049 | Ayelén | 2007 | 190288.1 | 8961007.7 | 4545.9 | 60 | -57 | 277.5 |
| A-SL-053 | Ayelén | 2007 | 190252.4 | 8961137.3 | 4465.8 | 88 | -45 | 229.5 |
| A-SL-057 | Ayelén | 2007 | 190252.5 | 8961137.1 | 4465.8 | 88 | -51 | 237.4 |
| A-SL-060 | Ayelén | 2007 | 190427.1 | 8960804.6 | 4590.0 | 80 | -75 | 189.0 |
| A-SL-062 | Ayelén | 2007 | 190427.2 | 8960804.6 | 4590.0 | 80 | -80 | 226.6 |
| A-SL-064 | Ayelén | 2007 | 190371.5 | 8960720.6 | 4572.4 | 65 | -56 | 251.0 |
| A-SL-066 | Ayelén | 2007 | 190371.2 | 8960720.3 | 4572.4 | 65 | -62 | 294.0 |

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 143 |

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![](ex99-23_001.jpg)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Target** | **Year** | **Coordinates** | **Coordinates** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| **Hole ID** | **Target** | **Year** | **E** | **N** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| A-SL-067 | Ayelén | 2007 | 190477.2 | 8960625.6 | 4515.1 | 75 | -53 | 120.0 |
| A-SL-068 | Ayelén | 2007 | 190476.5 | 8960625.3 | 4515.1 | 75 | -68 | 200.0 |
| A-SL-069 | Ayelén | 2007 | 190358.4 | 8960694.4 | 4573.2 | 75 | -54 | 276.0 |
| A-SL-070 | Ayelén | 2007 | 190358.2 | 8960694.4 | 4573.3 | 75 | -60 | 348.0 |
| A-SL-071 | Ayelén | 2007 | 190429.0 | 8960613.6 | 4534.6 | 75 | -69 | 303.0 |
| A-SL-072 | Ayelén | 2007 | 190481.6 | 8960578.7 | 4508.3 | 75 | -45 | 120.0 |
| A-SL-073 | Ayelén | 2007 | 190490.5 | 8960527.8 | 4500.4 | 72 | -47 | 122.0 |
| A-SL-074 | Ayelén | 2007 | 190322.9 | 8960964.8 | 4564.0 | 88 | -55 | 218.0 |
| A-SL-075 | Ayelén | 2007 | 190292.4 | 8961009.5 | 4546.2 | 67 | -60 | 266.0 |
| A-SL-076 | Ayelén | 2007 | 190255.1 | 8961137.9 | 4465.7 | 74 | -53 | 260.0 |
| A-SL-077 | Ayelén | 2007 | 190320.9 | 8961218.3 | 4422.5 | 70 | -42 | 95.0 |
| A-SL-078 | Ayelén | 2007 | 190320.0 | 8961217.9 | 4422.5 | 70 | -62 | 151.5 |
| A-SL-079 | Ayelén | 2007 | 190526.7 | 8961148.2 | 4444.4 | 255 | -47 | 260.6 |
| A-SL-080 | Ayelén | 2007 | 190453.1 | 8960676.8 | 4538.1 | 70 | -72 | 300.0 |
| A-SL-081 | Ayelén | 2007 | 190560.0 | 8960955.3 | 4530.9 | 245 | -55 | 256.0 |
| A-SL-082 | Ayelén | 2007 | 190602.2 | 8960869.9 | 4573.6 | 248 | -60 | 384.5 |
| A-SL-084 | Ayelén | 2007 | 190472.2 | 8961065.8 | 4507.1 | 252 | -55 | 155.2 |
| A-SL-085 | Ayelén | 2007 | 190431.3 | 8961102.6 | 4501.5 | 252 | -45 | 82.2 |
| A-SL-087 | Ayelén | 2007 | 190432.0 | 8961102.9 | 4501.4 | 251 | -55 | 124.0 |
| A-SL-088 | Ayelén | 2007 | 190432.4 | 8961103.0 | 4501.4 | 252 | -63 | 130.5 |
| A-SL-089 | Ayelén | 2007 | 190432.8 | 8961103.1 | 4501.4 | 252 | -70 | 165.5 |
| A-SL-091 | Ayelén | 2007 | 190433.0 | 8961102.8 | 4501.5 | 252 | -74 | 78.6 |
| A-SL-093 | Ayelén | 2007 | 190433.0 | 8961102.8 | 4501.5 | 240 | -74 | 168.5 |
| A-SL-094 | Ayelén | 2007 | 190513.7 | 8961123.0 | 4460.0 | 253 | -48 | 223.3 |
| A-SL-095 | Ayelén | 2007 | 190514.1 | 8961123.2 | 4459.8 | 253 | -57 | 226.0 |
| A-SL-098 | Ayelén | 2007 | 190384.8 | 8961016.6 | 4553.8 | 73 | -53 | 195.0 |
| A-SL-100 | Ayelén | 2007 | 190354.7 | 8961009.4 | 4557.1 | 73 | -54 | 158.0 |
| A-SL-101 | Ayelén | 2007 | 190488.2 | 8961044.5 | 4509.9 | 253 | -45 | 140.0 |
| A-SL-102 | Ayelén | 2007 | 190319.2 | 8960776.4 | 4551.9 | 73 | -51 | 283.0 |
| A-SL-103 | Ayelén | 2007 | 190488.7 | 8961044.6 | 4509.9 | 253 | -54 | 172.0 |
| A-SL-104 | Ayelén | 2007 | 190319.0 | 8960776.3 | 4551.9 | 73 | -57 | 341.0 |
| A-SL-105 | Ayelén | 2007 | 190580.3 | 8961068.0 | 4467.5 | 253 | -45 | 270.0 |
| A-SL-106 | Ayelén | 2007 | 190580.7 | 8961068.2 | 4467.7 | 253 | -55 | 304.0 |
| A-SL-107 | Ayelén | 2007 | 190392.2 | 8960796.4 | 4578.5 | 73 | -47 | 205.0 |
| A-SL-108 | Ayelén | 2007 | 190526.9 | 8961148.4 | 4444.4 | 252 | -61 | 305.0 |
| A-SL-109 | Ayelén | 2007 | 190383.5 | 8960823.6 | 4575.7 | 73 | -45 | 205.0 |
| A-SL-110 | Ayelén | 2007 | 190500.6 | 8961028.0 | 4512.2 | 253 | -61 | 255.5 |
| A-SL-111 | Ayelén | 2007 | 190382.4 | 8960823.2 | 4575.9 | 73 | -62 | 241.0 |
| A-SL-112 | Ayelén | 2007 | 190327.7 | 8960779.0 | 4552.1 | 73 | -45 | 260.0 |
| A-SL-113 | Ayelén | 2007 | 190486.9 | 8960969.2 | 4537.1 | 254 | -45 | 85.0 |
| A-SL-114 | Ayelén | 2007 | 190412.5 | 8960871.9 | 4585.0 | 73 | -62 | 165.0 |
| A-SL-115 | Ayelén | 2007 | 190409.9 | 8960724.1 | 4575.5 | 73 | -58 | 196.0 |
| A-SL-124 | Ayelén | 2007 | 190409.5 | 8960720.7 | 4575.7 | 65 | -60 | 190.0 |
| A-SL-125 | Ayelén | 2007 | 190390.6 | 8960796.0 | 4578.5 | 73 | -60 | 175.0 |
| A-SL-126 | Ayelén | 2007 | 190391.2 | 8960765.1 | 4577.2 | 73 | -53 | 166.5 |
| A-SL-127 | Ayelén | 2007 | 190391.1 | 8960765.2 | 4577.2 | 73 | -57 | 183.0 |
| A-SL-128 | Ayelén | 2007 | 190468.9 | 8960700.0 | 4541.2 | 74 | -58 | 130.5 |
| I-SL-003 | Inés | 2007 | 190595.4 | 8960926.7 | 4544.1 | 235 | -45 | 108.0 |
| I-SL-004 | Inés | 2007 | 190596.6 | 8960927.5 | 4544.2 | 235 | -79 | 68.0 |
| I-SL-005 | Inés | 2007 | 190615.6 | 8960939.1 | 4545.1 | 235 | -80 | 98.0 |
| I-SL-007 | Inés | 2007 | 190563.7 | 8960956.6 | 4530.4 | 266 | -45 | 50.4 |
| I-SL-008 | Inés | 2007 | 190564.9 | 8960956.7 | 4530.4 | 266 | -80 | 68.5 |
| I-SL-009 | Inés | 2007 | 190615.8 | 8960885.2 | 4572.3 | 228 | -45 | 62.0 |
| I-SL-011 | Inés | 2007 | 190616.5 | 8960885.8 | 4572.2 | 228 | -75 | 78.0 |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 144 |

---

![](ex99-23_001.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Target** | **Year** | **Coordinates** | **Coordinates** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| **Hole ID** | **Target** | **Year** | **E** | **N** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| I-SL-012 | Inés | 2007 | 190616.8 | 8960886.1 | 4572.3 | 0 | -90 | 110.5 |
| I-SL-014 | Inés | 2007 | 190646.1 | 8960840.8 | 4595.7 | 238 | -45 | 70.0 |
| I-SL-015 | Inés | 2007 | 190647.1 | 8960841.4 | 4595.7 | 238 | -64 | 83.0 |
| I-SL-017 | Inés | 2007 | 190647.5 | 8960841.7 | 4595.9 | 238 | -75 | 90.0 |
| I-SL-018 | Inés | 2007 | 190647.8 | 8960841.9 | 4596.0 | 0 | -90 | 129.6 |
| I-SL-020 | Inés | 2007 | 190648.3 | 8960843.7 | 4596.2 | 185 | -45 | 85.5 |
| I-SL-022 | Inés | 2007 | 190648.4 | 8960845.5 | 4596.3 | 185 | -70 | 91.0 |
| I-SL-024 | Inés | 2007 | 190594.5 | 8961073.4 | 4468.2 | 255 | -45 | 52.3 |
| I-SL-026 | Inés | 2007 | 190595.9 | 8961073.5 | 4468.3 | 255 | -75 | 70.0 |
| I-SL-027 | Inés | 2007 | 190608.1 | 8961132.2 | 4437.8 | 270 | -74 | 118.5 |
| I-SL-029 | Inés | 2007 | 190640.7 | 8961075.6 | 4466.1 | 260 | -55 | 99.5 |
| I-SL-031 | Inés | 2007 | 190764.4 | 8960711.2 | 4528.0 | 240 | -68 | 90.0 |
| I-SL-032 | Inés | 2007 | 190765.0 | 8960711.5 | 4528.0 | 0 | -90 | 90.0 |
| I-SL-034 | Inés | 2007 | 190713.3 | 8960901.8 | 4564.6 | 272 | -55 | 170.0 |
| I-SL-037 | Inés | 2007 | 190713.9 | 8960902.0 | 4564.5 | 252 | -67 | 170.0 |
| I-SL-038 | Inés | 2007 | 190714.7 | 8960901.7 | 4564.7 | 226 | -55 | 160.0 |
| I-SL-040 | Inés | 2007 | 190715.3 | 8960901.9 | 4564.8 | 226 | -64 | 170.0 |
| I-SL-042 | Inés | 2007 | 190715.5 | 8960900.2 | 4564.7 | 210 | -45 | 139.0 |
| I-SL-096 | Inés | 2007 | 190763.0 | 8960909.7 | 4559.1 | 224 | -66 | 201.0 |
| I-SL-097 | Inés | 2007 | 190804.4 | 8960954.3 | 4535.5 | 245 | -62 | 275.0 |
| I-SL-099 | Inés | 2007 | 190705.1 | 8961007.9 | 4507.6 | 244 | -57 | 160.0 |
| S-SL-044 | Sheila | 2007 | 192709.3 | 8960729.0 | 4649.8 | 45 | -65 | 130.0 |
| S-SL-046 | Sheila | 2007 | 192708.9 | 8960729.0 | 4649.9 | 45 | -79 | 152.0 |
| S-SL-047 | Sheila | 2007 | 192724.7 | 8960711.0 | 4650.7 | 65 | -64 | 143.0 |
| S-SL-048 | Sheila | 2007 | 192724.4 | 8960711.0 | 4650.6 | 65 | -75 | 173.0 |
| R-SL-050 | Regina | 2007 | 192638.6 | 8960187.3 | 4692.8 | 265 | -45 | 165.0 |
| R-SL-051 | Regina | 2007 | 192634.1 | 8960124.1 | 4680.6 | 265 | -70 | 79.0 |
| R-SL-052 | Regina | 2007 | 192634.9 | 8960124.2 | 4680.6 | 0 | -90 | 84.2 |
| R-SL-054 | Regina | 2007 | 192639.3 | 8960187.7 | 4693.3 | 0 | -90 | 150.0 |
| R-SL-083 | Regina | 2007 | 192857.5 | 8960312.4 | 4729.9 | 230 | -66 | 377.3 |
| P-SL-055 | Paula | 2007 | 192060.3 | 8959944.3 | 4617.0 | 215 | -54 | 105.0 |
| P-SL-056 | Paula | 2007 | 192060.8 | 8959945.2 | 4617.0 | 0 | -90 | 153.0 |
| P-SL-058 | Paula | 2007 | 192033.4 | 8959984.7 | 4600.3 | 220 | -45 | 86.0 |
| P-SL-059 | Paula | 2007 | 192034.2 | 8959985.6 | 4600.4 | 220 | -72 | 123.0 |
| P-SL-061 | Paula | 2007 | 192033.6 | 8959986.3 | 4600.4 | 255 | -73 | 130.0 |
| P-SL-065 | Paula | 2007 | 191949.3 | 8960319.1 | 4527.9 | 234 | -55 | 236.0 |
| P-SL-086 | Paula | 2007 | 192144.1 | 8960057.1 | 4608.0 | 212 | -75 | 286.0 |
| P-SL-092 | Paula | 2007 | 192006.6 | 8960366.8 | 4566.0 | 232 | -72 | 360.0 |
| P-SL-119 | Paula | 2007 | 192006.6 | 8960366.7 | 4565.9 | 232 | -83 | 150.0 |
| P-SL-122 | Paula | 2007 | 192006.7 | 8960366.7 | 4566.0 | 270 | -65 | 130.0 |
| PP-SL-063 | Puca Puca | 2007 | 192308.7 | 8959943.6 | 4691.9 | 220 | -760 | 235 |
| PP-SL-090 | Puca Puca | 2007 | 192163.0 | 8959838.0 | 4670.8 | 265 | -45 | 158 |
| G-SL-152 | Gina | 2007 | 193740 | 8957085 | 4715.149 | 360 | -46 | 237 |
| G-SL-153 | Gina | 2007 | 193736.394 | 8957082.025 | 4715.149 | 359 | -55 | 211.5 |
| BP-SL-130 | BP Zone | 2007 | 195550.0 | 8958400.2 | 4578.0 | 0 | -70 | 250.0 |
| BP-SL-131 | BP Zone | 2007 | 195852.7 | 8957960.0 | 4633.0 | 270 | -70 | 250.0 |
| BP-SL-132 | BP Zone | 2007 | 195549.9 | 8957449.7 | 4789.1 | 0 | -90 | 267.0 |
| BP-SL-133 | BP Zone | 2007 | 195500.1 | 8957850.3 | 4734.4 | 0 | -90 | 300.0 |
| A-SL-116M | Ayelén\* | 2007 | 190288 | 8961007.1 | 4546 | 70 | -56 | 230.5 |
| A-SL-117M | Ayelén\* | 2007 | 190427 | 8960804.1 | 4590 | 73 | -87 | 195.0 |
| A-SL-118M | Ayelén\* | 2007 | 190443 | 8960839.9 | 4590 | 77 | -63 | 81.0 |
| A-SL-120M | Ayelén\* | 2007 | 190381 | 8961062.4 | 4525 | 80 | -78 | 93.9 |
| A-SL-121M | Ayelén\* | 2007 | 190363 | 8961108.4 | 4496 | 38 | -65 | 75.0 |
| A-SL-123M | Ayelén\* | 2007 | 190422 | 8960740.6 | 4578 | 63 | -65 | 147.0 |
| A-SL-129M | Ayelén\* | 2007 | 190389 | 8961045.4 | 4535 | 82 | -45 | 60.0 |

---

\* Ayelén metallurgical holes

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 145 |

---

![](ex99-23_001.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Target** | **Year** | **Coordinates** | **Coordinates** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| **Hole ID** | **Target** | **Year** | **E** | **N** | **Elevation** | **Azimuth** | **Dip** | **Depth** |
| BP-SL-134 | BP Zone | 2008 | 195815.609 | 8957942.878 | 4642.962 | 50 | -54 | 429.4 |
| BP-SL-135 | BP Zone | 2008 | 195843.159 | 8957897.842 | 4650.013 | 53 | -51 | 404.4 |
| BP-SL-136 | BP Zone | 2008 | 195925.169 | 8957953.384 | 4638.905 | 51 | -50 | 256 |
| BP-SL-137 | BP Zone | 2008 | 196046.905 | 8958040.339 | 4670.831 | 233 | -50 | 262.2 |
| BP-SL-138 | BP Zone | 2008 | 195959.42 | 8958044.678 | 4631.186 | 233 | -50 | 291.2 |
| BP-SL-139 | BP Zone | 2008 | 195966.627 | 8958170.854 | 4621.253 | 233 | -51 | 448.75 |
| BP-SL-140 | BP Zone | 2008 | 195933.57 | 8958210.681 | 4617.835 | 233 | -50 | 320 |
| BP-SL-141 | BP Zone | 2008 | 196048.272 | 8958040.367 | 4670.831 | 0 | -90 | 350.3 |
| BP-SL-142 | BP Zone | 2008 | 196047.364 | 8957963.855 | 4686.727 | 224 | -50 | 310 |
| BP-SL-143 | BP Zone | 2008 | 195798.002 | 8958052.968 | 4618.289 | 53 | -50 | 290.6 |
| BP-SL-144 | BP Zone | 2008 | 195748.008 | 8958079.977 | 4620.593 | 53 | -50 | 322.5 |
| BP-SL-145 | BP Zone | 2008 | 195876.161 | 8957843.978 | 4655.189 | 50 | -50 | 348.8 |
| BP-SL-146 | BP Zone | 2008 | 196070.625 | 8957567.388 | 4770.474 | 40 | -50 | 238.95 |
| BP-SL-147 | BP Zone | 2008 | 196008.549 | 8957574.665 | 4749.879 | 34 | -51 | 252.7 |
| BP-SL-148 | BP Zone | 2008 | 194930.781 | 8957619.073 | 4740.242 | 130 | -50 | 346 |
| BP-SL-149 | BP Zone | 2008 | 195439 | 8957572.004 | 4736.468 | 40 | -50 | 272.2 |
| BP-SL-150 | BP Zone | 2008 | 194929.227 | 8957621.676 | 4739.803 | 41 | -50 | 300 |
| BP-SL-151 | BP Zone | 2008 | 195439.159 | 8957573.038 | 4736.447 | 343 | -50 | 300 |
| BP-SL-154 | BP Zone | 2008 | 195243.792 | 8958484.498 | 4547.881 | 21 | -59 | 443 |
| BOD-001 | Bonita | 2012 | 188192 | 8954074.0 | 3968 | 55 | -45 | 190.0 |
| BOD-002 | Bonita | 2012 | 188192 | 8954074.0 | 3968 | 55 | -86 | 100.0 |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 146 |

---

![](ex99-23_001.jpg)

---

| | |
|:---|:---|
| **Appendix C** | **San Luis Project – Summary of Main Drillhole Intercepts and Trench Sampling Results** |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 147 |

---

![](ex99-23_001.jpg)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** |
| Trench or Drill hole | Azimuth degrees | Dip degrees | From<br> m. | To<br> m. | Length m. | True width | Sample type | Vein<br> ID | Uncapped grades | Uncapped grades | Capped | grades |
| Trench or Drill hole | Azimuth degrees | Dip degrees | From<br> m. | To<br> m. | Length m. | True width | Sample type | Vein<br> ID | &nbsp;&nbsp;&nbsp;gAu/t | &nbsp;&nbsp;&nbsp;gAg/t | &nbsp;&nbsp;&nbsp;gAu/t | &nbsp;&nbsp;gAg/t |
| A10 | 258 | 3 | 3.16 | 16.73 | 13.57 | 13.18 | Trench | Ayelén | 65.89 | 990.8 | 34.13 | 652.1 |
| A11 | 274 | 17 | 0.00 | 15.22 | 15.22 | 14.39 | Trench | Ayelén | 33.50 | 939.3 | 33.15 | 770.7 |
| A12 | 269 | 14 | 1.25 | 15.13 | 13.88 | 13.64 | Trench | Ayelén | 23.73 | 493.9 | 23.73 | 493.9 |
| A13 | 264 | 9 | 5.02 | 13.96 | 8.94 | 8.81 | Trench | Ayelén | 27.48 | 600.4 | 27.48 | 600.4 |
| A14 | 284 | 11 | 6.87 | 12.94 | 6.07 | 5.98 | Trench | Ayelén | 11.42 | 160 | 11.42 | 160 |
| A15 | 284 | 36 | 3.20 | 7.03 | 3.83 | 3.47 | Trench | Ayelén | 14.80 | 173.2 | 14.80 | 173.2 |
| A16 | 243 | 8 | 4.69 | 12.83 | 8.14 | 7.73 | Trench | Ayelén | 7.43 | 132.2 | 7.43 | 132.2 |
| A17 | 240 | -5 | 2.56 | 7.58 | 5.02 | 4.59 | Trench | Ayelén | 7.38 | 84.3 | 7.38 | 84.3 |
| A18 | 260 | 21 | 3.28 | 7.94 | 4.66 | 4.25 | Trench | Ayelén | 11.49 | 218.3 | 11.49 | 218.3 |
| A19 | 265 | 17 | 9.11 | 17.80 | 8.69 | 8.27 | Trench | Ayelén | 84.81 | 1375.1 | 82.09 | 1374.7 |
| A19-1 | 261 | 5 | 7.88 | 14.02 | 6.14 | 5.87 | Trench | Ayelén | 78.98 | 2124 | 63.46 | 1391 |
| A2 | 265 | -15 | 2.98 | 5.20 | 2.22 | 1.94 | Trench | Ayelén | 0.87 | 56.2 | 0.87 | 56.2 |
| A20 | 251 | 9 | 0.97 | 9.85 | 8.88 | 8.60 | Trench | Ayelén | 13.95 | 265.3 | 13.95 | 265.3 |
| A21 | 261 | 8 | 0.97 | 4.54 | 3.57 | 3.47 | Trench | Ayelén | 2.21 | 128.4 | 2.21 | 128.4 |
| A22 | 253 | 31 | 3.02 | 6.41 | 3.39 | 2.99 | Trench | Ayelén | 6.83 | 377.6 | 6.83 | 377.6 |
| A23 | 255 | 30 | 3.21 | 9.11 | 5.90 | 4.68 | Trench | Ayelén | 8.05 | 246.7 | 8.05 | 246.7 |
| A24 | 265 | -3 | 0.89 | 2.82 | 1.93 | 1.91 | Trench | Ayelén | 2.85 | 85.2 | 2.85 | 85.2 |
| A25 | 244 | 0 | 6.40 | 9.78 | 3.38 | 3.33 | Trench | Ayelén | 3.02 | 156.5 | 3.02 | 156.5 |
| A26 | 256 | -19 | 8.07 | 10.34 | 2.27 | 1.91 | Trench | Ayelén | 6.81 | 148.4 | 6.81 | 148.4 |
| A3 | 272 | 18 | 1.33 | 3.33 | 2.00 | 1.76 | Trench | Ayelén | 4.25 | 289.7 | 4.25 | 289.7 |
| A4 | 283 | 14 | 4.38 | 5.18 | 0.80 | 0.65 | Trench | Ayelén | 0.49 | 46.3 | 0.49 | 46.3 |
| A5 | 255 | -12 | 1.87 | 4.75 | 2.88 | 2.60 | Trench | Ayelén | 5.51 | 498.1 | 5.51 | 498.1 |
| A7-1 | 85 | -25 | 5.61 | 6.83 | 1.22 | 1.16 | Trench | Ayelén | 3.76 | 110 | 3.76 | 110 |
| A8 | 272 | 3 | 0.00 | 3.45 | 3.45 | 3.06 | Trench | Ayelén | 4.74 | 132.8 | 4.74 | 132.8 |
| A9 | 267 | 13 | 2.50 | 11.90 | 9.40 | 9.34 | Trench | Ayelén | 18.65 | 721.4 | 15.50 | 531.5 |
| A-SL-001 | 64 | -71 | 126.10 | 138.00 | 11.90 | 4.05 | DDH | Ayelén | 28.02 | 985.8 | 28.02 | 860.5 |
| A-SL-002 | 76 | -72 | 142.60 | 143.90 | 1.30 | 0.36 | DDH | Ayelén | 0.75 | 107.8 | 0.75 | 107.8 |
| A-SL-006 | 98 | -59 | 139.30 | 143.30 | 4.00 | 2.24 | DDH | Ayelén | 9.92 | 369.4 | 9.92 | 369.4 |
| A-SL-010 | 72 | -71 | 112.60 | 114.43 | 1.83 | 0.68 | DDH | Ayelén | 6.80 | 257.5 | 6.80 | 257.5 |
| A-SL-013 | 72 | -68 | 171.45 | 172.20 | 0.75 | 0.35 | DDH | Ayelén | 0.18 | 23.1 | 0.18 | 23.1 |
| A-SL-016 | 93 | -53 | 179.20 | 181.70 | 2.50 | 1.52 | DDH | Ayelén | 0.00 | 0 | 0.00 | 0 |
| A-SL-019 | 100 | -75 | 99.80 | 109.83 | 10.03 | 2.09 | DDH | Ayelén | 3.12 | 49 | 3.12 | 49 |
| A-SL-021 | 90 | -64 | 135.05 | 136.80 | 1.75 | 0.88 | DDH | Ayelén | 2.14 | 37.8 | 2.14 | 37.8 |
| A-SL-023 | 104 | -63 | 95.69 | 99.40 | 3.71 | 2.02 | DDH | Ayelén | 6.68 | 108.9 | 6.68 | 108.9 |
| A-SL-025 | 109 | -69 | 130.60 | 131.80 | 1.20 | 0.35 | DDH | Ayelén | 0.12 | 7.8 | 0.12 | 7.8 |
| A-SL-033 | 80 | -74 | 122.80 | 124.20 | 1.40 | 0.74 | DDH | Ayelén | 0.00 | 0 | 0.00 | 0 |
| A-SL-035 | 75 | -47 | 48.00 | 48.90 | 0.90 | 0.74 | DDH | Ayelén | 0.06 | 5 | 0.06 | 5 |
| A-SL-039 | 110 | -57 | 152.80 | 156.20 | 3.40 | 1.41 | DDH | Ayelén | 3.01 | 33.9 | 3.01 | 33.9 |
| A-SL-041 | 80 | -67 | 74.40 | 75.30 | 0.90 | 0.44 | DDH | Ayelén | 0.00 | 1 | 0.00 | 1 |
| A-SL-043 | 84 | -75 | 101.00 | 101.70 | 0.70 | 0.25 | DDH | Ayelén | 3.68 | 96 | 3.68 | 96 |
| A-SL-049 | 70 | -54 | 235.10 | 236.10 | 1.00 | 0.67 | DDH | Ayelén | 0.48 | 75 | 0.48 | 75 |
| A-SL-053 | 95 | -41 | 171.10 | 173.15 | 2.05 | 1.70 | DDH | Ayelén | 22.88 | 554.8 | 22.88 | 554.8 |
| A-SL-060 | 86 | -72 | 170.71 | 175.75 | 5.04 | 1.81 | DDH | Ayelén | 21.65 | 650.7 | 21.65 | 650.7 |
| A-SL-064 | 69 | -51 | 187.20 | 196.25 | 9.05 | 4.59 | DDH | Ayelén | 18.91 | 566.3 | 18.91 | 566.3 |
| A-SL-066 | 72 | -59 | 225.85 | 226.98 | 1.13 | 0.59 | DDH | Ayelén | 0.00 | 0 | 0.00 | 0 |
| A-SL-069 | 77 | -52 | 228.20 | 238.67 | 10.47 | 5.70 | DDH | Ayelén | 3.67 | 172.7 | 3.67 | 172.7 |
| A-SL-070 | 75 | -57 | 254.83 | 256.03 | 1.20 | 0.66 | DDH | Ayelén | 0.42 | 126 | 0.42 | 126 |
| A-SL-074 | 92 | -49 | 190.00 | 197.10 | 7.10 | 4.41 | DDH | Ayelén | 0.09 | 2.6 | 0.09 | 2.6 |
| A-SL-077 | 73 | -44 | 42.10 | 46.80 | 4.70 | 3.42 | DDH | Ayelén | 17.92 | 657 | 17.92 | 657 |
| A-SL-078 | 77 | -61 | 91.30 | 92.60 | 1.30 | 0.55 | DDH | Ayelén | 0.71 | 31 | 0.71 | 31 |
| A-SL-080 | 82 | -72 | 198.60 | 199.90 | 1.30 | 0.46 | DDH | Ayelén | 0.70 | 144 | 0.70 | 144 |
| A-SL-081 | 255 | -50 | 194.64 | 196.62 | 1.98 | 1.09 | DDH | Ayelén | 0.04 | 2.8 | 0.04 | 2.8 |
| A-SL-082 | 249 | -63 | 308.50 | 312.30 | 3.80 | 1.47 | DDH | Ayelén | 0.00 | 0 | 0.00 | 0 |
| A-SL-084 | 254 | -53 | 79.42 | 85.35 | 5.93 | 3.29 | DDH | Ayelén | 2.25 | 129.7 | 2.25 | 129.7 |
| A-SL-085 | 249 | -43 | 35.27 | 41.78 | 6.51 | 5.07 | DDH | Ayelén | 5.20 | 174.5 | 5.20 | 174.5 |
| A-SL-087 | 249 | -54 | 42.63 | 50.14 | 7.51 | 5.24 | DDH | Ayelén | 4.14 | 135.9 | 4.14 | 135.9 |
| A-SL-088 | 249 | -63 | 53.06 | 73.35 | 20.29 | 7.23 | DDH | Ayelén | 4.13 | 126.8 | 4.13 | 126.8 |

---

---

| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 148 |

---

![](ex99-23_001.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** |
| Trench or Drill hole | Azimuth degrees | Dip degrees | From<br> m. | To<br> m. | Length m. | True width | Vein ID | Uncapped grades | Uncapped grades | Capped | grades |
| Trench or Drill hole | Azimuth degrees | Dip degrees | From<br> m. | To<br> m. | Length m. | True width | Vein ID | &nbsp;&nbsp;&nbsp;gAu/t | &nbsp;&nbsp;&nbsp;gAg/t | &nbsp;&nbsp;&nbsp;gAu/t | &nbsp;&nbsp;gAg/t |
| A-SL-089 | 250 | -69 | 78.52 | 82.61 | 4.09 | 2.66 DDH | Ayelén | 2.30 | 126.6 | 2.30 | 126.6 |
| A-SL-093 | 245 | -76 | 148.87 | 154.14 | 5.27 | 1.44 DDH | Ayelén | 2.71 | 131 | 2.71 | 131 |
| A-SL-098 | 71 | -53 | 68.65 | 80.96 | 12.31 | 8.88 DDH | Ayelén | 46.52 | 637.7 | 46.19 | 637.7 |
| A-SL-100 | 79 | -52 | 116.40 | 120.45 | 4.05 | 3.09 DDH | Ayelén | 1.06 | 39.4 | 1.06 | 39.4 |
| A-SL-101 | 252 | -45 | 101.35 | 102.85 | 1.50 | 0.88 DDH | Ayelén | 1.09 | 41.5 | 1.09 | 41.5 |
| A-SL-102 | 76 | -48 | 240.47 | 250.55 | 10.08 | 9.08 DDH | Ayelén | 6.39 | 240.2 | 6.39 | 240.2 |
| A-SL-103 | 253 | -54 | 124.60 | 126.30 | 1.70 | 0.95 DDH | Ayelén | 0.14 | 4.6 | 0.14 | 4.6 |
| A-SL-104 | 76 | -55 | 275.52 | 282.73 | 7.21 | 3.96 DDH | Ayelén | 6.90 | 233.3 | 6.90 | 233.3 |
| A-SL-107 | 75 | -45 | 115.44 | 117.89 | 2.45 | 1.84 DDH | Ayelén | 6.14 | 230.2 | 6.14 | 230.2 |
| A-SL-109 | 74 | -41 | 125.60 | 126.85 | 1.25 | 0.93 DDH | Ayelén | 1.20 | 31.7 | 1.20 | 31.7 |
| A-SL-111 | 78 | -65 | 207.72 | 211.49 | 3.77 | 1.84 DDH | Ayelén | 1.11 | 40.9 | 1.11 | 40.9 |
| A-SL-112 | 72 | -48 | 230.05 | 237.67 | 7.62 | 4.83 DDH | Ayelén | 2.17 | 101.8 | 2.17 | 101.8 |
| A-SL-113 | 254 | -46 | 58.26 | 62.62 | 4.36 | 2.73 DDH | Ayelén | 1.34 | 41.8 | 1.34 | 41.8 |
| A-SL-114 | 80 | -61 | 112.65 | 120.04 | 7.39 | 3.07 DDH | Ayelén | 16.25 | 527.5 | 16.25 | 527.5 |
| A-SL-115 | 77 | -57 | 148.49 | 151.49 | 3.00 | 1.64 DDH | Ayelén | 0.00 | 0 | 0.00 | 0 |
| A-SL-124 | 72 | -62 | 164.49 | 166.77 | 2.28 | 1.38 DDH | Ayelén | 0.20 | 2.9 | 0.20 | 2.9 |
| A-SL-125 | 74 | -54 | 137.80 | 138.77 | 0.97 | 0.51 DDH | Ayelén | 3.77 | 218 | 3.77 | 218 |
| A-SL-126 | 75 | -51 | 129.20 | 135.88 | 6.68 | 5.16 DDH | Ayelén | 77.15 | 2602.9 | 64.32 | 1460.7 |
| A-SL-127 | 74 | -57 | 141.50 | 149.51 | 8.01 | 3.72 DDH | Ayelén | 43.84 | 995.3 | 36.97 | 851.1 |
| A-SL-128 | 76 | -58 | 68.55 | 70.60 | 2.05 | 1.27 DDH | Ayelén | 0.43 | 23 | 0.43 | 23 |
| SL06-01 | 90 | -45 | 45.00 | 54.20 | 9.20 | 7.43 DDH | Ayelén | 33.74 | 825 | 33.74 | 825 |
| SL06-02 | 89 | -68 | 67.87 | 77.55 | 9.68 | 3.43 DDH | Ayelén | 22.08 | 588.9 | 22.08 | 588.9 |
| SL06-03 | 71 | -56 | 54.25 | 61.93 | 7.68 | 3.56 DDH | Ayelén | 22.23 | 507.6 | 22.23 | 507.6 |
| SL06-04 | 72 | -60 | 77.90 | 86.07 | 8.17 | 4.58 DDH | Ayelén | 18.60 | 508.5 | 18.60 | 508.5 |
| SL06-05 | 92 | -45 | 45.66 | 47.65 | 1.99 | 1.88 DDH | Ayelén | 4.19 | 95.4 | 4.19 | 95.4 |
| SL06-07 | 95 | -45 | 40.63 | 41.50 | 0.87 | 0.76 DDH | Ayelén | 7.92 | 157 | 7.92 | 157 |
| SL06-08 | 102 | -63 | 53.58 | 57.58 | 4.00 | 2.30 DDH | Ayelén | 7.29 | 78 | 7.29 | 78 |
| SL06-09 | 78 | -45 | 38.72 | 42.76 | 4.04 | 3.21 DDH | Ayelén | 139.96 | 2539.6 | 92.30 | 1705.5 |
| SL06-10 | 79 | -63 | 61.30 | 71.60 | 10.30 | 4.72 DDH | Ayelén | 57.40 | 1304.9 | 51.47 | 1095.9 |
| SL06-11 | 82 | -43 | 63.10 | 65.00 | 1.90 | 1.55 DDH | Ayelén | 15.96 | 469.2 | 15.96 | 469.2 |
| SL06-12 | 89 | -58 | 87.60 | 87.90 | 0.30 | 0.19 DDH | Ayelén | 0.01 | 0.9 | 0.01 | 0.9 |
| SL06-13 | 80 | -60 | 88.40 | 94.20 | 5.80 | 3.23 DDH | Ayelén | 23.56 | 715.1 | 23.56 | 715.1 |
| SL06-14 | 65 | -45 | 34.31 | 35.50 | 1.19 | 0.95 DDH | Ayelén | 19.88 | 882.1 | 19.88 | 882.1 |
| SL06-15 | 69 | -70 | 57.85 | 66.63 | 8.78 | 5.03 DDH | Ayelén | 3.29 | 125.8 | 3.29 | 125.8 |
| SL06-16 | 81 | -44 | 42.90 | 54.45 | 11.55 | 8.57 DDH | Ayelén | 47.17 | 861.1 | 35.04 | 702.6 |
| SL06-17 | 84 | -61 | 50.60 | 81.70 | 31.10 | 17.50 DDH | Ayelén | 20.91 | 596.2 | 19.98 | 477.2 |
| SL06-18 | 76 | -45 | 49.31 | 51.91 | 2.60 | 2.19 DDH | Ayelén | 38.57 | 559.1 | 38.57 | 559.1 |
| SL06-19 | 79 | -61 | 74.00 | 77.73 | 3.73 | 2.00 DDH | Ayelén | 13.01 | 322.1 | 13.01 | 322.1 |
| SL06-20 | 73 | -52 | 63.40 | 69.20 | 5.80 | 4.06 DDH | Ayelén | 0.39 | 32.9 | 0.39 | 32.9 |
| SL06-21 | 72 | -65 | 81.95 | 89.00 | 7.05 | 3.22 DDH | Ayelén | 0.53 | 42.1 | 0.53 | 42.1 |
| SL06-22 | 35 | -66 | 104.60 | 107.60 | 3.00 | 1.50 DDH | Ayelén | 0.21 | 23.1 | 0.21 | 23.1 |
| SL06-23 | 53 | -45 | 26.00 | 29.60 | 3.60 | 2.88 DDH | Ayelén | 2.37 | 193.2 | 2.37 | 193.2 |
| SL06-24 | 52 | -73 | 49.00 | 51.00 | 2.00 | 0.97 DDH | Ayelén | 0.88 | 28.4 | 0.88 | 28.4 |
| SL06-25 | 52 | -69 | 118.77 | 130.15 | 11.38 | 4.13 DDH | Ayelén | 15.35 | 516.5 | 15.35 | 516.5 |
| SL06-26 | 92 | -56 | 70.30 | 74.30 | 4.00 | 2.44 DDH | Ayelén | 3.44 | 109.9 | 3.44 | 109.9 |
| SL06-27 | 90 | -75 | 135.80 | 138.45 | 2.65 | 0.67 DDH | Ayelén | 3.02 | 127.4 | 3.02 | 127.4 |
| SL06-28 | 66 | -60 | 93.15 | 98.46 | 5.31 | 3.64 DDH | Ayelén | 22.85 | 491.6 | 22.85 | 491.6 |
| A-SL-028 | 95 | -77 | 67.13 | 80.25 | 13.12 | 3.74 DDH | HW branch | 5.48 | 302.9 | 5.48 | 288.6 |
| A-SL-030 | 78 | -78 | 69.90 | 83.00 | 13.10 | 5.98 DDH | HW branch | 14.21 | 453.9 | 14.07 | 448.1 |
| A-SL-033 | 80 | -74 | 60.60 | 79.25 | 18.65 | 7.06 DDH | HW branch | 8.99 | 277 | 8.44 | 258.9 |
| A-SL-043 | 84 | -75 | 51.80 | 56.20 | 4.40 | 1.22 DDH | HW branch | 1.97 | 125.1 | 1.97 | 125.1 |
| A-SL-045 | 76 | -54 | 200.30 | 204.20 | 3.90 | 2.31 DDH | HW branch | 14.48 | 537.7 | 14.48 | 451.8 |
| A-SL-049 | 70 | -54 | 214.60 | 218.75 | 4.15 | 1.62 DDH | HW branch | 3.64 | 163.1 | 3.64 | 163.1 |
| A-SL-084 | 255 | -52 | 119.00 | 124.10 | 5.10 | 3.19 DDH | HW branch | 9.54 | 278 | 9.54 | 278 |
| A-SL-087 | 248 | -53 | 70.30 | 90.91 | 20.61 | 9.62 DDH | HW branch | 7.18 | 308.7 | 7.18 | 286.3 |
| A-SL-088 | 250 | -62 | 99.86 | 108.35 | 8.49 | 3.70 DDH | HW branch | 4.22 | 138.6 | 4.22 | 138.6 |
| A-SL-089 | 252 | -68 | 142.27 | 144.00 | 1.73 | 0.64 DDH | HW branch | 0.00 | 0 | 1.00 | 1 |
| A-SL-094 | 251 | -41 | 183.86 | 188.62 | 4.76 | 3.15 DDH | HW branch | 1.16 | 116 | 1.16 | 116 |

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|:---|:---|
| **Technical Report on the San Luis Property** | 149 |

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![](ex99-23_001.jpg)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** | &nbsp;&nbsp;&nbsp;&nbsp;**San Luis Project - Summary of main Drillhole Intercepts and Trench Sampling Results** |
| Trench or Drill hole | Azimuth degrees | Dip degrees | From<br> m. | To<br> m. | Length m. | True width | Sample type | Vein ID | Uncapped grades | Uncapped grades | Capped | grades |
| Trench or Drill hole | Azimuth degrees | Dip degrees | From<br> m. | To<br> m. | Length m. | True width | Sample type | Vein ID | &nbsp;&nbsp;&nbsp;gAu/t | &nbsp;&nbsp;&nbsp;gAg/t | &nbsp;&nbsp;&nbsp;gAu/t | &nbsp;&nbsp;gAg/t |
| A-SL-103 | 253 | -53 | 154.62 | 155.80 | 1.18 | 0.63 | DDH | HW branch | 2.48 | 71.6 | 2.48 | 71.6 |
| SL06-16 | 81 | -44 | 35.88 | 37.90 | 2.02 | 1.63 | DDH | HW branch | 13.54 | 207.9 | 12.03 | 207.9 |
| SL06-18 | 75 | -45 | 39.14 | 41.15 | 2.01 | 1.79 | DDH | HW branch | 19.07 | 271.5 | 17.81 | 271.5 |
| SL06-19 | 78 | -61 | 46.70 | 48.00 | 1.30 | 1.02 | DDH | HW branch | 0.02 | 1.7 | 0.02 | 1.7 |
| SL06-21 | 72 | -65 | 52.50 | 56.80 | 4.30 | 3.55 | DDH | HW branch | 6.03 | 209.9 | 6.03 | 209.9 |
| SL06-22 | 36 | -65 | 57.50 | 69.20 | 11.70 | 4.97 | DDH | HW branch | 6.10 | 246.5 | 6.10 | 246.5 |
| A-SL-079 | 256 | -47 | 125.75 | 129.95 | 4.20 | 3.88 | DDH | Branch 2 | 8.11 | 503.3 | 8.11 | 503.3 |
| A-SL-093 | 245 | -76 | 95.65 | 98.30 | 2.65 | 2.18 | DDH | Branch 2 | 0.64 | 22.4 | 0.64 | 22.4 |
| A-SL-094 | 251 | -43 | 110.62 | 111.38 | 0.76 | 0.70 | DDH | Branch 2 | 0.53 | 92 | 0.53 | 92 |
| A-SL-095 | 253 | -57 | 118.80 | 119.60 | 0.80 | 0.71 | DDH | Branch 2 | 9.05 | 130 | 9.05 | 130 |
| A-SL-060 | 86 | -72 | 146.70 | 150.35 | 3.65 | 0.74 | DDH | Branch 3 | 13.38 | 477.9 | 13.38 | 477.9 |
| A-SL-001 | 64 | -71 | 118.25 | 120.00 | 1.75 | 1.15 | DDH | Branch 4 | 7.60 | 312.6 | 7.60 | 312.6 |
| A-SL-060 | 86 | -73 | 115.30 | 115.45 | 0.15 | 0.12 | DDH | Branch 4 | 54.30 | 5970 | 54.30 | 5970 |
| A-SL-125 | 74 | -54 | 120.74 | 122.52 | 1.78 | 1.66 | DDH | Branch 4 | 2.68 | 46.6 | 2.68 | 46.6 |
| A-SL-126 | 75 | -51 | 123.54 | 124.07 | 0.53 | 0.51 | DDH | Branch 4 | 3.62 | 107 | 3.62 | 107 |
| A-SL-127 | 74 | -57 | 128.74 | 129.04 | 0.30 | 0.26 | DDH | Branch 4 | 6.62 | 665 | 6.62 | 665 |
| SL06-01 | 90 | -45 | 39.62 | 40.70 | 1.08 | 0.80 | DDH | Branch 5 | 3.27 | 60.8 | 3.27 | 60.8 |
| SL06-02 | 89 | -67 | 58.00 | 60.77 | 2.77 | 1.19 | DDH | Branch 5 | 4.21 | 92.4 | 4.21 | 92.4 |
| SL06-03 | 71 | -55 | 44.30 | 44.60 | 0.30 | 0.20 | DDH | Branch 5 | 0.04 | 0.5 | 0.04 | 0.5 |
| SL06-06 | 94 | -62 | 45.30 | 47.20 | 1.90 | 0.92 | DDH | Branch 5 | 1.02 | 65.8 | 1.02 | 65.8 |
| A-SL-082 | 249 | -62 | 15.50 | 20.00 | 4.50 | 3.10 | DDH | Inés | 7.96 | 93.6 | 7.96 | 93.6 |
| I10 | 281 | 13 | 7.85 | 11.25 | 3.40 | 1.88 | Trench | Inés | 4.38 | 130.9 | 4.38 | 130.9 |
| I11 | 250 | 19 | 1.80 | 8.97 | 7.17 | 4.50 | Trench | Inés | 1.97 | 34.7 | 1.97 | 34.7 |
| I12 | 246 | 12 | 0.00 | 9.33 | 9.33 | 7.10 | Trench | Inés | 12.27 | 326.7 | 9.82 | 241.3 |
| I13 | 236 | 17 | 0.00 | 5.60 | 5.60 | 4.23 | Trench | Inés | 8.62 | 129.1 | 4.56 | 129.1 |
| I14 | 236 | -7 | 6.14 | 9.38 | 3.24 | 3.07 | Trench | Inés | 6.64 | 287.8 | 6.64 | 287.8 |
| I15 | 240 | -6 | 2.31 | 7.60 | 5.29 | 5.09 | Trench | Inés | 1.39 | 47.4 | 1.39 | 47.4 |
| I16 | 240 | -2 | 0.00 | 4.52 | 4.52 | 3.98 | Trench | Inés | 1.41 | 56.4 | 1.41 | 56.4 |
| I17 | 227 | 0 | 0.00 | 2.45 | 2.45 | 2.10 | Trench | Inés | 1.26 | 32.8 | 1.26 | 32.8 |
| I18 | 234 | -3 | 0.00 | 2.20 | 2.20 | 1.99 | Trench | Inés | 0.57 | 8.3 | 0.57 | 8.3 |
| I19 | 220 | 16 | 0.00 | 3.22 | 3.22 | 2.22 | Trench | Inés | 1.21 | 31.7 | 1.21 | 31.7 |
| I8 | 281 | 1 | 1.45 | 3.15 | 1.70 | 1.03 | Trench | Inés | 3.45 | 111.2 | 3.45 | 111.2 |
| I9 | 272 | 6 | 1.85 | 3.50 | 1.65 | 1.00 | Trench | Inés | 3.59 | 67.8 | 3.59 | 67.8 |
| I-SL-003 | 233 | -46 | 28.55 | 30.35 | 1.80 | 1.67 | DDH | Inés | 1.00 | 142.2 | 1.00 | 142.2 |
| I-SL-004 | 235 | -79 | 44.30 | 47.90 | 3.60 | 2.33 | DDH | Inés | 0.39 | 7.5 | 0.39 | 7.5 |
| I-SL-005 | 235 | -80 | 76.80 | 78.50 | 1.70 | 1.04 | DDH | Inés | 1.15 | 130.8 | 1.15 | 130.8 |
| I-SL-009 | 228 | -45 | 30.90 | 33.10 | 2.20 | 2.17 | DDH | Inés | 1.95 | 34 | 1.95 | 34 |
| I-SL-011 | 228 | -75 | 53.95 | 54.50 | 0.55 | 0.31 | DDH | Inés | 0.62 | 58.5 | 0.62 | 58.5 |
| I-SL-012 | 180 | -90 | 86.25 | 91.70 | 5.45 | 2.19 | DDH | Inés | 3.40 | 327.2 | 3.40 | 274.6 |
| I-SL-014 | 238 | -45 | 38.70 | 42.70 | 4.00 | 3.65 | DDH | Inés | 0.26 | 26.7 | 0.26 | 26.7 |
| I-SL-015 | 238 | -64 | 52.50 | 53.60 | 1.10 | 0.85 | DDH | Inés | 0.50 | 27 | 0.50 | 27 |
| I-SL-017 | 240 | -76 | 63.30 | 65.60 | 2.30 | 1.45 | DDH | Inés | 1.20 | 26.2 | 1.20 | 26.2 |
| I-SL-018 | 357 | -88 | 100.90 | 101.95 | 1.05 | 0.41 | DDH | Inés | 2.41 | 304 | 2.41 | 304 |
| I-SL-020 | 181 | -46 | 59.05 | 61.50 | 2.45 | 1.56 | DDH | Inés | 0.97 | 50.4 | 0.97 | 50.4 |

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 150 |

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![](ex99-23_001.jpg)

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|:---|:---|
| **Appendix D** | **Assay Certificates for the Check Assays carried out for Highlander Silver Corp.** |

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 151 |

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![](ex99-23_001.jpg)

![](ex99-23_075.jpg)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 152 |

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![](ex99-23_001.jpg)

![](ex99-23_076.jpg)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 153 |

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![](ex99-23_001.jpg)

![](ex99-23_077.jpg)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 154 |

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![](ex99-23_001.jpg)

![](ex99-23_078.jpg)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 155 |

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![](ex99-23_001.jpg)

![](ex99-23_079.jpg)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 156 |

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![](ex99-23_001.jpg)

![](ex99-23_080.jpg)

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| | |
|:---|:---|
| **Technical Report on the San Luis Property** | 157 |

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![](ex99-23_001.jpg)

![](ex99-23_081.jpg)

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|:---|:---|
| **Technical Report on the San Luis Property** | 158 |

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## Exhibit 99.24

**Exhibit 99.24**

**CONSENT OF QUALIFIED PERSON**

I, Martin Mount, consent to the public filing of the technical report titled "Technical Report on the San Luis Property, District of Shupluy, Yungay Province, Ancash Department, Peru", with an effective date of January 15, 2025 (the "**Technical Report**") by Highlander Silver Corp.

I consent to the use of any extracts from, or a summary of, the Technical Report in the annual information form of Highlander Silver Corp. for the year ended September 30, 2024 (the "**Written Disclosure**").

I certify that I have read the Written Disclosure and that the Written Disclosure fairly and accurately represents the information in the Technical Report.

Dated March <u>14</u>, 2025.

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| |
|:---|
| *(signed) Martin Mount* |
| **Martin Mount, MSc MCSM FGS CGeol FIMMM CEng** |

---

## Exhibit 99.25

**Exhibit 99.25**

![](ex99-25_001.jpg)

Form 45 - 106F1 Report of Exempt Distribution ITEM 1 - REPORT TYPE New report Amended report If amended, provide filing date of report that is being amended. (YYYY - MM - DD) ITEM 2 - PARTY CERTIFYING THE REPORT Indicate the party certifying the report (select only one). For guidance regarding whether an issuer is an investment fund, refer to section 1.1 of National Instrument 81 - 106 Investment Fund Continuous Disclosure and the companion policy to NI 81 - 106 (in Québec, Regulation 81 - 106 respecting Investment Fund Continuous Disclosure and Policy Statement to Regulation 81 - 106 respecting Investment Fund Continuous Disclosure). Investment fund issuer Issuer (other than an investment fund) Underwriter ITEM 3 - ISSUER NAME AND OTHER IDENTIFIERS Provide the following information about the issuer, or if the issuer is an investment fund, about the fund. Full legal name Highlander Silver Corp. / Highlander Silver Corp. Previous full legal name HIGHLANDER SILVER CORP. (FORMERLY LIDO MINERALS LTD.) If the issuer's name changed in the last 12 months, provide most recent previous legal name. Website www.highlandersilver.com (if applicable) If the issuer has a legal entity identifier, provide below. Refer to Part B of the Instructions for the definition of "legal entity identifier". Legal entity identifier If two or more issuers distributed a single security, provide the full legal name(s) of the co - issuer(s) other than the issuer named above. Full legal name(s) of co - issuer(s) (if applicable) ITEM 4 - UNDERWRITER INFORMATION If an underwriter is completing the report, provide the underwriter's full legal name, firm NRD number, and SEDAR+ profile number. Full legal name Firm NRD number (if applicable) SEDAR+ profile number

![](ex99-25_002.jpg)

ITEM 5 - ISSUER INFORMATION If the issuer is an investment fund, do not complete Item 5. Proceed to Item 6. a) Primary industry Provide the issuer's North American Industry Classification Standard (NAICS) code (6 digits only) that in your reasonable judgment most closely corresponds to the issuer's primary business activity. NAICS industry code 212220 If the issuer is in the mining industry , indicate the stage of operations. This does not apply to issuers that provide services to issuers operating in the mining industry. Select the category that best describes the issuer's stage of operations. Exploration Development Production Is the issuer's primary business to invest all or substantially all of its assets in any of the following? If yes, select all that apply. Mortgages Real estate Commercial/business debt Consumer debt Private companies Cryptoassets b) Number of employees 500 or more 100 - 499 50 - 99 0 - 49 Number of employees: c) SEDAR+ profile number Provide the issuer's SEDAR+ profile number 000045337 ITEM 6 - INVESTMENT FUND ISSUER INFORMATION If the issuer is an investment fund, provide the following information. a) Investment fund manager information Full legal name Firm NRD number (if applicable) SEDAR+ profile number b) Type of investment fund Type of investment fund that most accurately identifies the issuer (select only one). Money market Equity Fixed income Balanced Alternative strategies Cryptoasset Other (describe)

![](ex99-25_003.jpg)

Indicate whether one or both of the following apply to the investment fund. Invest primarily in other investment fund issuers Is a UCITs Fund 1 1 Undertaking for the Collective Investment of Transferable Securities funds (UCITs Funds) are investment funds regulated by the European Union (EU) directives that allow collective investment schemes to operate throughout the EU on a passport basis on authorization from one member state. c) Net asset value (NAV) of the investment fund Select the NAV range of the investment fund as of the date of the most recent NAV calculation (Canadian $). Under $5M $5M to under $25M $25M to under $100M Date of NAV calculation: MM DD YYYY $1B or over $500M to under $1B $100M to under $500M ITEM 7 - INFORMATION ABOUT THE DISTRIBUTION If an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include in Item 7 and Schedule 1 information about purchasers resident in that jurisdiction of Canada only. Do not include in Item 7 securities issued as payment of commissions or finder's fees, in connection with the distribution, which must be disclosed in Item 8. The information provided in Item 7 must reconcile with the information provided in Schedule 1 of the report. a) Currency Select the currency or currencies in which the distribution was made. All dollar amounts provided in the report must be in Canadian dollars. Canadian dollar US dollar Euro Other (describe) b) Distribution dates State the distribution start and end dates. If the report is being filed for securities distributed on only one distribution date, provide the distribution date as both the start and end dates. If the report is being filed for securities distribued on a continuous basis, include the start and end dates for the distribution period covered by the report. 11 03 2025 End date 11 03 2025 Start date DD MM YYYY MM DD YYYY c) Detailed purchaser information Complete Schedule 1 of this form for each purchaser and attach the schedule to the completed report. d) Types of securities distributed Provide the following information for all distributions reported on a per security basis. Refer to Part A(12) of the Instructions for how to indicate the security code. If providing the CUSIP number, indicate the full 9 - digit CUSIP number assigned to the security being distributed. Canadian $ Total amount Highest price Single or lowest price Number of securities Description of security CUSIP number (if applicable) Security code 32,200,000.0000 1.4000 23,000,000.0000 Common shares CMS

![](ex99-25_004.jpg)

e) Details of rights and convertible/exchangeable securities If any rights (e.g. warrants, options) were distributed, provide the exercise price and expiry date for each right. If any convertible/exchangeable securities were distributed, provide the conversion ratio and describe any other terms for each convertible/exchangeable security. Describe other terms (if applicable) Conversion ratio Expiry date (YYYY - MM - DD) Exercise price (Canadian $) Underlying security code Convertible / exchangeable security code Highest Lowest f) Summary of the distribution by jurisdiction and exemption State the total dollar amount of securities distributed and the number of purchasers for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides and for each exemption relied on in Canada for that distribution. However, if an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include distributions to purchasers resident in that jurisdiction of Canada only. This table requires a separate line item for : (i) each jurisdiction where a purchaser resides, (ii) each exemption relied on in the jurisdiction where a purchaser resides, if a purchaser resides in a jurisdiction of Canada, and (iii) each exemption relied on in Canada, if a purchaser resides in a foreign jurisdiction . For jurisdictions within Canada, state the province or territory, otherwise state the country . Total amount (Canadian $) Number of unique purchasers 2a Exemption relied on Province or country 113,400.0000 5 NI 45 - 106 2.3 [Accredited investor] Alberta 6,692,480.2000 24 NI 45 - 106 2.3 [Accredited investor] British Columbia 14,052,120.6000 28 NI 45 - 106 2.3 [Accredited investor] Ontario 420,000.0000 1 NI 45 - 106 2.3 [Accredited investor] New Brunswick 16,998.8000 2 NI 45 - 106 2.5 [Family, friends and business associates] British Columbia 350,000.0000 1 NI 45 - 106 2.5 [Family, friends and business associates] Ontario 146,000.4000 4 other - OSC Rule 72 - 503 United States of America 1,477,000.0000 2 other - OSC Rule 72 - 503 United Kingdom 4,410,000.0000 3 other - OSC Rule 72 - 503 Switzerland 210,000.0000 1 other - OSC Rule 72 - 503 Cayman Islands 112,000.0000 1 other - OSC Rule 72 - 503 Peru 4,200,000.0000 3 other - OSC Rule 72 - 503 Australia $32,200,000.0000 Total dollar amount of securities distributed 75 Total number of unique purchasers 2b 2a In calculating the number of unique purchasers per row, count each purchaser only once. Joint purchasers may be counted as one purchaser. 2b In calculating the total number of unique purchasers to which the issuer distributed securities, count each purchaser only once, regardless of whether the issuer distributed multiple types of securities to, and relied on multiple exemptions for, that purchaser. g) Net proceeds to the investment fund by jurisdiction If the issuer is an investment fund, provide the net proceeds to the investment fund for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides. 3 If an issuer located outside of Canada completes a distribution in a jurisdiction of Canada,

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include net proceeds for that jurisdiction of Canada only. For jurisdictions within Canada, state the province or territory, otherwise state the country. Net proceeds (Canadian $) Province or country Total net proceeds to the investment fund 3 "Net proceeds" means the gross proceeds realized in the jurisdiction from the distributions for which the report is being filed, less the gross redemptions that occurred during the distribution period covered by the report.

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ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. 7 a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non - individual VENTUM FINANCIAL CORP. Firm NRD number 5290 (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet - based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Province/State Country Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above d) Compensation details

![](ex99-25_007.jpg)

Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities - based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non - individual compensated by the issuer. Cash commissions paid $874,021.2700 Value of all securities distributed as compensation 4 Security codes Security code 3 Security code 2 Security code 1 Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid $874,021.2700 Check box if the person will or may receive any deferred compensation (describe the terms below) 4 Provide the aggregate value of all securities distributed as compensation, excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5 Do not include deferred compensation.

![](ex99-25_008.jpg)

ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. 7 a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non - individual BMO NESBITT BURNS INC. Firm NRD number 2580 (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet - based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Province/State Country Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above d) Compensation details

![](ex99-25_009.jpg)

Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities - based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non - individual compensated by the issuer. Cash commissions paid $212,709.3200 Value of all securities distributed as compensation 4 Security codes Security code 3 Security code 2 Security code 1 Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid $212,709.3200 Check box if the person will or may receive any deferred compensation (describe the terms below) 4 Provide the aggregate value of all securities distributed as compensation, excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5 Do not include deferred compensation.

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ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. 7 a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non - individual HAYWOOD SECURITIES INC. / VALEURS MOBILIERES HAYWOOD Inc. Firm NRD number 1630 (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet - based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Province/State Country Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above d) Compensation details

![](ex99-25_011.jpg)

Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities - based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non - individual compensated by the issuer. Cash commissions paid $218,085.3200 Value of all securities distributed as compensation 4 Security codes Security code 3 Security code 2 Security code 1 Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid $218,085.3200 Check box if the person will or may receive any deferred compensation (describe the terms below) 4 Provide the aggregate value of all securities distributed as compensation, excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5 Do not include deferred compensation.

![](ex99-25_012.jpg)

ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. 7 a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non - individual TD SECURITIES INC. / VALEURS MOBILIÈRES TD INC. Firm NRD number 5860 (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet - based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Province/State Country Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above d) Compensation details

![](ex99-25_013.jpg)

Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities - based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non - individual compensated by the issuer. Cash commissions paid $129,305.5900 Value of all securities distributed as compensation 4 Security codes Security code 3 Security code 2 Security code 1 Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid $129,305.5900 Check box if the person will or may receive any deferred compensation (describe the terms below) 4 Provide the aggregate value of all securities distributed as compensation, excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5 Do not include deferred compensation.

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ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. 7 a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non - individual Canaccord Genuity Corp./Corporation Canaccord Genuity Firm NRD number 900 (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet - based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Province/State Country Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above d) Compensation details

![](ex99-25_015.jpg)

Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities - based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non - individual compensated by the issuer. Cash commissions paid $132,707.5900 Value of all securities distributed as compensation 4 Security codes Security code 3 Security code 2 Security code 1 Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid $132,707.5900 Check box if the person will or may receive any deferred compensation (describe the terms below) 4 Provide the aggregate value of all securities distributed as compensation, excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5 Do not include deferred compensation.

![](ex99-25_016.jpg)

ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. 7 a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non - individual STIFEL NICOLAUS CANADA INC. Firm NRD number 3370 (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet - based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Province/State Country Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above d) Compensation details

![](ex99-25_017.jpg)

Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities - based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non - individual compensated by the issuer. Cash commissions paid $127,625.5900 Value of all securities distributed as compensation 4 Security codes Security code 3 Security code 2 Security code 1 Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid $127,625.5900 Check box if the person will or may receive any deferred compensation (describe the terms below) 4 Provide the aggregate value of all securities distributed as compensation, excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5 Do not include deferred compensation.

![](ex99-25_018.jpg)

ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. 7 a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. NATIONAL BANK FINANCIAL INC./FINANCIÈRE BANQUE NATIONALE Full legal name of non - individual INC. Firm NRD number 1960 (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet - based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Province/State Country Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45 - 106 (in Québec, Regulation 45 - 106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above

![](ex99-25_019.jpg)

d) Compensation details Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities - based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non - individual compensated by the issuer. Cash commissions paid $237,545.3200 Value of all securities distributed as compensation 4 Security codes Security code 3 Security code 2 Security code 1 Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid $237,545.3200 Check box if the person will or may receive any deferred compensation (describe the terms below) 4 Provide the aggregate value of all securities distributed as compensation, excluding options, warrants or other rights exercisable to acquire additional securities of the issuer. Indicate the security codes for all securities distributed as compensation, including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5 Do not include deferred compensation. ITEM 9 – DIRECTORS, EXECUTIVE OFFICERS AND PROMOTERS OF THE ISSUER If the issuer is an investment fund, do not complete Item 9. Proceed to Item 10. Indicate whether the issuer is any of the following (select the one that applies – if more than one applies, select only one). Reporting issuer in a jurisdiction of Canada Foreign public issuer Wholly owned subsidiary of a reporting issuer in any jurisdiction of Canada 6 Provide name of reporting issuer Wholly owned subsidiary of a foreign public issuer 6 Provide name of foreign public issuer Issuer distributing only eligible foreign securities and the distribution is to permitted clients only 7 . If the issuer is at least one of the above, do not complete Item 9(a) – (c). Proceed to Item 10. 6 An issuer is a wholly owned subsidiary of a reporting issuer or a foreign public issuer if all of the issuer's outstanding voting securities, other than securities that are required by law to be owned by its directors, are beneficially owned by the reporting issuer

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Relationship to issuer (select all that apply) Business location of non - individual or residential jurisdiction of individual Secondary given names First given name Family name Organization or company name P O D Province or country Relationship to promoter (select one or both if applicable) Residential jurisdiction of individual Secondary given names First given name Family name Organization or company name O D Province or country or the foreign public issuer, respectively. 7 Check this box if it applies to the current distribution even if the issuer made previous distributions of other types of securities to non - permitted clients. Refer to the definitions of "eligible foreign security" and "permitted client" in Part B(1) of the Instructions. If the issuer is none of the above, check this box and complete Item 9(a) – (c). a) Directors, executive officers and promoters of the issuer Provide the following information for each director, executive officer and promoter of the issuer. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to issuer", "D" – Director, "O" – Executive Officer, "P" – Promoter. b) Promoter information If the promoter listed above is not an individual, provide the following information for each director and executive officer of the promoter. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to promoter", "D" – Director, "O" – Executive Officer. c) Residential address of each individual Complete Schedule 2 of this form providing the full residential address for each individual listed in Item 9(a) and (b) and attach to the completed report. Schedule 2 also requires information to be provided about control persons. ITEM 10 - CERTIFICATION Provide the following certification and business contact information of an officer, director or agent of the issuer or underwriter. If the issuer or underwriter is not a company, an individual who performs functions similar to that of a director or officer may certify the report. For example, if the issuer is a trust, the report may be certified by the issuer's trustee. If the issuer is an investment fund, a director or officer of the investment fund manager (or, if the investment fund manager is not a company, an individual who performs similar functions) may certify the report if the director or officer has been authorized to do so by the investment fund. The certification may be delegated, but only to an agent that has been authorized by an officer or director of the issuer or underwriter to prepare and certify the report on behalf of the issuer or underwriter. If the report is being certified by an agent on behalf of the issuer or underwriter, provide the applicable information for the agent in the boxes below. If the individual completing and filing the report is different from the individual certifying the report, provide the name and contact details for the individual completing and filing the report in Item 11. The signature on the report must be in typed form rather than handwritten form. The report may include an electronic signature provided the name of the signatory is also in typed form.

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Securities legislation requires an issuer or underwriter that makes a distribution of securities under certain prospectus exemptions to file a completed report of exempt distribution. By completing the information below, I certify, on behalf of the issuer/underwriter/investment fund manager, to the securities regulatory authority or regulator, as applicable, that I have reviewed this report and to my knowledge, having exercised reasonable diligence, the information provided in this report is true and, to the extent required, complete. Highlander Silver Corp. Name of Issuer/ investment fund manager/agent Full legal name Tom LADNER Family name First given name Secondary given names Title General Counsel Telephone number +1 (604) 638 - 1470 Email address tladner@augustacorp.com Signature "Tom Ladner" Date YYYY 19 03 2025 MM DD ITEM 11 - CONTACT PERSON James CANTWELL Provide the following business contact information for the individual that the securities regulatory authority or regulator may contact with any questions regarding the contents of this report, if different than the individual certifying the report in Item 10. Same as individual certifying the report Full legal name Family name First given name Secondary given names Title Lawyer Name of company Borden Ladner Gervais LLP Telephone number +1 (604) 640 - 4229 Email address jcantwell@blg.com NOTICE – COLLECTION AND USE OF PERSONAL INFORMATION The personal information required under this form is collected on behalf of and used by the securities regulatory authority or regulator under the authority granted in securities legislation for the purposes of the administration and enforcement of the securities legislation. If you have any questions about the collection and use of this information, contact the securities regulatory authority or regulator in the local jurisdiction(s) where the report is filed, at the address(es) listed at the end of this form. Schedules 1 and 2 may contain personal information of individuals and details of the distribution(s). The information in Schedules 1 and 2 will not be placed on the public file of any securities regulatory authority or regulator. However, freedom of information legislation may require the securities regulatory authority or regulator to make this information available if requested. By signing this report, the issuer/underwriter confirms that each individual listed in Schedule 1 or 2 of the report who is resident in a jurisdiction of Canada:

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a) has been notified by the issuer/underwriter of the delivery to the securities regulatory authority or regulator of the information pertaining to the individual as set out in Schedule 1 or 2, that this information is being collected by the securities regulatory authority or regulator under the authority granted in securities legislation, that this information is being collected for the purposes of the administration and enforcement of the securities legislation of the local jurisdiction, and of the title, business address and business telephone number of the public official in the local jurisdiction, as set out in this form, who can answer questions about the security regulatory authority's or regulator's indirect collection of the information, and b) has authorized the indirect collection of the information by the securities regulatory authority or regulator.

## Exhibit 99.26

**Exhibit 99.26**

March 25, 2025

TO: ALL APPLICABLE EXCHANGES AND COMMISSIONS

Dear All:

Re: HIGHLANDER SILVER CORPORATION (the "Company")

We advise the following with respect to the upcoming meeting of shareholders for the referenced Company:

---

| | | |
|:---|:---|:---|
| 1. | &nbsp;&nbsp;Meeting Type | &nbsp;&nbsp;Annual General |
| 2. | &nbsp;&nbsp;Class of Securities Entitled to Receive Notice | &nbsp;&nbsp;Common |
| 3 | &nbsp;&nbsp;Class of Securities Entitled to Vote | &nbsp;&nbsp;Common |
| 4. | &nbsp;&nbsp;CUSIP Number | &nbsp;&nbsp;88831L103 |
| 5. | &nbsp;&nbsp;Record Date for Notice | &nbsp;&nbsp;April 22, 2025 |
| 6. | &nbsp;&nbsp;Record Date for Voting | &nbsp;&nbsp;April 22, 2025 |
| 7. | &nbsp;&nbsp;Beneficial Ownership determination date | &nbsp;&nbsp;April 22, 2025 |
| 8. | &nbsp;&nbsp;Meeting Date | &nbsp;&nbsp;June 12, 2025 |
| 9. | &nbsp;&nbsp;Issuer is sending proxy related materials directly to NOBO | &nbsp;&nbsp;No |
| 10. | &nbsp;&nbsp;Issuer paying for delivery to OBO | &nbsp;&nbsp;No |
| 11. | &nbsp;&nbsp;Issuer is sending proxy-related materials to registered holders using notice-and-access | &nbsp;&nbsp;Yes |
| 12. | &nbsp;&nbsp;Issuer is sending proxy-related materials to beneficial owners using notice-and-access | &nbsp;&nbsp;Yes |
| 13. | &nbsp;&nbsp;Stratification | &nbsp;&nbsp;No |

---

Yours truly,

**HIGHLANDER SILVER CORPORATION**

 

*"Tom Ladner"*

Tom Ladner

General Counsel

## Exhibit 99.27

**Exhibit 99.27**

![](ex99-27_001.jpg)

<u>**Amended**</u>

March 26, 2025

TO: ALL APPLICABLE EXCHANGES AND COMMISSIONS

Dear All:

Re: HIGHLANDER SILVER CORPORATION (the "Company")

We advise the following with respect to the upcoming meeting of shareholders for the referenced Company:

1. Meeting Type Annual General

2. Class of Securities Entitled to Receive Notice Common

3. Class of Securities Entitled to Vote Common

4. CUSIP Numbers 43087N204 43087N303

5. Record Date for Notice April 22, 2025

6. Record Date for Voting April 22, 2025

7. Beneficial Ownership determination date April 22, 2025

8. Meeting Date June 12, 2025

9. Issuer is sending proxy related materials directly to NOBO No

10. Issuer paying for delivery to OBO No

11. Issuer is sending proxy-related materials to registered holders using notice-and-access Yes

12. Issuer is sending proxy-related materials to beneficial owners using notice-and-access Yes

13. Stratification No

Yours truly,

**HIGHLANDER SILVER CORPORATION**

 

*"Tom Ladner"*

Tom Ladner

General Counsel

## Exhibit 99.28

**Exhibit 99.28**

**Highlander Silver Corp.**

**<u>EQUITY DISTRIBUTION AGREEMENT</u>**

April 10, 2025

BMO Nesbitt Burns Inc.

2300 – 595 Burrard Street

Vancouver, BC V7X 1L7

Canaccord Genuity Corp.

2100 – 40 Temperance Street

Toronto, ON M5H 0B4

Haywood Securities Inc.

700 – 200 Burrard Street

Vancouver, BC V6C 3L6

National Bank Financial Inc.

800 – 130 King Street West

Toronto, ON M5X 1J9

RBC Dominion Securities Inc.

21st & 22nd Floor – 200 Bay Street

Toronto, ON M5J 2W7

Stifel Nicolaus Canada Inc.

3800 – 161 Bay Street Toronto,

ON M5J 2S1

TD Securities Inc.

1700 – 700 West Georgia Street

Vancouver, BC V7Y 1B6

Ventum Financial Corp.

2500 – 733 Seymour Street

Vancouver, BC V6B 0S6

Ladies and Gentlemen:

Highlander Silver Corp., a company incorporated under the BCBCA (the "**Company**"), confirms its agreement (this "**Agreement**") with BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Haywood Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Stifel Nicolaus Canada Inc., TD Securities Inc. and Ventum Financial Corp. (collectively, the "**Agents**") to issue and sell common shares of the Company ("**Shares**") upon and subject to the terms and conditions contained herein. Capitalized terms used herein have the meanings given to them in Section 23 hereof.

1. Issuance and Sale of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth
herein, it may issue and sell through the Agents Shares (the "**Placement Shares**") having an aggregate sales price of up to C$25,000,000 (the "**Offering** "). The Placement Shares will
be sold on the terms set forth herein at such times and in such amounts as the Company and the Agents shall agree from time to time. The
issuance and sale of the Placement Shares through the Agents will be effected pursuant to the Prospectus filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's appointment of the Agents under this Agreement shall be on
an exclusive basis during the term of this Agreement, and the Company agrees that, during the term of this Agreement, it will not appoint
any other person to act as the Company's agent with respect to the sale of Shares pursuant to the Offering. Nothing contained herein
shall otherwise prohibit or restrict the Company from issuing securities or raising money in any manner other than through the Offering.

2. Placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Placement Notice</u>. Each time that the Company wishes to issue and sell Shares
hereunder (each, a "**Placement** "), it will notify the applicable Agent that the Company has selected such Agent, in its
sole discretion, to act as its agent in respect of such Placement by e-mail notice (or such other method mutually agreed to in writing
by the Company and the applicable Agent) (a "**Placement Notice**") in substantially the form set forth on Schedule 1 hereto,
containing the parameters within which the Company desires to sell the Shares, which shall at a minimum include (i) the number of Placement
Shares to be sold under the applicable Placement, (ii) the time period during which sales are requested to be made, (iii) any limitation
on the number of Placement Shares that may be sold in any one Trading Day, (iv) any minimum price below which sales may not be made, (v)
and the amount of the Placement Fee (as defined below) (including the allocation of the Placement Fee between one or more of the Agents
pursuant to Section 2(b)). The Placement Notice shall originate from any one or more of the individuals (each an "**Authorized Representative**") from the Company set forth on Schedule 2 hereto and shall be addressed to each of the individuals from the
applicable Agent set forth on Schedule 2 hereto, as such Schedule 2 may be amended from time to time by giving notice in accordance with
Section 15. The Placement Notice shall be effective upon delivery to the applicable Agent unless and until (i) the applicable Agent declines
to accept the terms contained therein for any reason, in its sole discretion, in accordance with the notice requirements set forth in
Section 4, (ii) the entire amount of the applicable Placement Shares referred to in the Placement Notice have been sold, (iii) the Company
suspends or terminates the Placement Notice in accordance with the notice requirements set forth in Sections 4 or 14, as applicable, (iv)
the Company issues a subsequent Placement Notice with parameters superseding those contained in the earlier Placement Notice, or (v) this
Agreement has been terminated under the provisions of Section 14. Notwithstanding the foregoing, the Company may not deliver a Placement
Notice to an Agent if the Company has delivered a Placement Notice which remains in effect to another Agent, unless the prior Placement
Notice in has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Placement Fee</u>. The amount of compensation to be paid by the Company to the
applicable Agent with respect to each Placement for which such Agent acted as sales agent under this Agreement shall be equal to 2.0%
of the gross proceeds from such Placement (the "**Placement Fee**") as set out in the Placement Notice. The allocation
of the Placement Fee between one or more of the Agents for each Placement
will be determined by the Company in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Obligation</u>. It is expressly acknowledged and agreed that neither the Company nor the Agents
will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement
Notice to an applicable Agent, which Placement Notice has not been declined, suspended or otherwise terminated in accordance with the
terms of this Agreement, and then only upon the terms specified therein and herein. It is also expressly acknowledged that the Agents
will be under no obligation to purchase Placement Shares on a principal basis. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice, the terms of the Placement Notice will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Limitations on Placements</u>. Under no circumstances shall the Company deliver
a Placement Notice if, after giving effect to the issuance of the Placement Shares requested to be issued under such Placement Notice,
the aggregate sales proceeds raised from the Placement Shares sold pursuant to this Agreement would exceed C$25,000,000. Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares,
the aggregate gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the amount authorized from time to
time to be issued and sold under this Agreement by the Company's board of directors and notified to the Agents in writing. Under
no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower
than the minimum price authorized from time to time in the applicable Placement Notice.

3. Sale of Placement Shares by the Agents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement, upon the Company's
issuance of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise
terminated in accordance with the terms of this Agreement, the applicable Agent will use its commercially reasonable efforts consistent
with its normal trading and sales practices to sell on behalf of the Company and as agent, such Placement Shares up to the amount specified
during the time period specified, and otherwise in accordance with the terms of such Placement Notice and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agents covenant, severally and not jointly, and the Company acknowledges that any applicable Agent
will conduct the sale of Placement Shares in compliance with Applicable Laws including, without limitation, all applicable Canadian Securities
Laws, and, if applicable, the rules of the Exchange, and that such compliance may include a delay in commencement of sales efforts after
receipt of a Placement Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The applicable Agent will provide written confirmation to the Company no later
than the opening of the Trading Day immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting
forth (i) the number of Placement Shares sold on such day, (ii) the average price of the Placement Shares sold (showing the average price
of the Placement Shares sold on the Exchange or any other "marketplace" (as such term is defined in NI 21-101 in Canada (a
" **Marketplace** ")), and pursuant to any other sales method permitted by Applicable
Law and this Agreement to be used by such Agent), (iii) the gross proceeds from the sale of Placement Shares on such day, (iv) the Placement
Fees payable by the Company to such Agent (or Agents) with respect to such sales, and (v) the Net Proceeds payable to the Company. To
the extent such information has not already been provided by the Agents to the Company, the Agents further covenant and agree, severally
and not jointly, to use commercially reasonable efforts to assist the Company with such periodic reporting as may be reasonably requested
by the Company in respect of the sale of Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the terms and conditions of the Placement Notice, the applicable Agent
may sell Placement Shares by any method permitted by law that constitutes an "at-the-market distribution" under NI 44-102,
including, without limitation, sales made directly on the Exchange or any other Marketplace, provided for greater certainty that no such
transactions may be made on any exchange or quotation system outside of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the applicable Agent believes a particular sale contemplated by a Placement
Notice will have a significant effect on the market price of the Shares, such Agent will immediately recommend to the Company against
effecting the trade at that time or on the terms proposed. Notwithstanding the foregoing, the Company acknowledges and agrees that the
Agents cannot provide complete assurances that any sale will not have a significant effect on the market price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agents covenant and agree, severally and not jointly, that the Agents will
not (nor will any affiliate thereof or person or company acting jointly or in concert therewith) over-allot Placement Shares in connection
with a distribution of Placement Shares in at "at-the-market" distribution (as defined in NI 44-102) or enter into any transaction
that is intended to stabilize or maintain the market price of the Placement Shares in connection with such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything to the contrary set forth in this Agreement or a Placement Notice, the Company
acknowledges and agrees that (i) there can be no assurance that the applicable Agent will be successful in selling any Placement Shares
or as to the price at which any Placement Shares are sold, if at all, and (ii) the applicable Agent will incur no liability or obligation
to the Company or any other person or entity if they do not sell Placement Shares for any reason other than a failure by such Agent to
use its commercially reasonable efforts consistent with its normal trading and sales practices to sell, on behalf of the Company and as
agent, such Placement Shares as provided under this Section 3.

4. Suspension of Sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time while a Placement Notice is effective, the Company or the applicable Agent may, upon
 notice to the other party in writing, by telephone (confirmed immediately by e-mail) or by e-mail notice (or other method mutually
 agreed to in writing by the parties), suspend any sale of Placement Shares for which it has received a Placement Notice; provided,
 however, that such suspension shall not affect or impair any party's obligations with respect to any Placement Shares sold
 hereunder prior to the receipt of such notice of suspension. The Company and the Agents agree that no such notice shall be effective against any other party unless it is made to one of
the individuals named on Schedule 2 hereto, as such Schedule may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement, during any period in which
the Company is in possession of material non-public information with respect to the Company or the Shares, the Company and the Agents
(provided they have been given prior written notice of such by the Company, which notice the Agents agree to treat confidentially) agree
that no sale of Placement Shares will take place. The Company and the Agents agree that no such notice shall be effective against any
other party unless it is made to one of the individuals named on Schedule 2 hereto, as such Schedule may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of suspension provided pursuant to Section 4(a), including the reason
for such notice of suspension, will be kept strictly confidential by the Company and the Agents and their respective affiliates and any
person acting on their behalf, unless (i) such information is or becomes generally available to the public other than as a result of a
disclosure by the Company or the Agents in violation of this Agreement; (ii) the disclosure of such information is expressly permitted,
in writing, by the party giving the notice pursuant to Section 4(a); or (iii) the disclosure of such information is required by Applicable
Laws (including Canadian Securities Laws) or by order of a Governmental Authority.

5. Settlement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Settlement of Placement Shares</u>. Unless otherwise specified in the applicable Placement Notice,
settlement for sales of Placement Shares will occur on the first (1<sup>st</sup>) Trading Day (or such other day as is agreed by the parties
to be industry practice for regular-way trading) following the date on which such sales are made (each, a "**Settlement Date** ").
The amount of proceeds to be delivered to the Company on a Settlement Date against the receipt of the Placement Shares sold ()"**Net Proceeds**") will be equal to the aggregate sales price at which such Placement Shares were sold, after deduction of the Placement
Fee in respect of such Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of Placement Shares</u>. On each Settlement Date, the Company will, or will cause its
 transfer agent to, electronically transfer the Placement Shares being sold by crediting the applicable Agent's account or its
 designee's account (provided that such Agent shall have given the Company written notice of such designee at least one Trading
 Day prior to the Settlement Date) at CDS Clearing and Depository Services Inc. through its CDSX system or by such other means of
 delivery as may be mutually agreed upon by the Company and such Agent and, upon receipt of such Placement Shares, which in all cases
 shall be freely tradeable and transferable Shares in good deliverable form, the applicable Agent will, on each Settlement Date,
 deliver the related Net Proceeds in same day funds to an account designated by the Company prior to the Settlement Date. If the
 Company defaults in its obligation to deliver Placement Shares on a Settlement Date, the Company agrees that in addition to and in
 no way limiting the rights and obligations set forth in Section 12 hereto, it will (i) hold the applicable Agent harmless against
 any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection
 with such default by the Company, and (ii) pay to such Agent any Placement Fee, discount, or other compensation to which it would
 otherwise have been entitled absent such default, provided that the
Company shall not be obligated to pay to such Agent any amount specified in (ii) above on any Placement Shares that it is not possible
to settle due to due to (i) a suspension or material limitation in trading in securities generally on the Exchange or other Marketplace;
(ii) a material disruption in securities settlement or clearance services in Canada; or (iii) a failure by such Agent to comply with its
obligations under the terms of this Agreement. The applicable Agent in respect of a Placement Notice covenants and agrees to copy or otherwise
include the Company on any correspondence between such Agent and the transfer agent of the Company in connection with or relating to the
settlement (electronic or otherwise) of any sale of Placement Shares hereunder.

6. Prospectus

The Company has prepared and filed with the Qualifying Authorities in the Qualifying Jurisdictions, the Preliminary Base Prospectus and the Base Prospectus, in respect of an aggregate of up to C$200 million in Shares, debt securities, warrants, subscription receipts and units of the Company (collectively, the "**Shelf Securities**"), in each case in accordance with Canadian Securities Laws. The Ontario Securities Commission (the "**Reviewing Authority**") is the principal regulator of the Company under the passport system procedures provided for under Multilateral Instrument 11-102 – *Passport System* and National Policy 11-202 *– Process for Prospectus Reviews in Multiple Jurisdictions* in respect of the Shelf Securities and the Offering. The Reviewing Authority has issued a receipt evidencing that a receipt has been issued on behalf of itself and the Qualifying Authorities for the Preliminary Base Prospectus, and the Reviewing Authority has issued a receipt evidencing that a receipt has been issued on behalf of itself and the other Qualifying Authorities for the Base Prospectus (the "**Receipt**"). The term "**Base Prospectus**" means the short form base shelf prospectus of the Company (in the English language only) dated April 10, 2025 relating to the Shelf Securities, as the same may be amended or amended and restated from time to time, and includes all documents incorporated therein by reference and the documents otherwise deemed to be a part thereof or included therein pursuant to Canadian Securities Laws, including but not limited to, all Designated News Releases. As used herein, a "**Designated News Release**" means a news release disseminated by the Company in respect of previously undisclosed information that, in the Company's determination, constitutes a "material fact" (as such term is defined in Canadian Securities Laws) and identified by the Company as a "designated news release" in writing on the face page of the version of such news release that is filed by the Company on SEDAR+. As used herein, "**Prospectus Supplement**" means the most recent prospectus supplement (including any amendment thereto, and in the English language only) to the Base Prospectus relating to the Placement Shares, filed by the Company with the Qualifying Authorities in accordance with Canadian Securities Laws. The Prospectus Supplement shall provide that any and all Designated News Releases shall be deemed to be incorporated by reference in the Base Prospectus.

For purposes of this Agreement, all references to the Base Prospectus, the Prospectus Supplement and the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms "amend", "amendment" or "supplement" with respect to the Base Prospectus, the Prospectus Supplement and the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the filing of any document with the Qualifying Authorities, as applicable, on or after the date of the Base Prospectus, the Prospectus Supplement and the Prospectus, as the case may be, and deemed to be incorporated by reference therein.

All references in this Agreement to financial statements and other information which is "described", "contained", "included" or "stated" in the Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and other information which is incorporated by reference in or otherwise deemed by Canadian Securities Laws to be a part of or included in the Prospectus.

7. Representations and Warranties of the Company

The Company represents and warrants to the Agents, and acknowledges that the Agents are relying upon such representations and warranties, that as of the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Prospectus</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company is qualified in accordance with the provisions of NI 44-101 and NI
44-102 to file a short form base shelf prospectus in each of the Qualifying Jurisdictions, and there are no reports or information that
in accordance with the requirements of Canadian Securities Laws must be made publicly available in connection with the Offering as at
the date hereof that have not been made publicly available as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The delivery to the Agents of the Prospectus shall constitute the representation
and warranty of the Company to the Agents that, at the respective dates of initial delivery thereof, the information and statements contained
therein, and of any documents incorporated therein by reference (except information and statements relating solely to and provided by
the Agents in writing expressly for inclusion therein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) are true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) constitute full, true and plain disclosure of all material facts relating to (i) the Company and its Material
Subsidiary on a consolidated basis and (ii) the Placement Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) contain no misrepresentations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) do not omit a material fact which is necessary to make the information and statements contained therein
not misleading in light of the circumstances in which they were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Material Change</u>. Except as disclosed in the Prospectus, since December 31, 2024: (i) there has
been no material change (actual, anticipated, contemplated or threatened, financial or otherwise) with respect to the Company and its
subsidiaries taken as a whole; (ii) there have been no transactions
entered into by the Company or any of its subsidiaries which are material with respect to the Company and its subsidiaries taken as a
whole, other than those in the ordinary course of business; and (iii) there has been no dividend or distribution of any kind declared,
paid or made by the Company on any class of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Organization</u>. The Company is a corporation existing under the BCBCA and
is properly registered or licensed to carry on business under the laws of all jurisdictions in which its business is currently carried
on, except where the failure to be so registered or licensed would not have a Material Adverse Effect. The Material Subsidiary is a corporation
existing under the laws of its jurisdiction of formation or continuance and is properly registered or licensed to carry
on business under the laws of all jurisdictions in which its business is currently carried on, except where the failure to be so registered
or licensed would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Due Authorization</u>. The Company has the requisite corporate power, authority
and capacity to execute and deliver the Prospectus, to enter into this Agreement and to perform its obligations hereunder and each of
the Company and the Material Subsidiary has the requisite corporate power, authority and capacity to own, lease and operate its property
and assets and to carry on its business as currently carried on and as proposed to be carried on. All necessary corporate action has been
taken by the Company to authorize the execution and delivery of the Prospectus and the filing thereof, as the case may be, in each of
the Qualifying Jurisdictions under Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Capitalization</u>. The Company has authorized share capital consisting of an
unlimited number of Shares, of which 104,870,985 Shares are issued and outstanding as of the date hereof. All of the issued and outstanding
Shares have been duly and validly authorized and issued, and are fully paid and non-assessable common shares of the Company, and none
of the outstanding Shares were issued in violation of the pre-emptive or similar rights of any securityholder of the Company. Other than
the Company's stock options, share units or other securities issued pursuant to the Company's security-based compensation
arrangements, no person has any agreement, option, warrant or other right or privilege (whether pre-emptive or contractual) capable of
becoming an agreement, option, warrant or other right or privilege for the purchase from the Company of any unissued securities of the
Company, except as disclosed in the Prospectus. The Shares conform in all material respects to the description thereof set forth in the
Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Absence of Proceedings</u>. Neither the Company nor the Material Subsidiary
has committed an act of bankruptcy or sought protection from the creditors thereof before any court or pursuant to any Applicable Laws,
proposed a compromise or arrangement to the creditors thereof generally, taken any proceeding with respect to a compromise or arrangement,
taken any proceeding to be declared bankrupt or wound up, taken any proceeding to have a receiver appointed of any of the assets thereof,
had any person holding any Lien or receiver take possession of any of the property thereof, had an execution or distress become enforceable
or levied upon any portion of the property thereof or had any petition for a receiving order in bankruptcy filed against it. No proceedings
have been taken, instituted or, to the knowledge of the Company, are pending for the dissolution or liquidation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Issuance of Placement Shares</u>. Prior to delivering a Placement Notice pursuant to Section 2(a) (or
at such time as otherwise agreed between the Company and the Agents), the issuance of the Placement Shares set forth in the Placement
Notice shall have been duly authorized. When issued, and upon receipt of payment therefor, the Placement Shares shall be validly issued
as fully paid and non-assessable Shares, and will not have been issued in violation of or subject to any pre-emptive rights or contractual
rights to purchase securities issued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Material Subsidiary</u>. All of the issued and outstanding shares or other equity
interests in the Material Subsidiary are owned (either directly or indirectly) by the Company, free and clear of all Liens, and have been
duly and validly authorized and issued by the Material Subsidiary, and are fully paid and non-assessable shares or other equity interests
of the Material Subsidiary. Other than the shares or other equity interests in the subsidiaries of the Company, the Company does not own
or have any equity interest, directly or indirectly, in any person, except as disclosed in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Incorporated Documents</u>. The Documents Incorporated by Reference in the
Prospectus, when they were filed with the Qualifying Authorities, conformed in all material respects to the requirements of the Canadian
Securities Laws; and any further Documents Incorporated by Reference in the Prospectus prior to the completion of the distribution of
the Placement Shares, when such documents are so filed, will conform in all material respects to the applicable requirements of Canadian
Securities Laws and will not contain a misrepresentation or an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Financial Information</u>. The Financial Statements have been prepared in conformity
with IFRS applicable to publicly accountable enterprises applied on a consistent basis throughout the periods involved and present fairly
in all material respects the consolidated financial position, income / (loss) and comprehensive income / (loss), cash flows and changes
in equity of the Company as at the dates of and for the periods referred to in such statements. Neither the Company nor the Material Subsidiary
has incurred any liabilities or obligations (whether accrued, absolute, contingent or otherwise) that continue to be outstanding except:
(i) as disclosed in the Prospectus; or (ii) as incurred in the ordinary course of business by the Company or the Material Subsidiary,
as the case may be, and which do not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Disclosure Controls</u>. The Company maintains "disclosure controls and
procedures" (as that term is defined in National Instrument 52-109 – *Certification of Disclosure in Issuers' Annual and Interim Filings*) that comply with the requirements of Canadian Securities Laws; such disclosure controls and procedures have been
designed to ensure that material information relating to the Company is made known to the Company's Chief Executive Officer and
Chief Financial Officer by others within the Company. Such disclosure controls and procedures are effective and the Company is not aware
of any material weaknesses therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Related Party Transactions</u>. Except as disclosed in the Prospectus, no director
or officer, former director or officer, or shareholder or employee of, or any other person not dealing at arm's length with, the
Company or the Material Subsidiary has had any interest, direct or indirect, in any material transaction or arrangement with or will be
a party to a material contract with, or has any indebtedness, liability or obligation to, the Company or the Material Subsidiary, except
for employment or consulting arrangements with employees or consultants or those serving as a director or officer of the Company or any
of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Conflicts</u>. Neither the Company or the Material Subsidiary is in material breach or violation
of, and the execution and delivery of this Agreement and the performance by the Company of its obligations hereunder will not result in
any breach or violation of, or be in conflict with, or constitute a
default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under any term or
provision of the constating documents of the Company or the Material Subsidiary, as the case may be, or any resolution of the directors
or shareholders of the Company or the Material Subsidiary, as the case may be, or any material contract, mortgage, note, indenture, joint
venture or partnership arrangement, agreement (written or oral), instrument, lease, judgment, decree, order, statute, rule, licence or
regulation applicable to the Company or the Material Subsidiary, as the case may be, and will not give rise to any Lien in or with respect
to the properties or assets now owned or hereafter acquired by the Company or the Material Subsidiary or the acceleration of or the maturity
of any debt under any indenture, mortgage, lease, agreement or instrument binding or affecting any of them or any of their properties
or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Consents Required</u>. No approval, authorization, consent or other order
of, and no filing, registration or recording with, any Governmental Authority or other person is required of the Company in connection
with the execution and delivery of, or the performance by the Company of its obligations under, this Agreement, except as required by
Canadian Securities Laws in the Qualifying Jurisdictions with regard to the distribution of the Placement Shares, if any, in the Qualifying
Jurisdictions. There are no third party consents required to be obtained in order for the Company to complete the distribution of Placement
Shares, if any, as contemplated by this Agreement except such as have been obtained or will be obtained under Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Change in Laws</u>. Neither the Company nor the Material Subsidiary is aware of any pending change
or contemplated change to any Applicable Law or regulation or governmental position that would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Authorization; Enforceability</u>. This Agreement and the performance of the Company's obligations
hereunder have been duly authorized by all necessary corporate action and no other corporate proceedings on the part of the Company are
required to authorize this Agreement. This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforcement hereof may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by the
application of equitable principles when equitable remedies are sought and subject to the fact that rights of indemnity and contribution
may be limited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Voting or Control Agreements</u>. There are no shareholders' agreements, voting agreements, investors'
rights agreements or other agreements in force or effect which in any manner affects or will affect the voting or control of any of the
securities of the Company or its subsidiaries, the nomination of directors to the board of the Company or the operations or affairs of
the Company or the Material Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Applicable Registration or Other Similar Rights</u>. There are no persons with registration or other
similar rights to have any equity or debt securities registered or qualified for sale under the Prospectus or included in the Offering
contemplated by this Agreement who have not waived such rights in writing (including electronically)
prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>No Orders</u>. To the knowledge of the Company, no securities commission, stock
exchange or comparable authority has issued any order: (i) requiring trading in any of the Company's securities to cease; or (ii)
preventing the distribution of Shares in any Qualifying Jurisdiction, the United States or any other jurisdiction outside of Canada and
the United States, nor instituted proceedings for that purpose and, to the knowledge of the Company, no such proceedings are pending or
contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Transfer Agent</u>. Endeavor Trust Corporation, at its principal office in
the City of Vancouver, has been duly appointed as registrar and transfer agent for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>No Litigation</u>. There is no litigation or governmental or other proceeding
or investigation at law or in equity before any Governmental Authority, domestic or foreign, in progress, pending or, to the Company's
knowledge, threatened (and the Company does not know of any basis therefor) against, or involving the assets, properties or business of,
the Company or the Material Subsidiary, nor are there any matters under discussion outside of the ordinary course of business with any
Governmental Authority relating to taxes, governmental charges, orders or assessments asserted by any such authority, and to the Company's
knowledge there are no facts or circumstances which would reasonably be expected to form the basis for any such litigation, governmental
or other proceeding or investigation, taxes, governmental charges, orders or assessments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Exchange Listing</u>. The issued and outstanding Shares are listed and posted
for trading on the CSE under the symbol "HSLV" and the Company has taken no action designed to delist the Shares from the
CSE, other than as disclosed in the Prospectus, nor has the Company received any notification that the Qualifying Authorities or the CSE
is contemplating terminating such registration or listing. The Company has complied in all material respects with the applicable requirements
of the Exchange for maintenance of listing of the Shares thereon. The Company has received conditional approval of the TSX for the listing
of its issued and outstanding Shares on the TSX under the symbol "HSLV". For so long as the Shares are listed on the Exchange,
the Placement Shares will be listed and posted for trading on the Exchange upon the Company complying with the conditions imposed by the
Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Independent Auditor</u>. The Auditor is independent with respect to the Company
within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any
applicable legislation or regulation, and there has not been any reportable event (within the meaning of NI 51-102) with such firm or
any other prior auditor of the Company or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Audit Committee</u>. The Company's audit committee's responsibilities and composition comply
with NI 52-110.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All tax returns required to be filed by the Company and the Material Subsidiary
on or prior to the date hereof have been filed, and all taxes and other assessments of a similar nature (whether imposed directly or through
withholding), including any interest, additions to tax or penalties applicable thereto, have been paid when due, other than non-material
amounts or those being contested in good faith and for which adequate reserves have been provided, and neither the Company nor the Material
Subsidiary is party to any agreement, waiver or arrangement with any taxing authority, which relates to any extension of time with respect
to the filing of any tax returns, any payment of taxes or any assessment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There is no tax deficiency which has been asserted in writing by any Governmental Authority against the
Company or the Material Subsidiary which would have a Material Adverse Effect, and all material tax liabilities are adequately provided
for in accordance with IFRS within the Financial Statements of the Company for all periods up to December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There are no assessments or investigations in progress, pending or, to the knowledge of the Company, threatened
against the Company by any Governmental Authority in respect of taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no Liens for taxes upon the assets of the Company, other than Liens
for taxes that are not yet due or are not in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Proposed Acquisition or Disposition</u>. Except for discussions or negotiations
in the ordinary course of business, neither the Company nor the Material Subsidiary is currently party to any agreement in respect of:
(i) the purchase of any material assets or property, or any interest therein, or the sale, transfer or other disposition of any material
assets or property, or any interest therein, currently owned, directly or indirectly, by the Company whether by asset sale, transfer of
shares or otherwise; or (ii) the change of control of the Company (whether by sale or transfer of shares or sale of all or substantially
all of the assets of the Company or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>No Violation</u>. Each of the Company and the Material
Subsidiary has conducted and is conducting its business in compliance in all material respects with all Applicable Laws, rules and regulations
of each jurisdiction in which it currently carries on business and neither the Company nor the Material Subsidiary has received any notice
of any alleged violation of any such laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Governmental Licences</u>. Each of the Company and the
Material Subsidiary possess such permits, licences, approvals, consents and other authorizations (collectively, "**Governmental Licences**") issued by Governmental Authorities necessary to conduct its business as now operated by it, except where the failure
to so possess would not, individually or in the aggregate, have a Material Adverse Effect and all such Governmental Licences are valid
and existing and in good standing in all material respects. Each of the Company and the Material Subsidiary is in compliance with the
terms and conditions of all such Governmental Licences, except where the failure to so comply would not, individually or in the aggregate,
have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Employment Matters.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company and the Material Subsidiary is in compliance, in all material
respects, with the provisions of all applicable federal, provincial, local and foreign laws and regulations respecting employment and
employment practices, terms and conditions of employment and wages and hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No collective labour dispute, grievance, arbitration or legal proceeding is ongoing, pending or, to the
knowledge of the Company, threatened and no individual labour dispute, grievance, arbitration or legal proceeding is ongoing, pending
or, to the knowledge of the Company, threatened with any employee of the Company or the Material Subsidiary that would have a Material
Adverse Effect, and, to the knowledge of the Company, none has occurred during the past year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No union has been accredited or otherwise designated to represent any employees
of the Company or any of its subsidiaries and, to the knowledge of the Company, no accreditation request or other representation question
is pending with respect to the employees of the Company or the Material Subsidiary and no collective agreement or collective bargaining
agreement or modification thereof has expired or is in effect in any of the Company's or the Material Subsidiary's facilities
and none is currently being negotiated by the Company or the Material Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Leases</u>. Neither the Company nor the Material Subsidiary
is in default or breach, in any material respect, of any material real property lease, and neither the Company nor the Material Subsidiary
has received any notice or other communication from the owner or manager of any real property leased by the Company or the Material Subsidiary
that the Company or the Material Subsidiary is not in compliance with any real property lease, and to the knowledge of the Company, no
such notice or other communication is pending or has been threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Insurance</u>. The Company maintains such policies of
insurance, issued by responsible insurers, as are appropriate to its operations, property and assets, in such amounts and against such
risks as are customarily carried and insured against by owners of comparable businesses, properties and assets; and neither the Company
nor the Material Subsidiary is in default in any material respect as to the payment of premiums or otherwise, under the terms of any
such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Personal Property</u>. Each of the Company and the Material
Subsidiary has good and marketable title to all of its material assets and property and, except for the sale of inventory in the ordinary
course of business, no person has any contract or any right or privilege capable of becoming a right to purchase any personal property
from the Company or the Material Subsidiary that would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Environmental Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except for such matters as would not, individually or in the aggregate, have a
Material Adverse Effect, (i) neither the Company nor the Material Subsidiary is in violation of any Environmental Laws; and (ii) there
are no pending administrative, regulatory or judicial actions,
suits, demands, demand letters, claims, liens, orders, directions, notices of non-compliance or violation, investigation or proceedings
relating to any Environmental Laws against the Company or the Material Subsidiary, and there are no facts or circumstances which would
reasonably be expected to form the basis for any such administrative, regulatory or judicial actions, suits, demands, demand letters,
claims, liens, orders, directions, notices of non-compliance or violation, investigation or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company and the Material Subsidiary have obtained all licences, permits, approvals,
consents, certificates, registrations and other authorizations under the Environmental Laws (the "**Required Permits** ")
required for the operation of the Company's or the Material Subsidiary's business as currently operated by them, except where
the absence of any Required Permit would not have a Material Adverse Effect and, to the Company's knowledge, each Required Permit
is valid, subsisting and in good standing and the holders of the Required Permits are not in material default or breach thereof and no
proceeding is pending or to the knowledge of the Company threatened to revoke or limit any Required Permit except where such breach or
default would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Neither the Company nor the Material Subsidiary has used, except in compliance with all Environmental
Laws or except to the extent that the consequences would not have a Material Adverse Effect, any property or facility which it owns or
leases or previously owned or leased, to generate, manufacture, process, distribute, use, treat, store, dispose of, transport or handle
any Hazardous Materials or Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no ongoing environmental audits, evaluations, assessments, studies or tests relating to the
Company or the Material Subsidiary, except for audits, evaluations, assessments, studies or tests conducted by or on behalf of the Company
or the Material Subsidiary or Governmental Authorities in the ordinary course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Neither the Company nor the Material Subsidiary has received any notice of, or
been prosecuted for an offence alleging, non-compliance with any Environmental Laws, and neither the Company nor the Material Subsidiary
has settled any allegation of non-compliance short of prosecution except where such non-compliance or settlement would not have a Material
Adverse Effect. There are no orders or directions relating to environmental matters requiring any work, repairs, construction or capital
expenditures to be made with respect to any of the assets of the Company or the Material Subsidiary nor has the Company or the Material
Subsidiary received notice of any of the same, except in each case, orders or directions which would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither the Company nor the Material Subsidiary has received any notice that it
is potentially responsible for a federal, provincial, state, municipal or local clean-up site or corrective action under any Environmental
Laws except where such action would not have a Material Adverse Effect. Neither the Company nor the Material Subsidiary has received any
request for information in connection with any federal, state, municipal or local inquiries as to disposal
sites, except where such action would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>San Luis Project</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The San Luis Project is the only material mineral property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company or any of its subsidiaries holds the mineral rights (31 mining concessions
and 1 mining claim) making up San Luis Project (the "**Mineral Title**") recognized in the jurisdiction in which the San
Luis Project is located, granting the Company or its subsidiaries with the exclusive right to explore for, develop, extract, and exploit
the minerals located within the area of such Mineral Title. All of the mineral rights making up San Luis Project are currently in good
standing. In addition, the Company or any of its subsidiaries has all necessary access rights granting the Company or any of its subsidiaries
the rights and ability to conduct its currently planned exploration program at the San Luis Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All payments required to maintain the Mineral Title in good standing have been timely made by the Company
or its subsidiaries, and the Company and each of its subsidiaries has complied in all material respects with all Applicable Laws required
to maintain its Mineral Title in good standing except in respect of Mineral Title that the Company or a subsidiary intends to abandon
or relinquish.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Company nor the Material Subsidiary has received written or oral notice
of the termination, cancellation, or declaration of invalidity or unenforceability by any person of any Mineral Title, or has become aware
of any intention on the part of, nor has there been any announcement by, any person to terminate, cancel, declare invalid or unenforceable
or revoke any or Mineral Title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The San Luis Project (or any interest in, or right to earn an interest in, the
San Luis Project) or other assets of the Company or the Material Subsidiary is not subject to any right of first refusal or purchase or
acquisition right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There are no expropriations or similar proceedings or any material challenges to
title or ownership, actual or threatened, of which the Company or the Material Subsidiary has received notice or of which any of them
has knowledge against the Mineral Title of the Company or the Material Subsidiary or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Exploration and Development Activities</u>. To the knowledge of the Company, after due inquiry, all
mineral exploration activities on the San Luis Project have been conducted in all material respects in accordance with good mining and
engineering practices and all applicable workers' compensation and health and safety and workplace laws have been duly complied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Indigenous Claims</u>. To the knowledge of the Company,
after due inquiry, there are no material claims with respect to native or indigenous rights currently or pending or, except as disclosed
to the Agents in writing, threatened with respect to any of the properties of the Company or the Material Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>NI 43-101 Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company is currently in compliance in all material respects with the provisions
of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All information relating to the San Luis Project disclosed by the Company in the
Prospectus has been disclosed in compliance in all material respects with Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All material information relating to the San Luis Project has been disclosed on SEDAR+ by the Company
or the previous owner of the San Luis Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company made available to the author thereof prior to the issuance of the
Technical Report filed by the Company on SEDAR+, for the purpose of preparing the Technical Report, all material information requested,
and no such information contained any material misrepresentation as at the relevant time the relevant information was made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Technical Report complies in all material respects with the requirements of
NI 43-101 as at the date of the Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) All scientific and technical information (within the meaning of NI 43-101) disclosed
in the Prospectus: (A) is based upon information prepared, reviewed and/or verified by or under the supervision of a "qualified
person" (as such term is defined in NI 43-101), (B) has been prepared and disclosed in accordance with Canadian industry standards
set forth in NI 43-101, and (C) was true, complete and accurate in all material respects at the time of filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Material Indebtedness</u>. Neither the Company or the
Material Subsidiary has outstanding any debentures, notes, mortgages, or other indebtedness that is material to the Company and its subsidiaries
taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Minute Books</u>. The minute books and corporate records
of the Company and its subsidiaries made available to Blake, Cassels & Graydon LLP, counsel to the Agents, in connection with the
Agents' due diligence investigations are complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Operations</u>. The operations of the Company and its
subsidiaries are and have been conducted at all times in compliance with the anti-money laundering laws of all applicable jurisdictions,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by
any Governmental Authority to which they are subject (collectively, "**Anti-Money Laundering Laws**") and no action, suit
or proceeding by or before any Governmental Authority or any arbitrator involving the Company or any of its subsidiaries with respect
to Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Sanctions</u>. Neither the Company nor any of its subsidiaries
nor, to the knowledge of the Company, any director, officer, agent (acting on behalf of the Company), employee or affiliate of the Company or any
of its subsidiaries is currently the subject of any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department or other relevant sanctions authority (collectively, "**Sanctions** "); and the Company will not directly or
indirectly use the proceeds of the offering of Placement Shares, or lend, contribute or otherwise make available such proceeds to any
of its subsidiaries, joint venture partners or other person or entity, for the purpose of financing the activities of any person currently
subject to any Sanctions. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer,
agent (acting on behalf of the Company), employee or affiliate of the Company or any of its subsidiaries is located, organized or resident
in a country or territory that is the subject of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Anti-Corruption Laws.</u> None of the Company, any of
its subsidiaries or any director or officer of the Company or any of its subsidiaries or, to the knowledge of the Company, any agent,
employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries, is aware of or has taken any action,
directly or indirectly, that would result in a violation by such persons of the *Foreign Corrupt Practices Act of 1977* (the "**FCPA** ")
or the *Corruption of Foreign Public Officials Act* (Canada) (the "**CFPOA**") or any applicable law of similar effect
of another jurisdiction, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce
corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift,
promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in
the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA
or the CFPOA and the Company and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance with
the FCPA and the CFPOA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
to continue to ensure, continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>No Stabilization</u>. Neither the Company nor any affiliate
of the Company has taken, nor will the Company or any affiliate take, any action which constitutes stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>Fees</u>. Other than as contemplated hereby, there is
no person acting at the request of the Company who is entitled to any commission, finder's fee, advisory fee, underwriting fee
or agency fee in connection with or as a result of the sale of the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Reporting Issuer and Exchange Status</u>. The Company
is a reporting issuer in each of the Qualifying Jurisdictions, is not in default in any material respect of any requirement under Canadian
Securities Laws in the Qualifying Jurisdictions and is in compliance, in all material respects, with the by-laws, rules, policies and
regulations of the Exchange. The Company has not filed any confidential material change report which remains confidential as of the date
hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Forward-Looking Information</u>. With respect to forward-looking
information (within the meaning of Section 1(1) of the *Securities Act* (Ontario)) contained in or incorporated by reference in
the Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company had a reasonable basis for the forward-looking information at the time the disclosure was
made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all forward-looking information is identified as such, and all such documents
caution users of forward-looking information that actual results may vary from the forward-looking information and identifies material
risk factors that could cause actual results to differ materially from the forward-looking information; and states the material factors
or assumptions used to develop forward-looking information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all future-oriented financial information and each financial outlook: (A) presents
fairly and correctly in all material respects the information contained therein; and (B) is based on assumptions that
are reasonable in the circumstances, reflect the Company's intended course of action, and reflect management's expectations
concerning the most probable set of economic conditions during the periods covered thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is limited to a period for which the information in the future-oriented financial
information or financial outlook can be reasonably estimated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>Filings</u>. The Company is not in default of its filings
under, nor has it failed to file or publish any document required to be filed under Canadian Securities Laws or the rules, regulations
and policies of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>Off-Balance Sheet Arrangements</u>. Except as disclosed in the Prospectus, there are no material off-balance
sheet transactions, arrangements or obligations (including contingent obligations) of the Company with unconsolidated entities or other
persons that could reasonably be expected to have a Material Adverse Effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>Purchases by the Agents</u>. The Company acknowledges
and agrees that the Agents have informed the Company that the Agents may, but are not required to, to the extent permitted under Canadian
Securities Laws and this Agreement, purchase and sell Shares for the Agents' own accounts and for the accounts of their clients
at the same time as sales of Placement Shares occur pursuant to this Agreement.

8. Covenants of the Company.

The Company covenants and agrees with the Agents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Prospectus Amendments</u>. After the date of this Agreement and until the earlier
of the completion and settlement of the sales of Placement Shares contemplated hereunder or the termination of this Agreement in accordance
with the terms and conditions contained herein (the "**Distribution Period** "), the Company will: (i) notify the Agents
promptly of the time when any subsequent amendment to the Base Prospectus has been filed with any Qualifying Authority and has become
effective or where a receipt has been issued therefor, as applicable, or any subsequent supplement to the Prospectus has been filed (each,
an "**Amendment Date**") and of any request by any Qualifying Authority for any amendment or supplement to the Prospectus
or for additional information; (ii) file promptly all other material required to be filed by it with the Qualifying Authorities; (iii)
submit to the Agents a copy of any amendment
or supplement to the Prospectus (other than a copy of any documents incorporated by reference into the Prospectus) within a reasonable
period of time before the filing thereof and will afford the Agents and the Agents' counsel a reasonable opportunity to comment
on any such proposed filing and to perform any due diligence investigations as may reasonably be required prior to such proposed filing;
and (iv) furnish to the Agents at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by
reference in the Prospectus (provided that the Company shall not be required to deliver documents or information incorporated by reference
into the Prospectus if such documents are accessible from SEDAR+), and the Company will cause each amendment or supplement to the Prospectus
to be filed with the Qualifying Authorities as required pursuant to Shelf Procedures or, in the case of any document to be incorporated
therein by reference, to be filed with the Qualifying Authorities as required pursuant to Canadian Securities Laws, within the time period
prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Stop Orders</u>. The Company will advise the Agents, promptly after
it receives notice thereof, of the issuance by the Qualifying Authorities of any stop order or of any order preventing or suspending the
use of the Prospectus or other prospectus in respect of the Shares, of the suspension of the qualification of the Shares for offering
or sale in the Qualifying Jurisdictions, of the initiation or threatening of any proceeding for any such purpose, or of any request by
the Qualifying Authorities for the amending or supplementing of the Prospectus or for additional information relating to the Shares. If
there is a Placement Notice that has been issued by the Company that has not been suspended or terminated in accordance with the notice
requirements set forth in Sections 4 or 14, as applicable, the Company will use its commercially reasonable efforts to prevent the issuance
of any stop order or any order preventing or suspending the use of the Prospectus or other prospectus in respect of the Shares, the suspension
of any qualification for offering or sale in the Qualifying Jurisdictions, and, in the event of the issuance of any such stop order or
any such order preventing or suspending the use of any prospectus relating to the Shares or suspending any such qualification, the Company
will use its commercially reasonable efforts to obtain the lifting or withdrawal of such order as soon as possible. If there is no such
outstanding Placement Notice, then, if, in the Company's determination and at the Company's sole discretion, it is necessary
to prevent the issuance of any stop order or have a stop order lifted, the Company will use its commercially reasonable efforts to prevent
the issuance of any stop order or any order preventing or suspending the use of the Prospectus or other prospectus in respect of the Shares,
the suspension of any qualification for offering or sale in the Qualifying Jurisdictions, and, in the event of the issuance of any such
stop order or any such order preventing or suspending the use of any prospectus relating to the Shares or suspending any such qualification,
the Company will use its commercially reasonable efforts to obtain the lifting or withdrawal of such order as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delivery of Prospectus; Subsequent Changes</u>. During the Distribution Period,
the Company will comply in all material respects with all requirements imposed upon it by Canadian Securities Laws, as appropriate and
as from time to time in force, and will file on or before their respective due dates all reports required to be filed by it with the Qualifying
Authorities pursuant to Canadian Securities Laws, as appropriate. If during the Distribution Period any event occurs as a result of which
the Prospectus as then amended or supplemented, if applicable,
would include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light
of the circumstances then existing, not misleading, unless the Company has disseminated a Designated News Release for the purposes of
the Prospectus disclosing such material fact, or if during such period it is necessary to amend or supplement the Prospectus to comply
with Canadian Securities Laws, the Company will immediately notify the Agents to suspend the offering of Placement Shares during such
period in accordance with Section 4 and, if, in the Company's determination and at the Company's sole discretion, it is necessary
to file an amendment or supplement to the Prospectus to comply with Canadian Securities Laws, the Company will promptly prepare and file
with the Qualifying Authorities such amendment or supplement as may be necessary to correct such statement or omission or to make the
Prospectus comply with such requirements, and the Company will furnish to the Agents such number of copies of such amendment or supplement
as the Agents may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Prospectus</u>. During the Distribution Period, if requested by the Agents, the Company will furnish
to the Agents and their counsel (at the expense of the Company) copies of the Prospectus (including all documents incorporated by reference
therein) and all amendments and supplements to the Prospectus that are filed with the Qualifying Authorities during the period in which
a prospectus relating to the Shares is required to be delivered by the Qualifying Authorities (including all documents filed with the
Qualifying Authorities during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably
practicable and in such quantities as the Agents may from time to time reasonably request; provided, however, the Company shall not be
required to furnish any documents to the Agents that are available on SEDAR+.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Company Information</u>. The Company will furnish to the Agents such information
in its possession as is reasonably requested by the Agents as necessary or appropriate to fulfil their obligations as agents pursuant
to this Agreement and Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Material Non-Public Information</u>. The Company covenants that it will not
issue a Placement Notice to an applicable Agent in accordance with Section 2 hereof if the Company is in possession of material non-public
information regarding the Company and its subsidiaries, taken as a whole, or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Expenses</u>. The Company, whether or not the transactions contemplated hereunder
are consummated or this Agreement is terminated in accordance with Section 14, will pay all expenses relating to the following matters:
(i) the preparation and filing of the Prospectus and each amendment and supplement thereto, (ii) the preparation, issuance and delivery
of the Placement Shares, (iii) all fees and disbursements of the Company's counsel, accountants, consultants, translators and other
advisors and experts, (iv) the reasonable and documented fees and disbursements of counsel to the Agents in connection with this Agreement
and the Prospectus and ongoing services in connection with the transaction contemplated hereunder, (v) the qualification of the Placement
Shares under securities law, including filing fees in connection therewith, (vi) the printing and delivery to the Agents of copies of
the Prospectus and any amendments or supplements thereto, and of this Agreement, (vii) the fees and expenses incurred in connection with
the listing or qualification of the Placement Shares for trading on the Exchange, and (viii) the filing fees and expenses related to the Qualifying
Authorities. All fees and expenses are to be paid in the currency in which such fees and expenses were incurred. The fees of counsel to
the Agents pursuant to subsection (iv) above shall not exceed (A) $75,000 (exclusive of taxes and disbursements) plus (B) an additional
$10,000 (exclusive of taxes and disbursements) per any fiscal quarter in which a subsequent Representation Date Certificate is delivered
hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Use of Proceeds</u>. The Company will use the Net Proceeds as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Change of Circumstances</u>. During the term of this Agreement, the Company will, at any time during
a fiscal quarter in which the Company intends to deliver a Placement Notice to an applicable Agent to sell Placement Shares, advise such
Agent promptly after it has received notice or obtained knowledge of any information or fact that would alter or affect in any material
respect any representation, opinion, certificate, letter or other document provided to the Agents pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Due Diligence Cooperation</u>. The Company will reasonably cooperate with any reasonable due diligence
review conducted by the Agents or their counsel, including, without limitation, providing information and making available documents and
the Company's senior corporate officers, and, upon reasonable request, representatives of the Company's auditors and qualified
persons as the Agents or their counsel may reasonably request; provided, however, that the Company shall be required to make available
such senior corporate officers only (i) by telephone, video-conference or at the Company's principal offices and (ii) during the
Company's ordinary business hours. In connection with a Representation Date unless delivery of the Representation Date Certificate
is waived in accordance with Section 8(m), the Company will, at the reasonable request of the Agents, make available senior corporate
officers, representatives of the Company's auditors, and, to the extent that there is a new technical report that supersedes or
renders no longer current the Technical Report, qualified persons for a "bring-down" due diligence session.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Affirmation of Representations, Warranties, Covenants and Other Agreements</u>.
Upon commencement of the offering of the Placement Shares under this Agreement (and upon the recommencement of the offering of the Placement
Shares under this Agreement following any suspension of sales under Section 4), and at each Applicable Time, each Settlement Date and
each Amendment Date, the Company shall be deemed to have affirmed each representation and warranty contained in this Agreement (except
only to the extent that any such representation or warranty is, by its express terms, limited to a specific date), or with respect to
any such representation made or deemed to be made after the date hereof, as otherwise updated, qualified or clarified and expressly disclosed
in the Prospectus, a Placement Notice or the Representation Date Certificate contemplated in Section 8(m).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Required Filings Relating to Placement of Placement Shares</u>. The Company shall comply with the reporting
requirements set forth in Section 9.4 of NI 44-102 with respect to sales of Placement Shares pursuant to this Agreement. For so long as
the Shares are listed on the Exchange, the Company will provide the Exchange with all information it requires with respect to the Offering
within the timelines prescribed by the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Representation Dates; Certificate</u>. During the term of this Agreement, each
time the Company (i) files a Prospectus relating to the Placement Shares or amends or supplements a Prospectus relating to the Placement
Shares by means of an amendment or supplement (but not by means of the incorporation of document(s) by reference to the Prospectus relating
to the Placement Shares); (ii) files or amends an annual information form or annual financial statements; (iii) files or amends interim
financial statements; or (iv) at any other time reasonably requested by the Agents (each date of filing shall be a "**Representation Date** "), the Company shall furnish the Agents with a certificate, in the form attached hereto as Exhibit A-1 (a "**Representation Date Certificate**") within three (3) Trading Days of any Representation Date. The requirement to provide a Representation Date
Certificate under this Section 8(m) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending,
which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar
quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company
subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide
the Agents with a Representation Date Certificate under this Section 8(m), then at least two (2) Trading Days prior to the delivery by
the Company to an applicable Agent of a Placement Notice, the Company shall provide the Agents with the Representation Date Certificate,
dated the date of the Placement Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Legal Opinions</u>. Upon execution of this Agreement and (i) within five (5) Trading Days of each Representation
Date with respect to which the Company is obligated to deliver the certificate in the form attached hereto as Exhibit A-1 and for which
no waiver is applicable and (ii) concurrently with the delivery of a certificate pursuant to the last sentence of Section 8(m), the Company
will furnish or cause to be furnished to the Agents and to the counsel to the Agents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the written legal opinion of Company Counsel, as Canadian legal counsel for the Company (or such other
counsel, including tax counsel as to all Tax Act matters and local counsel as to matters involving the application of laws of jurisdictions
other than those jurisdictions for which Company Counsel is qualified to practice law, as determined by the Company), such opinion letter
to be substantially similar to the form attached hereto as Exhibit B-1, modified as necessary to relate to the Prospectus as then amended
or supplemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a legal opinion from legal counsel to the Company acceptable to the Agents, regarding the Material Subsidiary,
in form and substance satisfactory to the Agents and their counsel, acting reasonably, pertaining to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the valid existence of the Material Subsidiary under its jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the requisite corporate or company power and capacity of the Material Subsidiary
to own and lease its property and assets and to conduct its businesses as described in the Prospectus; 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;(C) the authorized and issued share capital or membership interests of the Material Subsidiary and to the ownership thereof,

provided that (x) in lieu any of such opinion, counsel last furnishing such opinion to the Agents may furnish the Agents with a letter to the effect that the Agents may rely on such last opinion to the same extent as though it was dated the date of such letter authorizing reliance (except that statements in such last opinion shall be deemed to relate to the Prospectus as amended and supplemented to the time of delivery of such letter authorizing reliance) and (y) such opinion regarding the Material Subsidiary will not be required in respect of Representation Dates where the Representation Date does not relate to a Prospectus filing and where the Representation Date Certificate provided under Section 8(m) has confirmed that there has been no change to the ownership structure of the Material Subsidiary since the last Representation Date. Notwithstanding any other provision hereof, the requirement to provide opinions under this Section 8(n) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Representation Date when the Company relied on such waiver, then at least two (2) Trading Days prior to the delivery by the Company to an applicable Agent of a Placement Notice, the Company shall provide the Agents with the opinions under this Section 8(n).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Title Opinion</u>. Upon execution of this Agreement and within five (5) Trading Days of (i) each Amendment Date, (ii)
the date on which the Company files an NI 43-101 technical report, (iii) any material change to the ownership or title of the Company
to the San Luis Project; or (iv) the determination by the Company that any property in addition to the San Luis Project is material to
the Company, the Company shall furnish or cause to be furnished to the Agents a title opinion or report or other evidence of title acceptable
to the Agents in respect of the San Luis Project (or such other material property).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Comfort Letters</u>. Upon execution of this Agreement and (i) within five (5)
Trading Days of each Representation Date with respect to which the Company is obligated to deliver the Representation Date Certificate
and for which no waiver is applicable and (ii) concurrently with the delivery of a Representation Date Certificate pursuant to the last
sentence of Section 8(m), the Company shall cause the Auditor to furnish to the Agents a letter (each, a "**Comfort Letter** ")
addressed to the Agents dated the date such Comfort Letter is delivered, in form and substance satisfactory to the Agents, acting reasonably,
(A) relating to the verification of certain of the financial information and statistical and accounting data relating to the Company and
its subsidiaries, as applicable, contained in the Prospectus or incorporated by reference therein, which comfort letters shall be based
on a review having a cut-off date not more than two (2) Business Days prior to the date of such letter, (B) stating that such auditors
are independent public accountants within the meaning of Canadian Securities Laws and the rules and regulations thereunder, and that in
their opinion the portion of the audited financial statements of the Company incorporated by reference in the Prospectus and audited by
such auditors comply as to form in all material respects with the applicable accounting requirements of Canadian Securities Laws (the
first such letter in each case, the "**Initial Comfort Letter** "), and (C) if applicable, updating the Initial Comfort Letter with any information which would have been included
in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Prospectus, as amended and supplemented
to the date of such letter. Notwithstanding any other provision hereof, the requirement to provide comfort letters under this Section
8(p) shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue
until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered
a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides
to sell Shares following a Representation Date when the Company relied on such waiver, at least two (2) Trading Days prior to the delivery
by the Company to an applicable Agent of a Placement Notice, the Company shall provide the Agents with the comfort letters under this
Section 8(p).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Market Activities</u>. The Company will not, directly or indirectly, (i) take
any action designed to or that would constitute or that might reasonably be expected to cause or result in, under Canadian Securities
Laws or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement
Shares or (ii) bid for, or purchase the
Placement Shares, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Offer to Sell</u>. Neither the Agents nor the Company (including its agents and representatives,
other than the Agents in their capacity as such) will make, use, prepare, authorize, approve or refer to any written communication that
constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Sale of Placement Shares in the United States</u>. The Company will not engage
in, and not permit any of its affiliates or any person acting on its behalf to engage in, any Directed Selling Efforts or in any form
of General Solicitation or General Advertising in the United States with respect to the Placement Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Listing of Placement Shares</u>. The Placement Shares shall have either (i) been approved for listing,
subject to notice of issuance, on the Exchange, or (ii) the Company shall have filed an application for listing of the Placement Shares
on the Exchange at or prior to the issuance of the Placement Notice.

9. Reporting Relating to Placement of Placement Shares

The applicable Agent will use its commercially reasonable efforts to deliver to the Company, for each month during which Placement Shares are sold through such Agent or distributed pursuant to this Agreement, and otherwise as reasonably requested by the Company to enable the Company to meet its reporting requirements under Canadian Securities Laws or any applicable requirements of the Exchange or any other Marketplace, promptly upon a request from the Company, a report providing sufficient information regarding the distribution of the Placement Shares for the Company to meet its reporting requirements under Canadian Securities Laws or any applicable requirements of the Exchange or any other Marketplace. Unless Canadian Securities Laws, the applicable requirements of the Exchange or such other Marketplace otherwise require, the Company and Agents agree that an Agent's report referred to in this Section 9 shall state the aggregate number of Placement Shares issued on all Settlement Dates occurring during the month together with such information as specified in Section 3 on an aggregate monthly basis.

10. Additional Representations and Covenants of the Company and the Agents

Neither the Company nor the Agents have distributed or, during the term of this Agreement, will distribute any "marketing materials" (as defined in National Instrument 41-101 – *General Prospectus Requirements*) in connection with the offering and sale of the Placement Shares other than the Prospectus, provided further that the Agents, severally and not jointly, covenant with the Company not to take any action that would result in the Company being required to file with the Qualifying Authorities any "marketing materials" that otherwise would not be required to be filed by the Company, but for the action of the Agents.

11. Conditions to the Agents' Obligations.

The obligations of the Agents hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by the Agents of a due diligence review satisfactory to the Agents in their reasonable judgment, and to the continuing satisfaction (or waiver by the Agents in their sole discretion) of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Prospectus Supplement</u>. The Prospectus Supplement shall have been filed with the Qualifying Authorities
under the Shelf Procedures and in accordance with this Agreement, and all requests for additional information on the part of the Qualifying
Authorities shall have been complied with to the reasonable satisfaction of the Agents and the Agents' counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Material Notices</u>. None of the following events shall have occurred and be continuing: (i) receipt by the Company of
any request for additional information from the Qualifying Authorities or any other Governmental Authority during the period of effectiveness
of the Prospectus, the response to which would require any amendments or supplements to the Prospectus; (ii) the issuance by the Qualifying
Authorities or any other Governmental Authority of any stop order suspending the effectiveness of the Prospectus or the initiation of
any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; (iv) the occurrence of any event that makes any statement made in the Prospectus or any document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Prospectus or
documents so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and
(v) the Company's reasonable determination that an amendment to the Prospectus would be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Material Changes</u>. Except as contemplated and appropriately disclosed in the Prospectus, or disclosed
in the Company's reports filed with the Qualifying Authorities, in each case at the time the applicable Placement Notice is delivered,
there shall not have been any material change, on a consolidated basis, in the authorized common share capital of the Company, or any development that
causes or could reasonably be expected to cause a Material Adverse Effect (financial or otherwise), the effect of which, in the sole judgment
of the Agents (without relieving the Company of any obligation or liability it may otherwise have), acting reasonably, is so material
as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated
in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Certificate</u>. The Agents shall have received the Representation Date Certificate
required to be delivered pursuant to Section 8(m) on or before the date on which delivery of such Representation Date Certificate is required
pursuant to Section 8(m).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Legal Opinions</u>. The Agents shall have received the opinions of counsel to
be delivered pursuant to Section 8(n) on or before the date on which such delivery of such opinions are required pursuant to Section 8(n).
It is understood that Company Counsel (or such other counsel, including tax counsel as to all Tax Act matters and local counsel as to
matters involving the application of laws of jurisdictions other than those jurisdictions for which Company Counsel is qualified to practice
law, as determined by the Company) may rely, to the extent appropriate in the circumstances, as to matters of fact on certificates of
the Company, auditors and public officials, and that the opinions of counsel may be subject to usual qualifications as to equitable remedies,
creditors' rights laws and public policy considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Title Opinions</u>. The Agents shall have received the opinions to be delivered
pursuant to Section 8(o) on or before the date on which such delivery of such opinions is required pursuant to Section 8(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Comfort Letters</u>. The Agents shall have received the Comfort Letter required
to be delivered pursuant to Section 8(p) on or before the date on which the delivery of such letter is required pursuant to Section 8(p).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Approval for Listing; No Suspension</u>. The Placement Shares shall have either been (i) approved for listing, subject
to notice of issuance, on the Exchange, or (ii) the Company shall have filed an application for listing of the Placement Shares on the
Exchange at or prior to the issuance of the Placement Notice. Trading in the Shares shall not have been suspended on such markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Other Materials</u>. On each date on which the Company is required to deliver a Representation Date
Certificate pursuant to Section 8(m), the Company shall have furnished to the Agents such appropriate further information, certificates
and documents as the Agents may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Securities Filings Made</u>. All filings required by the Qualifying Authorities to have been filed
prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing
by Canadian Securities Laws.

12. Indemnification and Contribution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall indemnify and hold harmless each of the Agents and the Agents'
respective affiliates, subsidiaries, directors, officers, and employees and each person who controls any Agent or any of the Agents'
respective affiliates or subsidiaries within the meaning of Canadian Securities Laws (collectively, the "**Indemnified Parties** "
and individually, an "**Indemnified Party**") from and against all liabilities, claims, demands, losses (other than loss
of profits), costs, damages and expenses (including, without limitation, any reasonable and documented legal or other fees and expenses
incurred by them in connection with investigating, defending, settling or satisfying any such liability, claim, demand or loss) in any
way caused by or arising directly or indirectly from or in consequence of: (i) any information or statement (except for the Agents'
Information) in the Prospectus or any amendment thereto or in any other document incorporated therein by reference being alleged to be
a misrepresentation, or any omission or alleged omission to state therein any fact or information (except for the Agents' Information)
required to be stated therein or necessary to make any of the statements therein not misleading in light of the circumstances in which
they were made; (ii) any untrue statement or alleged untrue statement of a material fact in the Prospectus or any amendment thereto, or
any omission or alleged omission of a material fact (except for the Agents' Information) required to be stated or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading or false; (iii) the Company not complying
with any requirement of applicable Canadian Securities Laws in connection with the transactions contemplated herein; or (iv) any order
made or any inquiry, investigation (whether formal or informal) or proceeding commenced or threatened by any securities, regulatory or
other competent authority based upon the circumstances described in (i) or (iii) above (for greater certainty, excluding any order, inquiry,
investigation or proceeding based solely on the activities of the Agents) which operates to prevent or restrict the trading in or the
distribution of the Placement Shares or any of them in any of the provinces and territories of Canada, except that if and to the extent
that a court of competent jurisdiction in a final judgment that has become non-appealable determines that the liability, claim, demand,
loss, cost, damage or expense caused primarily by the negligence, fraud or wilful misconduct of the Indemnified Party claiming indemnity,
such Indemnified Party will promptly reimburse the Company any funds advanced to the Indemnified Party in respect of such liability, claim,
demand, loss, cost, damage or expense and the indemnity provided for in this Section 12 shall cease to apply to such Indemnified Party
in respect of such liability, claim, demand, loss, cost, damage or expense.

Each Agent agrees, severally and not jointly, to indemnify and hold harmless each of the Company and its directors, officers, employees and agents and each person who controls the Company within the meaning of Canadian Securities Laws, from and against any and all losses (other than loss of profits), claims, damages and liabilities (including, without limitation, the legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted) caused by (i) any untrue statement or alleged untrue statement of a material fact relating solely to an Agent that has been provided in writing to the Company by or on behalf of such Agent specifically for inclusion in and contained in the Prospectus (including any amendment or supplement if the Company shall have furnished any amendments or supplements thereto) or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading made solely in reliance on facts or information relating solely to an Agent or any of them that has been provided in writing to the Company by or on behalf of such Agent specifically for inclusion therein.

The Company acknowledges that the name of the Agents set forth on the cover page and the certificate of the Agents in the Prospectus constitute the only information furnished in writing by or on behalf of the Agents for inclusion in the Prospectus (collectively, the "**Agents' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to provide for just and equitable contribution in circumstances in which
the indemnification provided for in Section 12(a) hereof is unavailable, in whole or in part, for any reason to an Indemnified Party in
respect of any liabilities, claims, demands, losses, costs, damages and expenses referred to therein, the Company shall contribute to
the amount paid or payable (or, if such indemnity is unavailable only in respect of a portion of the amount so paid or payable, such portion
of the amount so paid or payable) by such Indemnified Party as a result of such liabilities, claims, demands, losses, costs, damages and
expenses in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and the
Agents on the other hand from the distribution of the Placement Shares, but also the relative fault of the Company on the one hand and
the Agents on the other hand in connection with the matters or things referred to in Section 12(a) hereof which resulted in such liabilities,
claims, demands, losses, costs, damages or expenses, as well as any other relevant equitable considerations, provided that the Agents
shall not in any event be liable to contribute, in the aggregate, any amount in excess of the Placement Fee or any portion thereof actually
received. The relative benefits received by the Company on the one hand and the Agents on the other shall be deemed to be in the same
ratio as the total net proceeds from the distribution of Placement Shares received by the Company is to the Placement Fee received by
the Agents. The relative fault of the Company on the one hand and of the Agents on the other shall be determined by reference to, among
other things, whether the matters or things referred to in Section 12(a) hereof which resulted in such liabilities, claims, demands, losses,
costs, damages and expenses relate to information supplied by or steps or actions taken or done or not taken or done by or on behalf of
the Company (including indirectly as aforesaid) or to information supplied by or steps or actions taken or done or not taken or done by
or on behalf of the Agents and the relative intent, knowledge, access to information and opportunity to correct or prevent such statement,
omission or misrepresentation, or other matter or thing referred to in Section 12(a) hereof. The parties hereto agree that it would not
be just and equitable if contribution pursuant to this Section 12(b) were determined by any method of allocation which does not take into
account the equitable considerations referred to above in this Section 12(b).

Notwithstanding the provisions of this Section 12(b), no person guilty of fraudulent misrepresentation shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any matter or thing contemplated by this Section 12 shall be asserted against any Indemnified Party,
the Indemnified Party concerned shall promptly notify the indemnifying party (the "**Indemnifying Party**") and the Agents
of the nature of such claim (provided that any failure to
so notify the Indemnifying Party promptly shall relieve the Indemnifying Party of liability under this Section 12 only to the extent that
such failure prejudices the Indemnifying Party's ability to defend such claim or results in any material increase in the liability
of the Indemnifying Party under this indemnity), and the Indemnifying Party shall, subject as hereinafter provided, be entitled (but not
required), at its own expense, to assume the defence of any suit or proceeding (including any governmental or regulatory investigation
or proceeding) brought to enforce such claim. Any such defence shall be through legal counsel acceptable to the Indemnified Party (whose
acceptance shall not be unreasonably withheld). An Indemnified Party shall have the right to employ separate counsel in any such suit
and participate in the defence thereof but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless:
(i) the Indemnifying Party fails to assume the defence of such suit on behalf of the Indemnified Party within a reasonable period of time;
(ii) the employment of such counsel has been authorized in writing by the Indemnifying Party; (iii) the Indemnified Party has reasonably
concluded, based on advice of counsel that there may be one or more legal defences available to the Indemnified Party which are different
from or in addition to those available to the Company which makes representation by the same counsel inappropriate, or (iv) a conflict
exists, based on advice of counsel to the Indemnified Party (and in the case of (iii) and (iv), if such Indemnified Party notifies the
Company in writing that it elects to employ separate counsel at the expense of the Company, the Company shall not have the right to assume
the defence of such suit or proceeding on behalf of the Indemnified Party and shall be liable to pay the reasonable fees and expenses
of counsel for the Indemnified Party), it being understood, however, that the Company shall not, in connection with any one such action
or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances,
be liable for the fees and expenses of more than one separate law firm for all such Indemnified Parties (other than local counsel). No
Indemnifying Party or Indemnified Party shall, without the prior written consent of each Agent or the Company, as applicable (which consent
may not be unreasonably withheld or delayed), settle or compromise or consent to the entry of any judgment in any pending or threatened
claim, action or proceeding relating to the matters contemplated by this Section 12 (whether or not any Indemnified Party or Indemnifying
Party is a party thereto), unless such settlement, compromise or consent (1) includes an express and unconditional
release of each Indemnified Party or Indemnifying Party, as applicable, in form and substance reasonably satisfactory to such Indemnified
Party or Indemnifying Party, as applicable, from all liability arising out of such litigation, investigation, proceeding or claim and
(2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party
or Indemnifying Party, as applicable. It is the intention of the Company to constitute each Agent as trustee, for such Agent's directors,
officers, shareholders, agents and employees, and each person who controls such Agent of the covenants of the Company under Sections 12(a)
and 12(b) hereof with respect to such Agent's directors, officers, agents and employees, and each person who controls such Agent,
and each Agent agrees to accept such trust and to hold and enforce such covenants on behalf of such persons.

The Company agrees that in case any legal proceedings or investigation shall be brought against or initiated against the Company by any governmental commission, regulatory authority, exchange, court or other authority and an Indemnified Party or other representative of any Agent shall be required to testify or respond to procedures designed to discover information regarding, in connection with or relating to the performance of professional services rendered to the Company by the Agents, the Company agrees to pay such Agent the reasonable costs (including an amount to reimburse such Agent for the time spent by the personnel in connection therewith on a *per diem* basis and out-of-pocket expenses) in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights provided in this Section 12 shall be in addition to and not in derogation of any other right
which the Agents may have by statute or otherwise at law.

13. Representations and Warranties to Survive Delivery

All representations and warranties of the Company herein or in certificates delivered pursuant hereto shall remain operative and in full force and effect, as of their respective dates, regardless of (i) any investigation made by or on behalf of the Agents, their respective affiliates, directors, officers, shareholders, agents and employees and any controlling persons, (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.

14. Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall have the right to terminate this Agreement by giving three (3) days' notice as
hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination
shall be without liability of any party to any other party except that the provisions of Sections 8(g), 12, 13, 14(d), 16, 19 and 20 hereof
shall remain in full force and effect notwithstanding such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Agent shall have the right to terminate its obligations under this Agreement
solely with respect to such Agent by giving three (3) days' notice as hereinafter specified to terminate this Agreement in its sole
discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party
except that the provisions of Sections 8(g), 12, 13, 14(d), 16, 19 and 20 hereof shall remain in full force and effect notwithstanding
such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless previously terminated pursuant to this Section 14, this Agreement shall
automatically terminate upon the earlier of (i) the Receipt issued for the Base Prospectus ceasing to be effective in accordance with
Canadian Securities Laws; and (ii) the issuance and sale of all the Placement Shares through the Agents on the terms and subject to the
conditions set forth herein; provided that any such termination shall in all cases be deemed to provide that Sections 8(g), 12, 13, 14(d),
16, 19 and 20 shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall remain in full force and effect until the earliest to occur of (i) termination pursuant
to Sections 14(a), 14(b) or 14(c) or otherwise by mutual agreement of the parties; provided that any such termination shall in all cases
be deemed to provide that Sections 8(g), 12, 13, 14(d), 16, 19 and 20 shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any termination of this Agreement shall be effective on the date specified in such notice of termination;
provided that such termination shall not be effective until the close of business on the date of receipt
of such notice by the Agents or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any
sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that the Company terminates this Agreement, as permitted under Section 14(a), the Company
shall be under no continuing obligation, either pursuant to this Agreement or otherwise, to utilize the services of the Agents in connection
with any sale of securities of the Company or to pay any compensation to the Agents other than compensation with respect to sales of Placement
Shares subscribed on or before the termination date and the Company shall be free to engage other placement agents and underwriters from
and after the termination date with no continuing obligation to the Agents.

15. Notices

All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing and if sent to the Agents, shall be delivered to:

BMO Nesbitt Burns Inc.

2300 – 595 Burrard Street

Vancouver, BC V7X 1L7

---

| | |
|:---|:---|
| Attention: | Carter Hohmann |
| Email: | **[Redacted – Personal Information]** |
| and to: |  |
| Canaccord Genuity Corp.<br> 2100 – 40 Temperance Street<br> Toronto, ON M5H 0B4 | Canaccord Genuity Corp.<br> 2100 – 40 Temperance Street<br> Toronto, ON M5H 0B4 |
| Attention: | Matt Reimer |
| Email: | **[Redacted – Personal Information]** |
| and to: |  |
| Haywood Securities Inc.<br> 700 – 200 Burrard Street<br> Vancouver, BC V6C 3L6 | Haywood Securities Inc.<br> 700 – 200 Burrard Street<br> Vancouver, BC V6C 3L6 |
| Attention: | Kevin Campbell |
| Email: | **[Redacted – Personal Information]** |
| and to: |  |
| National Bank Financial Inc.<br> 800 – 130 King Street West<br> Toronto, ON M5X 1J9 | National Bank Financial Inc.<br> 800 – 130 King Street West<br> Toronto, ON M5X 1J9 |
| Attention: | Elian Terner |
| Email: | **[Redacted – Personal Information]** |
| and to: |  |

---

---

| | |
|:---|:---|
| RBC Dominion Securities Inc.<br> 21st & 22nd Floor – 200 Bay Street<br> Toronto, ON M5J 2W7 | RBC Dominion Securities Inc.<br> 21st & 22nd Floor – 200 Bay Street<br> Toronto, ON M5J 2W7 |
| Attention: | Phil Wilkinson |
| Email: | **[Redacted – Personal Information]** |
| and to: |  |
| Stifel Nicolaus Canada Inc.<br> 3800 – 161 Bay Street<br> Toronto, ON M5J 2S1 | Stifel Nicolaus Canada Inc.<br> 3800 – 161 Bay Street<br> Toronto, ON M5J 2S1 |
| Attention: | Reid Obradovich |
| Email: | **[Redacted – Personal Information]** |
| and to: |  |
| TD Securities Inc.<br> 1700 – 700 West Georgia Street<br> Vancouver, BC V7Y 1B6 | TD Securities Inc.<br> 1700 – 700 West Georgia Street<br> Vancouver, BC V7Y 1B6 |
| Attention: | Dorian Cochran |
| Email: | **[Redacted – Personal Information]** |
| and to: |  |
| Ventum Financial Corp.<br> 2500 – 733 Seymour Street<br> Vancouver, BC V6B 0S6 | Ventum Financial Corp.<br> 2500 – 733 Seymour Street<br> Vancouver, BC V6B 0S6 |
| Attention: | Tim Graham |
| Email: | **[Redacted – Personal Information]** |
| with a copy (not to constitute notice) to:<br>Blake, Cassels & Graydon LLP<br> 1133 Melville Street, Suite 3500<br> Vancouver, BC V6E 4E5 | with a copy (not to constitute notice) to:<br>Blake, Cassels & Graydon LLP<br> 1133 Melville Street, Suite 3500<br> Vancouver, BC V6E 4E5 |
| Attention: | Jamie Kariya |
| Email: | **[Redacted – Personal Information]** |
| or if sent to the Company, shall be delivered to:<br>Highlander Silver Corp.<br> 2500 – 100 King Street W., P.O. Box #267 <br> Toronto, ON M5X 1A9 | or if sent to the Company, shall be delivered to:<br>Highlander Silver Corp.<br> 2500 – 100 King Street W., P.O. Box #267 <br> Toronto, ON M5X 1A9 |
| Attention: | Purni Parikh, Senior Vice President Corporate Affairs |
| Email: | **[Redacted – Personal Information]** |
| with a copy (not to constitute notice) to:<br>Borden Ladner Gervais LLP<br> 200 Burrard Street, Suite 1200<br> Vancouver, BC V7X 1T2 | with a copy (not to constitute notice) to:<br>Borden Ladner Gervais LLP<br> 200 Burrard Street, Suite 1200<br> Vancouver, BC V7X 1T2 |
| Attention: | Graeme D. Martindale |
| Email: | **[Redacted – Personal Information]** |

---

Each party to this Agreement may change such address for notices by sending to the other parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by e-mail (with an original to follow) on or before 4:30 p.m. (Toronto time), on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier, (iii) on the Business Day actually received if deposited in the mail (certified or registered mail, return receipt requested, postage prepaid), and (iv) if sent by email, on the Business Day on which receipt is confirmed by the individual to whom the notice is sent, other than via auto-reply. For purposes of this Agreement, "Business Day" shall mean any day on which the Exchange is open for business.

16. Consent to Jurisdiction

Each of the parties irrevocably (i) agrees that any legal suit, action or proceeding against it by the other party or by any person who controls the other party arising out of or based upon this Agreement or the transactions contemplated thereby may be instituted in any court of the Province of British Columbia, (ii) waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding and (iii) submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. The provisions of this Section 16 shall survive any termination of this Agreement, in whole or in part.

17. Successors and Assigns

This Agreement shall inure to the benefit of and be binding upon the Company and the Agents and their respective successors and permitted assigns, and with respect to rights of indemnity and contribution as provided in Section 12 hereof, the Indemnified Parties contemplated therein. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. No party may assign its rights or obligations under this Agreement without the prior written consent of the other parties.

18. Adjustments for Stock Splits

The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares.

19. Entire Agreement; Amendment; Severability

This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agents. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

20. Applicable Laws

This Agreement and any claim, controversy or dispute relative to or arising out of this Agreement shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable in the Province of British Columbia, without having regard to the principles of conflict of laws. Each of the parties irrevocably attorns to the jurisdiction of the courts of the Province of British Columbia.

21. Waiver of Jury Trial

The Company and each of the Agents hereby irrevocably waive any right either may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby.

22. Absence of Fiduciary Duties

The parties acknowledge that they are sophisticated in business and financial matters and that each of them is solely responsible for making its own independent investigation and analysis of the transactions contemplated by this Agreement. They further acknowledge that the Agents have not been engaged by the Company to provide, and have not provided, financial advisory services in connection with the terms of the Offering nor have the Agents assumed at any time a fiduciary relationship to the Company in connection with such Offering. The Company hereby waives, to the fullest extent permitted by law, any claims it may have against the Agents for breach of fiduciary duty or alleged breach of fiduciary duty and agrees the Agents shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including shareholders, employees or creditors of Company.

23. Definitions

As used in this Agreement, the following terms have the respective meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Agents' Information**" has the meaning given thereto in Section 12(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Amendment Date**" has the meaning given thereto in Section 8(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Anti-Money Laundering Laws**" has the meaning given thereto in Section 7(nn) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Applicable Laws**" means, in relation to any person or persons,
the Canadian Securities Laws and all other statutes, regulations, rules, orders, by-laws, codes, ordinances, decrees, the terms and conditions
of any grant of approval, permission, authority or licence, or any judgment, order, decision, ruling, award, policy or guidance document,
of any Governmental Authority that are applicable to such person or persons or its or their business, undertaking, property or securities
and emanate from a Governmental Authority, having jurisdiction over the person or persons or its or their business, undertaking, property
or securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Applicable Time**" means, with respect to any Placement Shares,
the time of sale of such Placement Shares pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Auditor**" means Davidson & Company LLP, or any other auditor
of the Company from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Authorized Representative**" has the meaning given thereto in Section 2(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Base Prospectus**" has the meaning given thereto in Section 6 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**BCBCA**" means the *Business Corporations Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Canadian Securities Laws**" means the *Securities Act* (Ontario), the equivalent legislation in each of the other Qualifying Jurisdictions and applicable rules and regulations under such laws,
together with applicable published national, multilateral and local policy statements, instruments, notices and blanket orders of the
Qualifying Authorities in each of the Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Comfort Letter**" has the meaning given thereto in Section 8(p) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Company Counsel**" means the law firm of Borden Ladner Gervais LLP, counsel for the
Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**CSE**" means the Canadian Securities Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Designated News Release**" has the meaning given thereto in Section 6 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Directed Selling Efforts**" means "directed selling efforts"
as defined in Regulation S and, without limiting the foregoing, but for greater clarity, means, subject to the exclusions from the definition
of directed selling efforts contained in Regulation S, any activity undertaken for the purpose of, or that could reasonably be expected
to have the effect of, conditioning the market in the United States for the Placement Shares and includes, without limitation, the placement
of any advertisement in a publication with a general circulation in the United States that refers to the offering of any of the Placement
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Distribution Period**" has the meaning given thereto in Section 8(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Documents Incorporated by Reference**" means all interim and annual financial statements,
management's discussion and analysis, business acquisition reports, management information circulars, annual information forms,
material change reports, technical reports, marketing document and other documents that are or are required by Canadian Securities Laws
to be incorporated by reference into the Prospectus, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Environmental Laws**" means any federal, state, provincial, territorial
or local law, statute, ordinance, rule, regulation, order, decree, judgment, injunction, permit, licence, authorization or other binding
requirement, or common law, relating to health and safety or the regulation, protection, cleanup or restoration of the environment or
natural resources, including those relating to the distribution, processing, generation, treatment, control, storage, disposal, transportation,
other handling or release or threatened release of Hazardous Materials or Conditions, and "**Hazardous Materials or Conditions** "
means any material, substance (including, without limitation, pollutants, contaminants, hazardous or toxic substances or wastes) or condition
that is regulated by or may give rise to liability under any Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Exchange**" means the Canadian stock exchange on which the Shares are listed at any
given time, being the CSE or the TSX, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Financial Statements**" means the audited annual consolidated financial statements of
the Company as at and for the years ended September 30, 2024 and 2023, together with the notes thereto and the auditors' report
thereon, and the condensed interim financial statements for the three months ended December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**General Solicitation**" and "General Advertising"
means "general solicitation" and "general advertising", respectively, as used in Rule 502(c) of Regulation D,
including, without limitation, any advertisement, article, notice or other communications published in any newspaper, magazine or similar
media or broadcast over the internet, radio or television, or any seminar or meeting whose attendees had been invited by general solicitation
or general advertising or in any other manner involving a public offering within the meaning of Section 4(a)(2) of the U.S. Securities
Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Governmental Authority**" means governments, regulatory authorities, governmental departments,
agencies, commissions, bureaus, officials, ministers, crown corporations, courts, bodies, boards, tribunals or dispute settlement panels
or other law, rule or regulation-making organizations or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) having or purporting to have jurisdiction on behalf of any nation, province, territory or state or any
other geographic or political subdivision of any of them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising, or entitled or purporting to exercise any administrative, executive,
judicial, legislative, policy, regulatory or taxing authority or power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Governmental Licences**" has the meaning given thereto in Section 7(bb) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**IFRS** "
 means International Financial Reporting Standards, as the same may be amended or supplemented
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Indemnified Party**" and "**Indemnified Parties**" each has the meaning given
 thereto in Section 12(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Indemnifying Party**" has the meaning given thereto in Section 12(c) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Initial Comfort Letter**" has the meaning
given thereto in Section 8(p) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Lien** "
 means any mortgage, charge, pledge, hypothec, security interest, assignment, lien (statutory
 or otherwise), charge, title retention agreement or arrangement, restrictive covenant or
 other encumbrance of any nature, or any other arrangement or condition which, in substance,
 secures payment or performance of an obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Marketplace** "
has the meaning given thereto in Section 3(c) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Material Adverse Effect**" means the effect resulting from any event or change which is materially
 adverse to the business, affairs, capital, operations, assets, liabilities (contingent or
 otherwise) of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Material Subsidiary**" means Reliant Ventures S.A.C. (Peru);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Mineral Title**" has the meaning given thereto in Section 7(hh)(ii) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Net Proceeds**" has the meaning
given thereto in Section 5(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**NI 21-101**" means National Instrument 21-101 – *Marketplace Operation*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**NI 44-101**" means National Instrument 44-101 – *Short Form Prospectus Distributions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**NI 44-102** "
means National Instrument 44-102 – *Shelf Distributions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Offering** "
has the meaning given thereto in Section 1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Placement**" has the meaning given thereto in Section 2(a)
hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Placement Fee**" has the meaning given thereto in Section 2(b) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Placement Notice**" has the meaning given thereto in Section 2(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Placement Shares**" has the meaning given thereto in Section 1(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Preliminary Base Prospectus**" means the preliminary short form base shelf prospectus of the
 Company filed with the Qualifying Authorities, dated March 14, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Prospectus** "
 means the Prospectus Supplement (and any additional prospectus supplement prepared in accordance
 with the provisions of this Agreement and filed with the Qualifying Authorities in accordance
 with Canadian Securities Laws) together with the Base Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Prospectus Amendment**" means any amendment to the Base Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Prospectus Supplement**" has the meaning given thereto in Section 6 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Qualifying Authorities**" means the securities regulatory authorities in each of the provinces
 and territories of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Qualifying Jurisdiction** s" means each of the provinces and territories of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Receipt** "
has the meaning given thereto in Section 6 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Regulation D**" means Regulation D under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Regulation S**" means Regulation S under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Representation Date**" has the meaning given thereto in Section 8(m) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Representation Date Certificate**" has the meaning given thereto in Section 8(m) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Required Permits**" has the meaning given thereto in Section 7(gg)(ii) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Reviewing Authority**" has the meaning given thereto in Section 6 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**San Luis Project**" means the Company's San Luis mine project in the Ancash Department, Peru;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Sanctions** "
has the meaning given thereto in Section 7(oo) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**SEDAR+** "
means the System for Electronic Data Analysis and Retrieval +;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Settlement Date**" has the meaning given thereto in Section 5(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Shares** "
has the meaning given thereto in the preamble hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Shelf Procedures**" means NI 44-101 and NI 44-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Shelf Securities**" has the meaning given thereto in Section 6 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Tax Act**" means the *Income Tax Act* (Canada) and the regulations thereunder, both
 as amended from time to time and any proposed amendments thereto announced publicly by or
 on behalf of the Minister of Finance (Canada) on or prior to the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Technical Report**" means the technical report prepared in accordance with NI 43-101 and titled
 "Technical Report on the San Luis Property, District of Shupluy, Yungay Province,
Ancash Department, Peru" dated March 14, 2025 with an effective date of January 15, 2025, prepared for the Company by Martin Mount,
MSc MCSM FGS Cgeol FIMMM CEng;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Trading Day**" means any day on which the Exchange is open for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**TSX** "
means the Toronto Stock Exchange; and

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

24. Counterparts

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by email transmission.

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

 

 

If the foregoing accurately reflects your understanding and agreement with respect to the matters described herein please indicate your agreement by countersigning this Agreement in the space provided below.

Yours very truly,

---

| | | |
|:---|:---|:---|
| **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |
| By: | (signed) *Daniel Earle* | (signed) *Daniel Earle* |
|  | Name: | Daniel Earle |
|  | Title: | President and Chief Executive Officer |

---

*[Signature Page to Equity Distribution Agreement]*

 

 

**ACCEPTED** as of the date first-above written.

---

| | | |
|:---|:---|:---|
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| By: | (signed) *Carter Hohmann* | (signed) *Carter Hohmann* |
|  | Name: | Carter Hohmann |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** |
| By: | (signed) *Matt Reimer* | (signed) *Matt Reimer* |
|  | Name: | Matt Reimer |
|  | Title: | Director |

---

---

| | | |
|:---|:---|:---|
| **HAYWOOD SECURITIES INC.** | **HAYWOOD SECURITIES INC.** | **HAYWOOD SECURITIES INC.** |
| By: | (signed) *Kevin Campbell* | (signed) *Kevin Campbell* |
|  | Name: | Kevin Campbell |
|  | Title: | Managing Director, Investment Banking |

---

---

| | | |
|:---|:---|:---|
| **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** |
| By: | (signed) *Elian Terner* | (signed) *Elian Terner* |
|  | Name: | Elian Terner |
|  | Title: | Managing Director and Head, Global Mining & Metals Investment Banking |

---

*[Signature Page to Equity Distribution Agreement]*

 

 

---

| | | |
|:---|:---|:---|
| **RBC DOMINION SECURITIES INC.** | **RBC DOMINION SECURITIES INC.** | **RBC DOMINION SECURITIES INC.** |
| By: | (signed) *Phil Wilkinson* | (signed) *Phil Wilkinson* |
|  | Name: | Phil Wilkinson |
|  | Title: | Managing Director, Global Mining & Metals Investment Banking |

---

---

| | | |
|:---|:---|:---|
| **STIFEL NICOLAUS CANADA INC.** | **STIFEL NICOLAUS CANADA INC.** | **STIFEL NICOLAUS CANADA INC.** |
| By: | (signed) *Reid Obradovich* | (signed) *Reid Obradovich* |
|  | Name: | Reid Obradovich |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| **TD SECURITIES INC.** | **TD SECURITIES INC.** | **TD SECURITIES INC.** |
| By: | (signed) *Dorian Cochran* | (signed) *Dorian Cochran* |
|  | Name: | Dorian Cochran |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| **VENTUM FINANCIAL CORP.** | **VENTUM FINANCIAL CORP.** | **VENTUM FINANCIAL CORP.** |
| By: | (signed) *Tim Graham* | (signed) *Tim Graham* |
|  | Name: | Tim Graham |
|  | Title: | Managing Director and Head of Capital Markets, Western Canada |

---

*[Signature Page to Equity Distribution Agreement]*

 

 

**SCHEDULE 1**

**FORM OF PLACEMENT NOTICE**

● [●]

● [●]

● [●]

Reference is made herein to the Equity Distribution Agreement dated April 10, 2025 (the "**Equity Distribution Agreement**") between the Company, BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Haywood Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Stifel Nicolaus Canada Inc., TD Securities Inc. and Ventum Financial Corp. Unless otherwise defined herein, all capitalized terms referred to in this Placement Notice shall have the meanings attributed to them in the Equity Distribution Agreement.

<u>Trading Instructions</u>

Pursuant to the terms and subject to the conditions contained in the Equity Distribution Agreement, the undersigned hereby requests, as a duly appointed Authorized Representative of the Company, that the Agent sell Placement Shares, as agent of the Company, in accordance with the following trading instructions (if any of the following trading instructions are not applicable, specify "N/A"):

---

| | |
|:---|:---|
| <u>Quantity</u> |  |
| &nbsp;&nbsp;&nbsp;Maximum number of Placement Shares to be sold | [●] |
| &nbsp;&nbsp;&nbsp;Total number of Shares outstanding on the date of this Placement Notice | [●] |
| &nbsp;&nbsp;&nbsp;Maximum number of Placement Shares that may be sold on any one Trading Day | [N/A] |
| &nbsp;&nbsp;&nbsp;<u>Price</u> |  |
| &nbsp;&nbsp;&nbsp;Minimum Market Price per Placement Share to be sold | A price determined on a moment-to-moment basis in accordance with instructions from the Company |

---

1-1

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Placement Fee (%) | [●]% of the gross proceeds of each Placement to [●] |
| &nbsp;&nbsp;&nbsp;Maximum Aggregate Gross Proceeds to be Realized so as to Not Exceed the Remaining Capacity under the Base Prospectus | $[●] |
| <u>Permitted Trading Days</u> |  |
| &nbsp;&nbsp;&nbsp;First permitted Trading Day of trading | [●] |
| &nbsp;&nbsp;&nbsp;Last permitted Trading Day of trading | [●] |
| &nbsp;&nbsp;&nbsp;Specific dates on which Placement Shares may not be sold: | [N/A] |
| &nbsp;&nbsp;&nbsp;Other trading instructions: | [N/A] |

---

<u>Other Terms Applicable to this Placement Notice</u>

Upon receiving this Placement Notice, an Authorized Representative of the Agent will acknowledge receipt hereof by signing this Placement Notice and returning a copy hereof to the Company by electronic mail addressed and sent to the Authorized Representatives of the Company.

This Placement Notice is effective upon receipt by the Agent until such time as provided in Section 2(a) of the Equity Distribution Agreement. This Placement Notice shall not contain any parameters that conflict with the provisions of the Equity Distribution Agreement or that subject or purport to impose upon or subject the Agent to any obligations in addition to the Agent's obligations contained in the Equity Distribution Agreement. In the event of a conflict between the terms of the Equity Distribution Agreement and the terms of this Placement Notice with respect to an issuance and sale of Placement Shares, the terms of the Equity Distribution Agreement shall prevail.

*[Remainder of page intentionally blank]*

 

1-2

 

 

---

| | |
|:---|:---|
| **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |
| By: |  |
|  | Name: |
|  | Title: |
|  | E-mail Address: |
|  | Telephone Number (Direct): |

---

Acknowledged and accepted this _____ day of _________________________, 202___.

---

| |
|:---|
| **[AGENT]** |
| Name: |
| Title: |
| E-mail Address: |
| Telephone Number (Direct):<br> Telephone Number (Cell): |

---

1-3

**SCHEDULE 2**

**AUTHORIZED REPRESENTATIVES**

The Authorized Representatives of the Company are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Office / Title** | &nbsp;&nbsp;**E-mail Address** | &nbsp;&nbsp;**Telephone Numbers** |
| &nbsp;&nbsp;Daniel Earle, President and Chief Executive Officer | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Sunny Lowe, Chief Financial Officer | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Arun Lamba, Vice President, Corporate Development | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Purni Parikh, Senior Vice President, Corporate Affairs | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Tom Ladner, General Counsel | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |

---

The Authorized Representatives of BMO Nesbitt Burns Inc. are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Office / Title** | &nbsp;&nbsp;**E-mail Address** | &nbsp;&nbsp;**Telephone Numbers** |
| &nbsp;&nbsp;Carter Hohmann, Managing Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Jesse Pearlstein, Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |

---

The Authorized Representatives of Canaccord Genuity Corp. are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Office / Title** | &nbsp;&nbsp;**E-mail Address** | &nbsp;&nbsp;**Telephone Numbers** |
| &nbsp;&nbsp;Len Sauer, Managing Director - Equity Capital Markets | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Ron Sedran, Managing Director<br> - Equity Capital Markets | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Michael Klizs, Managing Director - Agency & Liability Trading | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Matt Reimer, Director - Investment Banking | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |

---

I1-1

The Authorized Representatives of Haywood Securities Inc. are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Office / Title** | &nbsp;&nbsp;**E-mail Address** | &nbsp;&nbsp;**Telephone Numbers** |
| &nbsp;&nbsp;Kevin Campbell, Managing Director, Investment Banking | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Sarah Hindle, Director, Investment Banking | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Brad Nguyen, Director, Investment Banking | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |

---

The Authorized Representatives of National Bank Financial Inc. are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Office / Title** | &nbsp;&nbsp;**E-mail Address** | &nbsp;&nbsp;**Telephone Numbers** |
| &nbsp;&nbsp;Elian Terner, Managing Director & Head | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Greg Doyle, Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Gavin Brancato, Managing Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Thomas Zhang, Vice President | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Andrew Gilbert, Managing Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Adrienne Macdonald, Vice President | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |

---

I1-2

The Authorized Representatives of RBC Dominion Securities Inc. are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Office / Title** | &nbsp;&nbsp;**E-mail Address** | &nbsp;&nbsp;**Telephone Numbers** |
| &nbsp;&nbsp;Tyler Parrent, Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Jamie Green, Vice President | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Bethany Rees, Associate | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Duncan Reynolds, Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |

---

The Authorized Representatives of Stifel Nicolaus Canada Inc. are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Office / Title** | &nbsp;&nbsp;**E-mail Address** | &nbsp;&nbsp;**Telephone Numbers** |
| &nbsp;&nbsp;Reid Obradovich, Managing Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Rosemary Teixeira, Managing Director and Head ECM | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Carli Kavanagh, Vice President | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Alejandro Hoyos, Vice President | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |

---

The Authorized Representatives of TD Securities Inc. are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Office / Title** | &nbsp;&nbsp;**E-mail Address** | &nbsp;&nbsp;**Telephone Numbers** |
| &nbsp;&nbsp;Dorian Cochran, Managing Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Tim Johnston, Managing Director | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |

---

The Authorized Representatives of Ventum Financial Corp. are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Office / Title** | &nbsp;&nbsp;**E-mail Address** | &nbsp;&nbsp;**Telephone Numbers** |
| &nbsp;&nbsp;Tim Graham, Managing Director and Head of Capital Markets, Western Canada | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Simon Akit, Head of Institutional Sales and Trading | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Jennifer Leung, Managing Director, Head of Equity Capital Markets | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Scott Brophy, Director, Institutional Sales & Trading | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |
| &nbsp;&nbsp;Malcolm MacIsaac, Director, Institutional Sales & Trading | &nbsp;&nbsp;**Redacted – Personal Information]** | &nbsp;&nbsp;**Redacted – Personal Information]** |

---

I1-3

**EXHIBIT A-1**

**OFFICER'S CERTIFICATE**

I, **[name of executive officer]**, the **[title of executive officer]** of Highlander Silver Corp. (the "**Company**") do hereby certify in such capacity and not in my personal capacity, on behalf of the Company pursuant to Section 8(m) of the Equity Distribution Agreement dated April 10, 2025 (the "**Distribution Agreement**") among the Company, BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Haywood Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Stifel Nicolaus Canada Inc., TD Securities Inc. and Ventum Financial Corp., and without personal liability, that, to my knowledge:

(a) except
 as set forth in the Prospectus, the representations and warranties of the Company in Section
 7 of the Distribution Agreement are true and correct on and as of the date hereof with the
 same force and effect as if expressly made on and as of the date hereof, except for those
 representations and warranties that speak solely as of a specific date and which were true
 and correct as of such date; and

(b) the
 Company has complied with all agreements and satisfied all conditions on its part to be performed
 or satisfied pursuant to the Distribution Agreement at or prior to the date hereof.

Dated:

---

| | |
|:---|:---|
| **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |
| By: |  |
|  | Name: |
|  | Title: |

---

**EXHIBIT B-1**

**MATTERS TO BE COVERED BY INITIAL OPINION OF COMPANY COUNSEL**

The following are the matters to be addressed in the opinion of the Company Counsel to be delivered pursuant to Section 8(n) of the Agreement:

1. The
 Company is a valid and existing company under the laws of the Province of British Columbia
 and is, with respect to the filing of annual reports, in good standing as of this date.

2. The
 Company has all necessary corporate power and capacity to own, lease or license, as the case
 may be, its properties and assets and carry on its business, in each case as described in
 the Prospectus.

3. The
 Company has all necessary corporate power and capacity to execute and deliver and to perform
 its obligations under the Agreement and to issue the Placement Shares.

4. The
 Company's authorized share capital consists of an unlimited number of Shares, without
 par value, and the issued and outstanding share capital.

5. The
 Company has the necessary power and authority to execute and deliver the Prospectus and all
 necessary corporate action has been taken on behalf of the Company to authorize the execution
 and delivery by it of the Prospectus and the filing of such documents, as applicable, in
 each of the Qualifying Jurisdictions under the Canadian Securities Laws.

6. The
 Company has the necessary corporate power and authority to execute and deliver the Agreement
 and to perform its obligations thereunder and to carry out the transactions contemplated
 thereby and the Agreement has been duly authorized, executed and delivered by or on behalf
 of the Company and is a legal, valid and binding obligation of the Company, enforceable against
 the Company in accordance with its terms.

7. All
 necessary corporate action has been taken by and on behalf of the Company to authorize the
 issuance, sale and delivery by the Company as at the date hereof of the Placement Shares.

8. The
 attributes of the Placement Shares are consistent in all material respects with the descriptions
 thereof in the Prospectus.

9. The
 Placement Shares to be delivered under the Agreement have been duly authorized and validly
 allotted and issued and upon receipt by the Company of the consideration therefor, will be
 issued as fully paid and non-assessable Shares.

10. The
 execution and delivery by the Company of the Agreement, the fulfilment of the terms thereof
 by the Company, and the sale and delivery by the Company as at the date hereof of the Placement
 Shares, do not and will not result in a breach (whether after notice or lapse of time or
 both), default or violation of any of the terms, conditions or provisions of the constating
 documents of the Company or any resolution of the directors (or any committee thereof) or
 shareholders of the Company,
the *Business Corporations Act* (British Columbia) or applicable Canadian Securities Laws.

11. The
 Placement Shares will, when issued, be qualified investments under the *Income Tax Act* (Canada) for trusts governed by registered retirement savings plans, registered retirement
 income funds, registered education savings plans, registered disability savings plans, tax-free
 savings accounts and deferred profit sharing plans.

12. Endeavor
 Trust Company at its principal office in Vancouver, British Columbia has been duly appointed
 as the transfer agent and registrar for the Shares.

13. All
 necessary documents have been filed by the Company and all requisite proceedings have been
 taken by the Company, all necessary approvals, permits, consents and authorizations of the
 appropriate regulatory authorities under the Canadian Securities Laws have been obtained
 by the Company to qualify the distribution of the Placement Shares in each of the Qualifying
 Jurisdictions through investment dealers or brokers registered in such categories under applicable
 securities legislation of the Qualifying Jurisdictions and who have complied with the relevant
 provisions of such legislation.

14. All
 necessary filings have been made by the Company with the Exchange for approval for listing
 by the Exchange of the Placement Shares, subject only to the satisfaction by the Company
 of such customary and standard post-closing conditions imposed by the Exchange in similar
 circumstances.

15. The
 summaries under the headings "Eligibility for Investment" and "Certain
 Canadian Federal Income Tax Considerations" in the Prospectus Supplement are true and
 correct, in all material respects, subject to the qualifications, assumptions, limitations
 and understandings set out in such summaries.

## Exhibit 99.29

**Exhibit 99.29**

![](ex99-29_001.jpg)

**Highlander Silver Receives Conditional Approval to List on the TSX, Files Base Shelf<br> Prospectus and Establishes ATM Program as Longer Term Financial Alternatives**

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, <br> PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN<br> WHOLE OR IN PART, IN OR INTO THE UNITED STATES

**Toronto, Ontario (April 10, 2025) - Highlander Silver Corp. (CSE: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to announce that it has received conditional approval to list its common shares on the Toronto Stock Exchange (the "**TSX**"), filed its base shelf prospectus and established an at-the-market program ("**ATM**") to provide longer term financial alternatives. The Company has no near-term intention of offering shares under the ATM.

As part of the Company's private placement that closed on March 11, 2025 (the "**Private Placement**"), the Company remains subject to a customary lock-up pursuant to which it has agreed not to issue common shares under an ATM or other standard financing transactions for 120 days from closing of the Private Placement.

Final approval of the TSX listing is subject to the Company meeting certain customary conditions required by the TSX. The Company will issue a press release once the TSX confirms the date when trading of Highlander Silver common shares is expected to commence on the TSX. Upon completion of the final listing requirements, the Company's common shares will be delisted from the Canadian Securities Exchange (the "**CSE**").

Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing, as there will be no change in the trading symbol or CUSIP for the common shares.

Highlander Silver has filed a short form base shelf prospectus (the "**Base Shelf Prospectus**") with the securities commissions in each of the provinces and territories of Canada.

The Company entered into an equity distribution agreement dated April 10, 2025 (the "**Equity Distribution Agreement**") providing for the ATM with a syndicate of agents comprised of BMO Capital Markets, Canaccord Genuity Corp., Haywood Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Stifel Nicolaus Canada Inc., TD Securities Inc., and Ventum Financial Corp. (collectively, the "**Agents**"). The ATM is established pursuant to a prospectus supplement to the Base Shelf Prospectus (the "**Prospectus Supplement**").

The ATM will allow Highlander Silver, through the Agents, to offer and sell from time to time in Canada through the facilities of the CSE or the TSX such number of common shares as would have an aggregate offering price of up to C$25 million. Sales of the common shares, if any, will be made in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 – *Shelf Distributions*, including sales made by the Agents directly on the CSE or the TSX, or any other trading market for common shares in Canada or as otherwise agreed between the Agents and the Company. The Company will seek TSX conditional approval to list the common shares that may be issued by the Company under the ATM simultaneously with or shortly after listing on the TSX.

The ATM will be effective until May 10, 2027, unless terminated before such date by Highlander Silver or otherwise in accordance with the Equity Distribution Agreement. The timing and extent of the use of the ATM will be at the discretion of the Company. Accordingly, total gross proceeds from equity offerings under the ATM, if any, could be significantly less than C$25 million.

The Company currently expects to use the net proceeds from the ATM, if any, for exploration of the San Luis Project, working capital and general corporate purposes. Actual allocation of the proceeds may vary depending on the amount raised, the time periods during which the proceeds are raised and future developments in relation to the Company's projects and unforeseen events.

Potential investors should read the Base Shelf Prospectus, the Prospectus Supplement, and other documents the Company has filed for more complete information about Highlander Silver and the ATM. Copies of the Base Shelf Prospectus and Prospectus Supplement can be downloaded for free on Highlander Silver's profile on SEDAR+ at www.sedarplus.ca. Potential investors can also request printed or electronic copies of the documents by contacting the Company's Corporate Secretary by mail at Suite 555, 999 Canada Place, Vancouver, BC V6C 3E1, by email at info@highlandersilver.com or by phone at 604-687-1717, or by contacting BMO Nesbitt Burns Inc. in Canada by email at torbramwarehouse@datagroup.ca or by phone at +1 905-791-3151 ext. 4312.

No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities in any province, territory, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, territory, state or jurisdiction.

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag. The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott. Highlander Silver is listed on the Canadian Securities Exchange under the ticker symbol HSLV.

For additional information on the San Luis Mineral Resource estimate, see Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

*Neither the CSE nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this news release.*

 

**For further information, please contact:**

Arun Lamba, Vice President Corporate Development

Email: alamba@highlandersilver.com

**Cautionary Notes and Forward-looking Statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the listing of the Company's common shares on the TSX and the delisting of such common shares from the CSE, the ATM, including statements with respect to the Company having no near-term intention of issuing common shares pursuant to the ATM, the completion of any sales under the ATM and the anticipated use of the net proceeds, if any, therefrom; the future exploration plans of the Company, timing of future exploration, anticipated results of exploration and potential mineralization of the Company's mineral projects. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.30

**Exhibit 99.30**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

**1.**  **<u>NAME AND ADDRESS OF COMPANY</u>** 

Highlander Silver Corp. ("**Highlander**" or the "**Company**")

2500 – 100 King Street W,

Toronto, ON M5X 1A9

2. <u>DATE OF MATERIAL CHANGE</u> 

April 10, 2025

3. <u>NEWS RELEASE</u> 

The Company's news release dated April 10, 2025, was disseminated through the facilities of Access Newswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Highlander announced that it had received conditional approval to list its common shares on the Toronto Stock Exchange (the "**TSX**") and established an at-the-market program ("**ATM**").

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Highlander announced that it has received conditional approval to list its common shares on the TSX and established an ATM. The Company has no near-term intention of offering shares under the ATM.

As part of the Company's private placement that closed on March 11, 2025 (the "**Private Placement**"), the Company remains subject to a customary lock-up pursuant to which it has agreed not to issue common shares under an ATM or other standard financing transactions for 120 days from closing of the Private Placement.

Final approval of the TSX listing is subject to the Company meeting certain customary conditions required by the TSX. The Company will issue a press release once the TSX confirms the date when trading of Highlander Silver common shares is expected to commence on the TSX. Upon completion of the final listing requirements, the Company's common shares will be delisted from the Canadian Securities Exchange (the "**CSE**").

The Company entered into an equity distribution agreement dated April 10, 2025 (the "**Equity Distribution Agreement**") providing for the ATM with a syndicate of agents comprised of BMO Capital Markets, Canaccord Genuity Corp., Haywood Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Stifel Nicolaus Canada Inc., TD Securities Inc., and Ventum Financial Corp. (collectively, the "**Agents**"). The ATM is established pursuant to a prospectus supplement (the "**Prospectus Supplement**") to the Company's base shelf prospectus (the "**Base Shelf Prospectus**").

The ATM will allow Highlander Silver, through the Agents, to offer and sell from time to time in Canada through the facilities of the CSE or the TSX such number of common shares as would have an aggregate offering price of up to C$25 million. Sales of the common shares, if any, will be made in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 – *Shelf Distributions*, including sales made by the Agents directly on the CSE or the TSX, or any other trading market for common shares in Canada or as otherwise agreed between the Agents and the Company. The Company will seek TSX conditional approval to list the common shares that may be issued by the Company under the ATM simultaneously with or shortly after listing on the TSX.

The ATM will be effective until May 10, 2027, unless terminated before such date by Highlander Silver or otherwise in accordance with the Equity Distribution Agreement. The timing and extent of the use of the ATM will be at the discretion of the Company. Accordingly, total gross proceeds from equity offerings under the ATM, if any, could be significantly less than C$25 million.

The Company currently expects to use the net proceeds from the ATM, if any, for exploration of the San Luis Project, working capital and general corporate purposes. Actual allocation of the proceeds may vary depending on the amount raised, the time periods during which the proceeds are raised and future developments in relation to the Company's projects and unforeseen events.

Potential investors should read the Base Shelf Prospectus, the Prospectus Supplement, and other documents the Company has filed for more complete information about Highlander Silver and the ATM. Copies of the Base Shelf Prospectus and Prospectus Supplement can be downloaded for free on Highlander Silver's profile on SEDAR+ at www.sedarplus.ca. Potential investors can also request printed or electronic copies of the documents by contacting the Company's Corporate Secretary by mail at Suite 555, 999 Canada Place, Vancouver, BC V6C 3E1, by email at info@highlandersilver.com or by phone at 604-687-1717, or by contacting BMO Nesbitt Burns Inc. in Canada by email at torbramwarehouse@datagroup.ca or by phone at +1 905-791- 3151 ext. 4312.

**Cautionary Notes and Forward-looking Statements**

 

*Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the listing of the Company's common shares on the TSX and the delisting of such common shares from the CSE, the ATM, including statements with respect to the Company having no near-term intention of issuing common shares pursuant to the ATM, the completion of any sales under the ATM and the anticipated use of the net proceeds, if any, therefrom; the future exploration plans of the Company, timing of future exploration, anticipated results of exploration and potential mineralization of the Company's mineral projects. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of the news release to which this material change report relates. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

 

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

9. <u>DATE OF REPORT</u> 

April 15, 2025

## Exhibit 99.31

**Exhibit 99.31**

![](ex99-31_001.jpg)

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS**

NOTICE IS HEREBY GIVEN that an annual general meeting (the "**Meeting**") of the shareholders (each a "**Shareholder**") of Highlander Silver Corp. ("**Highlander**" or the "**Company**") will be held at Suite 555 – 999 Canada Place, Vancouver, BC, Canada V6C 3E1 on June 12, 2025, at 11:00 am (Vancouver time), for the following purposes:

1. to
 receive and consider the audited consolidated financial statements of the Company for the
 financial year ended September 30, 2024, and the auditors' report thereon;

2. to
 set the number of directors of the Company at six;

3. to
 elect directors of the Company for the ensuing year;

4. to
 appoint Davidson & Company LLP, Chartered Professional Accountants, as auditors of the
 Company until the next annual general meeting and to authorize the board of directors to
 set their remuneration;

5. to
 approve the Company's stock option plan, as more particularly set out in the accompanying
 management information circular; and

6. to
 transact such other business as may properly be brought before the Meeting and any adjournment
 or postponement thereof.

Accompanying this Notice of Meeting is a management information circular (the "**Circular**"), which provides additional information relating to the business to be conducted at the Meeting, a form of proxy (the "**Proxy**") or voting instruction form (the "**VIF**"), and a form whereby Shareholders may request that the Company's annual and/or interim financial statements and corresponding management's discussion and analysis be mailed to them.

The board of directors of the Company has fixed a record date as of the close of business on April 22, 2025, for purpose of determining the Shareholders of record that will be entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof.

**Notice and Access**

The Company is using the notice-and-access procedures ("**Notice and Access**") under the Canadian Securities Administrators' National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* for the delivery of the Circular for the Meeting to its Shareholders.

Under Notice and Access, instead of receiving paper copies of the Circular, Shareholders will be receiving a Notice and Access notification with information on how they may obtain a copy of the Circular electronically or request a paper copy. Registered Shareholders and beneficial Shareholders will still receive a proxy form or VIF enabling them to vote at the Meeting. The use of Notice and Access in connection with the Meeting reduces paper use, as well as the Company's printing and mailing costs. The Company will arrange to mail paper copies of the Circular to those registered Shareholders and beneficial Shareholders who have existing instructions on their account to receive paper copies of the Company's Meeting materials.

The Company urges Shareholders to review the Circular before voting.

**Accessing Meeting Materials Online**

The Meeting materials can be viewed online under the Company's profile at www.sedarplus.ca or at https://www.highlandersilver.com/investors/agm/.

**Requesting Printed Meeting Materials**

Any Shareholder who wishes to receive a paper copy of the Circular should contact the Company by telephone toll-free at 1-888-442-2224 or by email at info@highlandersilver.com.

**Proxies are being solicited by management of the Company. Registered Shareholders who are unable to be present in person at the Meeting are requested to date, complete and sign the enclosed Proxy and return it in the addressed envelope provided for that purpose (or use the communication means provided in the Proxy). To be valid, the completed Proxy must be deposited with the Company's transfer agent, Endeavor Trust Corporation, in accordance with the instructions in the Proxy not less than forty-eight (48) hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment or postponement thereof.**

**If you are a non-registered Shareholder and receive a VIF from the Transfer Agent, please complete and return the VIF in accordance with the instructions provided by the Transfer Agent. If you do not complete and return the VIF in accordance with such instructions, you may lose your right to vote at the Meeting.**

**If you are a non-registered Shareholder and receive these materials through your broker or through another intermediary, please complete and return the materials in accordance with the instructions provided to you by your broker or such other intermediary. If you do not complete and return the materials in accordance with such instructions, you may lose your right to vote at the Meeting.**

Dated as of April 29, 2025

BY ORDER OF THE BOARD OF DIRECTORS

*"Daniel Earle"*

DANIEL EARLE

President and Chief Executive Officer

***The enclosed materials are being sent to both registered and non-registered Shareholders. If you are a non-registered Shareholder and the Company or its agents have sent these materials directly to you, your name and address and information about your holdings of Common Shares, have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding your Common Shares on your behalf.***

 ****

**INFORMATION CIRCULAR**

(information as at April 22, 2025 except as otherwise indicated)

**PERSONS MAKING THE SOLICITATION**

**This Information Circular (the "Circular") is furnished in connection with the solicitation of proxies being made by the management of Highlander Silver Corp. ("Highlander" or the "Company") for use at the Annual General Meeting (the "Meeting") of the holders (each a "Shareholder") of common shares (each a "Common Share") of the Company to be held on June 12, 2025 at the time and place and for the purposes set forth in the accompanying notice of meeting (the "Notice of Meeting").**

While it is expected that the solicitation of proxies will be made primarily by mail, proxies may also be solicited personally, by telephone or other means of communication by the directors, officers, employees and agents of the Company. All costs of this solicitation will be borne by the Company. Unless otherwise indicated, all dollar amounts in this Circular are in Canadian dollars.

**NOTICE AND ACCESS**

The Company is using notice-and-access procedures ("**Notice and Access**") to deliver its 2025 Meeting materials to its Shareholders. The Notice and Access procedures are a mechanism which allows reporting issuers to choose to deliver proxy-related materials to registered shareholders and non-registered shareholders by posting such materials on a non-SEDAR+ website rather than delivering such materials by mail.

The Meeting materials have been posted in full on the Company's website at https://www.highlandersilver.com/investors/agm/ and under the Company's SEDAR+ profile at www.sedarplus.ca.

The Company has determined that those registered and beneficial Shareholders with existing instructions on their account to receive printed materials will receive a printed copy of the Meeting materials together with the Notice of Meeting and form of proxy or voting instruction form.

Any Shareholder who wishes to receive a paper copy of the Circular should contact the Company by telephone at 1-888-442-2224 or by email at info@highlandersilver.com. In order to ensure that a paper copy of the Circular can be delivered to a requesting Shareholder in time for such Shareholder to review the Circular and return a proxy or voting instruction form prior to the deadline to received proxies, it is suggested that a Shareholder ensure their request is received no later than May 21, 2025.

**APPOINTMENT OF PROXYHOLDER**

The individuals named as proxyholders in the accompanying form of proxy (the "**Proxy**") are directors or officers of the Company or both. **A Shareholder wishing to appoint some other person (who need not be a Shareholder) to attend and act for the Shareholder and on the Shareholder's behalf at the Meeting, or any adjournment or postponement thereof, has the right to do so, either by inserting such person's name in the blank space provided in the proxy and striking out the two printed names, or by completing another valid proxy**. A Proxy will not be valid unless it is completed, dated and signed and delivered to Endeavor Trust Corporation, in accordance with the instructions in the Proxy, not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time for holding the Meeting or any adjournment or postponement thereof.

**NON-REGISTERED HOLDERS**

**Only registered Shareholders ("Registered Shareholders") or duly appointed proxyholders are permitted to vote at the Meeting. Most Shareholders of the Company are "non-registered" Shareholders because the Common Shares they own are not registered in their names but are instead registered in the names of a brokerage firm, bank or other intermediary or in the name of a clearing agency. Shareholders who do not hold their Common Shares in their own name (referred to herein as "Beneficial Shareholders") should note that only Registered Shareholders (or duly appointed proxyholders) may complete a Proxy or vote at the Meeting in person.** If Common Shares are listed in an account statement provided to a Shareholder by a broker, then in almost all cases those Common Shares will not be registered in such Shareholder's name on the records of the Company. Such Common Shares will more likely be registered under the name of the Shareholder's broker or an agent of that broker. In Canada, the vast majority of such Common Shares are registered under the name of CDS & Co. (the registration name for CDS Clearing and Depository Services Inc., which company acts as nominee for many Canadian brokerage firms). Common Shares held by brokers (or their agents or nominees) on behalf of a broker's client can only be voted (for or against resolutions) at the direction of the Beneficial Shareholder. Without specific instructions, brokers and their agents and nominees are prohibited from voting shares for the brokers' clients.

This Circular and accompanying materials are being sent to both Registered Shareholders and Beneficial Shareholders. Beneficial Shareholders fall into two categories – those who object to their identity being known to the issuers of securities which they own ("**Objecting Beneficial Owners**", or "**OBOs**") and those who do not object to their identity being made known to the issuers of the securities they own ("**Non-Objecting Beneficial Owners**", or "**NOBOs**"). Subject to the provision of National Instrument 54-101 – *Communication with Beneficial Owners of Securities of Reporting Issuers* ("**NI 54-101**"), issuers may request and obtain a list of their NOBOs from intermediaries via their transfer agents and use this NOBO list for distribution of proxy-related materials directly to NOBOs.

The Company is taking advantage of those provisions of NI 54-101 that permit the Company to deliver proxy-related materials to the Company's NOBOs who have not waived the right to receive them. As a result, NOBOs can expect to receive a Voting Instruction Form ("**VIF**") together with the Notice and Access Notice and related documents through their respective broker or other intermediary. These VIFs are to be completed and returned in line with the instructions provided by each NOBO's respective broker or other intermediary. **NOBOs should carefully follow the instructions provided, including those regarding when and where to return the completed VIFs.**

Should a NOBO wish to attend and vote at the Meeting in person, the NOBO must insert the NOBO's name (or such other person as the NOBO wishes to attend and vote on the NOBO's behalf) in the blank space provided for that purpose on the VIF and return the completed VIF in line with the instructions provided by their broker or other intermediary. **If a NOBO or a nominee of the NOBO is appointed as a proxyholder pursuant to such request, the appointed proxyholder will need to attend the Meeting in person in order for their votes to be counted.**

**NOBOs that wish to change their vote must contact their broker or other intermediary who provided the instructions to arrange to change their vote in sufficient time in advance of the Meeting.**

The Company does not intend to pay for intermediaries to deliver the Meeting materials and Form 54-101F7 – *Request for Voting Instructions Made by Intermediary* to OBOs. As a result, OBOs will not receive the Meeting materials unless their intermediary assumes the costs of delivery.

Should an OBO wish to vote at the Meeting in person, the OBO must insert the OBO's name (or such other person as the OBO wishes to attend and vote on the OBO's behalf) in the blank space provided for that purpose on the request for a VIF and return the completed request for a VIF form to the intermediary or its service provider or the OBO must submit, to their intermediary, any other document in writing that requests that the OBO or a nominee of the OBO be appointed as proxyholder. **If the OBO or a nominee of the OBO is appointed a proxyholder pursuant to such request, the appointed proxyholder will need to attend the Meeting in person in order for their votes to be counted.**

**Only Registered Shareholders have the right to revoke a Proxy. NOBOs and OBOs who wish to change their vote must, sufficiently in advance of the Meeting, arrange for their respective intermediaries to change their vote and if necessary, revoke their Proxy in accordance with the revocation procedures set out below.**

All references to Shareholders in this Circular, the accompanying Proxy and Notice of Meeting of Shareholders are to Registered Shareholders unless specifically stated otherwise.

**REVOCABILITY OF PROXIES**

A Shareholder who has given a Proxy may revoke it by an instrument in writing executed by the Shareholder or by the Shareholder's attorney authorized in writing or, if the Shareholder is a corporation, by a duly authorized officer or attorney of the corporation, and delivered either to the registered office of the Company, at 1200-750 W. Pender Street Vancouver, British Columbia Canada, V6C 2T8, at any time up to and including the last business day preceding the day of the Meeting or any adjournment or postponement thereof, or to the chair of the Meeting on the day of the Meeting or any adjournment or postponement thereof. A revocation of a Proxy does not affect any matter on which a vote has been taken prior to the revocation.

**VOTING OF PROXIES**

The Common Shares represented by a properly executed Proxy in favour of persons designated as proxyholders in the enclosed Proxy will:

(a) be
 voted or withheld from voting in accordance with the instructions of the person appointing
 the proxyholder on any ballot that may be called for; and

(b) where
 a choice with respect to any matter to be acted upon has been specified in the Proxy, be
 voted in accordance with the specification made in such Proxy.

If, however, direction is not made in respect of any matter, the Proxy will be voted as recommended by management of the Company.

The enclosed Proxy, when properly completed and delivered and not revoked, confers discretionary authority upon the persons appointed proxyholder thereunder to vote with respect to amendments or variations of matters identified in the Notice of the Meeting, and with respect to other matters which may properly come before the Meeting. In the event that amendments or variations to matters identified in the Notice of Meeting are properly brought before the Meeting or any further or other business is properly brought before the Meeting, the persons designated by management as proxyholders in the enclosed Proxy will have the discretion to vote in accordance with their judgment on such matters or business. At the time of the printing of this Circular, management of the Company knows of no such amendment, variation or other matter which may be presented to the Meeting.

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

The directors of the Company have set April 22, 2025, as the record date (the "**Record Date**") for determining which Shareholders shall be entitled to receive a notice of and to vote at the Meeting.

As at the Record Date, there were a total of 104,970,985 Common Shares issued and outstanding. Each Common Share entitles the Shareholder(s) thereof to one vote for each Common Share shown as registered in the Shareholders' name on the Record Date. Only Shareholders of record holding Common Shares at the close of business on the Record Date who either personally attend the Meeting or who have completed and delivered a Proxy in the manner and subject to the provisions described above shall be entitled to vote or to have their Common Shares voted at the Meeting.

On a show of hands, every individual who is present and is entitled to vote as a Shareholder or as a representative of one or more corporate Shareholders, or who is holding a valid Proxy on behalf of a Shareholder who is not present at the Meeting, will have one vote, and on a poll every Shareholder present in person or represented by a valid Proxy and every person who is a representative of one or more corporate Shareholders, will have one vote for each share registered in that Shareholder's name on the list of Shareholders, which is available for inspection during normal business hours at Computershare Investor Services Inc. and will be available at the Meeting. Shareholders represented by proxyholders are not entitled to vote on a show of hands.

To the knowledge of the directors and executive officers of the Company, as at April 22, 2025, no Shareholders of the Company beneficially own, directly or indirectly, or exercise control or direction over, Common Shares carrying more than 10% of the voting rights attached to all outstanding Common Shares of the Company, except for the following:

---

| | | |
|:---|:---|:---|
| **Name** | **Number of Common Shares<br> Beneficially Owned** | **Percentage of Issued<br> Common Shares** |
| &nbsp;&nbsp;Richard Warke<sup>(1)</sup> | 28166667 | 26.83% |

---

(1) Richard
 Warke indirectly holds (i) 26,916,667 Common Shares through Augusta Ozama Investment Limited
 Partnership, a partnership controlled by Mr. Warke; and (ii) 1,250,000 Common Shares through
 Augusta Investments Inc., a company controlled by Mr. Warke.

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

Other than as set out in this Circular and other than transactions carried out in the ordinary course of business of the Company or any of its subsidiaries no person who has been a director or executive officer of the Company at any time since the beginning of the last financial year nor any proposed nominee for election as a director of the Company, nor any associate or affiliate of any of the foregoing, has any material interest directly or indirectly, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Meeting.

**PARTICULARS OF MATTERS TO BE ACTED UPON AT THE MEETING**

**ANNUAL FINANCIAL STATEMENTS**

The audited consolidated financial statements of the Company for the year ended September 30, 2024, together with the report of the Company's auditors thereon, which were filed on SEDAR+ at www.sedarplus.ca on January 28, 2025, will be presented to the Company's Shareholders at the Meeting.

**NUMBER OF DIRECTORS**

At the Meeting, Shareholders will be asked to consider and, if thought advisable, pass an ordinary resolution setting the number of Company directors at six.

**ELECTION OF DIRECTORS**

The directors of the Company are elected annually and hold office until the next annual general meeting of the Shareholders or until their successors are elected or appointed. Management of the Company proposes to nominate the persons listed below for election as directors of the Company to serve until their successors are elected or appointed. In the absence of instructions to the contrary, proxies given pursuant to the solicitation by the management of the Company will be voted for the nominees listed in this Circular. Management does not contemplate that any of the nominees will be unable to serve as a director.

The following table and notes thereto state the name of each person proposed to be nominated by management for election as a director, the city, province or state and country in which they are ordinarily resident, all offices of the Company now held by them, their principal occupation, business or employments of each proposed director within the preceding five years, the date they were first appointed as a director of the Company and the number of Common Shares beneficially owned by them, directly or indirectly, or over which they exercises control or direction, as at the date Record Date.

---

| | | | |
|:---|:---|:---|:---|
| **Name, Position with<br> Company, Province or<br> State and**<br> **Country of Residence** | &nbsp;&nbsp;&nbsp; <br> **Date First<br> Appointed as<br> Director** | **Present and <br> Principal Occupation During the<br> Past Five Years<sup>(2)</sup>** | &nbsp;&nbsp; **Number of <br> Common Shares<br> beneficially owned or<br> over which control or<br> direction is**<br> **exercised**<sup>(1)</sup> |
| &nbsp;&nbsp; **Richard W. Warke**<br> BC, Canada | &nbsp;&nbsp; October 21, 2024 | &nbsp;&nbsp; Executive Chairman of Titan Mining Corporation since 2012; Executive Chairman of Augusta Gold Corp. since 2021; Executive Chairman of Solaris Resources Inc. from 2020 to 2024; President and CEO of Armor Minerals Inc. since 2015, all mining companies. | &nbsp;&nbsp;28166667 |
| &nbsp;&nbsp; **Daniel Earle**<br> ON, Canada | &nbsp;&nbsp;N/A | &nbsp;&nbsp; President and CEO of the Company since January 2025; President and CEO of Solaris Resources Inc., a mining company, from 2019 to 2024. | &nbsp;&nbsp;5250002 |
| &nbsp;&nbsp; **Federico Velasquez**<br> BC, Canada | &nbsp;&nbsp; February 9, 2024 | &nbsp;&nbsp; President, Peru of the Company; President, Latin America and before that, Vice President, Operations, of Solaris Resources Inc., a mining company, from 2018 to 2024. | &nbsp;&nbsp;150000 |
| &nbsp;&nbsp; **Jerrold Annett**<br> ON, Canada | &nbsp;&nbsp; October 21, 2024 | &nbsp;&nbsp;Senior VP, Strategy & Capital Markets, Capstone Copper, a mining company, from 2019 to 2024. | &nbsp;&nbsp;2286970 |
| &nbsp;&nbsp; **Javier Toro**<br> AZ, USA | &nbsp;&nbsp; October 21, 2024 | &nbsp;&nbsp; Chief Operating Officer of Solaris Resources Inc., a mining company, since 2024. Vice President, Mining Technical Services at Hudbay Minerals Inc., a mining company, with prior executive and director-level roles in mining, technical services, and mine optimization, from 2016 to 2023. | &nbsp;&nbsp;50000 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Thomas Whelan**<br> BC, Canada | &nbsp;&nbsp; October 21, 2024 | &nbsp;&nbsp;Chief Financial Officer of Coeur Mining, Inc., a producing mining company, since 2019. | &nbsp;&nbsp;40,000 |

---

(1) Statements
 as to the Common Shares beneficially owned, directly or indirectly, or over which control
 or direction is exercised by the directors named above are, in each instance, based upon
 information furnished by the individual concerned and is calculated as at the Record Date.

(2) Details
 with respect to other directorships for each director can be found under "Statement
 of Corporate Governance Practices – Directorships".

(3) Member
 of the Audit Committee.

**Corporate Cease Trade Orders and Bankruptcies**

No proposed director of the Company is, as at the date of this Circular, or was within 10 years before the date of this Circular, a director, chief executive officer or chief financial officer of any company (including the Company), that (i) was subject to an order that was issued while the proposed director was acting in the capacity as director, chief executive officer or chief financial officer, or (ii) was subject to an order that was issued after the proposed director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

No proposed director of the Company, is or has been within the 10 years before the date of this Circular, a director or executive officer of any company (including the Company) that while that person was acting in that capacity or within a year of that person ceasing to act in that capacity became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold its assets:

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

No proposed director of the Company has been subject to (a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement, with a securities regulatory authority, or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a proposed director.

**APPOINTMENT OF AUDITORS**

At the Meeting, Shareholders will be asked to re-elect Davidson & Company LLP, Chartered Professional Accountants, as auditors of the Company and to authorize the directors to set their remuneration. Davidson & Company LLP were first appointed auditors of the Company on March 31, 2022.

**APPROVAL OF STOCK OPTION PLAN**

At the Meeting, management is seeking Shareholder approval of the Company's stock option plan (the "**Option Plan**"). The Option Plan was approved by the Board on April 7, 2025, and will replace the Company's Stock Option Plan dated May 11, 2020, as amended to October 21, 2024 (the "**Original Option Plan**"). A copy of the Option Plan is attached as Appendix "A" to this Circular. For a detailed description of the Option Plan see "Stock Option Plan – Summary of Option Plan" below.

Pursuant to the policies of the TSX, all security-based compensation arrangements must be approved by a listed issuer's securityholders when instituted. In addition, all unallocated options, rights or other entitlements under a security-based compensation arrangement that do not have a fixed maximum number of securities issuable must be approved by the listed issuer's securityholders when instituted and then every three years after the institution of such compensation arrangement.

Accordingly, at the Meeting, Shareholders will be asked to pass the following ordinary resolution:

"**RESOLVED THAT:**

1. the
 Stock Option Plan of the Company in the form attached as Appendix "A" to the
 Management Information Circular of the Company dated April 29, 2025 (the "Circular")
 and as summarized and described in the Circular (the "Option Plan"), is hereby
 approved and replaces in its entirety the Company's stock option plan dated May 11,
 2020, as amended to October 21, 2024 (the "Original Option Plan");

2. all
 unallocated Options under the Option Plan are hereby ratified, confirmed and approved;

3. Options
 granted under the Original Option Plan shall be governed under the terms of the Option Plan
 except, as required in Section 6.2 of the Original Option Plan, to the extent that any term
 of the Option Plan impairs any right of an optionholder pursuant to any option awarded prior
 to such amendment;

4. the
 Company be and shall have the authority to grant Options pursuant to and subject to the terms
 and conditions of the Option Plan until June 12, 2028, that is until the date that is three
 years from the date of the meeting Shareholder approval is currently being sought unless
 the Option Plan is terminated earlier;

5. the
 Company be and shall have authority to grant incentive stock options that are qualified under
 Section 422 of the United States Internal Revenue Code for up to 3,000,000 common shares
 of the Company;

6. 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 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."

To comply with the terms of the Original Option Plan, the terms thereof will continue to apply to option grants made under the Original Option Plan to the extent that the terms of the Option Plan would otherwise impair the right of an optionholder pursuant to an option awarded before the Original Option Plan was replaced by the Option Plan. Under the terms of the Original Option Plan, in the event that an optionholder that holds his or her options as a director ceases to be a director other than by way of death, the expiry date of such option shall be (subject to certain exceptions) the 90<sup>th</sup> day following the date the optionholder ceases to be a director, subject to earlier expiry of the options. The Option Plan provides that such options would terminate within 30 days after the optionee ceases to provide services to the Company or any of its subsidiaries (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), subject to the earlier expiry of the options. To the extent that the expiry date of such options under the Option Plan would be less than 90 days, such optionee will continue to benefit from this term of the Original Option Plan. The terms of the Option Plan are otherwise not anticipated to impair any right of an optionholder pursuant to any option awarded under the Original Option Plan. This Circular does not summarize the terms of the Original Option Plan as the terms thereof have substantially been replaced by the terms of the Option Plan.

The summary of the Option Plan set out below is intended to be a brief description and is subject to and qualified in its entirety by the full text of the Option Plan. Capitalized terms used in the following section "Summary of the Option Plan" but not otherwise defined in this Circular have the meanings given to them in the Option Plan.

*Summary of Stock Option Plan*

 

The purpose of the Option Plan is to secure for the Company and the Shareholders the benefits of the incentives inherent to Common Share ownership by officers, directors and other eligible persons who, in the judgment of the Board, will have a sufficient role in the Company's growth and success.

Directors, officers and employees of, and consultants to, the Company or any of its subsidiaries, as well as employees of companies providing management services or support to the Company or any of its subsidiaries (each, an "**Eligible Person**"), are eligible to receive Option grants under the Option Plan. The Option Plan includes the following significant terms and restrictions:

● The
 aggregate number of Common Shares that may be reserved for issuance pursuant to the Option
 Plan and all other Share Compensation Arrangements may not exceed 10% of the number of Common
 Shares issued and outstanding from time to time. Of this number, a maximum of 3,000,000 Common
 Shares may be granted as Incentive Stock Options.

● Any
 Common Shares subject to an Option that expires or terminates without having been fully exercised
 may be made the subject of a further Option.

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

● The
 aggregate number of Common Shares reserved for issuance pursuant to the Option Plan or any
 other Share Compensation Arrangement to any one Participant may not exceed 5% of the number
 of Common Shares issued and outstanding at any time.

● The
 aggregate number of Common Shares issuable pursuant to the Option Plan or any other Share
 Compensation Arrangement to Insiders may not exceed 10% of the number of Common Shares issued
 and outstanding at any time.

● The
 aggregate number of Common Shares issued to Insiders pursuant to the Option Plan or any other
 Share Compensation Arrangement in any one-year period may not exceed 10% of the number of
 Common Shares then issued and outstanding.

Subject to the terms of the Option Plan, the Exercise Price for each Common Share subject to an Option will be determined by the Board at the time of the Option grant and may not be lower than the last closing price of a common share on the TSX preceding the time of the Option grant, rounded up to the nearest whole cent.

Options will vest and become exercisable at such time or times as may be determined by the Board on the date of the Option grant.

Unless the Board determines otherwise and subject to any accelerated termination in accordance with the Option Plan, each Option will 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. If the date on which an Option is scheduled to expire occurs during, or within ten business days after the last day of, a Black Out Period applicable to the Optionee, then the date on which the Option will expire will be extended to the last day of such ten business day period.

Options are non-assignable and non-transferable, with the exception of an assignment to a legal representative of the estate, by testate succession or by the laws of descent and distribution upon the death of an Optionee.

If an Optionee ceases to be an Eligible Person (other than by reason of death, permanent disability or termination for cause), the Optionee may exercise any vested Options for a period of 30 days after the Optionee ceases to provide services to the Company or any of its subsidiaries (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), subject to the earlier expiry of the Options. If an Optionee ceases to be an Eligible Person by reason of death, the Optionee's heir may exercise any vested Options for one-year following the date of the Optionee's death, subject to the earlier expiry of the Options. If an Optionee ceases to be an Eligible Person while on permanent disability, the Optionee or his legal representatives may exercise any vested Options until the expiry of the Options. If an Optionee is dismissed for cause, any Options (whether vested or unvested) held by such Optionee shall terminate immediately upon receipt by the Optionee of notice of such dismissal.

If a "Change of Control" (as defined below) 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 Option Plan, 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 Common 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.

The Board may from time to time, subject to applicable law and any required approval of the TSX, any other regulatory authority, or the Shareholders, suspend, terminate or discontinue the Option Plan at any time, or amend or revise the terms of the Option Plan or of any Option granted thereunder; provided that no such amendment, revision, suspension, termination or discontinuance can adversely affect the rights of an Optionee under any previously granted Option except with the consent of that Optionee.

Shareholder approval shall not be required for the following amendments, subject to any regulatory approvals, including, where required, the approval of the TSX:

1. amendments
 to the Option Plan to ensure continuing compliance with applicable laws, regulations, requirements,
 rules or policies of any governmental or regulatory authority or any stock exchange;

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

3. changing
 the terms and conditions governing any Option(s) granted under the Option 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;

4. determining
 that any of the provisions of the Option 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;

5. amendments
 to the definition of Eligible Person;

6. 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;

7. changing
 the terms and conditions of any financial assistance which may be provided by the Company
 to Optionees to facilitate the purchase of Common Shares under the Option Plan, or adding
 or removing any provisions providing for such financial assistance;

8. amendments
 to the cashless exercise feature set out in Section 2.8 of the Option Plan;

9. 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;

10. amendments
 relating to the administration of the Option Plan; and

11. 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 Common Shares
 trade from time to time.

Notwithstanding anything contained in the Option 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 Common Shares trade from time to time shall become effective until such approval is obtained. In addition to the foregoing, approval by the Shareholders by ordinary resolution shall be required for:

1. any
 amendment to the provisions of Section 3.9 of the Option Plan that is not an amendment within
 the nature of Sections 3.9(a)(i) and 3.9(a)(ii) of the Option Plan;

2. any
 increase in the maximum number of Common Shares that can be issued under the Option Plan,
 except in connection with an adjustment made in accordance with the Adjustment Provisions;

3. any
 reduction in the Exercise Price of an Option granted under the Option 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;

4. any
 amendment to extend the expiry of an Option beyond its original Expiry Date;

5. any
 amendment to Section 3.1(e) or Section 3.1(f) of the Option Plan to increase participation
 by Insiders; and

6. any
 amendment to the provisions of the Option 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 Section 3.9(b) of the
 Option Plan, Insiders are not eligible to vote their Common Shares in respect of the required
 approval of the Shareholders, and (II) in clauses (iii), (iv) or (vi) of Section 3.9(b) of the Option Plan, Insiders who shall benefit from such amendment or variance are
not eligible to vote their Common Shares in respect of the required approval of the Shareholders.

For the purposes of the Option Plan, "**Change of Control**" means the occurrence of any of the following events:

1. 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;

2. 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

3. the
 Board adopts a resolution to the effect that the circumstances in clause (1) or (2) of this
 definition have occurred or are imminent,

where such person or combination of persons referred to in clause (1) or (2) 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.

**Securities Available for Grant Under the Option Plan**

The Option Plan is "rolling" such that the number of securities granted under the Option Plan can be up to a maximum of 10% of the issued capital of the Company at the time of the grant on a non-diluted basis, and such aggregate number of Common Shares shall increase or decrease as the number of issued and outstanding Common Shares changes. As of the date hereof, the Company may grant a maximum number of 10,497,098 Options, representing 10% of Common Shares outstanding. As of the date hereof, the Company has awarded 7,095,000 Options representing approximately 6.76% of the Common Shares outstanding. The Company currently has a further 3,402,098 remaining Options available for grant representing approximately 3.24% of the Common Shares outstanding.

**Annual Burn Rate**

The following table sets forth the annual "burn rate" of the Option Plan for each of the three most recently completed fiscal years, calculated using the TSX's prescribed methodology pursuant to Section 613(d) of the TSX Company Manual:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Annual Burn Rate<sup>(1)</sup>** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;Option Plan | 2.59% | 2.79% | 4.24% |

---

(1) The
 burn rate is the number of awards granted in a fiscal year, expressed as a percentage of the weighted average number of common shares
 outstanding for the applicable fiscal year calculated in accordance with the CPA Canada Handbook.

**STATEMENT OF EXECUTIVE COMPENSATION**

For the purposes set out below a "**Named Executive Officer**" or "**NEO**" means:

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

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

(c) in
 respect of the Company and its subsidiaries, the most highly compensated executive officer
 other than the individuals identified in paragraphs (a) and (b) above, at the end of the
 most recently completed financial year whose total compensation was more than $150,000 for
 that financial year; and

(d) each
 individual who would be a named executive officer under paragraph (c) above but for the fact
 that the individual was not an executive officer of the Company, and was not acting in a
 similar capacity, at the end of that financial year.

As at September 30, 2024, the end of the most recently completed financial year of the Company, the Company had three NEOs, whose names and positions held within the Company are set out in the summary compensation table below.

A NEO or director of the Company is not permitted to purchase financial instruments, including, for greater certainty, prepaid variable forward contracts, equity swaps, collars, or units of exchange funds, that are designed to hedge or offset a decrease in market value of equity securities granted as compensation or held, directly or indirectly by the NEO or director.

**Director and Named Executive Officer Compensation**

The following table is a summary of compensation (excluding compensation securities) paid, payable, awarded, granted, given, or otherwise provided, directly or indirectly, by the Company, or a subsidiary of the Company, to each NEO and director, for services provided and for services to be provided, directly or indirectly to the Company or a subsidiary of the Company, for each of the Company's two most recently completed financial years.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** | **Table of compensation excluding compensation securities** |
| **Name<br> and position** | **Year Ended<br> September 30** | **Salary, consulting<br> fee, retainer or<br> commission<br> ($)** | **Bonus<br> ($)** | **Committee or<br> meeting fees**<br> **($)** | **Value of<br> perquisites<br> ($)** | **Value of all<br> other<br> compensation<br> ($)** | **Total<br> compensation<br> ($)** |
| &nbsp;&nbsp;**David Fincham**<sup>(1)</sup> <br> *President, CEO and Director* | 2024 | $220667 | Nil | Nil | Nil | Nil | $220667 |
| &nbsp;&nbsp;**David Fincham**<sup>(1)</sup> <br> *President, CEO and Director* | 2023 | $239329 | Nil | Nil | Nil | Nil | $239329 |
| &nbsp;&nbsp;**Stephen Brohman**<sup>(2)</sup> <br> *CFO and Corporate Secretary* | 2024 | $115888 | Nil | Nil | Nil | Nil | $115888 |
| &nbsp;&nbsp;**Stephen Brohman**<sup>(2)</sup> <br> *CFO and Corporate Secretary* | 2023 | $70738 | Nil | Nil | Nil | Nil | $70738 |
| &nbsp;&nbsp;**Leandro Echavarria**<sup>(3)</sup> <br> *Vice President Exploration* | 2024 | $207630 | Nil | Nil | Nil | Nil | $207630 |
| &nbsp;&nbsp;**Leandro Echavarria**<sup>(3)</sup> <br> *Vice President Exploration* | 2023 | $158569 | Nil | Nil | Nil | Nil | $158569 |
| &nbsp;&nbsp; **Fabian Baker**<sup>(4)</sup><br> *Director* | 2024 | Nil | Nil | Nil | Nil | Nil | Nil |
| &nbsp;&nbsp; **Fabian Baker**<sup>(4)</sup><br> *Director* | 2023 | Nil | Nil | Nil | Nil | Nil | Nil |
| &nbsp;&nbsp; **Graeme Lyall**<sup>(5)</sup><br> *Director* | 2024 | $29435 | Nil | Nil | Nil | Nil | $29435 |
| &nbsp;&nbsp; **Graeme Lyall**<sup>(5)</sup><br> *Director* | 2023 | $45241 | Nil | Nil | Nil | Nil | $45241 |
| &nbsp;&nbsp; **Federico Velasquez**<sup>(6)</sup><br> *Director* | 2024 | Nil | Nil | Nil | Nil | Nil | Nil |
| &nbsp;&nbsp; **Federico Velasquez**<sup>(6)</sup><br> *Director* | 2023 | N/A | N/A | N/A | N/A | N/A | N/A |

---

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

1. Mr.
 Fincham was appointed as the President and CEO of the Company on September 1, 2022, and was
 appointed as a director of the Company on September 19, 2022. Mr. Fincham was compensated
 through an independent consulting agreement. Mr. Fincham resigned as President and CEO and
 as a director of the Company on October 21, 2024.

2. Mr.
 Brohman was compensated through a services agreement with Donaldson Brohman Martin CPA Inc.
 ()"**DBM CPA** "). During the year ended September 30, 2024, the Company was
 invoiced a total of $115,888 by DBM CPA, of which $60,000 related to ongoing CFO consulting
 services and $55,888 related to additional services, including transactional advisory services
 and corporate tax compliance. Mr. Brohman resigned as Corporate Secretary of the Company
 on January 1, 2025, and as CFO on January 2, 2025.

3. Dr.
 Echavarria was appointed as the Vice President Exploration on March 1, 2023. Dr. Echavarria
 was compensated through an independent consulting agreement. Dr. Echavarria resigned as Vice
 President Exploration on January 7, 2025.

4. Mr.
 Baker resigned as a director of the Company on July 23, 2024.

5. Mr.
 Lyall was appointed as a director of the Company on February 17, 2023. Mr. Lyall is a principal
 of Lyall Consult SPA ()"**Lyall Consult** "). The amount disclosed reflects
 the fees paid to Lyall Consult attributable to Mr. Lyall's geological consulting services.
 Mr. Lyall resigned as a director of the Company on October 21, 2024.

6. Mr.
 Velasquez was appointed as a director of the Company on February 9, 2024.

**Stock Options and Other Compensation Securities**

The following table provides information on all compensation securities granted or issued to each director and NEO by the Company or one of its subsidiaries in the Company's most recently completed financial year ended September 30, 2024 for services provided or to be provided, directly or indirectly, to the Company or any of its subsidiaries.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** | **Compensation Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Name and<br> position** | &nbsp;&nbsp;&nbsp; **Type of<br> compensation security** | &nbsp;&nbsp; **Number of<br> compensation<br> securities,<br> number of**<br> **underlying<br> securities and**<br> **percentage of class** | &nbsp;&nbsp;&nbsp;**Date of issue<br> or grant** | &nbsp;&nbsp;**Issue,<br> conversion or<br> exercise price <br> ($)** | &nbsp;&nbsp;**Closing price of<br> security or underlying<br> security on date of<br> grant<br> ($)** | &nbsp;&nbsp;**Closing price of<br> security or underlying<br> security at year end<br> ($)** | **Expiry Date**<sup>(7)</sup> |
| &nbsp;&nbsp;**David Fincham**<sup>(1)</sup> <br> *President, CEO and Director* | Options | 500000 | March 12,<br> 2024 | $0.55 | $0.49 | $0.79 | March 12,<br> 2027 |
| &nbsp;&nbsp;**David Fincham**<sup>(1)</sup> <br> *President, CEO and Director* | &nbsp;&nbsp;Common Shares | 75000 | August 8,<br> 2024 | $0.85 | $0.62 | $0.79 | N/A |
| &nbsp;&nbsp; **Stephen Brohman**<sup>(2)</sup><br> *Chief Financial Officer* | Options | 50000 | March 12,<br> 2024 | $0.55 | $0.49 | $0.79 | March 12,<br> 2027 |
| &nbsp;&nbsp;**Leandro Echavarria**<sup>(3)</sup> <br> *Vice President Exploration* | Options | 175000 | March 12,<br> 2024 | $0.55 | $0.49 | $0.79 | March 12,<br> 2027 |
| &nbsp;&nbsp; **Fabian Baker**<sup>(4)</sup><br> *Director* | Options | 275000 | March 12,<br> 2024 | $0.55 | $0.49 | $0.79 | March 12,<br> 2027 |
| &nbsp;&nbsp; **Fabian Baker**<sup>(4)</sup><br> *Director* | &nbsp;&nbsp;Common Shares | 146923 | August 8,<br> 2024 | $0.85 | $0.62 | $0.79 | N/A |
| &nbsp;&nbsp; **Graeme Lyall**<sup>(5)</sup><br> *Director* | Options | 175000 | March 12,<br> 2024 | $0.55 | $0.49 | $0.79 | March 12,<br> 2027 |
| &nbsp;&nbsp; **Federico Velasquez**<sup>(6)</sup><br> *Director* | Options | 350000 | March 12,<br> 2024 | $0.55 | $0.49 | $0.79 | March 12,<br> 2027 |

---

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

1. As
 at the Company's most recently completed financial year ended September 30, 2024, David
 Fincham held options to acquire 500,000 Common Shares exercisable at a price of $0.42 per
 share until March 3, 2028, which are subject to the following vesting provisions: 20% immediately
 on the date of grant, and 20% every 6 months thereafter; and options to acquire 500,000 Common
 Shares exercisable at a price of $0.55 per share until March 12, 2027.

2. As
 at the Company's most recently completed financial year ended September 30, 2024, Stephen
 Brohman held options to acquire 15,000 Common Shares exercisable at a price of $0.54 per
 share until August 10, 2025; 85,000 Common Shares exercisable at a price of $0.60 until November
 3, 2026, which are subject to the following vesting provisions: 25% immediately on the date
 of grant, and 25% every 6 months thereafter; and options to acquire 50,000 Common Shares
 exercisable at a price of $0.55 per share until March 12, 2027.

3. As
 at the Company's most recently completed financial year ended September 30, 2024, Leandro
 Echavarria held options to acquire 175,000 Common Shares exercisable at a price of $0.42
 per share until March 3, 2028, which are subject to the following vesting provisions: 75,000
 immediately on the date of grant, and 50,000 every 6 months thereafter; and options to acquire
 175,000 Common Shares exercisable at a price of $0.55 per share until March 12, 2027.

4. Mr.
 Fabian Baker resigned as a director effective July 23, 2024. As at the Company's most
 recently completed financial year ended September 30, 2024, Fabian Baker held nil options.
 On August 8, 2024, 146,923 common shares were issued to Mr. Baker as consideration for the
 cancellation of 450,000 stock options.

5. As
 at the Company's most recently completed financial year ended September 30, 2024, Graeme
 Lyall held options to acquire 175,000 Common Shares exercisable at a price of $0.42 per share
 until March 3, 2028, which are subject to the following vesting provisions: 75,000 immediately
 on the date of grant, and 50,000 every 6 months thereafter; and options to acquire 175,000
 Common Shares exercisable at a price of $0.55 per share until March 12, 2027.

6. As
 at the Company's most recently completed financial year ended September 30, 2024, Federico
 Velasquez held options to acquire 350,000 Common Shares exercisable at a price of $0.55 per
 share until March 12, 2027.

7. Messrs.
 Fincham, Brohman, Baker and Lyall are no longer directors and/or officers of the Company.
 Their options have either been exercised or cancelled.

No compensation securities were exercised by a director or NEO during the Company's most recently completed financial year ended September 30, 2024.

**Employment, consulting and management agreements**

Other than as set out below, the Company does not have any agreement or arrangement under which compensation was provided during the Company's most recently completed financial year or is payable in respect of services provided to the Company or any of its subsidiaries that were performed by a director or NEO, or performed by any other party but are services typically provided by a director or a NEO.

The Company entered into a services agreement (the "**DBM Agreement**") with Donaldson Brohman Martin, CPA, Inc. ("**DBA**") dated April 29, 2020, which was amended and restated on October 1, 2021, pursuant to which DBA agreed to provide certain CFO consulting services to the Company for a monthly fee of $5,000 to $7,000 per month. The DBM Agreement was terminable by either party by providing three months' written notice to the other party. The Company was permitted to terminate the DBM Agreement with less than three months' notice by paying DBM an amount of $5,000 per month, calculated on a pro- rata basis.

The Company entered into an independent consulting agreement (the "**Fincham Agreement**") dated December 20, 2022, with David Fincham, pursuant to which Mr. Fincham agreed to provide the services of a President and Chief Executive Officer of the Company in consideration for an annual fee of $220,000, effective as of November 1, 2022. The Fincham Agreement provided for a payment equivalent to nine months of consulting fees and immediate vesting of any outstanding share incentives in the event of a change of control. The Fincham Agreement was terminable by Mr. Fincham on 90 days' written notice and by the Company on 90 days' written notice. It was also terminable for cause without prior notice.

The Company entered into an independent consulting agreement (the "**Echavarria Agreement**") dated February 22, 2023, with Leandro Echavarria, pursuant to which Mr. Echavarria agreed to provide consulting services to the Company in consideration for an annual fee of US$144,000, effective as of March 1, 2023. The Echavarria Agreement was terminable by Mr. Echavarria on 60 days' written notice and by the Company on 60 days' written notice. It was also terminable for cause without prior notice.

Each of the DBM Agreement, the Fincham Agreement and the Echavarria Agreement was terminated in connection with the Company's management changes announced on January 7, 2025.

**Oversight and Description of Director and Named Executive Officer Compensation**

The Board is responsible for determining, by way of discussions at Board meetings, the compensation to be paid to the Company's executive officers. The Company at this time does not have a formal compensation program with specific performance goals; however, the performance of each executive is considered along with the Company's ability to pay compensation and its results of operation for the period.

The Company's executive compensation is currently comprised of a base fee or salary. Base fees or salaries are intended to provide current compensation and a short-term incentive for the NEO to meet the Company's goals, as well as to remain competitive with the industry. Base fees or salaries are compensation for job responsibilities and reflect the level of skills, expertise and capabilities demonstrated by the NEO.

Compensation is designed to achieve the following key objectives:

(a) to
 support our overall business strategy and objectives;

(b) to
 provide market competitive compensation that is substantially performance-based;

(c) to
 provide incentives that encourage superior corporate performance and retention of highly
 skilled and talented employees; and

(d) to
 align executive compensation with corporate performance and therefore Shareholders'
 interests.

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

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

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| | | | |
|:---|:---|:---|:---|
| **Equity compensation plans approved by securityholders** | **Number of Common Shares to be issued upon exercise of outstanding<br> options** | &nbsp;&nbsp; **Weighted-average exercise price of outstanding options**<br> **(C$)** | **Number of securities remaining available for future issuance under equity compensation plans** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Plan | 2575000 | &nbsp;&nbsp;0.52 | 5597098 |

---

(1) Based
 on 10% of the Company's issued and outstanding Common Shares at September 30, 2024,
 less stock options outstanding at September 30, 2024.

**STATEMENT OF CORPORATE GOVERNANCE PRACTICES**

National Instrument 58-101 – *Disclosure of Corporate Governance Practices*, requires all companies to provide certain annual disclosure of their corporate governance practices with respect to the corporate governance guidelines (the "**Guidelines**") adopted in National Policy 58-201 – *Corporate Governance Guidelines* ("**NP 58-201**"). These Guidelines are not prescriptive but have been used by the Company to the extent possible in adopting its corporate governance practices.

**About the Board**

The Board has overall responsibility for corporate governance matters through:

● developing
 and approving corporate policies and guidelines;

● assisting
 in the definition of corporate objectives and assessing key plans; and

● evaluating
 performance on a regular basis.

Among other things, the Board is guided by legislative and other governance standards, as well as industry best practices. The Board, as a whole or through its audit committee, periodically reviews and assesses the Company's policies and guidelines, as well as its governance practices, to ensure they are appropriate and current.

The Board is composed of individuals of the highest integrity, each of whom has the knowledge and skill necessary to contribute effectively to the oversight and guidance of the Company.

Considering that the directors are actively involved in the operations of the Company and the size of the Company's operations does not warrant a larger board of directors, the Board has determined that additional standing committees are not necessary at this time.

In addition, the Board relies on management to ensure the Company is conducting its everyday business to the appropriate standards and also to provide regular, forthright reports to the Board and its committees. The Company is not indebted to any of its directors.

***Composition of the Board and Independence***

 ****

The Board currently consists of five directors, four of whom, Mr. Warke, Mr. Annett, Mr. Toro and Mr. Whelan, the Board considers to be independent directors under National Instrument 58-101 – *Disclosure of Corporate Governance Practices*. They are independent of management and have no direct or indirect relationship with the Company which could, in the view of the Board, be reasonably expected to interfere with the exercise of such board member's independent judgment. Mr. Velasquez is "Non-Independent" because he is President, Peru of the Company. If Mr. Earle is elected to the Board, he would be "Non- Independent" as he is the President and CEO of the Company. It is the intention of the Board to maintain a level of independence as set forth in NI 52-110 and take guidance provided under the Guidelines of NP 58- 201 in an effort to maintain good governance.

**Directorships**

The Board nominees are directors of other reporting issuers as follows:

● Richard
 W. Warke is a director of Titan Mining Corporation, Augusta Gold Corp., Solaris Resources
 Inc. and Armor Minerals Inc.

● Jerrold
 Annett is a director of Zena Mining Corp.

● Daniel
 Earle is a director of Augusta Gold Corp.

**Term Limits**

The directors of the Company are elected annually and hold office until the next annual meeting of Shareholders or until their successors are elected or appointed. No term limits have been adopted for directors so far. However, the Company may consider adopting term limits for directors in the future.

**Board Mandate**

The Board does not have a formal written mandate.

**Position Descriptions**

The Board has not developed formal written position descriptions for the Chair of the Board or for the Chairs of the Audit. However, the Audit Committee has a charter governing its function. Certain of the Board members are also directors of other reporting issuers and are therefore knowledgeable and experienced in their capacity as such and the role designated for them. Informal discussions occur at the Board level with respect to their responsibilities. The Board has also not developed a formal position description for the CEO. However, employment duties for the CEO are identified in the CEO's employment agreement. In addition, the CEO has considerable prior industry experience and is therefore knowledgeable and experienced in his capacity as such and the role designated for him.

**Orientation and Continuing Education**

The Board is responsible for ensuring that new directors are provided with an orientation including written information about the duties and obligations of directors, the business and operations of the Company, documents from recent Board meetings as applicable, and opportunities for meetings and discussion with senior management and other directors. Directors are expected to attend all scheduled Board and committee meetings as applicable either by telephone conference or in person when possible.

The Board recognizes the importance of ongoing director education and the need for each director to take personal responsibility for the process. To facilitate ongoing education of the Company's directors, the Company supports training or education in areas relating to their role as a director of the Company; and encourages presentations by outside experts to the Board or committees on matters of particular importance or emerging significance.

**Ethical Business Conduct**

The Board views good corporate governance as an integral component to the success of the Company and as a requirement to meet its responsibilities to the Company's Shareholders. The Board has adopted a Code of Conduct and Business Ethics (the "**Code**") to which all employees, officers, and directors are expected to adhere. A copy of the Code is available on the Company's website at www.highlandersilver.com. The Board reviews compliance with the Code on an annual basis and is responsible for granting any waivers from the Code. The Company will promptly disclose any material waivers from the requirements of the Code granted to our directors or executive officers following the waiver. There have been no waivers to the Code since it was adopted.

The Board, through its meetings and other informal discussions with management, encourages a culture of ethical business conduct and believes the Company's high caliber management team promotes a culture of ethical business conduct throughout the Company's operations. Management is expected to monitor the activities of the Company's employees, consultants and agents in that regard.

It is a requirement of applicable corporate law that directors and senior officers who have an interest in a transaction or agreement with the Company promptly disclose that interest at any meeting of the Board at which the transaction or agreement will be discussed and, in the case of directors, abstain from discussions and voting in respect to same if the interest is material. These requirements are also contained in the Company's Articles, which are made available to Directors and senior officers of the Company.

**Nomination of Directors**

The process by which the Board identifies new candidates is by keeping itself informed of potential candidates in the industry. Any Board member may suggest a director nominee. The Board formally reviews and considers the background, expertise, qualifications and skill sets, to the needs of the Company and considers the appointment of the potential candidate.

**Compensation**

The Board conducts reviews with regard to the compensation of the directors and CEO once a year. To make its recommendations on such compensation, the Board informally takes into account the types of compensation and the amounts paid to directors and officers of comparable publicly traded Canadian companies. At present, no cash compensation is paid to the directors of the Company in their capacity as directors. The Board does not currently have a compensation committee.

**Audit Committee**

The members of the Audit Committee are independent of management and report directly to the Board. The purpose of the Audit Committee is to assist the Board's oversight of the integrity of the Company's financial statements; the Company's compliance with legal and regulatory requirements; the qualifications and independence of the Company's independent auditors; and the performance of the independent auditors. Further information regarding the Audit Committee is contained in the Company's most recent Annual Information Form (the "**AIF**") under the heading "Audit Committee Information" and a copy of the Audit Committee charter is attached to the AIF as Schedule A. The AIF is available under the Company's profile at www.sedarplus.ca.

**Assessments**

The Board annually, and at such other times as it deems appropriate, reviews the performance and effectiveness of the Board, the directors and its committees to determine whether changes in size, personnel or responsibilities are warranted.

**MANAGEMENT CONTRACTS**

The Company has entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by each company party to the arrangement. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

During the most recently completed fiscal year, no director, executive officer or senior officer of the Company, proposed management nominee for election as a director of the Company or associate or affiliate of any such director, executive or senior officer or proposed nominee is or has been indebted to the Company or any of its subsidiaries or is or has been indebted to another entity where such indebtedness is or has been the subject of a guarantee, support agreement, letter of credit or other similar arrangement or understanding provided by the Company or any of its subsidiaries, other than routine indebtedness.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

During the most recently completed fiscal year, other than information disclosed in this Circular or otherwise disclosed in the Company's continuous disclosure record, no directors or executive officers of the Company or a subsidiary of the Company nor a proposed nominee for election to the Board, nor any person or company who beneficially owns, directly or indirectly, or who exercises control or direction over (or a combination of both) more than 10% of the issued and outstanding Common Shares, nor any associate or affiliate of those persons, had or has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any transaction or proposed transaction which has materially affected or would materially affect the Company or any of its subsidiaries.

**GENERAL MATTERS**

It is not known whether any other matters will come before the Meeting other than those set forth above and in the Notice of Meeting, but if any other matters do arise, the persons named in the Shareholders' Proxy intend to vote on any poll, in accordance with their best judgement, exercising discretionary authority with respect to amendments or variations of matters set forth in the Notice of Meeting and other matters which may properly come before the Meeting or any adjournment or postponement thereof.

**ADDITIONAL INFORMATION**

Additional information relating to the Company may be found on SEDAR+ at www.sedarplus.ca under the profile 'Highlander Silver Corp.' and the Company's website www.highlandersilver.com.

Financial information is provided in the Company's consolidated audited financial statements and in the management's discussion and analysis ("**MD&A**") for its most recently completed fiscal year. Shareholders may request copies of the Company's audited consolidated financial statements and MD&A by contacting the Company at (604) 687-1717.

**BOARD APPROVAL**

The contents of this Circular have been approved and its mailing authorized by the directors of the Company.

DATED at Toronto, Ontario, this 29<sup>th</sup> day of April, 2025.

**BY ORDER OF THE BOARD OF DIRECTORS**

*/s/ Daniel Earle*

Daniel Earle

President & Chief Executive Officer

**SCHEDULE A – STOCK OPTION PLAN**

**[Attached.]**

**STOCK OPTION PLAN**

**HIGHLANDER SILVER CORP.**

**(the "Company")**

**June 12, 2025**

**ARTICLE 1**

**<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;(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;(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;(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 Highlander Silver Corp., 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 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 stock option plan, as the same may be further amended, restated, modified or supplemented from time to time, which replaces
 in its entirety the Company's stock option plan dated May 11, 2020, as amended to October 21, 2024.

&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.

(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.

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

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

(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.

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

(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.

(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.

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

(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;

(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;

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

(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;

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

(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**

**<u>STOCK OPTION PLAN</u>**

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 Shares 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 average 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:

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

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

(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**

**<u>GENERAL</u>**

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.

(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.

(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.

(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.

(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, by the legal representative of the estate or 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;

(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

(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;(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;

(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;

(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;

(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;

(v) amendments
 to the definition of Eligible Person;

(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;

(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;

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

(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;

(x) amendments
 relating to the administration of the Plan; and

(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 of 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;(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);

(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;

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

(v) any
 amendment to Section 3.1(e) or Section 3.1(f) to increase participation by Insiders; and

(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 shall only become effective upon the approval of the Board and Shareholders.

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 for investment purposes only;

(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**

**<u>OPTIONS GRANTED TO U.S. PARTICIPANTS</u>**

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.

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

(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 422(e)(3) and 422(c)(6) of the Code.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

(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
 3,000,000. 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;(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).

(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.

(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;(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;

(v) If
 a Participant ceases to be employed by the Company (or by any Parent or Subsidiary of the
 Company), whether voluntarily or involuntarily, other than death, Disability or cause, such
 Option will no longer qualify as an Incentive Stock Option as of the earlier of (i) the date
 that is three months after the date of cessation of employment or (ii) the expiration of
 the term of such Incentive Stock Option. Notwithstanding the foregoing, if a Participant's
 termination of employment is due to Disability, then such Incentive Stock Option shall cease
 to qualify as an Incentive Stock Option as of the earlier of (i) the date that is one year
 after the date on which the Participant ceases to be employed by the Company (or by any subsidiary
 of the Company) due to such Disability or (ii) the expiration of the term of such 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.

(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;

(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

(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.

(ix) Notwithstanding
 any other provision of this Plan to the contrary, no Option granted to a U.S. Participant may be extended beyond its Expiry Date if
 such extension would cause the Option to become deferred compensation subject to Section 409A of the Code.

&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
 Board may use its reasonable efforts to ensure that any adjustment with respect to the Option
 Exercise Price for and number of Option Shares subject to an Option granted to a U.S. Participant
 pursuant to this Plan will be made so as to comply with, and not create any adverse consequences
 under, sections 424 and 409A of the Code.

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

**EXHIBIT "A"**

**HIGHLANDER SILVER CORP.**

**STOCK OPTION PLAN CERTIFICATE**

This Certificate is issued pursuant to the provisions of the Stock Option Plan dated as of [DATE], 2025, as may be amended from time to time (the "**Plan**") of Highlander Silver Corp. (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;(a) the
 Option was awarded to the Optionee as of __________________ (the "**Award Date** "); and

(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:

---

| | |
|:---|:---|
| &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 "Highlander Silver Corp." 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;

(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

(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).

---

| | |
|:---|:---|
| **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |
| by | |
|  | Name: |
|  | Title: |

---

---

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

---

**SCHEDULE A TO EXHIBIT A**

**STOCK OPTION PLAN**

**SUPPLEMENTAL ACKNOWLEDGMENT AND AGREEMENT**

**(U.S. OPTION HOLDER)**

Notice is hereby given that, effective this _______ day of ___________, 20___ (the "**Effective Date**") Highlander Silver Corp. (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 Stock Option Plan dated as of [DATE], 2025, as may be amended from time to time (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 "Highlander Silver Corp." 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.

---

| | | |
|:---|:---|:---|
| **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |  |
| Per: | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory | Employee Signature |

---

**EXHIBIT "B"**

**NOTICE OF EXERCISE**

TO: Highlander Silver Corp. 555 – 999 Canada Place Vancouver, British Columbia V6C 3E1

**1.** **Exercise of Option** 

The undersigned hereby irrevocably gives notice pursuant the Stock Option Plan dated as of [DATE], 2025, as may be amended from time to time (the "**Plan**") of Highlander Silver Corp. (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;(a) all
 of the Shares; or

(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;(a) number
 of Shares to be acquired on exercise of the Option: Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) times
 the Exercise Price: $

---

| | |
|:---|:---|
| Aggregate Exercise Price, as enclosed herewith: | $|

---

The undersigned tenders herewith a cheque or bank draft (circle one) in the amount of $<u> </u>, payable to "Highlander Silver Corp." 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)**:

---

| | | |
|:---|:---|:---|
| ____ | 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;(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 ______________________.

---

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

---

**EXHIBIT "C"**

**NOTICE OF CASHLESS EXERCISE**

TO: Highlander Silver Corp. 555 – 999 Canada Place Vancouver, British Columbia V6C 3E1

**1.** **Cashless Exercise of Option** 

The undersigned hereby irrevocably gives notice pursuant the Stock Option Plan dated as of [DATE], 2025, as may be amended from time to time (the "**Plan**") of Highlander Silver Corp. (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

(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)**:

---

| | | |
|:---|:---|:---|
| ___ | 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;(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 99.32

**Exhibit 99.32**

![](ex99-32_001.jpg)

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS**

NOTICE IS HEREBY GIVEN that an annual general meeting (the "**Meeting**") of the shareholders (each a "**Shareholder**") of Highlander Silver Corp. ("**Highlander**" or the "**Company**") will be held at Suite 555 – 999 Canada Place, Vancouver, BC, Canada V6C 3E1 on June 12, 2025, at 11:00 am (Vancouver time), for the following purposes:

1. to receive and consider the audited consolidated financial statements of the Company for the financial
year ended September 30, 2024, and the auditors' report thereon;

2. to set the number of directors of the Company at six;

3. to elect directors of the Company for the ensuing year;

4. to appoint Davidson & Company LLP, Chartered Professional Accountants, as auditors of the Company
until the next annual general meeting and to authorize the board of directors to set their remuneration;

5. to approve the Company's stock option plan, as more particularly set out in the accompanying management
information circular; and

6. to transact such other business as may properly be brought before the Meeting and any adjournment or postponement
thereof.

Accompanying this Notice of Meeting is a management information circular (the "**Circular**"), which provides additional information relating to the business to be conducted at the Meeting, a form of proxy (the "**Proxy**") or voting instruction form (the "**VIF**"), and a form whereby Shareholders may request that the Company's annual and/or interim financial statements and corresponding management's discussion and analysis be mailed to them.

The board of directors of the Company has fixed a record date as of the close of business on April 22, 2025, for purpose of determining the Shareholders of record that will be entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof.

**Notice and Access**

The Company is using the notice-and-access procedures ("**Notice and Access**") under the Canadian Securities Administrators' National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* for the delivery of the Circular for the Meeting to its Shareholders.

Under Notice and Access, instead of receiving paper copies of the Circular, Shareholders will be receiving a Notice and Access notification with information on how they may obtain a copy of the Circular electronically or request a paper copy. Registered Shareholders and beneficial Shareholders will still receive a proxy form or VIF enabling them to vote at the Meeting. The use of Notice and Access in connection with the Meeting reduces paper use, as well as the Company's printing and mailing costs. The Company will arrange to mail paper copies of the Circular to those registered Shareholders and beneficial Shareholders who have existing instructions on their account to receive paper copies of the Company's Meeting materials.

The Company urges Shareholders to review the Circular before voting.

**Accessing Meeting Materials Online**

The Meeting materials can be viewed online under the Company's profile at www.sedarplus.ca or at https://www.highlandersilver.com/investors/agm/.

**Requesting Printed Meeting Materials**

Any Shareholder who wishes to receive a paper copy of the Circular should contact the Company by telephone toll-free at 1-888-442-2224 or by email at info@highlandersilver.com.

**Proxies are being solicited by management of the Company. Registered Shareholders who are unable to be present in person at the Meeting are requested to date, complete and sign the enclosed Proxy and return it in the addressed envelope provided for that purpose (or use the communication means provided in the Proxy). To be valid, the completed Proxy must be deposited with the Company's transfer agent, Endeavor Trust Corporation, in accordance with the instructions in the Proxy not less than forty-eight (48) hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment or postponement thereof.**

**If you are a non-registered Shareholder and receive a VIF from the Transfer Agent, please complete and return the VIF in accordance with the instructions provided by the Transfer Agent. If you do not complete and return the VIF in accordance with such instructions, you may lose your right to vote at the Meeting.**

**If you are a non-registered Shareholder and receive these materials through your broker or through another intermediary, please complete and return the materials in accordance with the instructions provided to you by your broker or such other intermediary. If you do not complete and return the materials in accordance with such instructions, you may lose your right to vote at the Meeting.**

Dated as of April 29, 2025

BY ORDER OF THE BOARD OF DIRECTORS

*"Daniel Earle"*

DANIEL EARLE

President and Chief Executive Officer

***The enclosed materials are being sent to both registered and non-registered Shareholders. If you are a non-registered Shareholder and the Company or its agents have sent these materials directly to you, your name and address and information about your holdings of Common Shares, have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding your Common Shares on your behalf.***

 ****

 ****

## Exhibit 99.33

**Exhibit 99.33**

![](ex99-33_001.jpg)

**Highlander Silver to Commence Trading May 13, 2025 on the TSX;**

**Drilling to Commence at San Luis Gold-Silver Project in the Coming Weeks**

**Toronto, May 12, 2025 – Highlander Silver Corp. (TSX: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to announce that it has received final approval from the Toronto Stock Exchange ("TSX") to list its common shares (the "Common Shares") on the TSX. The Common Shares will begin trading at market open on May 13, 2025, under the current symbol "HSLV".

Daniel Earle, President and CEO, commented: "Listing on the TSX will improve Highlander Silver's liquidity and broaden its shareholder base by facilitating greater market access for institutional and retail investors who have expressed interest in our story. This milestone reflects the culmination of the extraordinary efforts of our team members and the strong support of our strategic and institutional investors. The occasion also marks the commencement of infrastructure programs with the participation of our community partners to support the start of drilling at the bonanza grade San Luis gold-silver project in the coming weeks – exciting news for all stakeholders."

In conjunction with the listing on the TSX, Highlander Silver's Common Shares will be delisted from the Canadian Securities Exchange (the "**CSE**"), effective prior to the commencement of trading on the TSX. Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing, as there will be no change in the trading symbol or CUSIP for the common shares.

 

**On behalf of Highlander Silver**

"Daniel Earle"

President and CEO

**Information contact**

Arun Lamba, Vice President Corporate Development

<u>alamba@highlandersilver.com</u>

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

For additional information on the San Luis Mineral Resource estimate, see Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

*Neither the CSE nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this news release.*

**Forward-looking statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the listing date of the Company's common shares on the TSX and the delisting of such common shares from the CSE, that listing on the TSX will improve Highlander Silver's liquidity and broaden its shareholder base by facilitating greater market access for institutional and retail investors who have expressed interest in our story; and that drilling will commence at the San Luis Project in the coming weeks. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.34

**Exhibit 99.34**

![](ex99-34_001.jpg)

**Highlander Silver Corp.**

Condensed Consolidated Interim Financial Statements

For the three and six months ended March 31, 2025 and 2024

(Unaudited)

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Financial Position |
| (Unaudited – in Canadian Dollars) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | March 31,<br> 2025 | September 30,<br> 2024<br> (Restated – <br> Note 3) | October 1, <br> 2023<br> (Restated – <br> Note 3) |
| **Assets** |  |  |  |  |
| Current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $30294154 | $2500894 | $229702 |
| &nbsp;&nbsp;&nbsp;Receivables |  | 89483 | 290357 | 8904 |
| &nbsp;&nbsp;&nbsp;Prepaids and other |  | 20078 | 25536 | 14268 |
|  |  | 30403715 | 2816787 | 252874 |
| Reclamation deposit |  | 62842 | 59052 | 11096 |
| Property and equipment |  | 145247 | 94523 |  |
| Mineral property interests | 4 | 11692494 | 10758885 | 44013 |
| Value-added tax receivable |  | 95898 | 89730 | – |
| Total assets |  | $42400196 | $13818977 | $307983 |
| **Liabilities and Equity** |  |  |  |  |
| Current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 7 | $556349 | $372481 | $234986 |
| &nbsp;&nbsp;&nbsp;Consideration payable |  | 1797000 | 1687375 | – |
|  |  | 2353349 | 2059856 | 234986 |
| Non-current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consideration payable |  | 1797000 | 1687375 |  |
| &nbsp;&nbsp;&nbsp;Reclamation provision | 5 | 535962 | 492426 | – |
| Total liabilities |  | 4686311 | 4239657 | 234986 |
| Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares | 6 | 50131728 | 19524567 | 7219766 |
| &nbsp;&nbsp;&nbsp;Reserves | 6 | 2393560 | 1724026 | 1385293 |
| &nbsp;&nbsp;&nbsp;Commitment to issue shares | 6 |  | 46319 | 46319 |
| &nbsp;&nbsp;&nbsp;Foreign currency reserve |  | 317629 | (432731) | (63899) |
| &nbsp;&nbsp;&nbsp;Deficit |  | (15129032) | (11282861) | (8514482) |
| Total equity |  | 37713885 | 9579320 | 72997 |
| Total liabilities and equity |  | $42400196 | $13818977 | $307983 |

---

Nature of operations and going concern (Note 1)

Commitments (Note 14)

Subsequent events (Note 6(c), 15)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Net Loss and Comprehensive of Loss |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, except share amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | <br>Note | 2025 | 2024<br> (Restated – <br> Note 3) | 2025 | 2024<br> (Restated – <br> Note 3) |
| Exploration expenses | 10 | $600520 | $225936 | $1172199 | $503384 |
| General and administrative expenses | 11 | 1410210 | 839879 | 2371040 | 1105842 |
| Loss from operations |  | 2010730 | 1065815 | 3543239 | 1609226 |
| Gain on disposal of equipment |  |  | (4316) | (137294) | (4316) |
| Finance cost |  | 130221 |  | 136787 |  |
| Interest and other income |  | (114317) | (96918) | (125058) | (51335) |
| Foreign exchange loss |  | 4099 |  | 252094 |  |
| Write-off of mineral property interests |  |  | 36486 |  | 36486 |
| Write-off of receivables | 12 | 176403 | – | 176403 | – |
| Net loss |  | 2207136 | 1001067 | 3846171 | 1590061 |
| Other comprehensive (income) loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation |  | (227434) | 100382 | (750360) | 98646 |
| Total comprehensive loss |  | $1979702 | $1101449 | $3095811 | $1688707 |
| Net loss per share attributable to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders of the Company |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted |  | $0.03 | $0.02 | $0.05 | $0.03 |
| Weighted average number of shares outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  | 86883763 | 60460434 | 84225855 | 57493401 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Cash Flows |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | <br>Note | 2025 | 2024<br> (Restated – <br> Note 3) | 2025 | 2024<br> (Restated – <br> Note 3) |
| Cash provided by (used in): |  |  |  |  |  |
| Operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | $(2207136) | $(1001067) | $(3846171) | $(1590061) |
| &nbsp;&nbsp;&nbsp;Adjustments for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 3445 | 1067 | 6504 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost |  | 130221 |  | 136787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange |  | (36578) |  | 28183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of equipment |  |  |  | (137294) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | (67102) | (17182) | (77798) | (36582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 6 | 465425 | 599005 | 1103298 | 599005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of mineral property interests |  |  | 36486 |  | 36486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of receivables |  | 176403 |  | 176403 |  |
| &nbsp;&nbsp;&nbsp;Net changes in non-cash working capital items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables |  | (26967) | (4608) | 18303 | (8318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other |  | 7018 | 4676 | 5458 | (8537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 25333 | 93 | 60501 | (73333) |
|  |  | (1529938) | (381530) | (2525826) | (1078836) |
| Financing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from private placement, net of share issue costs | 6 | 30036728 |  | 30036728 | 2981480 |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of options | 6 | 86600 |  | 86600 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 6 | – | – | 3750 | – |
|  |  | 30123328 | – | 30127078 | 2981480 |
| Investing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral property interest |  |  | (36486) |  | (36486) |
| &nbsp;&nbsp;&nbsp;Property and equipment |  | (38916) | (2185) | (38916) | (2185) |
| &nbsp;&nbsp;&nbsp;Interest income received |  | 67102 |  | 77798 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of equipment |  | – | 7454 | 137294 | 7454 |
|  |  | 28186 | (31217) | 176176 | (31217) |
| Effect of exchange rate changes on cash and cash equivalents |  | 775 | (100500) | 15832 | (115298) |
| Increase (decrease) in cash and cash equivalents |  | 28622351 | (513247) | 27793260 | 1756129 |
| Cash and cash equivalents, beginning of period |  | 1671803 | 2499078 | 2500894 | 229702 |
| Cash and cash equivalents, end of period |  | $30294154 | $1985831 | $30294154 | $1985831 |

---

Supplemental cash flow information (Note 8)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Changes in Equity |
| For the six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, except number of shares) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Number of<br> Shares | Amount | Reserves | Commitment<br> to issue<br> shares | Foreign<br> currency<br> reserve | Deficit | Total<br> equity |
| Balance, October 1, 2024 (Restated) | 81221620 | $19524567 | $1724026 | $46319 | $(432731) | $(11282861) | $9579320 |
| Private placement, net of share issue costs | 23000000 | 30036728 |  |  |  |  | 30036728 |
| Shares issued on exercise of warrants and stock options | 649365 | 524114 | (433764) |  |  |  | 90350 |
| Share-based compensation |  |  | 1103298 |  |  |  | 1103298 |
| Reclassification of commitment to issue shares to common shares |  | 46319 |  | (46319) |  |  |  |
| Net loss and comprehensive loss | – | – | – | – | 750360 | (3846171) | (3095811) |
| Balance, March 31, 2025 | 104870985 | $50131728 | $2393560 | $– | $317629 | $(15129032) | $37713885 |
| Balance, October 1, 2023 (Restated) | 30460434 | $7219766 | $1385293 | $46319 | $(63899) | $(8514482) | $72997 |
| Private placement, net of share issue costs | 30000000 | 2956557 |  |  |  | 24923 | 2981480 |
| Fair value reversal on expired stock options |  |  | (128250) |  |  | 128250 |  |
| Share-based compensation |  |  | 599005 |  |  |  | 599005 |
| Translation adjustment for the period |  |  |  |  |  | 30553 | 30553 |
| Net loss and comprehensive loss | – | – | – | – | (98646) | (1590061) | (1688707) |
| Balance, March 31, 2024 | 60460434 | $10176323 | $1856048 | $46319 | $(162545) | $(9920817) | $1995328 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Highlander Silver Corp. (the "Company" or "Highlander") was incorporated under the laws of the Province of British Columbia, Canada. The Company's head office is located at 2500 – 100 King Street West, Toronto, Ontario, Canada, M5X 1A9. Its records office is located at 1200 - 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8. Its main business activity is the acquisition, exploration and evaluation of mineral properties located in Peru. These condensed consolidated interim financial statements of the Company as at and for the three and six months ended March 31, 2025 and 2024 comprise the Company and its subsidiaries. On May 13, 2025, the Company's common shares commenced trading on the Toronto Stock Exchange ("TSX") under the symbol HSLV. Prior to this date, the Company's shares were listed on the Canadian Securities Exchange.

The Company has not yet determined whether its mineral property interests contain mineral reserves that are economically viable. The Company's continued operations, and the underlying value and recoverability of the amounts shown for mineral property interests, are dependent upon the existence of economically recoverable mineral reserves in the mineral properties that the Company holds an interests in. The continued exploration and development of projects will depend on the Company receiving future cash flows from its ability to obtain share capital financing.

These condensed consolidated interim financial statements are prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations. As an exploration stage company, the Company does not have traditional revenue sources, and has historically relied on share capital financing, as well as property option or sale proceeds to fund its property acquisition, exploration and evaluation expenditures, and operating expenses.

As at March 31, 2025, the Company had cash and cash equivalents of $30,294,154 (September 30, 2024 – $2,500,894). The Company has financed its operations primarily through the issuance of common shares.

On March 11, 2025, the Company closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the underwriters' option of 3,000,000 shares. The Company intends to use the net proceeds of $30,036,728 from the private placement to fund the advancement of exploration activities at the Company's San Luis gold-silver project in Peru, as well as for working capital and general corporate purposes.

**2.** **STATEMENT OF COMPLIANCE AND SUMMARY OF MATERIAL ACCOUNTING POLICIES** 

**Statement of compliance**

These condensed consolidated interim financial statements have been prepared in accordance with International Financial Accounting Standard 34 ("IAS 34"), Interim Financial Reporting, and do not include all of the information required for annual financial statements prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual financial statements.

**Summary of material accounting policies** 

These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the Company's most recent annual financial statements, except as described below, and should be read in conjunction with the annual audited consolidated financial statements of the Company for the year ended September 30, 2024.

*Mineral property interests*

 

Exploration and evaluation expenditures relate to costs incurred in the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activities include permitting, community engagement, exploratory drilling and sampling, surveying transportation and infrastructure requirements, and gathering of exploration data through geophysical studies.

The Company capitalizes significant direct costs of acquiring mineral property interests. Option payments are considered acquisition costs if the Company has the intention of exercising the underlying option.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

Subsequent to the acquisition of a mineral interest, exploration and evaluation costs incurred, including those related to asset retirement obligations, are expensed as incurred up to the date the technical feasibility and commercial viability of extracting mineral resources are demonstrable for a project and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining necessary permits and licenses to develop the mineral property. At this point, exploration and evaluation assets are assessed for impairment and then reclassified to property, plant, and equipment. Capitalized acquisition costs are assessed for impairment at least annually or when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount, with any impairment loss recognized as an expense.

Value-added taxes are included in exploration and evaluation costs when the recoverability of these amounts is uncertain.

Although the Company has taken steps to verify title to exploration and evaluation properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers, non-compliance with regulatory requirements or title may be affected by undetected defects.

**Reclassification of general and administrative expenses**

During the three and six months ended March 31, 2025, the Company reclassified certain general and administrative expenses to better reflect the nature of these expenditures. Comparative figures for the prior period have been reclassified to conform with the current period's presentation. These changes had no impact on net loss or cash flows.

**Material accounting judgments and significant estimates and uncertainties** 

The material judgments and estimates applied in the preparation of the Company's condensed consolidated interim financial statements for the three and six months ended March 31, 2025, are consistent with those applied in the Company's annual audited consolidated financial statements for the year ended September 30, 2024.

**New accounting policies issued but not yet effective** 

Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after October 1, 2024, with earlier application permitted. The Company has reviewed these updates and the amendment that is applicable to the Company is discussed below:

*IFRS 18 Presentation and Disclosure in Financial Statements* 

 

IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statement aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply for IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

**3.** **VOLUNTARY CHANGE IN ACCOUNTING POLICY** 

During the quarter, the Company has conducted a review of its accounting policy related to exploration and evaluation expenditures. Following this review, management has voluntarily elected to adopt a change in accounting policy effective January 1, 2025, to enhance the relevance and reliability of the information available to the users of the Company's financial statements. Previously, the Company capitalized both acquisition costs and exploration and evaluation expenditures associated with its exploration and evaluation properties. Under the revised policy, the Company will continue to capitalize significant direct costs related to the acquisition of mineral property interests but will now expense all exploration and evaluation expenditures incurred on its properties until such time when the technical feasibility and commercial viability of extracting mineral resources from the mineral property are demonstrated and the project has received development approval from the Board of Directors. The change in accounting policy has been made in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources, and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, and has been recognized on a full retrospective basis.

The following is a summary of the changes that impact the Consolidated Statements of Financial Position as at October 1, 2023, and September 30, 2024, the Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss and the Condensed Consolidated Interim Statements of Cash Flows, for the three and six months ended March 31, 2024.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**Consolidated Statements of Financial Position**

---

| | | | |
|:---|:---|:---|:---|
| As at September 30, 2024 | Previously reported | Effect of change | Restated |
| Mineral property interests | $12125552 | $(1366667) | $10758885 |
| Total assets | 15185644 | (1366667) | 13818977 |
| Foreign currency reserve | (237224) | (195507) | (432731) |
| Deficit | (10111701) | (1171160) | (11282861) |
| Total equity | 10945987 | (1366667) | 9579320 |
| Total liabilities and equity | $15185644 | $(1366667) | $13818977 |

---

---

| | | | |
|:---|:---|:---|:---|
| As at October 1, 2023 | Previously reported | Effect of change | Restated |
| Mineral property interests | $254571 | $(210558) | $44013 |
| Total assets | 518541 | (210558) | 307983 |
| Foreign currency reserve | (63983) | 84 | (63899) |
| Deficit | (8303840) | (210642) | (8514482) |
| Total equity | 283555 | (210558) | 72997 |
| Total liabilities and equity | $518541 | $(210558) | $307983 |

---

**Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss**

---

| | | | |
|:---|:---|:---|:---|
| For the three months ended March 31, 2024 | Previously reported | Effect of change | Restated |
| Exploration expenses | $1067 | $224869 | $225936 |
| General and administrative expenses | 868313 | (28434) | 839879 |
| Loss from operations | 869380 | 196435 | 1065815 |
| Impairment of mineral property interest | 86778 | (50292) | 36486 |
| Net loss | 854924 | 146143 | 1001067 |
| Total comprehensive loss | 852407 | 249042 | 1101449 |
| Net loss per share attributable to shareholders of the Company Basic and diluted | $0.01 | $0.01 | $0.02 |

---

---

| | | | |
|:---|:---|:---|:---|
| For the six months ended March 31, 2024 | Previously reported | Effect of change | Restated |
| Exploration expenses | $2504 | $500880 | $503384 |
| General and administrative expenses | 1159353 | (53511) | 1105842 |
| Loss from operations | 1161857 | 447369 | 1609226 |
| Impairment of mineral property interest | 195723 | (159237) | 36486 |
| Net loss | 1301929 | 288132 | 1590061 |
| Total comprehensive loss | 1344868 | 343839 | 1688707 |
| Net loss per share attributable to shareholders of the Company Basic and diluted | $0.02 | $0.01 | $0.03 |

---

**Condensed Consolidated Interim Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| For the three months ended March 31, 2024 | Previously reported | Effect of change | Restated |
| Net loss for the period | $(854924) | $(146143) | $(1001067) |
| Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Impairment of mineral property interest | 86778 | (50292) | 36486 |
| Net changes in non-cash working capital items | (11635) | 11796 | 161 |
| Cash used in operations | (196891) | (184639) | (381530) |
| Deferred exploration and evaluation expenditures | (324024) | 287538 | (36486) |
| Cash used in investing | (318755) | 287538 | (31217) |
| Effect of exchange rate changes on cash and cash equivalents | $2399 | $(102899) | $(100500) |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

---

| | | | |
|:---|:---|:---|:---|
| For the six months ended March 31, 2024 | Previously reported | Effect of change | Restated |
| Net loss for the period | $(1301929) | $(288132) | $(1590061) |
| Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Impairment of mineral property interest | 195723 | (159237) | 36486 |
| Net changes in non-cash working capital items | (115693) | 25505 | (90188) |
| Cash used in operations | (656972) | (421864) | (1078836) |
| Deferred exploration and evaluation expenditures | (514057) | 477571 | (36486) |
| Cash used in investing | (508788) | 477571 | (31217) |
| Effect of exchange rate changes on cash and cash equivalents | $(59591) | $(55707) | $(115298) |

---

These condensed consolidated interim financial statements were approved and authorized for issuance by the Board of Directors on May 28, 2025.

**4.** **MINERAL PROPERTY INTERESTS** 

---

| | | |
|:---|:---|:---|
|  | March 31,<br> 2025 | September 30, <br> 2024<br> (Restated) |
| San Luis (Peru) a) | $10714099 | $10623949 |
| La Estrella (Peru) b) | 44785 | 44013 |
| Foreign exchange adjustment | 933610 | 90923 |
|  | $11692494 | $10758885 |

---

The Company's wholly-owned projects are comprised of the rights to explore the mineral claims and tenures at various stages of exploration. Unless otherwise noted they are not subject to any option or sale agreements. Certain of the claims are subject to a net smelter returns royalty ("NSR"), as detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **San Luis Project** 

The San Luis Project is a gold-silver exploration property located in the Ancash department of central Peru. The Company acquired the project on May 23, 2024, through the purchase of 100% of the shares of Reliant Ventures S.A.C., which holds the rights to the San Luis Project.

As part of the acquisition agreement, the Company agreed to pay SSR Mining an initial cash payment US$5,000,000 ($6,978,100) paid in cash (paid) and up to US$37,500,000 in contingent consideration upon the achievement of specific project milestones. These milestones include the commencement of drilling, completion of a feasibility study, and milestones related to commercial production.

As at March 31, 2025, the Company recognized the following milestones payments as their occurrence is considered highly probable.

● Current liability of US$1,250,000 (approximately $1,687,375): Payable upon the commencement of an initial drilling program which is expected to commence by June 2025.

● Non-current liability of US$1,250,000 (approximately $1,687,375): Payable upon the first anniversary of the commencement of the drilling program, expected in June 2026.

Other potential milestone payments (Milestones 3 to 6 related to completion of a feasibility study and reaching commercial production), which could increase the total contingent consideration to up to US$37,500,000, are not recognized due to the current uncertainty in their likelihood.

Additionally, SSR Mining retained a 4% net NSR on the project. The Company has the option to buy back 2% of this royalty for US$15,000,000 at any time prior to the commencement of mine construction.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **La Estrella** 

On August 10, 2021, the Company purchased from Compania Minera Ares S.A.C. mining claims known as the Estrella claims located in central Peru in consideration for a cash payment of $3,701 (US$2,700) and a 2% NSR. The Company, at its sole discretion and at any time may purchase 50% of the NSR for a consideration of US$200,000 and the remaining 50% for a consideration of US$300,000.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

The Estrella 002 concession was acquired via auction with the Peruvian Mining Authority for consideration of US$31,000 (paid).

In addition, the Company has acquired the La Estrella project database including diamond drill core, assay results and laboratory certificates from Alianza Minerals Ltd. in consideration for the payment of $15,000 (paid) and the issuance of 37,500 common shares (issued).

**5.** **RECLAMATION PROVISION** 

---

| | | |
|:---|:---|:---|
|  | March 31, <br> 2025 | September 30, <br> 2024 |
| Balance, start of period | $492426 | $– |
| Acquisition of Reliant Ventures S.A.C. |  | 468180 |
| Accretion | 13420 | 8237 |
| Foreign exchange adjustment | 30116 | 16009 |
| Balance, end of period | $535962 | $492426 |

---

The reclamation provision represents the estimated costs for restoration and rehabilitation for environmental disturbances estimated to be incurred in the year 2027. The total undiscounted estimated cash flows required to settle these obligations as at March 31, 2025 are $608,578 (September 30, 2024 – $573,958), which have been inflated at an average rate of 1.98% per annum (September 30, 2024 – 1.98%) and discounted at an average rate of 5.25% (September 30, 2024 – 5.25%).

**6.** **SHARE CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Share Capital** 

Authorized: Unlimited common shares, with no par value

Issued and fully paid: 104,870,985 (September 30, 2024 – 81,221,620)

**Transactions for the issue of share capital during the six months ended March 31, 2025:**

● On March 12, 2025, the Company issued 150,000 common shares through the exercise of stock options. This issuance resulted from the exercise of 15,000 stock options at an exercise price of $0.54 per share, 50,000 stock options at an exercise price of $0.55 per share and 85,000 stock options at an exercise price of $0.60 per share.

● On March 11, 2025, the Company closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the underwriters' option of 3,000,000 shares. The Company incurred issuance costs of $2,163,272 in connection with the financing.

● On October 18, 2024, the Company issued 474,365 common shares through the cashless exercise of stock options. This issuance resulted from the exercise of 575,000 stock options at an exercise price of $0.42 per share and 675,000 stock options at an exercise price of $0.55 per share. In addition, the Company also issued 25,000 common shares through the exercise of warrants at an exercise price of $0.15 per share.

**Transactions for the issue of share capital during the six months ended March 31, 2024:**

● On October 19, 2023, the Company completed a financing whereby 30,000,000 units were issued at $0.10 per unit for gross proceeds of $3,000,000. Each unit is comprised of one common share and one warrant exercisable at a price of $0.15 per share for a period of 3 years from the date of issuance. The Company incurred $43,443 in share issue costs in respect of this financing.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Stock options** 

For the three and six months ended March 31, 2025, the Company recognized a share-based compensation expense included in general and administrative expenditures of $465,425 and $1,103,298, respectively (three and six months ended March 31, 2024 – $599,005). The following table shows the change in the shares issuable for stock options during the six months ended March 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| For the six months ended March 31, | 2025 | 2024 |
| Balance, start of period | 2575000 | 1625000 |
| Granted | 5970000 | 1637500 |
| Exercised | (1400000) |  |
| Forfeited/expired/cancelled | (100000) | (337500) |
| Balance, end of period | 7045000 | 2925000 |

---

The weighted average exercise price per share of options granted, exercised and forfeited during the six months ended March 31, 2025 was $0.86, $0.50 and $0.42, respectively. The weighted average exercise price per share of options granted, exercised and forfeited during the six months ended March 31, 2024, was $0.55, $nil and $0.60, respectively.

The assumptions used in the Black-Scholes option pricing model for the options granted in the six months ended March 31, 2025, and 2024 were as follows.

---

| | | |
|:---|:---|:---|
| Weighted average | 2025 | 2024 |
| Exercise price per share issuable | $0.86 | $0.55 |
| Expected term (years) | 5 | 3 |
| Volatility | 91% | 125% |
| Expected dividend yield |  |  |
| Risk-free interest rate | 2.39% | 3.90% |
| Weighted average fair value per share | 0.60 | 0.35 |

---

The following is a summary of the Company's outstanding and exercisable options as at March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Outstanding | Outstanding | Outstanding | Outstanding | Exercisable | Exercisable |
| Expiry date | Exercise<br> price | Number of<br> options | Weighted<br> average<br> remaining<br> contractual<br> life (years) | Number of<br> options | Weighted<br> average<br> remaining<br> contractual<br> life (years) |
| November 3, 2026 | $0.60 | 112500 | 1.59 | 112500 | 1.59 |
| March 1, 2027 | 0.60 | 50000 | 1.92 | 50000 | 1.92 |
| March 12, 2027 | 0.55 | 637500 | 1.95 | 637500 | 1.95 |
| September 20, 2027 | 0.78 | 100000 | 2.47 | 40000 | 2.47 |
| March 3, 2028 | 0.42 | 175000 | 2.93 | 175000 | 2.93 |
| October 21, 2029 | 0.80 | 4370000 | 4.56 | 700000 | 4.56 |
| January 2, 2030 | 1.04 | 1600000 | 4.76 | – | 4.76 |
|  | $0.82 | 7045000 | 4.23 | 1715000 | 3.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Warrants** 

As an incentive to complete a private placement the Company may issue units which include common shares and common share purchase warrants. Using the residual value method, the Company determines whether a value should be allocated to the warrants attached to private placement units. Finders' warrants may be issued as a private placement share issue cost and are valued using the Black-Scholes option pricing model.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

A continuity of the Company's shares issuable for Company's warrants is as follows:

---

| | | |
|:---|:---|:---|
|  | Number of<br> warrants | Weighted<br> average<br> exercise <br> price |
| Outstanding, September 30, 2023 |  | $– |
| &nbsp;&nbsp;&nbsp;Issued | 30000000 | 0.15 |
| &nbsp;&nbsp;&nbsp;Exercised | (25000) | 0.15 |
| Outstanding, September 30, 2024 | 29975000 | $0.15 |
| &nbsp;&nbsp;&nbsp;Exercised | (25000) | 0.15 |
| Outstanding, March 31, 2025 | 29950000 | $0.15 |

---

The remaining contractual life (years) of the outstanding warrants is 1.55 years.

On April 15, 2025, the Company issued 100,000 common shares upon the exercise of 100,000 warrants, for total proceeds of $15,000.

**7.** **RELATED PARTY TRANSACTIONS** 

**Key management personnel**

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprises the Company's President and Chief Executive Officer, Chief Financial Officer, President Peru, Senior Vice President Corporate Affairs and Corporate Secretary and Directors.

Key management compensation for the three and six months ended March 31, 2025, and 2024 is comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| Share-based compensation | $369908 | $559265 | $970794 | $559265 |
| Salaries and benefits | 368351 |  | 368351 |  |
| Professional fees | – | 134841 | 156605 | 254024 |
|  | $738259 | $694106 | $1495750 | $813289 |

---

Professional fees relate to the following related party transactions with the Company or Company controlled entities during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Stephen Brohman was the Company's CFO until January
2, 2025. He is a principal of Donaldson Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
DBM CPA provides the Company with accounting and tax services.

&nbsp;&nbsp;&nbsp;&nbsp;(b) David Fincham was appointed as the Company's CEO effective
October 2022 to October 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Dr. Leandro Echavarria was the Company's VP of Exploration
until January 7, 2025. He has significant influence of LE Geological Services USA. ("LE Geo") that provided geological services
to the Company.

As of March 31, 2025, there were no outstanding amounts receivable from or payable to the key management personnel noted above. As of March 31, 2024, accounts payable and accrued liabilities included $61,840 due to key management personnel referred to above.

**Related party arrangement**

In October 2024, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies (Titan Mining Corporation, Augusta Gold Corp. and Armor Minerals Inc.) related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by the related companies. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. All of the parties have jointly entered into a rental agreement for office space. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments if the Company's participation in the arrangement was terminated on March 31, 2025, was approximately $355,300 (September 30, 2024 – $nil), determined based on the Company's average share of rent paid in the immediately preceding 12 months.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

The Company was charged for the following with respect to these arrangements in the three and six months ended March 31, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $648492 | $– | $687913 | $– |
| Office and other | 173301 |  | 199858 |  |
| Marketing and travel | 5351 | – | 7426 | – |
|  | $827144 | $– | $895197 | $– |

---

At March 31, 2025, amounts in accounts payable and accrued liabilities include $26,310 due to a related party, being the management company referred to above, (September 30, 2024 – $nil) with respect to this arrangement.

All related party balances are unsecured and are due within thirty days without interest.

**8.** **SUPPLEMENTAL CASH FLOW INFORMATION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| Non-cash items: |  |  |  |  |
| Accrued finance costs | $123367 | $– | $123367 | $– |
| Reclassification of commitment to issue shares |  |  | 46319 |  |
| Fair value reversal for expiry of stock options |  | (66500) |  | (128250) |
| Residual value on warrants issued | – | – | – | 900000 |
|  | $123367 | $(66500) | $169686 | $771750 |

---

**9.** **SEGMENTED INFORMATION** 

The Company has determined that it has one operating segment, being the exploration of mineral properties. The Company's non-current assets of $11,996,481 (September 30, 2024 – $11,002,190) are all located in Peru.

**10.** **EXPLORATION EXPENDITURES** 

The Company's exploration expenditures by activity are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| Community relations | $15575 | $– | $22164 | $– |
| Depreciation | 3446 | 1067 | 6505 | 2504 |
| Environmental, regulatory & permitting | 9271 |  | 9271 |  |
| Geological & geophysical investigations |  | 147126 |  | 190903 |
| Salaries, contractors & project administration | 421135 | 67889 | 892575 | 272630 |
| Site preparation, camp & field expenses | 151093 | 9854 | 241684 | 37347 |
|  | $600520 | $225936 | $1172199 | $503384 |

---

The Company's exploration expenditures are incurred in Peru.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**11.** **GENERAL AND ADMINISTRATIVE EXPENDITURES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| Filing and regulatory fees | $74904 | $7518 | $81519 | $17759 |
| Marketing and travel | 77899 | 5636 | 81982 | 5736 |
| Office and other | 124455 | 22831 | 258707 | 13701 |
| Professional fees | 127634 | 204889 | 266221 | 469641 |
| Salaries and benefits | 539893 |  | 579314 |  |
| Share-based compensation | 465425 | 599005 | 1103297 | 599005 |
|  | $1410210 | $839879 | $2371040 | $1105842 |

---

**12.** **WRITE-OFF OF RECEIVABLES** 

In 2019, a predecessor entity of Reliant Venture S.A.C, a subsidiary of the Company, remitted a payment of S/445,862 ($172,994) to SUNAT, the Peruvian tax authority, for penalties and interest following an audit of its 2015 income tax return. The Company recognized a receivable in respect of this amount, based on its assessment that it was recoverable through successful legal challenge. The Company subsequently filed a claim challenging the assessment, which was denied by SUNAT and upheld by the Peruvian Tax Court on appeal. In February 2024, the Company initiated further legal proceedings with the Superior Court of Justice of Lima, seeking to annul the Tax Court's decision. During the three months ended March 31, 2025, the Company reassessed the recoverability of the receivable. While the legal proceedings remain ongoing, the Company has determined that, given the uncertainty and expected duration of the legal process, recovery is no longer probable in the near term. Accordingly, the full amount of S/445,862 ($172,994) has been written off during the period.

**13.** **FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT** 

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's financial assets.

The Company is primarily exposed to credit risk on its cash and cash equivalents, receivables, reclamation deposit and value-added tax receivable. Credit risk exposure is limited through maintaining its cash with high-credit quality financial institutions. The carrying value of these financial assets of $30,542,377 represents the maximum exposure to credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Fluctuations in market rates do not have a significant impact on the Company's operations. For the three and six months ended March 31, 2025, and 2024, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Liquidity risk** 

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and six months ended March 31, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

At March 31, 2025, the Company had contractual cash flow commitments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | < 1 Year | 1-3 Years | Total |
| Accounts payable and accrued liabilities | $556349 | $– | $556349 |
| Consideration payable | 1797000 | 1797000 | 3594000 |
| Office rent obligations | 547000 | 684500 | 1231500 |
| Exploration expenses and other | 2124240 | – | 2124240 |
|  | $5024589 | $2481500 | $7506089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Foreign currency risk** 

The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. At March 31, 2025, the Company had not entered into any contracts to manage foreign exchange risk.

As at March 31, 2025, the majority of the Company's cash and cash equivalents was held in Canadian dollars, with the remainder in US dollars or Peruvian Soles. The Company incurs expenditures in Canada and Peru, and as such is exposed to currency risk associated with these costs.

A change in the value of the Peruvian Soles by 10% relative to the Canadian dollar would not have a significant impact on the Company's working capital and net loss for three and six months ended March 31, 2025, and 2024.

**14.** **COMMITMENTS** 

The Company is committed to payments for office leases premises through 2028 in the total amount of approximately $1,231,500 based on the Company's current share of rent paid. Payments by fiscal year are:

---

| | |
|:---|:---|
| 2026 | $410200 |
| 2027 | 528100 |
| 2028 | 293200 |

---

The Company is committed to payments related to exploration expenses and other of $2,124,240 in 2025.

**15.** **SUBSEQUENT EVENTS** 

On April 10, 2025, the Company announced that it had received conditional approval to list its shares on the TSX. On May 13, 2025, the Company's common shares commenced trading on the TSX, with no change to the trading symbol or share certificates and were delisted from the Canadian Securities Exchange.

In addition on April 10, 2025, the Company entered in an equity distribution agreement providing for an at-the-market program ("the ATM Program") offering qualified by a prospectus supplement to a short form base shelf prospectus filed with the securities commission in each of the provinces and territories of Canada. The ATM Program allows the Company, through its agents, to, from time to time, offer and sell, in Canada, such number of common shares as would have an aggregate offering price of up to $25,000,000. As at May 28, 2025, no common shares were issued under the Company's announced at-the-market program.

## Exhibit 99.35

**Exhibit 99.35**

![](ex99-35_001.jpg)

**Highlander Silver Corp.** 

Management's Discussion and Analysis

For the three and six months ended March 31, 2025 and 2024

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**INTRODUCTION**

This Management's Discussion and Analysis ("MD&A") of Highlander Silver Corp. (the "Company" or "Highlander") provides information on the Company's business activities, financial condition, financial performance, cash flows and outlook for the three and six months ended March 31, 2025, with comparative information for the three and six months ended March 31, 2024. This MD&A is dated May 28, 2025, and takes into account information available up to and including that date.

The Company reports its financial position, financial performance and cash flows in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). This MD&A should be read in conjunction with the Company's condensed consolidated interim financial statements for the three and six months ended March 31, 2025 and the annual consolidated financial statements for the year ended September 30, 2024, which are available on the Company's website at www.highlandersilver.com and on the SEDAR+ website at www.sedarplus.ca. Additional information relating to the Company, including the Company's Annual Information Form, is also set out on the SEDAR+ website at www.sedarplus.ca.

All dollar amounts reported herein are expressed in Canadian dollars unless otherwise indicated.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION**

This document includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements") and statements relating to the potential use of the at-the-market equity program (the "ATM Program"), expected proceeds, timing of issuance, and the anticipated use of any net proceeds. All statements, other than statements of historical fact, are forward-looking statements. These statements appear in a number of places in this presentation and include statements made with respect to anticipated exploration and development activities, and the Company's intention to employ its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs. When used in this presentation words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue", "estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in this presentation include, but are not limited to: statements regarding the Company's exploration plans at San Luis, including specific phases, plans, timing, costs, results thereof, and other disclosure set out under "Exploration Plans" herein; the Company's plan for the San Luis Project is to advance the project through integrated exploration, environmental and community development programs; the Company's aim of employing its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs; the Company expects to continue to obtain the necessary funds primarily through the issuance of common shares in support of its business objectives; intended use of proceeds from the Offering and from warrant and option exercises; the Company, upon approval from its Board of Directors, intends to balance its overall capital structure through a combination of equity financing and/or other forms of financing; and that the Company's planning and budgeting will ensure the Company has appropriate liquidity to meet its business activities, including planned corporate expenditures, exploration expenses, as well as the development activities for the San Luis Project.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks related to the business of the Company; the ability of the Company to raise sufficient capital; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of precious and base metals; accidents; global outbreaks and contagious diseases (including COVID-19); business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; adverse claims made by local communities; changes in commodity prices; unanticipated exploration and development challenges (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); adverse weather conditions; political risk and social unrest; changes in interest and currency exchange rates; and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

These forward-looking statements were derived using numerous assumptions, including assumptions regarding general business and economic conditions; the Company's ability to develop and maintain relationships with local communities; commodity prices; anticipated costs and expenditures; the Company's ability to advance exploration efforts at San Luis and La Estrella; and the results of such exploration efforts. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any forward-looking statements, no inference should be drawn that we will make additional updates with respect to other forward-looking statements. All forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement.

**DESCRIPTION OF BUSINESS**

Highlander is primarily focused on advancing the bonanza grade San Luis gold-silver project located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag.

Highlander is listed on the Toronto Stock Exchange (the "TSX") under the ticker symbol "HSLV".

**HIGHLIGHTS AND ACTIVITIES**

On January 7, 2025, the Company announced the appointment of Daniel Earle as President and Chief Executive Officer of the Company succeeding Richard Warke, Interim President and CEO, who continues to serve on the Board of Directors alongside Messrs. Thomas Whelan, Jerrold Annett, Javier Toro and Federico Velásquez. Highlander further announced that, in addition to Mr. Earle, it had strengthened its management team with the appointments of Sunny Lowe as Chief Financial Officer, Federico Velasquez as President Peru, Sergio Gelcich as Vice President Exploration, Arun Lamba as Vice President Corporate Development, Purni Parikh as Senior Vice President Corporate Affairs, and Tom Ladner as General Counsel.

On March 11, 2025, the Company announced that it had closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000 (the "Offering"), including the full exercise of the underwriters' option. The Company intends to use the net proceeds from the Offering to fund the advancement of exploration activities at the Company's San Luis Project in Peru, as well as for working capital and general corporate purposes. In connection with the Offering, the underwriters received a cash fee in an amount representing 6.0% of the gross proceeds of the Offering.

On March 14, 2025, the Company released an updated technical report titled "Technical Report for the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng. (the "Technical Report").

**Subsequent Events**

On May 12, 2025, Highlander announced the commencement of infrastructure programs with the participation of its community partners to support the start of drilling at the San Luis Project in the coming weeks.

On May 13, 2025, the Company's common shares commenced trading on the TSX and were delisted from the Canadian Securities Exchange.

**MINERAL PROPERTIES AND OUTLOOK**

**<u>San Luis</u>**

On May 23, 2024, the Company announced closing of the acquisition of the San Luis Project from SSR Mining Inc. ("SSR Mining"), pursuant to the share purchase agreement between the Company and SSR Mining dated November 29, 2023, as amended (the "SPA"). The project is located in the Ancash Department, which is well-known for mining in Peru with major past and present production from the Pierina gold mine and Antamina copper-zinc mine, respectively.

San Luis currently hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and Inferred Mineral Resources of 8 koz Au at 4.9 g/t Au and 336 koz Ag at 202 g/t Ag.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

The mineral resource estimate is hosted within the Ayelen vein system and is open in multiple directions. Furthermore, there are multiple targets for growth on the property given limited and focused historical drilling, and undrilled targets supported by highly anomalous (> 4 g/t Au) trenching and rock samples. The extensive land holding totaling more than 23,000 hectares has yet to be systematically explored with many structures that have not yet been sampled and extensions of vein trends under cover that have not been tested providing further exploration potential. Given this, Highlander will implement a comprehensive program of geological mapping, sampling, and geophysical surveys to develop a technical assessment of the discovery potential before more focused exploration on the highest priority targets.

The Company acquired the San Luis Project for upfront cash consideration of US$5,000,000 and an additional US$37,500,000 in contingent cash consideration (the "Contingent Consideration") upon completion of the following milestones in relation to the San Luis Project pursuant to the SPA:

&nbsp;&nbsp;&nbsp;&nbsp;(a) US$1,250,000 after the commencement of an initial drilling
program;

&nbsp;&nbsp;&nbsp;&nbsp;(b) US$1,250,000 after the first anniversary of the commencement
of an initial drilling program;

&nbsp;&nbsp;&nbsp;&nbsp;(c) US$5,000,000 after the completion of a feasibility study;

&nbsp;&nbsp;&nbsp;&nbsp;(d) US$10,000,000 after the beginning of commercial production;

&nbsp;&nbsp;&nbsp;&nbsp;(e) US$10,000,000 after the first anniversary of commercial production;
and

&nbsp;&nbsp;&nbsp;&nbsp;(f) US$10,000,000 after the second anniversary of commercial
production.

The Contingent Consideration is only accrued and payable if and when the above milestones are achieved.

Pursuant to the SPA, a 4% net smelter returns royalty (the "Royalty") on the San Luis Project was granted to SSR Mining. At any time before the commencement of mine construction on the San Luis Project, the Company may buy back half of the Royalty for US$15,000,000, which if, exercised, would reduce SSR Mining's royalty interest to 2%.

Highlander's technical team commenced field reconnaissance of the San Luis Project during July 2024, with mapping in an area of cover north of the Ayelen vein system identifying a series of previously unrecognized new veins. Several targets in the Ayelen area were also reviewed to understand mineralization types and structural settings.

 ****

***Exploration Plans***

The Company's plan for the San Luis Project is to advance the project through integrated exploration, environmental and community development programs. The goal is to surface the resource potential of the project through exploration and undertake environmental studies to support future technical studies, permitting and evaluations of economic potential for development.

Since the acquisition of the San Luis Project in May 2024, the Company has performed field reconnaissance of the project with mapping in an area north of the Ayelen vein system that has identified new veins and is currently undertaking a review of prior exploration plans and targets, particularly at the Bonita vein system, based on new integration and analysis of existing data, drill core review and field work validation.

The Company is currently undertaking infrastructure programs with the participation of its community partners to support the start of exploration programs at the San Luis Project. The initial focus is on the Bonita vein field where mapping and sampling are underway and geophysical surveys are set to commence while infrastructure is being developed to support the start of drilling in the coming weeks.

The Technical Report recommends a two-phase exploration plan. The Company recently initiated Phase 1 of the exploration program with detailed mapping and systematic channel sampling of the known mineralized structures at the Bonita vein system, with a follow-up drilling campaign commencing by June 2025. In addition, the Company plans to carry out prospecting, mapping and sampling at the adjacent areas to identify and follow up on additional veins, with the objective of defining further targets for drilling.

The Company will commence Phase 2 of the exploration program recommended in the Technical Report, extending drilling activities (including drilling of priority targets identified in Phase 1), community programs and infrastructure development for the remainder of 2025 and into 2026.

 ****

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

 ****

***Community Relations***

The property occupies community land and developing and growing social license is a priority for Highlander. The Company is actively engaged with the communities in the direct area of influence of the San Luis Project with the aim of employing its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs. The Company has an established presence on the property and community agreement to support exploration and drilling. Road rehabilitation work has commenced with the recent conclusion of the rainy season and discussions are underway regarding further infrastructure projects.

**<u>La Estrella</u>**

The La Estrella Project is located in the Huancavelica Department, Central Peru, about 250 km ESE of Lima, on the eastern slope of the Western Cordillera. It is within the prolific Miocene polymetallic belt, approximately 34 km NNE of the Julcani Mine, which has produced over 105 million ounces of silver from high grade vein mineralization averaging 16 ounces per ton since production started by Buenaventura in 1953 (Hector Barrionuevo, Julcani – Mina emblematica de Minas Buenaventura con 63 años de operación. PERU XVIII Peruvian Geological Congress).

During 2023, the Company developed 3D geological models of the (Ag-Au ±Pb ±Zn ±Cu) mineralization using the available drilling information and interpreted geological controls. Potential extensions to the mineralized envelopes have been used to outline a near-surface exploration target of 15 to 35 Mt averaging between 50 and 60 g/t Ag, and 0.4 to 0.6 g/t Au containing some 25 to 60 Moz Ag and 0.2 to 0.7 Moz Au.

The potential quantity and grade of the exploration target was determined based on 3D geological models of the Ag-Au mineralization using the available drilling information and interpreted geological controls. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

**<u>Alta Victoria</u>**

Following a strategic review of the Company's mineral project portfolio, and the need to focus resources on projects that have the highest probability of creating shareholder value, the decision was taken to allow the mining lease at Alta Victoria to lapse on December 4, 2023.

**<u>Politunche</u>**

Following a strategic review of the Company's portfolio, and the decision to focus resources on the highest quality projects, the Company announced the termination of its option to acquire a 100% interest in the Politunche project on July 13, 2023, effective immediately.

**<u>Exploration Expenses (Restated)</u>**

As disclosed in Note 3 of the Company's condensed consolidated interim financial statements for the three and six months ended March 31, 2025, the Company has voluntarily changed its accounting policy for expenditures on exploration and evaluation, with all such expenditures now expensed until the date the technical feasibility and commercial viability of extracting mineral resource are demonstrable for a project, and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining the necessary permits and licenses to develop the mineral property.

The following tables summarize exploration expenses by activity and project.

For the three months ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | San Luis | La Estrella | Total |
| Community relations | $9762 | $5813 | $15575 |
| Depreciation | 3144 | 302 | 3446 |
| Environmental, regulatory & permitting | 9271 |  | 9271 |
| Salaries, contractors & project administration | 385045 | 36090 | 421135 |
| Site preparation, camp & field expenses | 137619 | 13474 | 151093 |
|  | $544841 | $55679 | $600520 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

For the six months ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | San Luis | La Estrella | Total |
| Community relations | $16351 | 5813 | $22164 |
| Depreciation | 5914 | 591 | 6505 |
| Environmental, regulatory & permitting | 9271 |  | 9271 |
| Salaries, contractors & project administration | 800740 | 91835 | 892575 |
| Site preparation, camp & field expenses | 218753 | 22931 | 241684 |
|  | $1051029 | $121170 | $1172199 |

---

For the three months ended March 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Alta Victoria<br> (Restated) | La Estrella<br> (Restated) | Politunche<br> (Restated) | Total<br> (Restated) |
| Depreciation | $– | $1067 | $– | $1067 |
| Geological & geophysical investigations |  | 147126 |  | 147126 |
| Salaries, contractors & project administration | 38406 | 28434 | 1049 | 67889 |
| Site preparation, camp & field expenses | 2221 | 7633 | – | 9854 |
|  | $40627 | $184260 | $1049 | $225936 |

---

For the six months ended March 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Alta Victoria<br> (Restated) | La Estrella<br> (Restated) | Politunche<br> (Restated) | Total<br> (Restated) |
| Depreciation | $– | $2504 | $– | $2504 |
| Geological & geophysical investigations | 7640 | 183263 |  | 190903 |
| Salaries, contractors & project administration | 131078 | 139288 | 2264 | 272630 |
| Site preparation, camp & field expenses | 18255 | 19092 | – | 37347 |
|  | $156973 | $344147 | $2264 | $503384 |

---

The increase in exploration expenses to $600,520 and $1,172,199 for the three and six months ended March 31, 2025, respectively, from $225,936 and $503,384 for the three and six months ended March 31, 2024, respectively, was primarily driven by the increase of exploration activities at the San Luis Project, which was acquired in May 2024. This increase was offset by reduced drilling activities at Alta Victoria, Politunche and La Estrella as the Company concentrated its efforts on advancing the San Luis Project.

Salaries, contractors & project administration were higher for the three and six months ended March 31, 2025, compared to the same periods in 2024, mainly related to the addition of operating expenses from the San Luis Project with the hiring of additional personnel to support the expanded activities at the San Luis Project.

The increase in site preparation, camp, and field expenses aligns with the ramp-up in exploration activities at the San Luis Project, driven by higher costs related to site travel, maintenance, and the procurement of supplies and materials.

The decrease in geological and geophysical investigation expenses for the three and six months ended March 31, 2025, is primarily due to the Company not yet commencing these activities at the San Luis Project, with work scheduled to begin by June 2025.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**LOSS FROM OPERATIONS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | 2025 | 2024<br> (Restated) | 2025 | 2024<br> (Restated) |
| Exploration expenses | $600520 | $225936 | $1172199 | $503384 |
| General and administrative expenses | 1410210 | 839879 | 2371040 | 1105842 |
| Loss from operations | 2010730 | 1065815 | 3543239 | 1609226 |
| Gain on disposal of equipment |  | (4316) | (137294) | (4316) |
| Finance cost | 130221 |  | 136787 |  |
| Interest and other income | (114317) | (96918) | (125058) | (51335) |
| Foreign exchange loss | 4099 |  | 252094 |  |
| Write-off of mineral property interests |  | 36486 |  | 36486 |
| Write-off of receivables | 176403 | – | 176403 | – |
| Net loss | $2207136 | $1001067 | $3846171 | $1590061 |

---

**Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024**

The Company incurred loss from operations of $2,010,730 for the three months ended March 31, 2025 (March 31, 2024 – $1,065,815). The increase in the loss is due to the following factors:

● An increase in exploration expenses of $600,520 for the three months ended March 31, 2025 (March 31, 2024 – $225,936) from the increase in exploration activities at San Luis Project, which was acquired in May 2024. The initial fieldwork includes geological mapping, sampling, and site preparation. These startup activities have significantly increased exploration costs compared to prior periods.

● An increase in salaries and benefits of $539,893 for the three months ended March 31, 2025 (March 31, 2024 – $nil), due to the Company's expansion of its management team. This includes the appointment of a new CEO and other key executives in early 2025 contributing to a rise in compensation-related expenses.

**Six Months Ended March 31, 2025 Compared to the Six Months Ended March 31, 2024**

The Company incurred loss from operations of $3,543,239 for the six months ended March 31, 2025 (March 31, 2024 – $1,609,226). The increase in the loss is due to the following factors:

● An increase in exploration expenses of $1,172,199 for the six months ended March 31, 2025 (March 31, 2024 – $503,384) from the increase in exploration activities at the San Luis Project, which was acquired in May 2024. The initial fieldwork includes geological mapping, sampling, and site preparation. These startup activities have significantly increased exploration costs compared to prior periods.

● An increase in office and other expenses of $258,707 for the six months ended March 31, 2025 (March 31, 2024 – $13,701), as a result of the increase of corporate activities to support exploration activities at the San Luis Project.

● Salaries and benefits of $579,314 for the six months ended March 31, 2025 (March 31, 2024 – $nil), due to the Company's expansion of its management team. This includes the appointment of a new CEO and other key executives in early 2025 contributing to a rise in compensation-related expenses.

● Share-based compensation, a non-cash cost, of $1,103,297 for six months ended March 31, 2025 (March 31, 2024 – $599,005), as a result of new options granted during the six months ended March 31, 2025.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**SUMMARY OF QUARTERLY RESULTS**

The Company's quarterly financial statements are reported under IFRS issued by the IASB, as applicable to interim financial reporting. The following table provides highlights from the quarterly results of the Company's unaudited condensed consolidated interim financial statements for the past eight quarters.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025<br> Q2 | 2025<br> Q1<br> (Restated) | 2024<br> Q4<br> (Restated) | 2024<br> Q3<br> (Restated) |
| Loss from operations | $(2010730) | $(1532510) | $(1098900) | $(410316) |
| Net loss | (2207136) | (1639035) | (1136526) | (358608) |
| Total comprehensive loss | (1979702) | (1116109) | (639694) | (1216549) |
| Net loss per share – basic and diluted | $(0.03) | $(0.02) | $(0.01) | $(0.00) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024<br> Q2<br> (Restated) | 2024<br> Q1<br> (Restated) | 2023<br> Q4<br> (Restated) | 2023<br> Q3<br> (Restated) |
| Loss from operations | $(1065815) | $(543411) | $(370267) | $(357860) |
| Net loss | (1001067) | (588994) | (1172155) | (409139) |
| Total comprehensive loss | (1101449) | (587258) | (1435007) | (434043) |
| Net loss per share – basic and diluted | $(0.02) | $(0.01) | $(0.04) | $(0.01) |

---

The increase in loss from operations in the first and second quarter of 2025 from the preceding quarter is mainly related to the addition of operating expenses from the San Luis Project acquired in May 2024, an increase in exploration expenditures as the Company prepares to begin its drilling program, scheduled to start by June 2025, and an increase in stock-based compensation due to the granting of new options to the new Directors and management team in October 2024 and January 2025.

The increase in loss from operations in the fourth quarter of 2024 from the preceding quarter is mainly related to the addition of operating expenses from the San Luis Project acquired in May 2024. In addition, the Company had additional impairment losses on the Alta Victoria and Politunche properties, leading to an increase in net loss in the fourth quarter of 2024.

The increase in loss from operations and net loss in the second quarter of 2024 from the preceding quarter is mainly related to an increase in stock-based compensation due to the granting of new options to consultants in March 2024.

The increase in net loss in the fourth quarter of 2023 is due to the impairment losses incurred from the Alta Victoria and the Politunche properties.

The change in total comprehensive loss is related to the foreign currency translation for the respective periods.

**LIQUIDITY AND CAPITAL RESOURCES**

---

| | | |
|:---|:---|:---|
|  | March 31,<br> 2025 | September 30,<br> 2024 |
| Cash and cash equivalents | $30294154 | $2500894 |
| Receivables | 89483 | 290357 |
| Prepaids and other | 20078 | 25536 |
| Accounts payable and accrued liabilities | 556349 | 372481 |
| Consideration payable | 1797000 | 1687375 |
| Total current assets | 30403715 | 2816787 |
| Total current liabilities | $2353349 | $2059856 |

---

The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to obtain the necessary funds primarily through the issuance of common shares in support of its business objectives. While the Company has been successful in securing financing to date, there can be no assurances that future equity financing, debt facilities, or strategic alternatives will be available on acceptable terms to the Company or at all.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

In March 2025, the Company announced that it had closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the Underwriters' Option of 3,000,000 shares. The Company intends to use the net proceeds of $30,036,728 from the Offering to fund the advancement of exploration activities at the Company's San Luis gold-silver project in Peru, as well as for working capital and general corporate purposes.

Cash used in operating activities during the three and six months ended March 31, 2025 was $1,529,938 and $2,525,826, respectively (March 31, 2024 – $381,530 and $1,078,836). The increased use of cash is primarily attributable to the increase of the Company's operating activities, offset by the the timing of payments affecting changes in non-cash working capital items such as prepaid expenses, receivables and accounts payable and accrued liabilities.

Cash generated from financing activities during the three and six months ended March 31, 2025, was $30,123,328 and $30,127,078, respectively (March 31, 2024 – $nil and $2,981,480, respectively). The increase in cash flow during the three and six months ended March 31, 2025 is primarily attributable to the proceeds from the private placement of $32,200,000 (March 31, 2024 – $nil and $3,000,000, respectively), offset by the share issue cost of $2,163,272 (March 31, 2024 – $nil and $18,520, respectively).

Cash generated from in investing activities during the three and six months ended March 31, 2025, was $28,186 and $176,176, respectively, (March 31, 2024 – cash used in investing activities of $31,217). The increased in cash flow during the three ended March 31, 2025 is primarily attributable to increase in interest income of $67,102 (March 31, 2024 – $nil). The increased in cash flow during the six months ended March 31, 2025 is primarily attributable to increase in proceeds from disposal of equipment of $137,294 (March 31, 2024 – $7,454).

**FINANCING USE OF PROCEEDS**

Net proceeds from the Offering and from the warrants and options exercised during the six months ended March 31, 2025, of $30,127,078 will be deployed to the exploration and development expenses on the San Luis Project and general and administration expenses. The Company's drilling program at San Luis is scheduled to begin by June 2025.

**COMMITMENTS AND CONTINGENCIES** 

At March 31, 2025, the Company had contractual cash flow commitments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | < 1 Year | 1-3 Years | Total |
| Accounts payable and accrued liabilities | $556349 | $– | $556349 |
| Consideration payable | 1797000 | 1797000 | 3594000 |
| Office rent obligations | 547000 | 684500 | 1231500 |
| Exploration expenses and other | 2124240 | – | 2124240 |
|  | $5024589 | $2481500 | $7506089 |

---

**SHARE CAPITAL INFORMATION**

As at May 28, 2025, the Company had the following securities issued and outstanding:

● 104,970,985 common shares

● 7,095,000 shares issuable pursuant to exercise of stock options

● 29,850,000 shares issuable pursuant to exercise of warrants

As at May 28, 2025, no common shares were issued under the Company's at-the-market program announced on April 10, 2025.

**PROPOSED TRANSACTIONS**

There are no undisclosed proposed transactions as of the date of this MD&A.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Company does not have any material off-balance sheet arrangements, other than the Company's obligation for future rental payments described in "Related Party Transactions".

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**RELATED PARTY TRANSACTIONS**

**Key management personnel**

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprises the Company's President and Chief Executive Officer, Chief Financial Officer, President Peru, and Senior Vice President Corporate Affairs and Corporate Secretary and Directors.

Key management compensation for the three and six months ended March 31, 2025 and 2024 is comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| Share-based compensation | $369908 | $559265 | $970794 | $559265 |
| Salaries and benefits | 368351 |  | 368351 |  |
| Professional fees | – | 134841 | 156605 | 254024 |
|  | $738259 | $694106 | $1495750 | $813289 |

---

Professional fees relate to the following related party transactions with the Company or Company controlled entities during the period:

&nbsp;&nbsp;&nbsp;&nbsp;a) Stephen Brohman was the Company's CFO until January
2, 2025. He is a principal of Donaldson Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
DBM CPA provides the Company with accounting and tax services.

&nbsp;&nbsp;&nbsp;&nbsp;b) David Fincham was Company's CEO until October 2024.

&nbsp;&nbsp;&nbsp;&nbsp;c) Dr. Leandro Echavarria was the Company's VP of Exploration
until January 7, 2025. He has significant influence of LE Geological Services USA. ("LE Geo") that provided geological services
to the Company.

As of March 31, 2025, there were no outstanding amounts receivable from or payable to the key management personnel noted above. As of March 31, 2024, accounts payable and accrued liabilities included $61,840 due to key management personnel referred to above.

**Related party arrangement**

In October 2024, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies (Titan Mining Corporation, Augusta Gold Corp. and Armor Minerals Inc.) related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by the related companies. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. All of the parties have jointly entered into a rental agreement for office space. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments if the Company's participation in the arrangement was terminated on March 31, 2025, was approximately $355,300 (September 30, 2024 – $nil), determined based on the Company's average share of rent paid in the immediately preceding 12 months.

The Company was charged for the following with respect to these arrangements in the three and six ended March 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Six months ended March 31, | Six months ended March 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $648492 | $– | $687913 | $– |
| Office and other | 173301 |  | 199858 |  |
| Marketing and travel | 5351 | – | 7426 | – |
|  | $827144 | $– | $895197 | $– |

---

At March 31, 2025, amounts in accounts payable and accrued liabilities include $26,310 due to a related party, being the key management personnel referred to above (September 30, 2024 – $nil) with respect to this arrangement.

All related party balances are unsecured and are due within thirty days without interest.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**MATERIAL ACCOUNTING POLICIES AND ESTIMATES**

In preparing the accompanying condensed consolidated interim financial statements in conformity with IFRS, management has made judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ. All estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognized in the period in which the estimates are revised and in any future periods affected. Information about critical judgements and estimates in applying accounting policies that have the most significant effect on amounts recognized in the condensed consolidated interim financial statements are the same as those described in the consolidated annual financial statements for the year ended September 30, 2024.

**New accounting policies issued but not yet effective** 

Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after October 1, 2024, with earlier application permitted. The Company has reviewed these updates and the amendment that is applicable to the Company is discussed below:

*IFRS 18 Presentation and Disclosure in Financial Statements* 

 

IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statement aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply for IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

**VOLUNTARY CHANGE IN ACCOUNTING POLICY**

The Company has reviewed its accounting policy with respect to exploration and evaluation expenditures. As a result of this review, management has voluntarily elected to change the accounting policy effective January 1, 2025, in order to enhance the relevance and reliability of the information available to the users of the Company's financial statements. The change in accounting policy has been made with respect to and in accordance with IFRS 6, *Exploration for and Evaluation of Mineral Resources*, and IAS 8, *Accounting Policies, Changes in Accounting Estimates and Errors*, and has been recognized on a full retrospective basis. Please refer to Note 3 of the Company's condensed consolidated interim financial statements for the three and six months ended March 31, 2025, for full disclosure of the quantified effect of this change in accounting policy.

Under the new accounting policy, the Company capitalizes significant direct costs of acquiring resource property interests. Subsequent to the acquisition of a mineral interest, exploration and evaluation costs incurred, including those related to asset retirement obligations, are expensed as incurred up to the date the technical feasibility and commercial viability of extracting mineral resources are demonstrable for a project and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining necessary permits and licenses to develop the mineral property. At this point, exploration and evaluation assets are assessed for impairment and then reclassified to property, plant and equipment. Capitalized acquisition costs are assessed for impairment at least annually or when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount, with any impairment loss recognized as an expense.

The financial results disclosed in this MD&A from prior periods that have been affected as a result of the change in accounting policy will be indicated as such with "Restated."

**FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT**

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

**a)** **Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's financial assets.

The Company is primarily exposed to credit risk on its cash and cash equivalents, receivables, reclamation deposit and value-added tax receivable. Credit risk exposure is limited through maintaining its cash with high-credit quality financial institutions. The carrying value of these financial assets of $30,542,377 represents the maximum exposure to credit risk.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**b)** **Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Fluctuations in market rates do not have a significant impact on the Company's operations. For the three and six months ended March 31, 2025 and 2024, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

**c)** **Liquidity risk** 

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

**d)** **Foreign currency risk** 

The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. At March 31, 2025, the Company had not entered into any contracts to manage foreign exchange risk.

As at March 31, 2025, the majority of the Company's cash and cash equivalents was held in Canadian dollars, with the remainder in US dollars or Peruvian Soles. The Company incurs expenditures in Canada and Peru, and as such is exposed to currency risk associated with these costs.

A change in the value of the Peruvian Soles by 10% relative to the Canadian dollar would not have a significant impact on the Company's working capital and net loss for three and six months ended March 31, 2025 and 2024.

**CAPITAL MANAGEMENT**

The Company's primary objective when managing capital is to ensure that it will be able to continue as a going concern and that it has the ability to satisfy its capital obligations and ongoing operational expenses, as well as having sufficient liquidity to fund suitable business opportunities as they arise.

The capital of the Company includes the components of equity attributable to shareholders of the Company, net of cash and cash equivalents. Capital is summarized in the following table:

---

| | | |
|:---|:---|:---|
|  | March 31,<br> 2025 | September 30,<br> 2024<br> (Restated) |
| Equity attributable to shareholders of the Company | $37713885 | $9579320 |
| Less: Cash and cash equivalents | (30294154) | (2500894) |
|  | $7419731 | $7078426 |

---

The Company manages its capital structure and makes adjustments to it as necessary in light of economic conditions. In order to maintain the capital structure, the Company may, from time to time, issue or buy back equity, or sell assets. The Company, upon approval from its Board of Directors, intends to balance its overall capital structure through a combination of equity financing and/or other forms of financing.

The Company did not have any externally imposed restrictions as at March 31, 2025. To effectively manage its capital requirements, the Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has appropriate liquidity to meet its business activities, including planned corporate expenditures, exploration expenses, as well as the development activities for the San Luis Project.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and six months ended March 31, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**RISKS AND UNCERTAINTIES**

The Company is exposed in varying degrees to a variety of financial instrument related risks as discussed in the Company's 2024 annual MD&A dated January 28, 2025 which is available on SEDAR+ at www.sedarplus.ca.

Highlander' business activities are subject to significant risks, including, but not limited to, those described in previous disclosure documents. Any of these risks could have a material adverse effect on Highlander, its business and prospects, and could cause actual events to differ materially from forward looking statements related to Highlander.

**Limitations of Controls and Procedures**

Management has implemented disclosure control and procedures and internal controls over financial reporting intended to allow for the appropriate fair presentation of financial and other information that the Company is required to disclose. Any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, the Company's management cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgements in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any control system is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

The Company's officers are not required to certify the design and evaluation of the Company's disclosure controls and procedures and internal controls over financial reporting and have not completed such an evaluation. Inherent limitations on the ability of the certifying officers to design and implement on a cost-effective basis disclosure controls and procedures and internal controls over financial reporting for the Company may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

**QUALIFIED PERSON**

The scientific and technical information in this document related to San Luis is derived from the technical report titled "Technical Report for the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng. The scientific and technical information in this report related to La Estrella was based upon the Company's news releases dated July 11, 2023, and July 17, 2023, which disclosure was approved by Graeme Lyall, a QP under NI 43-101, who was, at the time of such news releases, a Director of the Company.

## Exhibit 99.36

**Exhibit 99.36**

**Form 52-109FV2**

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

 ****

I, Daniel Earle, President and Chief Executive Officer of **Highlander Silver Corp.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial statements and interim
MD&A (together, the "interim filings") of **Highlander Silver Corp**. (the "issuer") for the interim period
ended March 31, 2025.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable
diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be
stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to
the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable
diligence, the interim financial statements together with the other financial information included in the interim filings fairly present
in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.

Date: May 28, 2025

---

| |
|:---|
| */s/ Daniel Earle* |
| Daniel Earle |
| President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>NOTE TO READER</u>** | &nbsp;&nbsp;**<u>NOTE TO READER</u>** |
| &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of |
| &nbsp;&nbsp;i) | &nbsp;&nbsp;controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| &nbsp;&nbsp;ii) | &nbsp;&nbsp;a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
| &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. |

---

## Exhibit 99.37

**Exhibit 99.37**

**Form 52-109FV2**

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, Sunny Lowe, Chief Financial Officer of **Highlander Silver Corp.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial statements and interim MD&A (together,
the "interim filings") of **Highlander Silver Corp.** (the "issuer") for the interim period ended March 31,
2025. 2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial statements together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

Date: May 28, 2025

---

| |
|:---|
| */s/ Sunny Lowe* |
| Sunny Lowe |
| Chief Financial Officer |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>NOTE TO READER</u>** | &nbsp;&nbsp;**<u>NOTE TO READER</u>** |
| &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of |
| &nbsp;&nbsp;i) | &nbsp;&nbsp;controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| &nbsp;&nbsp;ii) | &nbsp;&nbsp;a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
| &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. |

---

## Exhibit 99.38

**Exhibit 99.38**

**CHANGE OF STATUS REPORT NOTICE PURSUANT TO SECTION 11.2 OF <br> NATIONAL INSTRUMENT 51-102 - *CONTINUOUS DISCLOSURE OBLIGATIONS***

---

| | |
|:---|:---|
| **TO:** | British Columbia Securities Commission |

---

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

The Manitoba Securities Commission

Ontario Securities Commission

Autorité des marchés financiers

Financial and Consumer Services Commission of New Brunswick

Nova Scotia Securities Commission

Office of the Superintendent of Securities, Prince Edward Island

Office of the Superintendent of Securities, Service Newfoundland and Labrador

Office of the Superintendent of Securities, Government of Yukon

Office of the Superintendent of Securities, Government of Nunavut

Office of the Superintendent of Securities, Government of the Northwest Territories

---

| | |
|:---|:---|
| **RE:** | Highlander Silver Corp. (the "**Issuer**") – Change of status report pursuant to Section 11.2 of National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**") |

---

The Issuer hereby reports that as at market open on May 13, 2025, the common shares of the Issuer began trading on the Toronto Stock Exchange. Accordingly, the common shares of the Issuer have been voluntarily delisted from the Canadian Securities Exchange and the Issuer has ceased to be a "venture issuer" as defined in NI 51-102.

DATED June 2, 2025.

<u>*(signed) Tom Ladner*</u> <br> Tom Ladner <br> General Counsel

## Exhibit 99.39

**Exhibit 99.39**

![](ex99-39_001.jpg)

**Highlander Silver Commences Drilling at Bonanza Grade San Luis Gold-Silver Project**

**Toronto, June 9, 2025 – Highlander Silver Corp. (TSX: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to announce that it has commenced its maiden drilling program targeting recently sampled but previously undrilled high grade mineralization in outcrop at the Bonita vein system located approximately 10 km to the south of the Ayelen deposit at its San Luis gold-silver project in Central Peru.

Mr. Daniel Earle, President and CEO, commented: "It is incredibly exciting to have commenced the first drill program in over a decade on a property that offers an entirely unique proposition this cycle: a bonanza grade resource on the Ayelen vein, surrounded by numerous veins presenting high grades in historic surface sampling results within a large claim package that has seen only limited systematic exploration. On this landmark occasion, we are both profoundly grateful for the support of our community partners and energized to ramp up our community hiring and infrastructure programs alongside our exploration activities."

**Figure 1 – Bonita Images** 

---

| | |
|:---|:---|
| ![](ex99-39_002.jpg) | ![](ex99-39_003.jpg) |

---

**Image on left: platform construction with a silicified ridge that forms part of the Bonita vein system in the background. Image on right: drill rig in operation.** 

Bonita is an epithermal gold-silver vein system hosted by a package of volcanic rocks situated 10 km south and 700 m lower in elevation than Ayelen. The vein system has been mapped over nearly 800 m of strike length along an exposed ridgeline, with its western flank concealed by overburden and sparse outcrop to the east. A drone-based geophysical survey, a technological breakthrough in high elevation settings, is attempting to map these areas.

Historical results comprise a series of trenches but only two drill holes, including a best result of 3.2 m grading 30.2 g/t Au and 114.8 g/t Ag within a broader interval of 35.3 m at 5.54 g/t Au and 25.43 g/t Ag from 19.1 m downhole in BOD-001 that was inclined 45 degrees east. A sub-vertical hole from the same platform returned lower grades.

Drilling has now commenced from a platform to the north of this historical drilling, targeting an exposure of the vein system with prior trenching and ongoing channel sampling of mineralization. The Company intends to release drilling results when complete assays are available.

**On behalf of Highlander Silver**

"Daniel Earle"

President and CEO

**Information contact**

Arun Lamba, Vice President Corporate Development

<u>alamba@highlandersilver.com</u>

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup>S&P Global rankings including the San Luis gold-silver project.

The scientific and technical information contained herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**Forward-looking statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, ramp up of our community hiring and infrastructure programs alongside our exploration activities; a drone-based geophysical survey is attempting to map these areas;* and *the Company intends to release results when complete assays are available. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.40

**Exhibit 99.40**

![](ex99-40_001.jpg)

**Highlander Silver Announces Results of Annual General Meeting of Shareholders**

**Toronto, June 13, 2025 – Highlander Silver Corp. (TSX: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to announce that all matters presented for approval at the Company's annual meeting of shareholders held yesterday, as more particularly set out in the Company's Management Information Circular dated April 29, 2025, have been approved. These matters included:

● Setting the number of directors of the Company at six;

● Electing each of the Company's six nominees as directors of the Company;

● Re-appointing Davidson & Company LLP, Chartered Professional Accountants, as auditors of the Company for the ensuing year and authorizing the board of directors of the Company to fix their remuneration; and

● Approving the Company's stock option plan.

A summary of the results for the election of the Company's directors is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Votes For** | **Votes For** | **Votes Withheld** | **Votes Withheld** |
| <br>**Name of Nominee** | **Number** | **%** | **Number** | **%** |
| Richard Warke | 48383699 | 100.00% | 25 | 0.00% |
| Daniel Earle | 48383699 | 100.00% | 25 | 0.00% |
| Federico Velasquez | 48383699 | 100.00% | 25 | 0.00% |
| Jerrold Annett | 46527099 | 96.16% | 1856625 | 3.84% |
| Javier Toro | 48383699 | 100.00% | 25 | 0.00% |
| Thomas Whelan | 48383699 | 100.00% | 25 | 0.00% |

---

**On behalf of Highlander Silver**

"Daniel Earle"

President & CEO, Director

**Information contact**

Arun Lamba, Vice President Corporate Development

alamba@highlandersilver.com

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

The scientific and technical information contained herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

## Exhibit 99.41

**Exhibit 99.41**

![](ex99-41_001.jpg)

**Highlander Silver Reports First Drill Results from Bonita Open Pit Target, <br> Including High Grades over Broad Widths from Near Surface in Every Hole**

**Toronto, July 29, 2025 – Highlander Silver Corp. (TSX: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to report assay results from the first seven holes drilled to test a conceptual open pit target along a ridgeline where the Bonita vein system is exposed 10km to the south of the Ayelen underground deposit at its San Luis gold-silver project in Central Peru.

Highlights are listed below, with corresponding images in Figures 1-2 and detailed results in Tables 1-2.

**<u>Highlights</u>**

● **The first seven holes follow up on and step out from two historical holes (BOD-001 and BOD-002), with every new hole returning high grade gold-silver mineralization over a broad width from near surface** 

● **BOD-003 returned 14.5m of 3.70 grams per tonne ("g/t") gold ("Au") and 17.47 g/t silver ("Ag") from 25.7m downhole and 4.1m of 5.34 g/t Au and 43.22 g/t Ag** 

● **BOD-004 returned 16.9m of 4.42 g/t Au and 7.61 g/t Ag from 24.7m downhole, including 3.3m of 15.15 g/t Au and 14.08 g/t Ag** 

● **BOD-007 returned 20.0m of 3.78 g/t Au and 12.31 g/t Ag from 4.0m downhole** 

● **BOD-008 returned 23.1m of 4.92 g/t Au and 16.56 g/t Ag from 4.7m downhole, including 13.0m of 7.11 g/t Au and 19.90 g/t Ag** 

● **BOD-009 returned 47.8m of 1.87 g/t Au and 13.49 g/t Ag from surface, including 2.1m of 12.55 g/t Au and 41.2 g/t Ag** 

● **A total of 13 holes have been completed to date with assays pending for the balance; drilling is ongoing with one drill rig and regulatory approval has been recently obtained to expand the program to include a second drill rig** 

● **The Bonita vein system is located 10km to the south and 700m lower in elevation than Ayelen. It is exposed in outcrop over an area of 800m by 200m and remains open in all directions** 

Mr. Daniel Earle, President and CEO, commented: "It's encouraging to see consistent broad intersections of high grade gold-silver mineralization in shallow step out drilling, particularly from a starting point of only two historical holes. As we continue reporting results, we're also working to lay the foundation of social support, regulatory permitting and knowledge won from systematic exploration to scale our operations to build momentum through the second half of the year."

**Figure 1 – Plan View of Bonita Vein System**

![](ex99-41_002.jpg)

**Figure 2 – Image of core from BOD-004 at 35m grading 17.30 g/t Au and 15.10 g/t Ag**

![](ex99-41_003.jpg)

Note: Fractured quartz sulphide veins crossing altered andesitic host rock.

**Table 1 – Assay Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From<br> (m)** | **To<br> (m)** | **Interval <br> (m)** | **Au<br> (g/t)** | **Ag <br> (g/t)** |
| BOD-003 | 12.0 | 14.2 | 2.2 | 0.85 | 12.89 |
| and | 25.7 | 40.2 | 14.5 | 3.70 | 17.47 |
| and | 165.0 | 169.1 | 4.1 | 5.34 | 43.22 |
| BOD-004 | 24.7 | 41.6 | 16.9 | 4.42 | 7.61 |
| incl. | 33.7 | 37.0 | 3.3 | 15.15 | 14.08 |
| and | 193.5 | 196.5 | 3.0 | 0.67 | 2.55 |
| BOD-005 | 68.7 | 80.6 | 11.9 | 2.09 | 2.32 |
| and | 92.5 | 95.0 | 2.5 | 0.55 | 15.98 |
| BOD-006 | 2.5 | 24.5 | 22.0 | 1.86 | 6.91 |
| BOD-007 | 4.0 | 24.0 | 20.0 | 3.78 | 12.31 |
| BOD-008 | 4.7 | 27.7 | 23.1 | 4.92 | 16.56 |
| incl. | 12.3 | 25.3 | 13.0 | 7.11 | 19.90 |
| BOD-009 | 0.2 | 48.0 | 47.8 | 1.87 | 13.49 |
| incl. | 29.7 | 31.8 | 2.1 | 12.55 | 41.20 |

---

Note: Reported intervals are apparent widths as the full geometry of the mineralized structures has not yet been fully modelled. Assays were not capped, and composite intervals are calculated using a minimum weighted average of 0.5 g/t Au, diluted over a minimum core length that allows for internal dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 5 g/t Au.

**Table 2 – Collar Locations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | &nbsp;&nbsp;&nbsp;&nbsp;**Easting (m)** | &nbsp;&nbsp;&nbsp;&nbsp;**Northing (m)** | &nbsp;&nbsp;&nbsp;&nbsp;**Elevation (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Depth (m)** | &nbsp;&nbsp;&nbsp;&nbsp;**Azimuth (°)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dip (°)** |
| BOD-003 | 187941 | 8953730 | 3953 | 225.6 | 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-50 |
| BOD-004 | 187941 | 8953730 | 3953 | 206.0 | 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45 |
| BOD-005 | 187998 | 8953799 | 3986 | 160.3 | 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45 |
| BOD-006 | 187967 | 8953735 | 3961 | 51.0 | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-75 |
| BOD-007 | 187967 | 8953735 | 3961 | 60.3 | 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40 |
| BOD-008 | 187968 | 8953734 | 3961 | 65.0 | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40 |
| BOD-009 | 187989 | 8953712 | 3964 | 60.0 | 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40 |

---

**Technical Information and Quality Control / Quality Assurance**

All drilling was completed with HQ core. The drill core is split in half using a diamond saw. Core is logged by the Company's geologist on site who outlines the intervals to be sampled. The maximum sample length is 1.5 meters and lengths are adjusted according to lithological and/or mineralogical contacts.

After sawing, one-half of the core is kept on site in core boxes, and the other half is submitted for analysis. Individual sample bags are sealed and placed into larger bags, which are then sealed and marked with the contents.

Samples are transported by Highlander Silver personnel to ALS Peru S.A. ("**ALS**") located in Lima, Peru, where they are prepared and analyzed. ALS is independent of the Company.

In ALS, the entire sample is crushed to approximately 80% passing through a 2mm sieve. A 500 g fraction is pulverized. Gold concentration is determined by fire assay of a 30-gram charge with an AA finish (Au-AA23). Silver, lead, copper, and zinc, along with other elements, are analyzed by ICP utilizing a four-acid digestion (ME-ICP61). Over-limit samples for Au (10 g/t Au) follow gravitational finishing Au-GRA21 (30g sample). Over-limit samples for Ag (100 g/t Ag) follow gravitational finishing Ag-GRA21 (30g sample).

The internal QA/QC program includes the submission of field duplicates (1/4 core), pulp and coarse reject duplicates, and the insertion of commercial standards and blanks (coarse and fine). Control samples account for more than 15% of the total samples sent, in addition to the laboratory's internal quality assurance programs.

The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The scientific and technical information, including the drillhole data, has been verified by Dr. Sergio Gelcich. This verification involves data validation and quality assurance procedures, such as reviewing logging directly in front of the core, analyzing database integrity, conducting quality assurance and quality control (QA/QC) for assays, and cross-checking the original lab certificates.

**Qualified Person**

The scientific and technical information in this press release has been reviewed and approved by Dr. Sergio Gelcich, P.Geo., Vice President, Exploration, Highlander Silver, who is a "Qualified Person" as defined in National Instrument 43-101 *Standards of Disclosure for Mineral Projects.*

**On behalf of Highlander Silver**

"Daniel Earle"

President & CEO, Director

**Information contact**

Arun Lamba, Vice President Corporate Development <br> alamba@highlandersilver.com

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

The scientific and technical information contained herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**Forward-looking statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, expanding the program to include a second drill rig; and the that Company is laying the foundation of social support, regulatory permitting and knowledge won from systematic exploration to scale operations to scale our operations to build momentum through the second half of the year. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward- looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.42

**Exhibit 99.42**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Highlander Silver Corp. ("**Highlander**" or the "**Company**")

2500 – 100 King Street W,

Toronto, ON M5X 1A9

2. <u>DATE OF MATERIAL CHANGE</u> 

July 29, 2025

3. <u>NEWS RELEASE</u> 

The Company's news release dated July 29, 2025, was disseminated through the facilities of Access Newswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Highlander announced assay results from the first seven holes drilled to test a conceptual open pit target along a ridgeline where the Bonita vein system is exposed 10km to the south of the Ayelen underground deposit at its San Luis gold-silver project in Central Peru.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Highlander announced assay results from the first seven holes drilled to test a conceptual open pit target along a ridgeline where the Bonita vein system is exposed 10km to the south of the Ayelen underground deposit at its San Luis gold-silver project in Central Peru.

Highlights are listed below, with corresponding images in Figures 1-2 and detailed results in Tables 1-2.

● The first seven holes follow up on and step out from two historical holes (BOD-001 and BOD-002), with every new hole returning high grade gold-silver mineralization over a broad width from near surface

● BOD-003 returned 14.5m of 3.70 grams per tonne ("g/t") gold ("Au") and 17.47 g/t silver ("Ag") from 25.7m downhole and 4.1m of 5.34 g/t Au and 43.22 g/t Ag

● BOD-004 returned 16.9m of 4.42 g/t Au and 7.61 g/t Ag from 24.7m downhole, including 3.3m of 15.15 g/t Au and 14.08 g/t Ag

● BOD-007 returned 20.0m of 3.78 g/t Au and 12.31 g/t Ag from 4.0m downhole

● BOD-008 returned 23.1m of 4.92 g/t Au and 16.56 g/t Ag from 4.7m downhole, including 13.0m of 7.11 g/t Au and 19.90 g/t Ag

● BOD-009 returned 47.8m of 1.87 g/t Au and 13.49 g/t Ag from surface, including 2.1m of 12.55 g/t Au and 41.2 g/t Ag

● A total of 13 holes have been completed to date with assays pending for the balance; drilling is ongoing with one drill rig and regulatory approval has been recently obtained to expand the program to include a second drill rig

● The Bonita vein system is located 10km to the south and 700m lower in elevation than Ayelen. It is exposed in outcrop over an area of 800m by 200m and remains open in all directions

**Figure 1 – Plan View of Bonita Vein System**

![](ex99-42_001.jpg)

**Figure 2 – Image of core from BOD-004 at 35m grading 17.30 g/t Au and 15.10 g/t Ag**

![](ex99-42_002.jpg)

Note: Fractured quartz sulphide veins crossing altered and esitic host rock.

**Table 1 – Assay Results** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**From <br> (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**To <br> (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interval <br> (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Au <br> (g/t)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ag <br> (g/t)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incl. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incl. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incl. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.20 |

---

Note: Reported intervals are apparent widths as the full geometry of the mineralized structures has not yet been fully modelled. Assays were not capped, and composite intervals are calculated using a minimum weighted average of 0.5 g/t Au, diluted over a minimum core length that allows for internal dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 5 g/t Au.

**Table 2 – Collar Locations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Easting<br> (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Northing<br> (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Elevation<br> (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Depth <br> (m)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Azimuth <br> (°)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dip <br> (°)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOD-009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-40 |

---

**Technical Information and Quality Control / Quality Assurance**

All drilling was completed with HQ core. The drill core is split in half using a diamond saw. Core is logged by the Company's geologist on site who outlines the intervals to be sampled. The maximum sample length is 1.5 meters and lengths are adjusted according to lithological and/or mineralogical contacts.

After sawing, one-half of the core is kept on site in core boxes, and the other half is submitted for analysis. Individual sample bags are sealed and placed into larger bags, which are then sealed and marked with the contents.

Samples are transported by Highlander Silver personnel to ALS Peru S.A. ("**ALS**") located in Lima, Peru, where they are prepared and analyzed. ALS is independent of the Company.

In ALS, the entire sample is crushed to approximately 80% passing through a 2mm sieve. A 500 g fraction is pulverized. Gold concentration is determined by fire assay of a 30-gram charge with an AA finish (Au-AA23). Silver, lead, copper, and zinc, along with other elements, are analyzed by ICP utilizing a four-acid digestion (ME-ICP61). Over-limit samples for Au (10 g/t Au) follow gravitational finishing Au-GRA21 (30g sample). Over-limit samples for Ag (100 g/t Ag) follow gravitational finishing Ag-GRA21 (30g sample).

The internal QA/QC program includes the submission of field duplicates (1/4 core), pulp and coarse reject duplicates, and the insertion of commercial standards and blanks (coarse and fine). Control samples account for more than 15% of the total samples sent, in addition to the laboratory's internal quality assurance programs.

The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The scientific and technical information, including the drillhole data, has been verified by Dr. Sergio Gelcich. This verification involves data validation and quality assurance procedures, such as reviewing logging directly in front of the core, analyzing database integrity, conducting quality assurance and quality control (QA/QC) for assays, and cross-checking the original lab certificates.

**Qualified Person**

The scientific and technical information herein has been reviewed and approved by Dr. Sergio Gelcich, P.Geo., Vice President, Exploration, Highlander Silver, who is a "Qualified Person" as defined in National Instrument 43-101 *Standards of Disclosure for Mineral Projects.*

**Forward-looking statements** 

*Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, expanding the program to include a second drill rig; and that Company is laying the foundation of social support, regulatory permitting and knowledge won from systematic exploration to scale operations to scale our operations to build momentum through the second half of the year. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of hereof. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

 

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

9. <u>DATE OF REPORT</u> 

August 8, 2025

## Exhibit 99.43

**Exhibit 99.43**

![](ex99-43_001.jpg)

**Highlander Silver Corp.**

Condensed Consolidated Interim Financial Statements

For the three and nine months ended June 30, 2025 and 2024

(Unaudited)

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Financial Position<br> (Unaudited – in Canadian Dollars) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | June 30, <br> 2025 | September 30, <br> 2024 <br> (Restated –<br> Note 3) | October 1, <br> 2023 <br> (Restated –<br> Note 3) |
| **Assets** |  |  |  |  |
| Current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $24281664 | $2500894 | $229702 |
| &nbsp;&nbsp;&nbsp;Receivables | 7 | 54736 | 275000 |  |
| &nbsp;&nbsp;&nbsp;Prepaids and other |  | 145541 | 25536 | 14268 |
| &nbsp;&nbsp;&nbsp;Value-added tax receivable |  | 199214 | 15357 | 8904 |
|  |  | 24681155 | 2816787 | 252874 |
| Reclamation deposit |  | 59610 | 59052 | 11096 |
| Property and equipment |  | 210950 | 94523 |  |
| Mineral property interests | 4 | 11509553 | 10758885 | 44013 |
| Value-added tax receivable |  | 22311 | 89730 | – |
| Total assets |  | $36483579 | $13818977 | $307983 |
| **Liabilities and Equity** |  |  |  |  |
| Current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 7 | $1104824 | $372481 | $234986 |
| &nbsp;&nbsp;&nbsp;Consideration payable | 4 | 1705375 | 1687375 | – |
|  |  | 2810199 | 2059856 | 234986 |
| Non-current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consideration payable | 4 |  | 1687375 |  |
| &nbsp;&nbsp;&nbsp;Reclamation provision | 5 | 572201 | 492426 | – |
| Total liabilities |  | 3382400 | 4239657 | 234986 |
| Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares | 6 | 50221727 | 19524567 | 7219766 |
| &nbsp;&nbsp;&nbsp;Reserves | 6 | 2855724 | 1724026 | 1385293 |
| &nbsp;&nbsp;&nbsp;Commitment to issue shares | 6 |  | 46319 | 46319 |
| &nbsp;&nbsp;&nbsp;Foreign currency reserve |  | 100762 | (432731) | (63899) |
| &nbsp;&nbsp;&nbsp;Deficit |  | (20077034) | (11282861) | (8514482) |
| Total equity |  | 33101179 | 9579320 | 72997 |
| Total liabilities and equity |  | $36483579 | $13818977 | $307983 |

---

Nature of operations and going concern (Note 1)

Commitments (Note 14)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, except share amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  |<br>Note | 2025 | 2024 <br> (Restated – <br> Note 3) | 2025 | 2024 <br> (Restated – <br> Note 3) |
| Exploration expenses | 10 | $3458000 | $338970 | $4630199 | $842354 |
| General and administrative expenses | 11 | 1731474 | 71172 | 4102514 | 1177014 |
| Loss from operations |  | 5189474 | 410142 | 8732713 | 2019368 |
| Gain on disposal of equipment |  |  | (7511) | (137294) | (11827) |
| Finance cost |  | 95009 |  | 231796 |  |
| Interest and other income |  | (210437) | (44197) | (335495) | (95532) |
| Foreign exchange (income) loss |  | (116960) |  | 135134 |  |
| Write-off of mineral property interests |  |  | 174 |  | 36660 |
| Write-off of receivables | 12 | 5649 | – | 182052 | – |
| Net loss |  | 4962735 | 358608 | 8808906 | 1948669 |
| Other comprehensive (income) loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation |  | 216867 | 857941 | (533493) | 956587 |
| Total comprehensive loss |  | $5179602 | $1216549 | $8275413 | $2905256 |
| Net loss per share attributable to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders of the Company |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted |  | $0.05 | $0.00 | $0.10 | $0.03 |
| Weighted average number of shares outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted |  | 105053403 | 72551350 | 91161778 | 62468456 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Cash Flows<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  |<br>Note | 2025 | 2024 <br> (Restated –<br> Note 3) | 2025 | 2024 <br> (Restated –<br> Note 3) |
| Cash provided by (used in): |  |  |  |  |  |
| Operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | $(4962735) | $(358608) | $(8808906) | $(1948669) |
| &nbsp;&nbsp;&nbsp;Adjustments for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 6922 | 345 | 13426 | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost |  | 95009 |  | 231796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange |  | (162013) | (4886) | (133829) | (4886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of equipment |  |  |  | (137294) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | (209278) | (24382) | (287076) | (60964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation provision |  | 31212 |  | 31212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 6 | 476897 |  | 1580194 | 599005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of mineral property interests |  |  | 174 |  | 36660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of receivables |  | 5649 |  | 182052 |  |
| &nbsp;&nbsp;&nbsp;Net changes in non-cash working capital items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables |  | (363) | 36358 | 38212 | 36358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value-added tax receivable |  | (96166) | 5420 | (116438) | (2898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other |  | (125463) | (16868) | (120005) | (25405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 671842 | 105097 | 732343 | 31764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation provision settlement |  | (935) | – | (935) | – |
|  |  | (4269422) | (257350) | (6795248) | (1336186) |
| Financing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from private placement, net of share issue costs | 6 |  | 9206900 | 30036728 | 12188380 |
| &nbsp;&nbsp;&nbsp;Finance costs paid |  | (213367) |  | (213367) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of options | 6 |  |  | 86600 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 6 | 90000 | 3750 | 93750 | 3750 |
|  |  | (123367) | 9210650 | 30003711 | 12192130 |
| Investing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral property interest | 4 | (22349) | (174) | (22349) | (36660) |
| &nbsp;&nbsp;&nbsp;Milestone payment under acquisition agreement with SSR Mining | 4 | (1701500) |  | (1701500) |  |
| &nbsp;&nbsp;&nbsp;Property and equipment |  | (74140) | (11) | (113056) | (2196) |
| &nbsp;&nbsp;&nbsp;Interest income received |  | 209278 | 9334 | 287076 | 9334 |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of equipment |  |  | 36 | 137294 | 7490 |
| &nbsp;&nbsp;&nbsp;Acquisition of Reliant Ventures S.A.C. |  |  | (6904791) |  | (6904791) |
| &nbsp;&nbsp;&nbsp;Cash acquired on purchase of Reliant Ventures S.A.C. |  | – | 167237 | – | 167237 |
|  |  | (1588711) | (6728369) | (1412535) | (6759586) |
| Effect of exchange rate changes on cash and cash equivalents |  | (30990) | (810736) | (15158) | (926034) |
| Increase (decrease) in cash and cash equivalents |  | (6012490) | 1414195 | 21780770 | 3170324 |
| Cash and cash equivalents, beginning of period |  | 30294154 | 1985831 | 2500894 | 229702 |
| Cash and cash equivalents, end of period |  | $24281664 | $3400026 | $24281664 | $3400026 |

---

Supplemental cash flow information (Note 8)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Changes in Equity<br> For the nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, except number of shares) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Number of Shares | Amount | Reserves | Commitment to issue shares | Foreign currency reserve | Deficit | Total equity |
| Balance, October 1, 2024 (Restated) | 81221620 | $19524567 | $1724026 | $46319 | $(432731) | $(11282861) | $9579320 |
| Private placement, net of share issue costs | 23000000 | 30036728 |  |  |  |  | 30036728 |
| Fair value reversal on expired stock options |  |  | (14733) |  |  | 14733 |  |
| Shares issued on exercise of warrants and stock options | 1249365 | 614113 | (433763) |  |  |  | 180350 |
| Share-based compensation |  |  | 1580194 |  |  |  | 1580194 |
| Reclassification of commitment to issue shares to common shares |  | 46319 |  | (46319) |  |  |  |
| Net loss and comprehensive loss | – | – | – | – | 533493 | (8808906) | (8275413) |
| Balance, June 30, 2025 | 105470985 | $50221727 | $2855724 | $– | $100762 | $(20077034) | $33101179 |
| Balance, October 1, 2023 (Restated) | 30460475 | $7219766 | $1385293 | $46319 | $(63899) | $(8514482) | $72997 |
| Private placement, net of share issue costs | 50514222 | 12163457 |  |  |  | 24923 | 12188380 |
| Fair value reversal on expired stock options |  |  | (291893) |  |  | 291893 |  |
| Shares issued on exercise of warrants | 25000 | 3750 |  |  |  |  | 3750 |
| Share-based compensation |  |  | 599005 |  |  |  | 599005 |
| Translation adjustment for the period |  |  |  |  |  | 30553 | 30553 |
| Net loss and comprehensive loss | – | – | – | – | (956587) | (1948669) | (2905256) |
| Balance, June 30, 2024 | 80999697 | $19386973 | $1692405 | $46319 | $(1020486) | $(10115782) | $9989429 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Highlander Silver Corp. (the "Company" or "Highlander") was incorporated under the laws of the Province of British Columbia, Canada. The Company's head office is located at 2500 – 100 King Street West, Toronto, Ontario, Canada, M5X 1A9. Its records office is located at 1200 - 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8. Its main business activity is the acquisition, exploration and evaluation of mineral properties located in Peru. These condensed consolidated interim financial statements of the Company as at and for the three and nine months ended June 30, 2025, and 2024 comprise the Company and its subsidiaries. On May 13, 2025, the Company's common shares commenced trading on the Toronto Stock Exchange ("TSX") under the symbol HSLV. Prior to this date, the Company's shares were listed on the Canadian Securities Exchange.

The Company has not yet determined whether its mineral property interests contain mineral reserves that are economically viable. The Company's continued operations, and the underlying value and recoverability of the amounts shown for mineral property interests, are dependent upon the existence of economically recoverable mineral reserves in the mineral properties that the Company holds an interest in. The continued exploration and development of projects will depend on the Company receiving future cash flows from its ability to obtain share capital financing.

These condensed consolidated interim financial statements are prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations. As an exploration stage company, the Company does not have traditional revenue sources, and has historically relied on share capital financing, as well as property option or sale proceeds to fund its property acquisition, exploration and evaluation expenditures, and operating expenses.

As at June 30, 2025, the Company had cash and cash equivalents of $24,281,664 (September 30, 2024 – $2,500,894). The Company has financed its operations primarily through the issuance of common shares.

On March 11, 2025, the Company closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the underwriters' option of 3,000,000 shares. The Company intends to use the net proceeds of $30,036,728 from the private placement to fund the advancement of exploration activities at the Company's San Luis gold-silver project in Peru, as well as for working capital and general corporate purposes.

**2.** **STATEMENT OF COMPLIANCE AND SUMMARY OF MATERIAL ACCOUNTING POLICIES** 

**Statement of compliance**

These condensed consolidated interim financial statements have been prepared in accordance with International Financial Accounting Standard 34 ("IAS 34"), Interim Financial Reporting, and do not include all of the information required for annual financial statements prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual financial statements.

These condensed consolidated interim financial statements were approved and authorized for issuance by the Board of Directors on August 12, 2025.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**Summary of material accounting policies** 

These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the Company's most recent annual financial statements, except as described below, and should be read in conjunction with the annual audited consolidated financial statements of the Company for the year ended September 30, 2024.

*Mineral property interests*

 

Exploration and evaluation expenditures relate to costs incurred in the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activities include permitting, community engagement, exploratory drilling and sampling, surveying transportation and infrastructure requirements, and gathering of exploration data through geophysical studies.

The Company capitalizes significant direct costs of acquiring mineral property interests. Option payments are considered acquisition costs if the Company has the intention of exercising the underlying option.

Subsequent to the acquisition of a mineral interest, exploration and evaluation costs incurred, including those related to asset retirement obligations, are expensed as incurred up to the date the technical feasibility and commercial viability of extracting mineral resources are demonstrable for a project and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining necessary permits and licenses to develop the mineral property. At this point, exploration and evaluation assets are assessed for impairment and then reclassified to property, plant, and equipment. Capitalized acquisition costs are assessed for impairment at least annually or when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount, with any impairment loss recognized as an expense.

Value-added taxes are included in exploration and evaluation costs when the recoverability of these amounts is uncertain.

Although the Company has taken steps to verify title to exploration and evaluation properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers, non-compliance with regulatory requirements or title may be affected by undetected defects.

**Reclassification of general and administrative expenses**

During the three and nine months ended June 30, 2025, the Company reclassified certain general and administrative expenses to better reflect the nature of these expenditures. Comparative figures for the prior period have been reclassified to conform with the current period's presentation. These changes had no impact on net loss or cash flows.

**Material accounting judgments and significant estimates and uncertainties** 

The material judgments and estimates applied in the preparation of the Company's condensed consolidated interim financial statements for the three and nine months ended June 30, 2025, are consistent with those applied in the Company's annual audited consolidated financial statements for the year ended September 30, 2024.

**New accounting policies issued but not yet effective** 

Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after October 1, 2024, with earlier application permitted. The Company has reviewed these updates and the amendment that is applicable to the Company is discussed below:

*IFRS 18 Presentation and Disclosure in Financial Statements* 

 

IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statements aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**3.** **VOLUNTARY CHANGE IN ACCOUNTING POLICY** 

During the previous quarter ended March 31, 2025, the Company conducted a review of its accounting policy related to exploration and evaluation expenditures. Following this review, management has voluntarily elected to adopt a change in accounting policy effective January 1, 2025, to enhance the relevance and reliability of the information available to the users of the Company's financial statements. Previously, the Company capitalized both acquisition costs and exploration and evaluation expenditures associated with its exploration and evaluation properties. Under the revised policy, the Company will continue to capitalize significant direct costs related to the acquisition of mineral property interests but will now expense all exploration and evaluation expenditures incurred on its properties until such time when the technical feasibility and commercial viability of extracting mineral resources from the mineral property are demonstrated and the project has received development approval from the Board of Directors. The change in accounting policy has been made in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources, and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, and has been recognized on a full retrospective basis.

The following is a summary of the changes that impact the Consolidated Statements of Financial Position as at October 1, 2023, and September 30, 2024, the Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss and the Condensed Consolidated Interim Statements of Cash Flows, for the three and nine months ended June 30, 2024.

**Consolidated Statements of Financial Position**

---

| | | | |
|:---|:---|:---|:---|
| As at September 30, 2024 | Previously reported | Effect of change | Restated |
| Mineral property interests | $12125552 | $(1366667) | $10758885 |
| Total assets | 15185644 | (1366667) | 13818977 |
| Foreign currency reserve | (237224) | (195507) | (432731) |
| Deficit | (10111701) | (1171160) | (11282861) |
| Total equity | 10945987 | (1366667) | 9579320 |
| Total liabilities and equity | $15185644 | $(1366667) | $13818977 |

---

---

| | | | |
|:---|:---|:---|:---|
| As at October 1, 2023 | Previously reported | Effect of change | Restated |
| Mineral property interests | $254571 | $(210558) | $44013 |
| Total assets | 518541 | (210558) | 307983 |
| Foreign currency reserve | (63983) | 84 | (63899) |
| Deficit | (8303840) | (210642) | (8514482) |
| Total equity | 283555 | (210558) | 72997 |
| Total liabilities and equity | $518541 | $(210558) | $307983 |

---

**Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss**

---

| | | | |
|:---|:---|:---|:---|
| For the three months ended June 30, 2024 | Previously reported | Effect of change | Restated |
| Exploration expenses | $345 | $338625 | $338970 |
| General and administrative expenses | 210273 | (139101) | 71172 |
| Loss from operations | 210618 | 199524 | 410142 |
| Write-off of mineral property interests | 20139 | (19965) | 174 |
| Net loss | 179049 | 179559 | 358608 |
| Foreign currency translation | 932537 | (74596) | 857941 |
| Total comprehensive loss | 1111586 | 104963 | 1216549 |
| Net loss per share attributable to shareholders of the Company Basic and diluted | $0.00 | $0.00 | $0.00 |

---

---

| | | | |
|:---|:---|:---|:---|
| For the nine months ended June 30, 2024 | Previously reported | Effect of change | Restated |
| Exploration expenses | $2849 | $839505 | $842354 |
| General and administrative expenses | 1369626 | (192612) | 1177014 |
| Loss from operations | 1372475 | 646893 | 2019368 |
| Write-off of mineral property interests | 215862 | (179202) | 36660 |
| Net loss | 1480978 | 467691 | 1948669 |
| Foreign currency translation | 975476 | (18889) | 956587 |
| Total comprehensive loss | 2456454 | 448802 | 2905256 |
| Net loss per share attributable to shareholders of the Company Basic and diluted | $0.02 | $0.01 | $0.03 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**Condensed Consolidated Interim Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| For the three months ended June 30, 2024 | Previously reported | Effect of change | Restated |
| Net loss for the period | $(179049) | $(179559) | $(358608) |
| Adjustments for: Write-off of mineral property interest | 20139 | (19965) | 174 |
| Foreign exchange | (52078) | 47192 | (4886) |
| Net changes in non-cash working capital items | 104084 | 25923 | 130007 |
| Cash used in operations | (130941) | (126409) | (257350) |
| Mineral property interest | 201736 | (201910) | (174) |
| Acquisition of Reliant Ventures S.A.C. | (7158514) | 253723 | (6904791) |
| Cash used in investing | (6780182) | 51813 | (6728369) |
| Effect of exchange rate changes on cash and cash equivalents | $(885332) | $74596 | $(810736) |

---

---

| | | | |
|:---|:---|:---|:---|
| For the nine months ended June 30, 2024 | Previously reported | Effect of change | Restated |
| Net loss for the period | $(1480978) | $(467691) | $(1948669) |
| Adjustments for: Write-off of mineral property interest | 215862 | (179202) | 36660 |
| Foreign exchange | (52078) | 47192 | (4886) |
| Net changes in non-cash working capital items | (11609) | 51428 | 39819 |
| Cash used in operations | (787913) | (548273) | (1336186) |
| Mineral property interest | (312321) | 275661 | (36660) |
| Acquisition of Reliant Ventures S.A.C. | (7158514) | 253723 | (6904791) |
| Cash used in investing | (7288970) | 529384 | (6759586) |
| Effect of exchange rate changes on cash and cash equivalents | $(944923) | $18889 | $(926034) |

---

**4.** **MINERAL PROPERTY INTERESTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | San Luis<br> (Peru) <br> (Note a) | La Estrella<br> (Peru) <br> (Note b) | Total |
| Balance, October 1, 2023 (Restated) | $– | $44013 | $44013 |
| Acquisition of San Luis Project | 10623949 |  | 10623949 |
| Foreign exchange adjustment | 90151 | 772 | 90923 |
| Balance, September 30, 2024 (Restated) | $10714100 | $44785 | $10758885 |
| Acquisition of concession | 22349 |  | 22349 |
| Transfer of concession | 19659 | (19659) |  |
| Foreign exchange adjustment | 726020 | 2299 | 728319 |
| Balance, June 30, 2025 | $11482128 | $27425 | $11509553 |

---

The Company's wholly-owned projects are comprised of the rights to explore the mineral claims and tenures at various stages of exploration. Unless otherwise noted they are not subject to any option or sale agreements. Certain of the claims are subject to a net smelter returns royalty ("NSR"), as detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **San Luis Project** 

The San Luis Project is a gold-silver exploration property located in the Ancash department of central Peru. The Company acquired the project on May 23, 2024 from SSR Mining, through the purchase of 100% of the shares of Reliant Ventures S.A.C., which holds the rights to the San Luis Project.

As part of the acquisition agreement, the Company paid to SSR Mining an initial cash payment of US$5,000,000 ($6,978,100), and agreed to pay up to US$37,500,000 in contingent consideration upon the achievement of specific project milestones. These milestones include the commencement of drilling, completion of a feasibility study, and milestones related to commercial production.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

During the quarter, the Company made a payment of US$1,250,000 (approximately $1,705,000) to SSR Mining related to the achievement of the first milestone for the commencement of an initial drilling program in June 2025. The second milestone payment of US$1,250,000 (approximately $1,705,375), which is payable on the first anniversary of the commencement of the initial drilling program, is expected to be paid in June 2026.

Other potential milestone payments (milestones 3 to 6 that are related to the completion of a feasibility study and reaching commercial production), which could increase the total contingent consideration to up to US$37,500,000, are not recognized due to the current uncertainty in their likelihood.

Additionally, SSR Mining retained a 4% net NSR on the project. The Company has the option to buy back 2% of this royalty for US$15,000,000 at any time prior to the commencement of mine construction.

During the quarter, through its wholly owned subsidiary, Reliant Venture S.A.C, the Company staked an additional 6 concessions covering 5,100 hectares in the overall project area for cash payment of $22,349.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **La Estrella** 

On August 10, 2021, the Company purchased from Compania Minera Ares S.A.C. mining claims known as the Estrella claims located in central Peru in consideration for a cash payment of $3,701 (US$2,700) and a 2% NSR. The Company, at its sole discretion and at any time may purchase 50% of the NSR for a consideration of US$200,000 and the remaining 50% for a consideration of US$300,000.

The Estrella 002 concession was acquired via auction with the Peruvian Mining Authority for consideration of US$31,000 (paid).

In addition, the Company has acquired the La Estrella project database including diamond drill core, assay results and laboratory certificates from Alianza Minerals Ltd. in consideration for the payment of $15,000 (paid) and the issuance of 37,500 common shares (issued).

**5.** **RECLAMATION PROVISION** 

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2025 | September 30, <br> 2024 |
| Balance, start of period | $492426 | $– |
| Acquisition of Reliant Ventures S.A.C. |  | 468180 |
| Additions | 22962 |  |
| Accretion | 18430 | 8237 |
| Settlement | (935) |  |
| Change in estimate | 8250 |  |
| Foreign exchange adjustment | 31068 | 16009 |
| Balance, end of period | $572201 | $492426 |

---

The reclamation provision represents the estimated costs for restoration and rehabilitation for environmental disturbances estimated to be incurred in the year 2027. The total undiscounted estimated cash flows required to settle these obligations as at June 30, 2025, are $584,006 (September 30, 2024 – $573,958), which have been inflated at an average rate of 1.98% per annum (September 30, 2024 – 1.98%) and discounted at an average rate of 3.79% (September 30, 2024 – 5.25%).

**6.** **SHARE CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Share Capital** 

Authorized: Unlimited common shares, with no par value

Issued and fully paid: 105,470,985 (September 30, 2024 – 81,221,620)

**Transactions for the issue of share capital during the nine months ended June 30, 2025:**

● On June 12, 2025, upon the exercise of common share purchase warrants, 500,000 common shares were issued at $0.15 per share for proceeds of $75,000.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

● On April 15, 2025, upon the exercise of common share purchase warrants, 100,000 common shares were issued at $0.15 per share for proceeds of $15,000.

● On March 12, 2025, the Company issued 150,000 common shares through the exercise of stock options. This issuance resulted from the exercise of 15,000 stock options at an exercise price of $0.54 per share, 50,000 stock options at an exercise price of $0.55 per share and 85,000 stock options at an exercise price of $0.60 per share.

● On March 11, 2025, the Company closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the underwriters' option of 3,000,000 shares. The Company incurred issuance costs of $2,163,272 in connection with the financing.

● On October 18, 2024, the Company issued 474,365 common shares through the cashless exercise of stock options. This issuance resulted from the exercise of 575,000 stock options at an exercise price of $0.42 per share and 675,000 stock options at an exercise price of $0.55 per share.

● On October 9, 2024, upon the exercise of common share purchase warrants, 25,000 common shares were issued at $0.15 per share for proceeds of $3,750.

**Transactions for the issue of share capital during the nine months ended June 30, 2024:**

● On May 24, 2024, upon the exercise of common share purchase warrants, 25,000 common shares were issued at $0.15 per share for proceeds of $3,750.

● On May 8, 2024, the Company completed an offering of 20,514,222 common shares of the Company at a price of $0.45 per share for gross proceeds of $9,231,400. The Company incurred $24,500 in share issue costs in respect of this financing.

● On October 19, 2023, the Company completed financing whereby 30,000,000 units were issued at $0.10 per unit for gross proceeds of $3,000,000. Each unit is comprised of one common share and one warrant exercisable at a price of $0.15 per share for a period of 3 years from the date of issuance. The Company incurred $43,443 in share issue costs in respect of this financing.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Stock options** 

For the three and nine months ended June 30, 2025, the Company recognized a share-based compensation expense included in general and administrative expenditures of $476,897 and $1,580,194, respectively (three and nine months ended June 30, 2024 – $nil and $599,005, respectively). The following table shows the change in the shares issuable for stock options during the nine months ended June 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the nine months ended<br> June 30, 2025 | For the nine months ended<br> June 30, 2025 | For the nine months ended<br> June 30, 2024 | For the nine months ended<br> June 30, 2024 |
|  | Number of<br> options | Weighted<br> average<br> exercise<br> price | Number of<br> options | Weighted<br> average<br> exercise <br> price |
| Balance, start of period | 2575000 | $0.52 | 1625000 | $0.51 |
| Granted | 6020000 | 0.87 | 1637500 | 0.55 |
| Exercised | (1400000) | 0.50 |  |  |
| Forfeited/expired/cancelled | (100000) | 0.42 | (787500) | 0.58 |
| Balance, end of period | 7095000 | $0.83 | 2475000 | $0.51 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

The assumptions used in the Black-Scholes option pricing model for the options granted in the nine months ended June 30, 2025, and 2024 were as follows.

---

| | | |
|:---|:---|:---|
| Weighted average | 2025 | 2024 |
| Exercise price per share issuable | $0.87 | $0.55 |
| Expected term (years) | 5 | 3 |
| Volatility | 91% | 125% |
| Expected dividend yield |  |  |
| Risk-free interest rate | 2.39% | 3.90% |
| Weighted average fair value per share | 0.61 | 0.35 |

---

The following is a summary of the Company's outstanding and exercisable options as at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Outstanding | Outstanding | Outstanding | Outstanding | Exercisable | Exercisable |
| Expiry date | Exercise price | Number of options | Weighted average remaining contractual life (years) | Number of options | Weighted average remaining contractual life (years) |
| November 3, 2026 | $0.60 | 112500 | 1.35 | 112500 | 1.35 |
| March 1, 2027 | 0.60 | 50000 | 1.67 | 50000 | 1.67 |
| March 12, 2027 | 0.55 | 637500 | 1.70 | 637500 | 1.70 |
| September 20, 2027 | 0.78 | 100000 | 2.22 | 40000 | 2.22 |
| March 3, 2028 | 0.42 | 175000 | 2.68 | 175000 | 2.68 |
| October 21, 2029 | 0.80 | 4370000 | 4.31 | 700000 | 4.31 |
| January 2, 2030 | 1.04 | 1600000 | 4.51 |  | 4.51 |
| April 7, 2030 | 1.90 | 50000 | 4.77 | – | 4.77 |
|  | $0.83 | 7095000 | 3.96 | 1715000 | 2.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Warrants** 

As an incentive to complete a private placement, the Company may issue units which include common shares and common share purchase warrants. Using the residual value method, the Company determines whether a value should be allocated to the warrants attached to private placement units. Finders' warrants may be issued as a private placement share issue cost and are valued using the Black-Scholes option pricing model.

A continuity of the Company's shares issuable for Company's warrants is as follows:

---

| | | |
|:---|:---|:---|
|  | Number of<br> warrants | Weighted<br> average<br> exercise <br> price |
| Outstanding, September 30, 2023 |  | $– |
| &nbsp;&nbsp;&nbsp;Issued | 30000000 | 0.15 |
| &nbsp;&nbsp;&nbsp;Exercised | (25000) | 0.15 |
| Outstanding, September 30, 2024 | 29975000 | $0.15 |
| &nbsp;&nbsp;&nbsp;Exercised | (625000) | 0.15 |
| Outstanding, June 30, 2025 | 29350000 | $0.15 |

---

The remaining contractual life (years) of the outstanding warrants is 1.30 years.

**7.** **RELATED PARTY TRANSACTIONS** 

**Key management personnel**

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprises the Company's President and Chief Executive Officer, Chief Financial Officer, President Peru, Senior Vice President Corporate Affairs and Corporate Secretary and Directors.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

Key management compensation for the three and nine months ended June 30, 2025, and 2024 is comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Share-based compensation | $364363 | $– | $1335157 | $559265 |
| Salaries and benefits | 345729 |  | 714080 |  |
| Professional fees | – | 135479 | 156605 | 389503 |
|  | $710092 | $135479 | $2205842 | $948768 |

---

Professional fees relate to the following related party transactions with the Company or Company controlled entities during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Stephen Brohman was the Company's CFO until January
2, 2025. He is a principal of Donaldson Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
DBM CPA provides the Company with accounting and tax services.

&nbsp;&nbsp;&nbsp;&nbsp;(b) David Fincham was appointed as the Company's CEO effective
October 2022 to October 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Dr. Leandro Echavarria was the Company's VP of Exploration
until January 7, 2025. He has significant influence of LE Geological Services USA. that provided geological services to the Company.

As of June 30, 2025, there were no outstanding amounts receivable from or payable to the key management personnel noted above. As of June 30, 2024, accounts payable and accrued liabilities included $45,744 due to key management personnel referred to above.

**Related party arrangement**

In October 2024, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies (Titan Mining Corporation, Augusta Gold Corp. and Armor Minerals Inc.) related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by the related companies. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. All of the parties have jointly entered into a rental agreement for office space. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments if the Company's participation in the arrangement was terminated on June 30, 2025, was approximately $847,600 (September 30, 2024 – $nil), determined based on the Company's average share of rent paid since the date the Company entered into the arrangement in October 2024.

The Company was charged for the following with respect to these arrangements in the three and nine months ended June 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $618361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1306274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Office and other | 152541 |  | 352399 |  |
| Filing and regulatory fees | 139 |  | 139 |  |
| Marketing and travel | 5983 | – | 13409 | – |
|  | $777024 | $– | $1672221 | $– |

---

At June 30, 2025, amounts in receivables include $26,633 due from a related party (September 30, 2024 – $nil) with respect to this arrangement.

All related party balances are unsecured and are due within thirty days without interest.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**8.** **SUPPLEMENTAL CASH FLOW INFORMATION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Non-cash investing and financing activities: |  |  |  |  |
| Reclassification of commitment to issue shares | $– | $– | $46319 | $– |
| Fair value reversal for expiry of stock options | (14733) | (163643) | (14733) | (291893) |
|  | $(14733) | $(163643) | $31586 | $(291893) |

---

**9.** **SEGMENTED INFORMATION** 

The Company has determined that it has one operating segment, being the exploration of mineral properties. The Company's non-current assets of $11,802,424 (September 30, 2024 – $11,002,190) are all located in Peru.

**10.** **EXPLORATION EXPENDITURES** 

The Company's exploration expenditures by activity are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Assay and analysis | $102763 | $– | $102763 | $– |
| Community relations | 44756 |  | 66920 |  |
| Concession fees | 2053716 |  | 2053716 |  |
| Depreciation | 6921 | 345 | 13426 | 2849 |
| Drilling and drilling related costs | 192572 |  | 192572 |  |
| Environmental, regulatory & permitting | 9105 |  | 18376 |  |
| Geological & geophysical investigations | 36131 | 77453 | 36131 | 268356 |
| Reclamation provision | 40839 |  | 40839 |  |
| Salaries, contractors & project administration | 603911 | 255811 | 1496486 | 528441 |
| Site preparation, camp & field expenses | 360013 | 5361 | 601697 | 42708 |
| Studies | 7273 | – | 7273 | – |
|  | $3458000 | $338970 | $4630199 | $842354 |

---

The Company's exploration expenditures are incurred in Peru.

**11.** **GENERAL AND ADMINISTRATIVE EXPENDITURES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Filing and regulatory fees | $217199 | $17552 | $298718 | $35311 |
| Marketing and travel | 69906 | 3441 | 151888 | 9177 |
| Office and other | 150952 | 33148 | 409659 | 66566 |
| Professional fees | 198006 | 17031 | 464227 | 466955 |
| Salaries and benefits | 618514 |  | 1197828 |  |
| Share-based compensation | 476897 | – | 1580194 | 599005 |
|  | $1731474 | $71172 | $4102514 | $1177014 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**12.** **WRITE-OFF OF RECEIVABLES** 

In 2019, a predecessor entity of Reliant Venture S.A.C, a subsidiary of the Company, remitted a payment of S/445,862 ($172,994) to SUNAT, the Peruvian tax authority, for penalties and interest following an audit of its 2015 income tax return. The Company recognized a receivable in respect of this amount, based on its assessment that it was recoverable through successful legal challenge. The Company subsequently filed a claim challenging the assessment, which was denied by SUNAT and upheld by the Peruvian Tax Court on appeal. In February 2024, the Company initiated further legal proceedings with the Superior Court of Justice of Lima, seeking to annul the Tax Court's decision. During the previous quarter ended March 31, 2025, the Company reassessed the recoverability of the receivable. While the legal proceedings remain ongoing, the Company has determined that, given the uncertainty and expected duration of the legal process, recovery is no longer probable in the near term. Accordingly, the full amount of S/445,862 ($172,994) has been written off during the previous quarter.

**13.** **FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT** 

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's financial assets.

The Company is primarily exposed to credit risk on its cash and cash equivalents, receivables, reclamation deposit and value-added tax receivable. Credit risk exposure is limited through maintaining its cash with high-credit quality financial institutions. The carrying value of these financial assets of $24,617,535 represents the maximum exposure to credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Fluctuations in market rates do not have a significant impact on the Company's operations. For the three and nine months ended June 30, 2025, and 2024, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements<br> For the three and nine months ended June 30, 2025 and 2024<br> (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Liquidity risk** 

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

On June 30, 2025, the Company had contractual cash flow commitments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | < 1 Year | 1-3 Years | Total |
| Accounts payable and accrued liabilities | $1104824 | $– | $1104824 |
| Consideration payable | 1705375 |  | 1705375 |
| Office rent obligations | 457200 | 420600 | 877800 |
|  | $3267399 | $420600 | $3687999 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Foreign currency risk** 

The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. On June 30, 2025, the Company had not entered into any contracts to manage foreign exchange risk.

The functional currency of the Company and its subsidiaries is the Canadian dollar and the Peruvian soles, respectively, therefore, the Company is exposed to currency risk from the assets and liabilities denominated in the US dollar. As at June 30, 2025, cash and cash equivalent of $481,930 (September 30, 2024 – $304,052), reclamation deposit of $59,610 (September 30, 2024 – $59,052), receivables of $nil (September 30, 2024 – $19,312), consideration payable of $1,705,375 (September 30, 2024 – $3,374,750), and accounts payable and accrued liabilities of $585,169 (September 30, 2024 – $167,283) are denominated in the US dollar. For the nine months ended June 30, 2025, if the US dollar to the Canadian dollar and the Peruvian soles currency exchange rate changes by 10% with all other variables held constant, the impact on the Company's net loss is $175,001 (nine months ended June 30, 2024 – $319,609).

**14.** **COMMITMENTS** 

The Company is committed to payments for office leases premises through 2028 in the total amount of approximately $877,800 based on the Company's current share of rent paid. Payments by fiscal year are:

---

| | |
|:---|:---|
| 2026 | $228600 |
| 2027 | 438300 |
| 2028 | 210900 |

---

## Exhibit 99.44

**Exhibit 99.44**

![](ex99-44_001.jpg)

**Highlander Silver Corp.** 

Management's Discussion and Analysis

For the three and nine months ended June 30, 2025 and 2024

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**INTRODUCTION**

This Management's Discussion and Analysis ("MD&A") of Highlander Silver Corp. (the "Company" or "Highlander") provides information on the Company's business activities, financial condition, financial performance, cash flows and outlook for the three and nine months ended June 30, 2025, with comparative information for the three and nine months ended June 30, 2024. This MD&A is dated August 12, 2025 and takes into account information available up to and including that date.

The Company reports its financial position, financial performance and cash flows in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). This MD&A should be read in conjunction with the Company's condensed consolidated interim financial statements for the three and nine months ended June 30, 2025 and the annual consolidated financial statements for the year ended September 30, 2024, which are available on the Company's website at www.highlandersilver.com and on the SEDAR+ website at www.sedarplus.ca. Additional information relating to the Company, including the Company's Annual Information Form, is also set out on the SEDAR+ website at www.sedarplus.ca.

All dollar amounts reported herein are expressed in Canadian dollars unless otherwise indicated.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION**

This document includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue", "estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in herein include, but are not limited to: statements regarding the Company's exploration and development plans at San Luis, including specific phases, plans, timing, costs, results thereof, and other disclosure set out under "Exploration Plans" herein; the Company's plan for the San Luis Project is to advance the project through integrated exploration, environmental and community development programs; the Company's aim of employing its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs; specific timing and costs of the Company's proposed exploration program, including timing and cost of implementing Phase 1 and Phase 2 as recommended in the Technical Report; the Company expects to continue to obtain the necessary funds primarily through the issuance of common shares in support of its business objectives; intended use of proceeds from the Offering; the Company, upon approval from its Board of Directors, intends to balance its overall capital structure through a combination of equity financing and/or other forms of financing; and that the Company's planning and budgeting will ensure the Company has appropriate liquidity to meet its business activities, including planned corporate expenditures, exploration expenses, as well as the development activities for the San Luis Project.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks related to the business of the Company; the ability of the Company to raise sufficient capital; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of precious and base metals; accidents; global outbreaks and contagious diseases (including COVID-19); business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; adverse claims made by local communities; changes in commodity prices; unanticipated exploration and development challenges (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); adverse weather conditions; political risk and social unrest; changes in interest and currency exchange rates; and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

These forward-looking statements were derived using numerous assumptions, including assumptions regarding general business and economic conditions; the Company's ability to develop and maintain relationships with local communities; commodity prices; anticipated costs and expenditures; the Company's ability to advance exploration efforts at San Luis and La Estrella; and the results of such exploration efforts. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any forward-looking statements, no inference should be drawn that we will make additional updates with respect to other forward-looking statements. All forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.

**DESCRIPTION OF BUSINESS**

Highlander is primarily focused on advancing the bonanza grade San Luis gold-silver project located adjacent to the past-producing Pierina mine in Central Peru (the "San Luis Project"). San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and Inferred Mineral Resources of 8 koz Au at 4.9 g/t Au and 336 koz Ag at 202 g/t Ag.

Highlander is listed on the Toronto Stock Exchange (the "TSX") under the ticker symbol "HSLV".

**HIGHLIGHTS AND ACTIVITIES**

The following activities and developments were achieved during the quarter:

On May 12, 2025, Highlander announced the commencement of infrastructure programs with the participation of its community partners to support the start of drilling at the San Luis Project.

On May 13, 2025, the Company's common shares commenced trading on the TSX and were delisted from the Canadian Securities Exchange.

On June 9, 2025, Highlander announced that it had commenced its maiden drilling program targeting recently sampled but previously undrilled high grade mineralization in outcrop at the Bonita vein system located approximately 10 km to the south of the Ayelen deposit at its San Luis Project.

On June 12, 2025, Highlander made a US$1,250,000 payment to SSR Mining Inc. ("SSR Mining") in relation to the first contingent cash consideration of the share purchase agreement (stated below) between the Company and SSR Mining.

**Subsequent Event**

On July 29, 2025, Highlander reported assay results from the first seven holes drilled to test a conceptual open pit target along a ridgeline where the Bonita vein system is exposed 10 km to the south of the Ayelen underground deposit at its San Luis Project. Drilling is ongoing with one drill rig and regulatory approval has been recently obtained to expand the program to include a second drill rig.

**MINERAL PROPERTIES AND OUTLOOK**

**<u>San Luis</u>**

On May 23, 2024, the Company announced closing of the acquisition of the San Luis Project from SSR Mining Inc. ("SSR Mining"), pursuant to the share purchase agreement between the Company and SSR Mining dated November 29, 2023, as amended (the "SPA"). The project is located in the Ancash Department, which is well-known for mining in Peru with major past and present production from the Pierina gold mine and Antamina copper-zinc mine, respectively.

San Luis currently hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and Inferred Mineral Resources of 8 koz Au at 4.9 g/t Au and 336 koz Ag at 202 g/t Ag.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

The mineral resource estimate is hosted within the Ayelen vein system and is open in multiple directions. Furthermore, there are multiple targets for growth on the property given limited and focused historical drilling, and undrilled targets supported by highly anomalous (> 4 g/t Au) trenching and rock samples. The extensive land holding totaling more than 23,000 hectares has yet to be systematically explored with many structures that have not yet been sampled and extensions of vein trends under cover that have not been tested providing further exploration potential. Given this, Highlander plans to implement a comprehensive program of geological mapping, sampling, and geophysical surveys to develop a technical assessment of the discovery potential before more focused exploration on the highest priority targets.

The Company acquired the San Luis Project for upfront cash consideration of US$5,000,000 and an additional US$37,500,000 in contingent cash consideration (the "Contingent Consideration") upon completion of the following milestones in relation to the San Luis Project pursuant to the SPA:

&nbsp;&nbsp;&nbsp;&nbsp;(a) US$1,250,000 after the commencement of an initial drilling
program (this has been paid to-date);

&nbsp;&nbsp;&nbsp;&nbsp;(b) US$1,250,000 after the first anniversary of the commencement of an initial drilling program;

&nbsp;&nbsp;&nbsp;&nbsp;(c) US$5,000,000 after the completion of a feasibility study;

&nbsp;&nbsp;&nbsp;&nbsp;(d) US$10,000,000 after the beginning of commercial production;

&nbsp;&nbsp;&nbsp;&nbsp;(e) US$10,000,000 after the first anniversary of commercial production; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) US$10,000,000 after the second anniversary of commercial production.

The Contingent Consideration is only accrued and payable if and when the above milestones are achieved.

Pursuant to the SPA, a 4% net smelter returns royalty (the "Royalty") on the San Luis Project was granted to SSR Mining. At any time before the commencement of mine construction on the San Luis Project, the Company may buy back half of the Royalty for US$15,000,000, which if, exercised, would reduce SSR Mining's royalty interest to 2%.

***Exploration Plans***

The Company's plan for the San Luis Project is to advance the project through integrated exploration, environmental and community development programs. The goal is to surface the resource potential of the project through exploration and undertake environmental studies to support future technical studies, permitting and evaluations of economic potential for development.

Since the acquisition of the San Luis Project in May 2024, the Company has performed field reconnaissance of the project with mapping in an area north of the Ayelen vein system that has identified new veins and continues to undertake a review of prior exploration plans and targets, particularly at the Bonita vein system, based on new integration and analysis of existing data, drill core review and field work validation.

Bonita is an epithermal gold-silver vein system hosted by a package of volcanic rocks situated 10 km south and 700 m lower in elevation than Ayelen. It is exposed in outcrop over an area of 800m by 200m and remains open in all directions.

On March 14, 2025, the Company released an updated technical report titled "Technical Report for the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng. (the "Technical Report").

On May 12, 2025, Highlander announced the commencement of infrastructure programs with the participation of its community partners to support start of exploration programs at the San Luis Project.

The Technical Report recommends a two-phase exploration plan. The Company previously initiated Phase 1 of the exploration program with detailed mapping and systematic channel sampling of the known mineralized structures at the Bonita vein system. On June 9, 2025, Highlander announced that it had commenced its maiden drilling program targeting recently sampled but previously undrilled high grade mineralization in outcrop at the Bonita vein system using one drill rig. The Company is attempting to map these areas with a drone-based geophysical survey, a technological breakthrough in high elevation settings. In addition, the Company plans to carry out prospecting, mapping and sampling at the adjacent areas to identify and follow up on additional veins, with the objective of defining further targets for drilling. As at June 30, 2025, the Company has spent approximately $1.3 million on Phase 1, with the remaining activities in Phase 1 to be completed by September of the current year.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

At the conclusion of Phase 1, the Company will immediately commence Phase 2 of the exploration program recommended in the Technical Report by adding the second permitted drill rig, extending drilling activities (including drilling of priority targets identified in Phase 1), and continuing community programs and infrastructure development for the remainder of 2025 and into first half of 2026.

 ****

***Community Relations***

The property occupies community land and developing and growing social license is a priority for Highlander. The Company is actively engaged with the communities in the direct area of influence of the San Luis Project with the aim of employing its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs. The Company has an established presence on the property and community agreement to support exploration and drilling. Road rehabilitation work continues at site after the conclusion of the rainy season and discussions are ongoing regarding further infrastructure projects.

**<u>La Estrella</u>**

The La Estrella Project is located in the Huancavelica Department, Central Peru, about 250 km ESE of Lima, on the eastern slope of the Western Cordillera. It is within the prolific Miocene polymetallic belt, approximately 34 km NNE of the Julcani Mine, which has produced over 105 million ounces of silver from high grade vein mineralization averaging 16 ounces per ton since production started by Buenaventura in 1953 (Hector Barrionuevo, Julcani – Mina emblematica de Minas Buenaventura con 63 años de operación. PERU XVIII Peruvian Geological Congress).

In 2023, the Company developed 3D geological models of the (Ag-Au ±Pb ±Zn ±Cu) mineralization using the available drilling information and interpreted geological controls. Potential extensions to the mineralized envelopes have been used to outline a near-surface exploration target of 15 to 35 Mt averaging between 50 and 60 g/t Ag, and 0.4 to 0.6 g/t Au containing some 25 to 60 Moz Ag and 0.2 to 0.7 Moz Au.

The potential quantity and grade of the exploration target was determined based on 3D geological models of the Ag-Au mineralization using the available drilling information and interpreted geological controls. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

**<u>Alta Victoria</u>**

Following a strategic review of the Company's mineral project portfolio, and the need to focus resources on projects that have the highest probability of creating shareholder value, the decision was taken to allow the mining lease at Alta Victoria to lapse on December 4, 2023.

**<u>Politunche</u>**

Following a strategic review of the Company's portfolio, and the decision to focus resources on the highest quality projects, the Company announced the termination of its option to acquire a 100% interest in the Politunche project on July 13, 2023, effective immediately.

**<u>Exploration Expenses (Restated)</u>**

As disclosed in Note 3 of the Company's condensed consolidated interim financial statements for the three and nine months ended June 30, 2025, the Company has voluntarily changed its accounting policy for expenditures on exploration and evaluation, with all such expenditures now expensed until the date the technical feasibility and commercial viability of extracting mineral resource are demonstrable for a project, and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining the necessary permits and licenses to develop the mineral property.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

The following tables summarize exploration expenses by activity and project.

For the three months ended June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | San Luis | La Estrella | Total |
| Assay and analysis | $102763 | $– | $102763 |
| Community relations | 39251 | 5505 | 44756 |
| Concession fees | 2041585 | 12131 | 2053716 |
| Depreciation | 6627 | 294 | 6921 |
| Drilling and drilling related costs | 192572 |  | 192572 |
| Environmental, regulatory and permitting | 9105 |  | 9105 |
| Geological and geophysical investigations | 36131 |  | 36131 |
| Reclamation provision | 40839 |  | 40839 |
| Salaries, contractors and project administration | 561075 | 42836 | 603911 |
| Site preparation, camp and field expenses | 358289 | 1724 | 360013 |
| Studies | 7273 | – | 7273 |
|  | $3395510 | $62490 | $3458000 |

---

For the nine months ended June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | San Luis | La Estrella | Total |
| Assay and analysis | $102763 | $– | $102763 |
| Community relations | 55602 | 11318 | 66920 |
| Concession fees | 2041585 | 12131 | 2053716 |
| Depreciation | 12541 | 885 | 13426 |
| Drilling and drilling related costs | 192572 |  | 192572 |
| Environmental, regulatory and permitting | 18376 |  | 18376 |
| Geological and geophysical investigations | 36131 |  | 36131 |
| Reclamation provision | 40839 |  | 40839 |
| Salaries, contractors and project administration | 1361815 | 134671 | 1496486 |
| Site preparation, camp and field expenses | 577042 | 24655 | 601697 |
| Studies | 7273 | – | 7273 |
|  | $4446539 | $183660 | $4630199 |

---

For the three months ended June 30, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Alta<br> Victoria<br> (Restated) | La Estrella<br> (Restated) | Politunche<br> (Restated) | San Luis<br> (Restated) | Total<br> (Restated) |
| Depreciation | $– | $345 | $– | $– | $345 |
| Geological and geophysical investigations | 37 | (47243) |  | 124659 | 77453 |
| Salaries, contractors and project administration | 18670 | 162338 | 10 | 74793 | 255811 |
| Site preparation, camp and field expenses | 1248 | 4113 | – | – | 5361 |
|  | $19955 | $119553 | $10 | $199452 | $338970 |

---

For the nine months ended June 30, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Alta Victoria <br>(Restated) | La Estrella <br>(Restated) | Politunche <br>(Restated) | San Luis <br>(Restated) | Total <br>(Restated) |
| Depreciation | $– | $2849 | $– | $– | $2849 |
| Geological and geophysical investigations | 7677 | 136020 |  | 124659 | 268356 |
| Salaries, contractors and project administration | 149748 | 301626 | 2274 | 74793 | 528441 |
| Site preparation, camp and field expenses | 19503 | 23205 | – | – | 42708 |
|  | $176928 | $463700 | $2274 | $199452 | $842354 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

The increase in exploration expenses to $3,458,000 and $4,630,199 for the three and nine months ended June 30, 2025, respectively, from $338,970 and $842,354 for the three and nine months ended June 30, 2024, respectively, was primarily driven by the increase of exploration activities, including drilling, at the San Luis Project, which was acquired in May 2024. This increase was offset by reduced exploration activities at Alta Victoria, Politunche and La Estrella as the Company concentrated its efforts on advancing the San Luis Project.

Concession fees were higher for the three and nine months ended June 30, 2025, compared to the same periods in 2024, mainly due to the catch-up payment of concession fees for the San Luis Project in June 2025.

Drilling and drilling related costs were higher for the three and nine months ended June 30, 2025, compared to the same periods in 2024, mainly due to the commencement of the drilling program at the Bonita vein system in June 2025.

Salaries, contractors and project administration were higher for the three and nine months ended June 30, 2025, compared to the same periods in 2024, mainly related to the addition of personnel and contractors to support the commencement of operating activities and the drilling program at the San Luis Project.

The increase in site preparation, camp, and field expenses aligns with the ramp-up in exploration activities at the San Luis Project, driven by higher costs related to road maintenance, site travel, and the procurement of supplies and materials.

The decrease in geological and geophysical investigation expenses for the three and nine months ended June 30, 2025, is primarily due to timing of incurring these expenses, which are expected to be in the second half of 2025.

**LOSS FROM OPERATIONS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  | 2025 | 2024<br> (Restated) | 2025 | 2024<br> (Restated) |
| Exploration expenses | $3458000 | $338970 | $4630199 | $842354 |
| General and administrative expenses | 1731474 | 71172 | 4102514 | 1177014 |
| Loss from operations | 5189474 | 410142 | 8732713 | 2019368 |
| Gain on disposal of equipment |  | (7511) | (137294) | (11827) |
| Finance cost | 95009 |  | 231796 |  |
| Interest and other income | (210437) | (44197) | (335495) | (95532) |
| Foreign exchange (income) loss | (116960) |  | 135134 |  |
| Write-off of mineral property interests |  | 174 |  | 36660 |
| Write-off of receivables | 5649 | – | 182052 | – |
| Net loss | $4962735 | $358608 | $8808906 | $1948669 |

---

**Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024**

The Company incurred loss from operations of $5,189,474 for the three months ended June 30, 2025 (June 30, 2024 – $410,142). The increase is due to the following factors:

● An increase in exploration expenses of $3,458,000 for the three months ended June 30, 2025 (June 30, 2024 – $338,970) from the increase in exploration activities at the San Luis Project, which was acquired in May 2024. During Q3 2025, the Company incurred significant operating costs, including the catch-up payment of concession fees, as well as site preparation, camp and field expenses, together with salaries, contractor and project administration costs. The increase was further driven by the commencement of the Company's maiden drilling program at the Bonita vein system in June 2025.

● General and Administrative ("G&A") expenses increased to $1,731,474 for the three months ending June 30, 2025, compared to $71,172 in the same period in 2024. The increase was primarily driven by higher filing and regulatory fees, which rose to $217,199 (June 30, 2024 – $17,552) due to the Company's listing on the TSX. In addition, salaries and benefits increased to $618,514 (June 30, 2024 – $nil), reflecting the expansion of the corporate team to support operational growth following the San Luis Project acquisition in May 2024. Share-based compensation also rose to $476,897 (June 30, 2024 – $nil), attributable to new stock options granted during 2025.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

● Finance costs increased to $95,009 for the three months ended June 30, 2025 (June 30, 2024 – $nil). The increase was primarily driven by expenses associated with the filing of a base shelf prospectus and at-the-market financing program in April 2025.

**Nine Months Ended June 30, 2025, Compared to Nine Months Ended June 30, 2024**

The Company incurred loss from operations of $8,732,713 for the nine months ended June 30, 2025 (June 30, 2024 – $2,019,368). The increase is due to the following factors:

● Exploration expenses rose to $4,630,199 for the nine months ended June 30, 2025 (June 30, 2024 – $842,354), primarily driven by an increase in exploration activities at the San Luis Project, which was acquired in May 2024. During this period, the Company undertook initial fieldwork, including geological mapping, sampling, and site preparation. Additionally, the Company made a catch-up payment of concession fees and incurred costs related to camp and field operations, salaries, contractor services, and project administration. The increase was further amplified by the launch of the Company's maiden drilling program at the Bonita vein system in June 2025.

● G&A expenses increased to $4,102,514 for the nine months ending June 30, 2025, compared to $1,177,014 in the same period in 2024. The increase was primarily driven by higher filing and regulatory fees, which rose to $298,718 (June 30, 2024 – $35,311) due to the Company's listing on the TSX. In addition, salaries and benefits increased to $1,197,828 (June 30, 2024 – $nil), reflecting the expansion of the corporate team to support operational growth following the San Luis Project acquisition in May 2024. Share-based compensation also rose to $1,580,194 (June 30, 2024 – $599,005), attributable to new stock options granted during 2025.

● The gain on disposal of equipment of $137,294 for the nine months ended June 30, 2025, was attributed from the sale of a vehicle and various equipment items, which were no longer in use. These assets had a net book value of zero at the time of sale.

● Finance costs increased to $231,796 for the nine months ended June 30, 2025 (June 30, 2024 – $nil). The increase was primarily driven by expenses associated with the filing of a base shelf prospectus and at-the-market financing program in April 2025.

● The write-off of receivables of $182,052 for the nine months ended June 30, 2025 (June 30, 2024 – $nil) was primarily due to the write-off of $172,994 in a receivable from SUNAT (the tax authority in Peru), related to penalties and interest paid in 2019 by a predecessor entity of the San Luis Project following an audit of its 2015 income tax return. The Company initially recognized a receivable in respect of this amount, based on its assessment that it was recoverable through successful legal challenge. The Company subsequently filed a claim challenging the assessment, which was denied by SUNAT and upheld by the Peruvian Tax Court on appeal. In February 2024, the Company initiated further legal proceedings with the Superior Court of Justice of Lima, seeking to annul the Tax Court's decision. During the three months ended March 31, 2025, the Company reassessed the recoverability of the receivable. Although legal proceedings to annul the Peruvian Tax Court's decision denying the claim remain ongoing, the Company concluded that, due to the uncertainty and expected duration of the process, recovery was no longer probable in the near term. As a result, the full amount was written off during the period .

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**SUMMARY OF QUARTERLY RESULTS**

The Company's quarterly financial statements are reported under IFRS issued by the IASB, as applicable to interim financial reporting. The following table provides highlights from the quarterly results of the Company's unaudited condensed consolidated interim financial statements for the past eight quarters.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025<br> Q3** | **2025<br> Q2** | 2025<br> Q1<br> (Restated) | 2024<br> Q4<br> (Restated) |
| Loss from operations | $(5189474) | $(2010730) | $(1532510) | $(1098900) |
| Net loss | (4962735) | (2207136) | (1639035) | (1136526) |
| Total comprehensive loss | (5179602) | (1979702) | (1116109) | (639694) |
| Net loss per share – basic and diluted | $(0.05) | $(0.03) | $(0.02) | $(0.01) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024<br> Q3<br> (Restated) | 2024<br> Q2 <br> (Restated) | 2024<br> Q1 <br> (Restated) | 2023<br> Q4 <br> (Restated) |
| Loss from operations | $(410316) | $(1065815) | $(543411) | $(370267) |
| Net loss | (358608) | (1001067) | (588994) | (1172155) |
| Total comprehensive loss | (1216549) | (1101449) | (587258) | (1435007) |
| Net loss per share – basic and diluted | $(0.00) | $(0.02) | $(0.01) | $(0.04) |

---

The successive increase in loss from operations from the first quarter to the third quarter of 2025 is mainly related to the increased operating activities at the San Luis Project following its acquisition in May 2024. This included costs related to concession fees, site preparation, camp and field operations, as well as salaries, contractor fees, and project administration. The commencement of the maiden drilling program at the Bonita vein system in June 2025 further contributed to the increase. G&A expenses also rose significantly in this quarter primarily due to higher filing and regulatory fees related to the TSX listing, increased salary costs from expanding the corporate team after acquiring the San Luis Project, and higher share-based compensation from new stock option grants in 2025.

The increase in loss from operations in the fourth quarter of 2024 from the preceding quarter is mainly related to the addition of operating expenses from the San Luis Project. The higher net loss also reflects additional impairment losses recognized on the Alta Victoria and Politunche properties.

The increase in loss from operations and net loss in the second quarter of 2024 is mainly related to an increase in stock-based compensation due to the granting of new options to consultants in March 2024.

The increase in net loss in the fourth quarter of 2023 is due to the impairment losses incurred from the Alta Victoria and the Politunche properties.

The change in total comprehensive loss is related to the foreign currency translation for the respective periods.

**LIQUIDITY AND CAPITAL RESOURCES**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **September 30,<br> 2024** |
| Cash and cash equivalents | $24281664 | $2500894 |
| Receivables | 54736 | 275000 |
| Prepaids and other | 145541 | 25536 |
| Value-added tax receivable | 199214 | 15357 |
| Accounts payable and accrued liabilities | 1104824 | 372481 |
| Consideration payable | 1705375 | 1687375 |
| Total current assets | 24681155 | 2816787 |
| Total current liabilities | $2810199 | $2059856 |

---

The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to obtain the necessary funds primarily through the issuance of common shares in support of its business objectives. While the Company has been successful in securing financing to date, there can be no assurances that future equity financing, debt facilities, or strategic alternatives will be available on acceptable terms to the Company or at all.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

In March 2025, the Company announced that it had closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the Underwriters' Option of 3,000,000 shares (the "Offering"). The Company intends to use the net proceeds of $30,036,728 from the Offering to fund the advancement of exploration activities at the Company's San Luis Project, as well as for working capital and general corporate purposes.

Cash used in operating activities during the three and nine months ended June 30, 2025, was $4,269,422 and $6,795,248, respectively (June 30, 2024 – $257,350 and $1,336,186, respectively). The increased use of cash is primarily attributable to the increase of the Company's operating activities, offset by the the timing of payments affecting changes in non-cash working capital item such as receivables and accounts payable and accrued liabilities.

Cash used during the three months ended June 30, 2025 and the cash generated during the nine months ended June 30, 2025, from financing activities, was $123,367 and $30,003,711, respectively (cash generated during the three and nine months ended June 30, 2024 – $9,210,650 and $12,192,130, respectively). The decrease in cash flow during the three months ended June 30, 2025, is primarily due to no private placement taking place during the period, whereas in the same period in 2024, the Company received proceeds of $9,206,900 from private placement. The increase in cash flow during the nine months ended June 30, 2025 is primarily attributable to the proceeds from the private placement of $32,200,000 (June 30, 2024 – $12,231,400) and the exercise of warrants and options of $180,350 (June 30, 2024 – $3,750), offset by the share issue cost of $2,163,272 (June 30, 2024 – $43,020) and finance costs paid of $213,367 (June 30, 2024 – $nil).

Cash used from in investing activities during the three and nine months ended June 30, 2025, was $1,588,711 and $1,412,535, respectively (June 30, 2024 – $6,728,369 and $6,759,586, respectively). The decreased in cash used during the three and nine months ended June 30, 2025, is primarily attributable the acquisition of the San Luis Project in May 2024.

**FINANCING USE OF PROCEEDS**

Net proceeds from the Offering of $30,036,728 has been and will continue to be deployed to fund the advancement of exploration activities at the Company's San Luis Project as well as for working capital and general corporate purposes, consistent with the disclosed use of proceeds at the time of the Offering. The Company's drilling program at San Luis began in June 2025.

**COMMITMENTS AND CONTINGENCIES** 

At June 30, 2025, the Company had contractual cash flow commitments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | < 1 Year | 1-3 Years | Total |
| Accounts payable and accrued liabilities | $1104824 | $– | $1104824 |
| Consideration payable | 1705375 |  | 1705375 |
| Office rent obligations | 457200 | 420600 | 877800 |
|  | $3267399 | $420600 | $3687999 |

---

**SHARE CAPITAL INFORMATION**

As at August 12, 2025, the Company had the following securities issued and outstanding:

● 105,470,985 common shares

● 7,095,000 shares issuable pursuant to exercise of stock options

● 29,350,000 shares issuable pursuant to exercise of warrants

As at August 12, 2025, no common shares were issued under the Company's at-the-market program announced on April 10, 2025.

**PROPOSED TRANSACTIONS**

There are no undisclosed proposed transactions as of the date of this MD&A.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Company does not have any material off-balance sheet arrangements, other than the Company's obligation for future rental payments described in "Related Party Transactions".

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**RELATED PARTY TRANSACTIONS**

**Key management personnel**

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprises the Company's President and Chief Executive Officer, Chief Financial Officer, President Peru, and Senior Vice President Corporate Affairs and Corporate Secretary and Directors.

Key management compensation for the three and nine months ended June 30, 2025 and 2024 is comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Share-based compensation | $364363 | $– | $1335157 | $559265 |
| Salaries and benefits | 345729 |  | 714080 |  |
| Professional fees | – | 135479 | 156605 | 389503 |
|  | $710092 | $135479 | $2205842 | $948768 |

---

Professional fees relate to the following related party transactions with the Company or Company controlled entities during the period:

&nbsp;&nbsp;&nbsp;&nbsp;a) Stephen Brohman was the Company's CFO until January
2, 2025. He is a principal of Donaldson Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
DBM CPA provides the Company with accounting and tax services.

&nbsp;&nbsp;&nbsp;&nbsp;b) David Fincham was appointed as the Company's CEO effective
October 2022 to October 2024.

&nbsp;&nbsp;&nbsp;&nbsp;c) Dr. Leandro Echavarria was the Company's VP of Exploration
until January 7, 2025. He has significant influence of LE Geological Services USA. that provided geological services to the Company.

As of June 30, 2025, there were no outstanding amounts receivable from or payable to the key management personnel noted above. As of June 30, 2024, accounts payable and accrued liabilities included $45,744 due to key management personnel referred to above.

**Related party arrangement**

In October 2024, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies (Titan Mining Corporation, Augusta Gold Corp. and Armor Minerals Inc.) related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by the related companies. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. All of the parties have jointly entered into a rental agreement for office space. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments if the Company's participation in the arrangement was terminated on June 30, 2025, was approximately $847,600 (September 30, 2024 – $nil), determined based on the Company's average share of rent paid since the date the Company entered into the arrangement in October 2024.

The Company was charged for the following with respect to these arrangements in the three and nine months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Nine months ended June 30, | Nine months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $618361 | $– | $1306274 | $– |
| Office and other | 152541 |  | 352399 |  |
| Filing and regulatory fees | 139 |  | 139 |  |
| Marketing and travel | 5983 | – | 13409 | – |
|  | $777024 | $– | $1672221 | $– |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

At June 30, 2025, amounts in receivables include $26,633 due from a related party (September 30, 2024 – $nil) with respect to this arrangement.

All related party balances are unsecured and are due within thirty days without interest.

**MATERIAL ACCOUNTING POLICIES AND ESTIMATES**

In preparing the accompanying condensed consolidated interim financial statements in conformity with IFRS, management has made judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ. All estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognized in the period in which the estimates are revised and in any future periods affected. Information about critical judgements and estimates in applying accounting policies that have the most significant effect on amounts recognized in the condensed consolidated interim financial statements are the same as those described in the consolidated annual financial statements for the year ended September 30, 2024.

**New accounting policies issued but not yet effective** 

Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after October 1, 2024, with earlier application permitted. The Company has reviewed these updates and the amendment that is applicable to the Company is discussed below:

*IFRS 18 Presentation and Disclosure in Financial Statements* 

 

IFRS 18 *Presentation and Disclosure in Financial Statements*, which will replace IAS 1, *Presentation of Financial Statements* aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

**VOLUNTARY CHANGE IN ACCOUNTING POLICY**

During the previous quarter ended March 31, 2025, the Company reviewed its accounting policy with respect to exploration and evaluation expenditures. As a result of this review, management has voluntarily elected to change the accounting policy effective January 1, 2025, in order to enhance the relevance and reliability of the information available to the users of the Company's financial statements. The change in accounting policy has been made with respect to and in accordance with IFRS 6, *Exploration for and Evaluation of Mineral Resources*, and IAS 8, *Accounting Policies, Changes in Accounting Estimates and Errors*, and has been recognized on a full retrospective basis. Please refer to Note 3 of the Company's condensed consolidated interim financial statements for the three and nine months ended June 30, 2025, for full disclosure of the quantified effect of this change in accounting policy.

Under the new accounting policy, the Company capitalizes significant direct costs of acquiring resource property interests. Subsequent to the acquisition of a mineral interest, exploration and evaluation costs incurred, including those related to asset retirement obligations, are expensed as incurred up to the date the technical feasibility and commercial viability of extracting mineral resources are demonstrable for a project and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining necessary permits and licenses to develop the mineral property. At this point, exploration and evaluation assets are assessed for impairment and then reclassified to property, plant and equipment. Capitalized acquisition costs are assessed for impairment at least annually or when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount, with any impairment loss recognized as an expense.

The financial results disclosed in this MD&A from prior periods that have been affected as a result of the change in accounting policy will be indicated as such with "Restated."

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT**

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

**a)** **Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's financial assets.

The Company is primarily exposed to credit risk on its cash and cash equivalents, receivables, reclamation deposit and value-added tax receivable. Credit risk exposure is limited through maintaining its cash with high-credit quality financial institutions. The carrying value of these financial assets of $24,617,535 represents the maximum exposure to credit risk.

**b)** **Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Fluctuations in market rates do not have a significant impact on the Company's operations. For the three and nine months ended June 30, 2025 and 2024, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

**c)** **Liquidity risk** 

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

**d)** **Foreign currency risk** 

The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. At June 30, 2025, the Company had not entered into any contracts to manage foreign exchange risk.

The functional currency of the Company and subsidiaries is the Canadian dollar and the Peruvian Soles respectively, therefore, the Company is exposed to currency risk from the assets and liabilities denominated in the US dollar. As at June 30, 2025, cash and cash equivalent of $481,930 (September 30, 2024 – $304,052), reclamation deposit of $59,610 (September 30, 2024 – $59,052), receivables of $nil (September 30, 2024 – $19,312), consideration payable of $1,705,375 (September 30, 2024 – $3,374,750), and accounts payable and accrued liabilities of $585,169 (September 30, 2024 – $167,283) are denominated in the US dollar. For the nine months ended June 30, 2025, if the US dollar to Canadian dollar and Peruvian Soles currency exchange rate changes by 10% with all other variables held constant, the impact on the Company's net loss is $175,001 (nine months ended June 30, 2024 – $319,609).

**CAPITAL MANAGEMENT**

The Company's primary objective when managing capital is to ensure that it will be able to continue as a going concern and that it has the ability to satisfy its capital obligations and ongoing operational expenses, as well as having sufficient liquidity to fund suitable business opportunities as they arise.

The capital of the Company includes the components of equity attributable to shareholders of the Company, net of cash and cash equivalents. Capital is summarized in the following table:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **September 30,<br> 2024<br> (Restated)** |
| Equity attributable to shareholders of the Company | $33101179 | $9579320 |
| Less: Cash and cash equivalents | (24281664) | (2500894) |
|  | $8819515 | $7078426 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and nine months ended June 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

The Company manages its capital structure and makes adjustments to it as necessary in light of economic conditions. In order to maintain the capital structure, the Company may, from time to time, issue or buy back equity, or sell assets. The Company, upon approval from its Board of Directors, intends to balance its overall capital structure through a combination of equity financing and/or other forms of financing.

The Company did not have any externally imposed restrictions as at June 30, 2025. To effectively manage its capital requirements, the Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has appropriate liquidity to meet its business activities, including planned corporate expenditures, exploration expenses, as well as the development activities for the San Luis Project.

**RISKS AND UNCERTAINTIES**

The Company is exposed in varying degrees to a variety of financial instrument related risks as discussed in the Company's 2024 annual MD&A dated January 28, 2025 which is available on SEDAR+ at www.sedarplus.ca.

Highlander's business activities are subject to significant risks, including, but not limited to, those described in previous disclosure documents. Any of these risks could have a material adverse effect on Highlander, its business and prospects, and could cause actual events to differ materially from forward looking statements related to Highlander.

**Limitations of Controls and Procedures**

Management has implemented disclosure control and procedures and internal controls over financial reporting intended to allow for the appropriate fair presentation of financial and other information that the Company is required to disclose. Any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, the Company's management cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgements in decision-making can be faulty and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any control system is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

For the current quarter ended June 30, 2025, the Company's officers are not required to certify the design and evaluation of the Company's disclosure controls and procedures and internal controls over financial reporting and have not completed such an evaluation. Inherent limitations on the ability of the certifying officers to design and implement on a cost-effective basis disclosure controls and procedures and internal controls over financial reporting for the Company may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

**QUALIFIED PERSON**

The scientific and technical information in this document related to San Luis is derived from the technical report titled "Technical Report for the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng. The scientific and technical information in this report related to La Estrella was based upon the Company's news releases dated July 11, 2023, and July 17, 2023, which disclosure was approved by Graeme Lyall, a QP under NI 43-101, who was, at the time of such news releases, a Director of the Company.

## Exhibit 99.45

**Exhibit 99.45**

&nbsp;&nbsp;This is an unofficial consolidation of Form 52-109F2 – IPO/RTO *Certification of Interim Filings Following an Initial Public Offering, Reverse Takeover or Becoming a Non-Venture Issuer* reflecting amendments made effective January 1, 2011 in connection with Canada's changeover to IFRS. The amendments apply for financial periods relating to financial years beginning ***on or after*** January 1, 2011. This document is for reference purposes only and is not an official statement of the law.<br>

**Form 52-109F2 – IPO/RTO**

***Certification of Interim Filings Following <br> an Initial Public Offering, Reverse Takeover or***

***Becoming a Non-Venture Issuer***

I, Daniel Earle, President and Chief Executive Officer of **Highlander Silver Corp.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings")
of **Highlander Silver Corp.** (the "issuer") for the interim period ended **June 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

Date: **August 12, 2025**

---

| |
|:---|
| */s/ Daniel Earle* |
| Daniel Earle |
| President and Chief Executive Officer |

---

 

 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>NOTE TO READER</u>** | &nbsp;&nbsp;**<u>NOTE TO READER</u>** |
| &nbsp;&nbsp;In contrast to the usual certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), namely, Form 52-109F2, this Form 52-109F2 – IPO/RTO does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | &nbsp;&nbsp;In contrast to the usual certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), namely, Form 52-109F2, this Form 52-109F2 – IPO/RTO does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of |
| &nbsp;&nbsp;i) | &nbsp;&nbsp;controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| &nbsp;&nbsp;ii) | &nbsp;&nbsp;a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
| &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. | &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. |
| &nbsp;&nbsp;Investors should be aware that inherent limitations on the ability of certifying officers of an issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 in the first financial period following | &nbsp;&nbsp;Investors should be aware that inherent limitations on the ability of certifying officers of an issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 in the first financial period following |
| &nbsp;&nbsp;● | &nbsp;&nbsp;completion of the issuer's initial public offering in the circumstances described in s. 5.3 of NI 52-109; |
| &nbsp;&nbsp;● | &nbsp;&nbsp;completion of a reverse takeover in the circumstances described in s. 5.4 of NI 52-109; or |
| &nbsp;&nbsp;● | &nbsp;&nbsp;the issuer becoming a non-venture issuer in the circumstances described in s. 5.5 of NI 52-109; |
| &nbsp;&nbsp;may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | &nbsp;&nbsp;may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. |

---

## Exhibit 99.46

**Exhibit 99.46**

This is an unofficial consolidation of Form 52-109F2 – IPO/RTO *Certification of Interim Filings Following an Initial Public Offering, Reverse Takeover or Becoming a Non-Venture Issuer* reflecting amendments made effective January 1, 2011 in connection with Canada's changeover to IFRS. The amendments apply for financial periods relating to financial years beginning ***on or after*** January 1, 2011. This document is for reference purposes only and is not an official statement of the law.

**Form 52-109F2 – IPO/RTO**

***Certification of Interim Filings Following <br> an Initial Public Offering, Reverse Takeover or***

***Becoming a Non-Venture Issuer***

I, Sunny Lowe, Chief Financial Officer of **Highlander Silver Corp.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings")
of **Highlander Silver Corp.** (the "issuer") for the interim period ended **June 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

Date: **August 12, 2025**

---

| |
|:---|
| */s/ Sunny Lowe* |
| Sunny Lowe |
| Chief Financial Officer |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>NOTE TO READER</u>** | &nbsp;&nbsp;**<u>NOTE TO READER</u>** |
| &nbsp;&nbsp;In contrast to the usual certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), namely, Form 52-109F2, this Form 52-109F2 – IPO/RTO does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | &nbsp;&nbsp;In contrast to the usual certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), namely, Form 52-109F2, this Form 52-109F2 – IPO/RTO does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of |
| &nbsp;&nbsp;i) | &nbsp;&nbsp;controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |
| &nbsp;&nbsp;ii) | &nbsp;&nbsp;a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
| &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. | &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. |
| &nbsp;&nbsp;Investors should be aware that inherent limitations on the ability of certifying officers of an issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 in the first financial period following | &nbsp;&nbsp;Investors should be aware that inherent limitations on the ability of certifying officers of an issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 in the first financial period following |
| &nbsp;&nbsp;● | &nbsp;&nbsp;completion of the issuer's initial public offering in the circumstances described in s. 5.3 of NI 52-109; |
| &nbsp;&nbsp;● | &nbsp;&nbsp;completion of a reverse takeover in the circumstances described in s. 5.4 of NI 52-109; or |
| &nbsp;&nbsp;● | &nbsp;&nbsp;the issuer becoming a non-venture issuer in the circumstances described in s. 5.5 of NI 52-109; |
| &nbsp;&nbsp;may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | &nbsp;&nbsp;may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. |

---

## Exhibit 99.47

**Exhibit 99.47**

![](ex99-47_001.jpg)

**Highlander Silver Reports Results of Step-Out Drilling at Bonita:<br> 24.8m at 7.43 g/t Au and 16.45 g/t Ag; 40.4m at 3.42 g/t Au and 16.93 g/t Ag**

**Toronto, Ontario, September 16, 2025 – Highlander Silver Corp. (TSX: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to report assay results from the second series of holes designed to test the expanding Bonita vein system, which include some of the highest gold grades encountered to date. The Bonita vein system is exposed along a ridgeline approximately 10km to the south of the bonanza grade Ayelen underground deposit at the San Luis gold-silver project in Central Peru.

Highlights are listed below, with corresponding images in Figures 1-2 and detailed results in Tables 1-2.

**<u>Highlights</u>**

● **The results of step-out drilling include some of the highest gold grades encountered to date and extend mineralization to the southeast of prior drilling (*see press release 'Highlander Silver Reports First Drill Results from Bonita Open Pit Target, Including High Grades over Broad Widths from Near Surface in Every Hole' – July 29, 2025*)** 

● **BOD-013 was drilled from a step-out platform to the southeast of prior drilling and returned 24.8m of 7.43 grams per tonne ("g/t") gold ("Au") and 16.45 g/t silver ("Ag") from 28.7m downhole** 

● **BOD-010 returned 40.4m of 3.42 g/t Au and 16.93 g/t Ag from surface to the southeast of prior drilling from a platform at the edge of soils that may cover the extent of the vein system to the west** 

● **BOD-014 was drilled from a step-out platform to the southeast of BOD-010 and returned 19.1m of 3.50 g/t Au and 11.57 g/t Ag from 37.7m downhole** 

● **BOD-015, the southeastern most hole drilled to date, returned 23.7m of 3.31 g/t Au and 9.60 g/t Ag from 34.3m downhole, with the zone remaining open in this direction** 

● **The next set of drill results are expected to be released when complete assays are received in approximately six weeks and will include step-out drilling from the eastern known extent of the structure targeted by the initial drilling** 

● **Bonita is located 10km to the south and 700m lower in elevation than Ayelen; the vein system encompasses a number of silicified structures exposed in several outcrops over an area of 800m by 200m and remains open in all directions** 

● **A magnetic survey undertaken with two quadcopter drones has completed approximately 5,000 hectares in the Bonita area, with the goal of mapping structural features under cover to the west and in rugged topography to the east** 

**Figure 1 – Plan View of Bonita Vein System**

![](ex99-47_002.jpg)

**Figure 2 – Image of Core from BOD-013 (31.05m to 35.05m)**

![](ex99-47_003.jpg)

Note: Silicified breccia typical of the Bonita vein system.

**Table 1 – Assay Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br> (m)** | &nbsp;&nbsp;**To <br> (m)** | &nbsp;&nbsp;**Interval <br> (m)** | &nbsp;&nbsp;**Au <br> (g/t)** | &nbsp;&nbsp;**Ag <br> (g/t)** |
| &nbsp;&nbsp;BOD-010 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;40.4 | &nbsp;&nbsp;40.4 | &nbsp;&nbsp;3.42 | &nbsp;&nbsp;16.93 |
| &nbsp;&nbsp;BOD-011 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;20.9 | &nbsp;&nbsp;20.9 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;18.93 |
| &nbsp;&nbsp;BOD-012 | &nbsp;&nbsp;42.2 | &nbsp;&nbsp;44.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;10.66 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;54.9 | &nbsp;&nbsp;61.6 | &nbsp;&nbsp;6.8 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;6.30 |
| &nbsp;&nbsp;BOD-013 | &nbsp;&nbsp;28.7 | &nbsp;&nbsp;53.5 | &nbsp;&nbsp;24.8 | &nbsp;&nbsp;7.43 | &nbsp;&nbsp;16.45 |
| &nbsp;&nbsp;BOD-014 | &nbsp;&nbsp;37.7 | &nbsp;&nbsp;56.8 | &nbsp;&nbsp;19.1 | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;11.57 |
| &nbsp;&nbsp;BOD-015 | &nbsp;&nbsp;34.3 | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;23.7 | &nbsp;&nbsp;3.31 | &nbsp;&nbsp;9.60 |

---

Note: Reported intervals are apparent widths as the full geometry of the mineralized structures has not yet been fully modelled. Assays were not capped, and composite intervals are calculated using a minimum weighted average of 0.5 g/t Au, diluted over a minimum core length that allows for internal dilution.

**Table 2 – Collar Locations** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp; **Easting** <br> **(m)** | &nbsp;&nbsp; **Northing**<br> **(m)** | &nbsp;&nbsp;**Elevation<br> (m)** | &nbsp;&nbsp;**Depth <br> (m)** | &nbsp;&nbsp;**Azimuth <br> (°)** | &nbsp;&nbsp;**Dip <br> (°)** |
| &nbsp;&nbsp;BOD-010 | &nbsp;&nbsp;187988 | &nbsp;&nbsp;8953712 | &nbsp;&nbsp;3964 | &nbsp;&nbsp;90.0 | &nbsp;&nbsp;110 | &nbsp;&nbsp;-90 |
| &nbsp;&nbsp;BOD-011 | &nbsp;&nbsp;187989 | &nbsp;&nbsp;8953711 | &nbsp;&nbsp;3964 | &nbsp;&nbsp;51.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;-45 |
| &nbsp;&nbsp;BOD-012 | &nbsp;&nbsp;187941 | &nbsp;&nbsp;8953730 | &nbsp;&nbsp;3953 | &nbsp;&nbsp;81.0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;-90 |
| &nbsp;&nbsp;BOD-013 | &nbsp;&nbsp;188034 | &nbsp;&nbsp;8953659 | &nbsp;&nbsp;3967 | &nbsp;&nbsp;60.0 | &nbsp;&nbsp;7 | &nbsp;&nbsp;-40 |
| &nbsp;&nbsp;BOD-014 | &nbsp;&nbsp;188034 | &nbsp;&nbsp;8953659 | &nbsp;&nbsp;3967 | &nbsp;&nbsp;75.0 | &nbsp;&nbsp;35 | &nbsp;&nbsp;-45 |
| &nbsp;&nbsp;BOD-015 | &nbsp;&nbsp;188034 | &nbsp;&nbsp;8953659 | &nbsp;&nbsp;3967 | &nbsp;&nbsp;69.8 | &nbsp;&nbsp;52 | &nbsp;&nbsp;-40 |

---

**Technical Information and Quality Control / Quality Assurance**

All drilling was completed with HQ core. The drill core is split in half using a diamond saw. Core is logged by the Company's geologist on site who outlines the intervals to be sampled. The maximum sample length is 1.5 meters and lengths are adjusted according to lithological and/or mineralogical contacts.

After sawing, one-half of the core is kept on site in core boxes, and the other half is submitted for analysis. Individual sample bags are sealed and placed into larger bags, which are then sealed and marked with the contents.

Samples are transported by Highlander Silver personnel to ALS Peru S.A. ("**ALS**") located in Lima, Peru, where they are prepared and analyzed. ALS is independent of the Company.

In ALS, the entire sample is crushed to approximately 80% passing through a 2mm sieve. A 500 g fraction is pulverized. Gold concentration is determined by fire assay of a 30-gram charge with an AA finish (Au-AA23). Silver, lead, copper, and zinc, along with other elements, are analyzed by ICP utilizing a four-acid digestion (ME-ICP61). Over-limit samples for Au (10 g/t Au) follow gravitational finishing Au-GRA21 (30g sample). Over-limit samples for Ag (100 g/t Ag) follow gravitational finishing Ag-GRA21 (30g sample).

The internal QA/QC program includes the submission of field duplicates (1/4 core), pulp and coarse reject duplicates, and the insertion of commercial standards and blanks (coarse and fine). Control samples account for more than 15% of the total samples sent, in addition to the laboratory's internal quality assurance programs.

The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The scientific and technical information, including the drillhole data, has been verified by Dr. Sergio Gelcich. This verification involves data validation and quality assurance procedures, such as reviewing logging directly in front of the core, analyzing database integrity, conducting quality assurance and quality control (QA/QC) for assays, and cross-checking the original lab certificates.

**Qualified Person**

The scientific and technical information in this press release has been reviewed and approved by Dr. Sergio Gelcich, P.Geo., Vice President, Exploration, Highlander Silver, who is a "Qualified Person" as defined in National Instrument 43-101 *Standards of Disclosure for Mineral Projects.*

**On behalf of Highlander Silver**

"Daniel Earle"

President & CEO, Director

**Information contact**

Arun Lamba, Vice President Corporate Development

alamba@highlandersilver.com

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

The mineral resource estimate disclosed herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**Forward-looking statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, the next set of drill results are expected to be released when complete assays are received in approximately six weeks and will include step-out drilling from the eastern known extent of the structure targeted by the initial drilling. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.48

**Exhibit 99.48**

![](ex99-48_001.jpg)

**Highlander Silver Announces C$75 Million Bought Deal Public Offering of Common Shares**

*NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES*

 

*THE SHELF PROSPECTUS SUPPLEMENT, THE CORRESPONDING BASE SHELF PROSPECTUS AND ANY AMENDMENT TO THE DOCUMENTS ARE ACCESSIBLE THROUGH SEDAR+ OR WILL BE ACCESSIBLE THROUGH SEDAR+ WITHIN 2 BUSINESS DAYS, AS APPLICABLE.* 

 

**Toronto, Ontario, September 22, 2025 –** Highlander Silver Corp. (TSX:HSLV) ("**Highlander**" or the "**Company**") is pleased to announce that it has entered into an agreement with National Bank Financial Inc. ("**NBF**") as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters (collectively, the "**Underwriters**") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 20,000,000 common shares of the Company (the "**Common Shares**") at a price of C$3.75 per Common Share (the "**Offering Price**") for aggregate gross proceeds of C$75,000,000 (the "**Offering**").

The Company has granted the Underwriters an option, exercisable in whole or in part, at any time on or prior to the 30<sup>th</sup> day following the Closing Date (as defined below), at the sole discretion of the Underwriters, to purchase up to an additional 15% of the number of Common Shares purchased pursuant to the Offering at the Offering Price (the "**Over-Allotment Option**") to cover over-allotments, if any, and for market stabilization purposes.

The net proceeds from the Offering will be used to fund the advancement of exploration and development activities, project studies and permitting at the Company's San Luis gold-silver project in Peru, as well as for property investigation and acquisition activities and for working capital and general corporate purposes.

The Offering is expected to close on or about September 29, 2025 (the "**Closing Date**"), or such other date as the Company and the Underwriters may agree, and is subject to certain conditions including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the approval of the Toronto Stock Exchange.

The Common Shares will be offered publicly in all provinces and territories of Canada, except Quebec, by way of a prospectus supplement (the "**Prospectus Supplement**") to the Company's short form base shelf prospectus dated April 10, 2025 (the "**Base Shelf Prospectus**") and may be offered on a private placement basis to "qualified institutional buyers" in the U.S. in accordance with Rule 144A, and may be distributed outside Canada and the United States on a basis which does not require the qualification or registration of any of the Company's securities under domestic or foreign securities laws and would not result in the Company having any reporting or other obligation in such jurisdiction.

Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendment to such documents is provided in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible on SEDAR+ at www.sedarplus.com. An electronic or paper copy of the Prospectus Supplement, Base Shelf Prospectus, and any amendment to such documents may be obtained, without charge, from National Bank Financial Inc., by phone at (416) 869-8414 or by e-mail at NBFSyndication@bnc.ca by providing the contact with an email address or address, as applicable.

The Common Shares have not been and will not be registered under the U.S. Securities Act, and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a United States person, except pursuant to applicable exemptions from the registration requirements.

**About Highlander Silver Corp.**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

![](ex99-48_002.jpg)

The mineral resource estimate disclosed herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**For further information, please contact:**

Arun Lamba, Vice President Corporate Development<br> alamba@highlandersilver.com

**Forward-Looking Statements**

Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the completion of the Offering and the anticipated closing date thereof; the expected receipt of regulatory and other approvals relating to the Offering; the anticipated use of the net proceeds therefrom; and any other activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.

## Exhibit 99.49

**Exhibit 99.49**

**Highlander Silver Announces Upsizing of Previously Announced Bought Deal Public Offering of Common Shares**

*NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES*

 

*THE SHELF PROSPECTUS SUPPLEMENT, THE CORRESPONDING BASE SHELF PROSPECTUS AND ANY AMENDMENT TO THE DOCUMENTS ARE ACCESSIBLE THROUGH SEDAR+ OR WILL BE ACCESSIBLE THROUGH SEDAR+ WITHIN 2 BUSINESS DAYS, AS APPLICABLE.* 

 

**Toronto, Ontario, September 23, 2025 –** Highlander Silver Corp. (TSX:HSLV) ("**Highlander**" or the "**Company**") is pleased to announce that as a result of excess demand, it has agreed with National Bank Financial Inc. ("**NBF**") as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters (collectively, the "**Underwriters**"), to increase the size of its previously announced bought deal financing. Highlander will now issue 23,000,000 common shares of the Company (the "**Common Shares**") at a price of C$3.75 per Common Share (the "**Offering Price**") for aggregate gross proceeds of C$86,250,000 (the "**Offering**"). The Underwriters will have the option, exercisable in whole or in part, at any time on or prior to the 30th day following the Closing Date, at the sole discretion of the Underwriters, to purchase up to an additional 2,330,000 Common Shares at the Issue Price (the "Over-Allotment Option").

In all other respects, the terms of the Offering and use of proceeds therefrom will remain as previously disclosed in the original press release dated September 22, 2025. The Offering is expected to close on or about September 29, 2025 (the "Closing Date"), and is subject to certain conditions including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the approval of the Toronto Stock Exchange.

The Common Shares will be offered publicly in all provinces and territories of Canada, except Quebec, by way of a prospectus supplement (the "**Prospectus Supplement**") to the Company's short form base shelf prospectus dated April 10, 2025 (the "**Base Shelf Prospectus**") and may be offered on a private placement basis to "qualified institutional buyers" in the U.S. in accordance with Rule 144A, and may be distributed outside Canada and the United States on a basis which does not require the qualification or registration of any of the Company's securities under domestic or foreign securities laws and would not result in the Company having any reporting or other obligation in such jurisdiction.

Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendment to such documents is provided in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible on SEDAR+ at www.sedarplus.com. An electronic or paper copy of the Prospectus Supplement, Base Shelf Prospectus, and any amendment to such documents may be obtained, without charge, from National Bank Financial Inc., by phone at (416) 869-8414 or by e-mail at NBFSyndication@bnc.ca by providing the contact with an email address or address, as applicable.

The Common Shares have not been and will not be registered under the U.S. Securities Act, and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a United States person, except pursuant to applicable exemptions from the registration requirements.

**About Highlander Silver Corp.**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

![](ex99-49_002.jpg)

The mineral resource estimate disclosed herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**For further information, please contact:**

Arun Lamba, Vice President Corporate Development<br> alamba@highlandersilver.com

**Forward-Looking Statements**

Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the completion of the Offering and the anticipated closing date thereof; the expected receipt of regulatory and other approvals relating to the Offering; the anticipated use of the net proceeds therefrom; and any other activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.

## Exhibit 99.50

**Exhibit 99.50**

**Highlander Silver Closes $86 Million Bought Deal Public Offering**

*NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES*

 

**Toronto, Ontario, September 29, 2025 –** Highlander Silver Corp. (TSX:HSLV) ("**Highlander**" or the "**Company**") is pleased to announce that it has closed its previously announced bought deal public offering, pursuant to which the Company sold 23,000,000 common shares of the Company (the "**Common Shares**") at a price of C$3.75 per Common Share (the "**Offering Price**") for aggregate gross proceeds of C$86,250,000 (the "**Offering**"). The Company has also granted the Underwriters an option to purchase up to an additional 2,330,000 Common Shares, on the same terms and conditions, exercisable in whole or in part, at any time and from time to time, on or prior the 30<sup>th</sup> day following the closing of the Offering.

The Offering was conducted by a syndicate of underwriters led by National Bank Financial Inc. as lead underwriter and sole bookrunner, and including Canaccord Genuity Corp., Velocity Trade Capital Ltd., CIBC World Markets Inc., Ventum Financial Corp., BMO Nesbitt Burns Inc. and Cormark Securities Inc.

Daniel Earle, President and CEO, commented, "We greatly appreciate the steadfast support of our largest shareholders, Augusta Capital, the Lundin family and Eric Sprott. We are also delighted to welcome new global institutional investors to our shareholder base. The oversubscribed offering puts us in the enviable position of substantially funding our San Luis plans, with major investments in community development and infrastructure, while accelerating our capacity for growth."

The net proceeds from the Offering will be used to fund the advancement of exploration and development activities, project studies and permitting at the Company's San Luis gold-silver project in Peru, as well as for property investigation and acquisition activities and for working capital and general corporate purposes.

The Offering was completed in all provinces and territories of Canada, except Quebec, pursuant to a prospectus supplement (the "**Prospectus Supplement**") to the Company's short form base shelf prospectus dated April 10, 2025 (the "**Base Shelf Prospectus**"), and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") and applicable state securities laws and other jurisdictions. Copies of the Supplement, the Base Shelf Prospectus and the Underwriting Agreement are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

The Common Shares have not been and will not be registered under the U.S. Securities Act, and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a United States person, except pursuant to applicable exemptions from the registration requirements.

Certain insiders of the Company subscribed for Common Shares under the Offering. Each of the insiders' participation constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("**MI 61-101**"). The Company is relying on the exemptions from the formal valuation requirements contained in section 5.5(a) of MI 61-101 and the minority shareholder approval requirement contained in section 5.7(1)(a) of MI 61-101, as the fair market value of the securities to be distributed to the insiders is not more than 25% of the Company's market capitalization, as calculated in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transactions at least 21 days before the closing of the Offering, as the details of the participation by the related parties were not settled until shortly prior to closing of the Offering.

![](ex99-50_002.jpg)

**About Highlander Silver Corp.**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

 <sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

The mineral resource estimate disclosed herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**For further information, please contact:**

Arun Lamba, Vice President Corporate Development<br> alamba@highlandersilver.com

**Forward-Looking Statements**

Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the anticipated use of the net proceeds therefrom and any other activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.

## Exhibit 99.51

**Exhibit 99.51**

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

---

| | |
|:---|:---|
| **ITEM 1.** | **Name and Address of Company** |

---

Highlander Silver Corp. (the "**Company**")

2500 – 100 King Street W., P.O. Box #267

Toronto, Ontario

M5X 1A9

ITEM 2. Date of Material Change

September 29, 2025

ITEM 3. News Release

The news release was issued and disseminated via ACCESS Newswire on September 29, 2025.

ITEM 4. Summary of Material Change

On September 29, 2025, the Company closed its previously announced bought deal public offering, pursuant to which the Company sold 23,000,000 common shares of the Company (the "**Common Shares**") at a price of C$3.75 per Common Share for aggregate gross proceeds of C$86,250,000 (the "**Offering**"). The Offering was conducted by a syndicate of underwriters led by National Bank Financial Inc. ("**NBF**"), as lead underwriter and sole bookrunner, and including Canaccord Genuity Corp., Velocity Trade Capital Ltd., CIBC World Markets Inc., Ventum Financial Corp., BMO Nesbitt Burns Inc. and Cormark Securities Inc. (collectively, the "**Underwriters**"). The Company granted the Underwriters an option to purchase up to an additional 2,330,000 Common Shares, on the same terms and conditions, exercisable in whole or in part, at any time and from time to time, on or prior to the 30th day following the closing of the Offering.

ITEM 5. Full Description of Material Change

On September 29, 2025, the Company closed its previously announced bought deal public offering, pursuant to which the Company sold 23,000,000 Common Shares at a price of C$3.75 per Common Share for aggregate gross proceeds of $86,250,000. The Company has also granted the Underwriters an option to purchase up to an additional 2,330,000 Common Shares, on the same terms and conditions, exercisable in whole or in part, at any time and from time to time, on or prior to the 30th day following the closing of the Offering. The Offering was conducted by the Underwriters, led by NBF, as lead underwriter and sole bookrunner.

The Company intends to use the net proceeds from the Offering to fund the advancement of exploration and development activities, project studies and permitting at the Company's San Luis gold-silver project in Peru, as well as for property investigation and acquisition activities and for working capital and general corporate purposes.

The Offering was completed in all provinces and territories of Canada, except Quebec, pursuant to a prospectus supplement to the Company's short form base shelf prospectus dated April 10, 2025, and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") and applicable state securities laws and other jurisdictions. The Common Shares have not been and will not be registered under the U.S. Securities Act, and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a United States person, except pursuant to applicable exemptions from the registration requirements.

Certain directors, officers and insiders of the Company (the "**Insiders**") participated in the Offering and purchased a total of 720,001 Common Shares. Participation by the Insiders in the Offering is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders' participation in the Offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insiders did not exceed 25% of the fair market value of the Company's market capitalization.

To the knowledge of the Company or any director or senior officer of the Company, after reasonable inquiry, no "prior valuations" (as defined in MI 61-101) in respect of the Company that relate to the Offering, or are relevant to the Offering, have been prepared within 24 months preceding the date hereof. All of the terms and conditions of the Offering were reviewed and unanimously approved by the board of directors of the Company on September 22, 2025 and September 24, 2025.

**Cautionary Note Regarding Forward-Looking Statements**

 

*Certain information contained in this material change report constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the anticipated use of the net proceeds therefrom and any other activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this material change report. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

ITEM 5.2. Disclosure of Restructuring Transactions

Not applicable.

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

Not applicable.

ITEM 7. Omitted Information

There are no significant facts required to be disclosed herein which have been omitted.

ITEM 8. Executive Officer

For further information, please contact:

Tom Ladner

General Counsel

Tel: (604) 638-1470

ITEM 9. Date of Report

October 3, 2025

## Exhibit 99.52

**Exhibit 99.52**

![](ex99-52_001.jpg)

**Highlander Silver Reports New Discovery of Kusy Zone at Bonita<br> Returning Highest Grades to Date: 23.6m at 15.56 g/t Gold and 74.49 g/t Silver**

**Toronto, Ontario, October 06, 2025 – Highlander Silver Corp. (TSX: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to report assay results from the third series of holes into the expanding Bonita vein system which include the discovery of a new zone called Kusy that has returned the highest grades of gold and silver reported to date. Kusy is part of the Bonita vein system which is exposed along a ridgeline approximately 10km to the south of the bonanza grade Ayelen deposit at the San Luis gold-silver project in Central Peru.

Highlights are listed below, with corresponding images in Figures 1-2 and detailed results in Tables 1-2.

**<u>Highlights</u>**

● **BOD-021, targeting the central portion of Kusy approximately 150m to the northeast of previously reported drilling, returned 23.6m of 15.56 grams per tonne ("g/t") gold ("Au") and 74.49 g/t silver ("Ag") from 8.8m downhole** 

● **The Kusy discovery is the result of the first drilling on the eastern flank of the Bonita vein system exposure and consists of breccias and fine quartz vein fragments similar to the mineralization encountered in drilling on the western exposure** 

● **BOD-019, tested the Kusy zone from a platform to the northwest of BOD-021, and returned 7.4m of 8.10 g/t Au and 6.55 g/t Ag from 48.4m downhole** 

● **BOD-018 was drilled into the western exposure from a step-out platform to the southeast of previously reported BOD-015 (23.7m of 3.31 g/t Au and 9.60 g/t Ag) and returned 10.1m of 3.81 g/t Au and 7.72 g/t Ag from 32.3m downhole** 

● **BOD-017 was collared from the same platform as BOD-018 and intersected 14.6m of 1.71 g/t Au and 5.35 g/t Ag from 41.8m downhole** 

● **The next set of drill results are expected to be released when complete assays are received in approximately six weeks and will include follow up drilling in the new Kusy discovery and step-out drilling in the western exposure** 

● **The Bonita vein system encompasses a number of silicified structures exposed in outcrop over an area of 800m by 200m and remains open in all directions** 

● **Results are being processed from a magnetic geophysical survey undertaken by dual quadcopters aimed at mapping the full extent of the Bonita vein system under cover to the west and in rugged topography to the east and northeast** 

**Figure 1 – Plan View of Bonita Vein System**

**Figure 2 – Image of Core from BOD-021 (22.1m to 25.60m)**

Note: Silicified breccia typical of the Bonita vein system, including millimetric veinlets within altered andesitic bands.

**Table 1 – Assay Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br> (m)** | &nbsp;&nbsp;**To <br> (m)** | &nbsp;&nbsp;**Interval <br> (m)** | &nbsp;&nbsp;**Au <br> (g/t)** | &nbsp;&nbsp;**Ag <br> (g/t)** |
| &nbsp;&nbsp;BOD-016 | &nbsp;&nbsp;32.1 | &nbsp;&nbsp;36.5 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;12.06 |
| &nbsp;&nbsp;BOD-017 | &nbsp;&nbsp;41.8 | &nbsp;&nbsp;56.4 | &nbsp;&nbsp;14.6 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;5.35 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;73.9 | &nbsp;&nbsp;76.5 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;1.37 |
| &nbsp;&nbsp;BOD-018 | &nbsp;&nbsp;32.3 | &nbsp;&nbsp;42.4 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;3.81 | &nbsp;&nbsp;7.72 |
| &nbsp;&nbsp;BOD-019 | &nbsp;&nbsp;48.4 | &nbsp;&nbsp;55.8 | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;8.10 | &nbsp;&nbsp;6.55 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;82.4 | &nbsp;&nbsp;84.5 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;3.75 |
| &nbsp;&nbsp;BOD-020 | &nbsp;&nbsp;67.0 | &nbsp;&nbsp;70.8 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;73.33 |
| &nbsp;&nbsp;BOD-021 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;32.4 | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;15.56 | &nbsp;&nbsp;74.49 |

---

Note: Reported intervals are apparent widths as the full geometry of the mineralized structures has not yet been fully modelled. Assays were not capped, and composite intervals are calculated using a minimum weighted average of 0.5 g/t Au, over a minimum core length of 2m, allowing internal dilution.

**Table 2 – Collar Locations** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp; **Easting** <br> **(m)** | &nbsp;&nbsp; **Northing**<br> **(m)** | &nbsp;&nbsp;**Elevation<br> (m)** | &nbsp;&nbsp;**Depth <br> (m)** | &nbsp;&nbsp;**Azimuth <br> (°)** | &nbsp;&nbsp;**Dip <br> (°)** |
| &nbsp;&nbsp;BOD-016 | &nbsp;&nbsp;188111 | &nbsp;&nbsp;8953642 | &nbsp;&nbsp;3970 | &nbsp;&nbsp;139.5 | &nbsp;&nbsp;88 | &nbsp;&nbsp;-58 |
| &nbsp;&nbsp;BOD-017 | &nbsp;&nbsp;188111 | &nbsp;&nbsp;8953642 | &nbsp;&nbsp;3970 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;335 | &nbsp;&nbsp;-70 |
| &nbsp;&nbsp;BOD-018 | &nbsp;&nbsp;188112 | &nbsp;&nbsp;8953642 | &nbsp;&nbsp;3970 | &nbsp;&nbsp;138.5 | &nbsp;&nbsp;32 | &nbsp;&nbsp;-50 |
| &nbsp;&nbsp;BOD-019 | &nbsp;&nbsp;188005 | &nbsp;&nbsp;8953861 | &nbsp;&nbsp;3996 | &nbsp;&nbsp;126.0 | &nbsp;&nbsp;105 | &nbsp;&nbsp;-35 |
| &nbsp;&nbsp;BOD-020 | &nbsp;&nbsp;188006 | &nbsp;&nbsp;8953861 | &nbsp;&nbsp;3996 | &nbsp;&nbsp;89.5 | &nbsp;&nbsp;54 | &nbsp;&nbsp;-35 |
| &nbsp;&nbsp;BOD-021 | &nbsp;&nbsp;188029 | &nbsp;&nbsp;8953820 | &nbsp;&nbsp;3995 | &nbsp;&nbsp;87.0 | &nbsp;&nbsp;85 | &nbsp;&nbsp;-40 |

---

**Technical Information and Quality Control / Quality Assurance**

All drilling was completed with HQ core. The drill core is split in half using a diamond saw. Core is logged by the Company's geologist on site who outlines the intervals to be sampled. The maximum sample length is 1.5 meters and lengths are adjusted according to lithological and/or mineralogical contacts.

After sawing, one-half of the core is kept on site in core boxes, and the other half is submitted for analysis. Individual sample bags are sealed and placed into larger bags, which are then sealed and marked with the contents.

Samples are transported by Highlander Silver personnel to ALS Peru S.A. ("**ALS**") located in Lima, Peru, where they are prepared and analyzed. ALS is independent of the Company.

In ALS, the entire sample is crushed to approximately 80% passing through a 2mm sieve. A 500 g fraction is pulverized. Gold concentration is determined by fire assay of a 30-gram charge with an AA finish (Au-AA23). Silver, lead, copper, and zinc, along with other elements, are analyzed by ICP utilizing a four-acid digestion (ME-ICP61). Over-limit samples for Au (10 g/t Au) follow gravitational finishing Au-GRA21 (30g sample). Over-limit samples for Ag (100 g/t Ag) follow gravitational finishing Ag-GRA21 (30g sample).

The internal QA/QC program includes the submission of field duplicates (1/4 core), pulp and coarse reject duplicates, and the insertion of commercial standards and blanks (coarse and fine). Control samples account for more than 15% of the total samples sent, in addition to the laboratory's internal quality assurance programs.

The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The scientific and technical information, including the drillhole data, has been verified by Dr. Sergio Gelcich. This verification involves data validation and quality assurance procedures, such as reviewing logging directly in front of the core, analyzing database integrity, conducting quality assurance and quality control (QA/QC) for assays, and cross-checking the original lab certificates.

**Qualified Person**

The scientific and technical information in this press release has been reviewed and approved by Dr. Sergio Gelcich, P.Geo., Vice President, Exploration, Highlander Silver, who is a "Qualified Person" as defined in National Instrument 43-101 *Standards of Disclosure for Mineral Projects.*

**On behalf of Highlander Silver**

"Daniel Earle"

President & CEO, Director

**Information contact**

Arun Lamba, Vice President Corporate Development

<u>alamba@highlandersilver.com</u>

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

The mineral resource estimate disclosed herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**Forward-looking statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, the next set of drill results are expected to be released when complete assays are received in approximately six weeks and will include step-out drilling into the new Kusy discovery and the western exposure. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.53

**Exhibit 99.53**

**Highlander Silver Announces<br> Full Exercise and Closing of Over-Allotment Option**

*NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES*

**Toronto, Ontario, October 17, 2025 –** Highlander Silver Corp. (TSX:HSLV) ("**Highlander**" or the "**Company**") is pleased to announce that, further to its bought deal public offering of common shares of the Company (the "**Common Shares**") which closed on September 29, 2025 (the "**Offering**"), the underwriters have exercised their over-allotment option (the "**Over-Allotment Option**") in full, to purchase an additional 2,330,000 Common Shares at a price of C$3.75 per Common Share. Upon closing of the Over-Allotment Option, the Company received additional gross proceeds of C$8,737,500, resulting in total gross proceeds from the Offering of C$94,987,500.

The Offering was conducted by a syndicate of underwriters led by National Bank Financial Inc. as lead underwriter and sole bookrunner, and including Canaccord Genuity Corp., Velocity Trade Capital Ltd., CIBC World Markets Inc., Ventum Financial Corp., BMO Nesbitt Burns Inc. and Cormark Securities Inc.

As previously announced, the net proceeds from the Offering will be used to fund the advancement of exploration and development activities, project studies and permitting at the Company's San Luis gold-silver project in Peru, as well as for property investigation and acquisition activities and for working capital and general corporate purposes.

The Offering was completed in all provinces and territories of Canada, except Quebec, pursuant to a prospectus supplement (the "**Prospectus Supplement**") to the Company's short form base shelf prospectus dated April 10, 2025 (the "**Base Shelf Prospectus**"), and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") and applicable state securities laws and other jurisdictions. Copies of the Supplement, the Base Shelf Prospectus and the Underwriting Agreement are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

The Common Shares have not been and will not be registered under the U.S. Securities Act, and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a United States person, except pursuant to applicable exemptions from the registration requirements.

**About Highlander Silver Corp.**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

![](ex99-53_002.jpg)

The mineral resource estimate disclosed herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**For further information, please contact:**

Arun Lamba, Vice President Corporate Development<br> alamba@highlandersilver.com

**Forward-Looking Statements**

Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the anticipated use of the net proceeds therefrom and any other activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.

## Exhibit 99.54

**Exhibit 99.54**

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

---

| | |
|:---|:---|
| **ITEM 1.** | **Name and Address of Company** |

---

Highlander Silver Corp. (the "**Company**")

2500 – 100 King Street W., P.O. Box #267

Toronto, Ontario

M5X 1A9

ITEM 2. Date of Material Change

October 17, 2025

ITEM 3. News Release

The news release was issued and disseminated via ACCESS Newswire on October 17, 2025.

ITEM 4. Summary of Material Change

On October 17, 2025, further to the bought deal public offering of common shares of the Company (the "**Common Shares**") which closed on September 29, 2025 (the "**Offering**"), the underwriters exercised their over-allotment option (the "**Over-Allotment Option**") in full, to purchase an additional 2,330,000 Common Shares at a price of C$3.75 per Common Share. Upon closing of the Over-Allotment Option, the Company received additional gross proceeds of C$8,737,500, resulting in total gross proceeds from the Offering of C$94,987,500.

ITEM 5. Full Description of Material Change

On October 17, 2025, further to the closing of the Offering, the underwriters exercised their Over-Allotment Option in full, to purchase an additional 2,330,000 Common Shares at a price of C$3.75 per Common Share. Upon closing of the Over-Allotment Option, the Company received additional gross proceeds of C$8,737,500, resulting in total gross proceeds from the Offering of C$94,987,500.

The Offering was conducted by a syndicate of underwriters led by National Bank Financial Inc. as lead underwriter and sole bookrunner, and including Canaccord Genuity Corp., Velocity Trade Capital Ltd., CIBC World Markets Inc., Ventum Financial Corp., BMO Nesbitt Burns Inc. and Cormark Securities Inc.

The net proceeds from the Offering will be used to fund the advancement of exploration and development activities, project studies and permitting at the Company's San Luis gold- silver project in Peru, as well as for property investigation and acquisition activities and for working capital and general corporate purposes.

The Offering was completed in all provinces and territories of Canada, except Quebec, pursuant to a prospectus supplement to the Company's short form base shelf prospectus dated April 10, 2025, and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") and applicable state securities laws and other jurisdictions.

The Common Shares have not been and will not be registered under the U.S. Securities Act, and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a United States person, except pursuant to applicable exemptions from the registration requirements.

**Cautionary Note Regarding Forward-Looking Statements**

 

*Certain information contained in this material change report constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, information or statements with respect to the anticipated use of the net proceeds therefrom and any other activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward looking information or statements can be identified by the use of words such as "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this material change report. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

ITEM 5.2. Disclosure of Restructuring Transactions

Not applicable.

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

Not applicable.

ITEM 7. Omitted Information

There are no significant facts required to be disclosed herein which have been omitted.

ITEM 8. Executive Officer

For further information, please contact:

Tom Ladner

General Counsel

Tel: (604) 638-1470

ITEM 9. Date of Report

October 24, 2025

## Exhibit 99.55

**Exhibit 99.55**

**HIGHLANDER SILVER CORP.**

**NOTICE OF CHANGE OF YEAR END**

**PURSUANT TO SECTION 4.8 OF NATIONAL INSTRUMENT 51-102**

**Change in Financial Year-End**

Notice is hereby provided pursuant to Section 4.8 of National Instrument 51-102 *Continuous Disclosure Obligations* ("**NI 51-102**") that Highlander Silver Corp. (the "**Company**") has decided to change its financial year-end from September 30 to December 31.

**Reason for Change in Financial Year-End**

The Company is changing its financial year-end to align its financial year-end and reporting periods with those of the Company's subsidiaries.

**Old Financial Year-End**

The Company's old financial year-end was September 30.

**New Financial Year-End**

The Company's new financial year-end is December 31.

**Length and Ending Dates of the Periods, including the Comparative Periods, of each Interim Financial Report and the Annual Financial Statements to be Filed for the Company's Transition Year and its New Financial Year**

The table below shows the length and ending dates of the periods, including the comparative periods, of each interim financial report and the annual financial statements to be filed for the Company's transition year and its new financial year.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Transition<br> Year</u>** | &nbsp;&nbsp;***Comparative Annual Financial Statements to Transition Year*** | &nbsp;&nbsp;**<u>New <br> Financial <br> Year</u>** | &nbsp;&nbsp;***Comparative Annual Financial Statements to New Financial Year*** | &nbsp;&nbsp;**<u>Interim Periods for Transition Year</u>** | &nbsp;&nbsp;***Comparative Interim Periods to Interim Periods in Transition Year*** | &nbsp;&nbsp;**<u>Interim Periods for New Financial Year</u>** | &nbsp;&nbsp;***Comparative Interim Periods to Interim Periods in New Financial Year*** |
| &nbsp;&nbsp;15 months ended<br> December 31, 2025 | &nbsp;&nbsp;12 months ended September 30, 2024 | &nbsp;&nbsp;12 months ended December 31, 2026 | &nbsp;&nbsp;15 months ended December 31, 2025 | &nbsp;&nbsp;3 months ended December 31, 2024 <br>6 months ended March 31, 2025 <br>9 months ended June 30, 2025<br>12 months ended September 30, 2025 | &nbsp;&nbsp;3 months ended December 31,<br> 2023 <br>6 months ended March 31, 2024<br>9 months ended June 30, 2024<br>12 months ended September 30, 2024 | &nbsp;&nbsp;3 months ended <br> March 31, 2026 <br>6 months ended June 30, 2026<br>9 months ended September 30, 2026 | &nbsp;&nbsp;3 months ended <br> March 31, 2025 <br>6 months ended June 30, 2025<br>9 months ended September 30, 2025 |

---

**The Filing Deadlines, Prescribed Under Sections 4.2 and 4.4 of NI 51-102, for the Annual Financial Statements and Interim Financial Reports for the Company's Transition Year**

For the 3 months ended December 31, 2024, the filing deadline for the interim financial report was March 3, 2025.

For the 6 months ended March 31, 2025, the filing deadline for the interim financial report was May 30, 2025.

On May 13, 2025, the Company ceased to be a "venture issuer" as defined in NI 51-102.

For the 9 months ended June 30, 2025, the filing deadline for the interim financial report was August 14, 2025.

For the 12 months ended September 30, 2025, the filing deadline for the interim financial report is November 14, 2025.

For the 15 months ended December 31, 2025, the filing deadline for the annual financial statements is March 31, 2026.

DATED as of October 31, 2025

---

| | |
|:---|:---|
| **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |
| By: | *(signed) "Tom Ladner"* |
|  | Name: Tom Ladner |
|  | Title: General Counsel |

---

## Exhibit 99.56

**Exhibit 99.56**

![](ex99-56_001.jpg)

**Highlander Silver Corp.**

Condensed Consolidated Interim Financial Statements

For the three and twelve months ended September 30, 2025 and 2024

(Unaudited)

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Financial Position |
| (Unaudited – in Canadian Dollars) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Note | September 30,<br> 2025 | September 30, 2024<br> (Restated – <br> Note 4) | October 1, 2023<br> (Restated – <br> Note 4) |
| **Assets** |  |  |  |  |
| Current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $102425229 | $2500894 | $229702 |
| &nbsp;&nbsp;&nbsp;Receivables | 8 | 93968 | 275000 |  |
| &nbsp;&nbsp;&nbsp;Prepaids and other |  | 220672 | 25536 | 14268 |
| &nbsp;&nbsp;&nbsp;Value-added tax receivable |  | 185609 | 15357 | 8904 |
|  |  | 102925478 | 2816787 | 252874 |
| Reclamation deposit |  | 60630 | 59052 | 11096 |
| Property and equipment |  | 282093 | 94523 |  |
| Mineral property interests | 5 | 11943472 | 10758885 | 44013 |
| Value-added tax receivable |  | 248803 | 89730 | – |
| Total assets |  | $115460476 | $13818977 | $307983 |
| **Liabilities and Equity** |  |  |  |  |
| Current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 8 | $1826740 | $372481 | $234986 |
| &nbsp;&nbsp;&nbsp;Consideration payable | 5 | 1740125 | 1687375 | – |
|  |  | 3566865 | 2059856 | 234986 |
| Non-current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consideration payable | 5 |  | 1687375 |  |
| &nbsp;&nbsp;&nbsp;Reclamation provision | 6 | 634151 | 492426 | – |
| Total liabilities |  | 4201016 | 4239657 | 234986 |
| Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares | 7 | 131772672 | 19524567 | 7219766 |
| &nbsp;&nbsp;&nbsp;Reserves | 7 | 3338213 | 1724026 | 1385293 |
| &nbsp;&nbsp;&nbsp;Commitment to issue shares | 7 |  | 46319 | 46319 |
| &nbsp;&nbsp;&nbsp;Foreign currency reserve |  | 505676 | (432731) | (63899) |
| &nbsp;&nbsp;&nbsp;Deficit |  | (24357101) | (11282861) | (8514482) |
| Total equity |  | 111259460 | 9579320 | 72997 |
| Total liabilities and equity |  | $115460476 | $13818977 | $307983 |

---

Nature of operations and going concern (Note 1)

Commitments (Note 15)

Subsequent event (Note 3, 16)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, except share amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | <br>Note | 2025 | 2024<br> (Restated – <br> Note 4) | 2025 | 2024<br> (Restated – <br> Note 4) |
| Exploration expenses | 11 | $2896353 | $590241 | $7526552 | $1432595 |
| General and administrative expenses | 12 | 1506153 | 508597 | 5608667 | 1685611 |
| Loss from operations |  | 4402506 | 1098838 | 13135219 | 3118206 |
| Gain on disposal of equipment |  |  | (20) | (137294) | (11847) |
| Finance cost |  | 5447 | 8237 | 237243 | 8237 |
| Interest and other income |  | (174238) | (57131) | (509733) | (152663) |
| Foreign exchange loss |  | 46352 |  | 181486 |  |
| Write-off of mineral property interests |  |  | 62 |  | 36722 |
| Write-off of receivables | 13 | – | 86540 | 182052 | 86540 |
| Net loss |  | 4280067 | 1136526 | 13088973 | 3085195 |
| Other comprehensive (income) loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation |  | (404914) | (587755) | (938407) | 368832 |
| Total comprehensive loss |  | $3875153 | $548771 | $12150566 | $3454027 |
| Net loss per share attributable to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders of the Company |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted |  | $0.04 | $0.01 | $0.14 | $0.05 |
| Weighted average number of shares outstanding Basic and diluted |  | 105733266 | 81031833 | 94834084 | 67071265 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Cash Flows |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | <br>Note | 2025 | 2024<br> (Restated – <br> Note 4) | 2025 | 2024<br> (Restated – <br> Note 4) |
| Cash provided by (used in): |  |  |  |  |  |
| Operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  | $(4280067) | $(1136526) | $(13088973) | $(3085195) |
| &nbsp;&nbsp;&nbsp;Adjustments for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonus expense |  |  | 46500 |  | 46500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 14757 | 26759 | 28183 | 29608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost |  | 5447 | 8237 | 237243 | 8237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange |  | 49973 | (115042) | (83856) | (119928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of equipment |  |  |  | (137294) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | (173626) | (19088) | (460702) | (80052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation provision |  | 48767 |  | 79979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring payment |  |  | 91094 |  | 91094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 7 | 482489 | 31621 | 2062683 | 630626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of mineral property interests |  |  | 62 |  | 36722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of receivables |  |  | 86540 | 182052 | 86540 |
| &nbsp;&nbsp;&nbsp;Net changes in non-cash working capital items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables |  | (39232) | (118323) | (1020) | (81965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value-added tax receivable |  | (212887) | (3556) | (329325) | (6454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other |  | (75131) | 14137 | (195136) | (11268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 439059 | (28686) | 1171402 | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation provision settlement |  | (4634) | – | (5569) | – |
|  |  | (3745085) | (1116271) | (10540333) | (2452457) |
| Financing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from bought deal equity financing, net of share issue costs paid | 7 | 81817347 |  | 111854075 | 12188380 |
| &nbsp;&nbsp;&nbsp;Finance costs paid |  |  |  | (213367) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of options | 7 |  |  | 86600 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 7 | 16455 | – | 110205 | 3750 |
|  |  | 81833802 | – | 111837513 | 12192130 |
| Investing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral property interest | 5 |  | (253785) | (22349) | (36722) |
| &nbsp;&nbsp;&nbsp;Milestone payment under acquisition agreement with SSR Mining | 5 |  |  | (1701500) |  |
| &nbsp;&nbsp;&nbsp;Interest income received |  | 173626 | 346 | 460702 | 9680 |
| &nbsp;&nbsp;&nbsp;Property and equipment |  | (74347) | (29347) | (187403) | (31543) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of equipment |  |  | 284 | 137294 | 7774 |
| &nbsp;&nbsp;&nbsp;Acquisition of Reliant Ventures S.A.C. |  |  |  |  | (7158514) |
| &nbsp;&nbsp;&nbsp;Cash acquired on purchase of Reliant Ventures S.A.C. |  | – | (57561) | – | 109676 |
|  |  | 99279 | (340063) | (1313256) | (7099649) |
| Effect of exchange rate changes on cash and cash equivalents |  | (44431) | 557202 | (59589) | (368832) |
| Increase (decrease) in cash and cash equivalents |  | 78143565 | (899132) | 99924335 | 2271192 |
| Cash and cash equivalents, beginning of period |  | 24281664 | 3400026 | 2500894 | 229702 |
| Cash and cash equivalents, end of period |  | $102425229 | $2500894 | $102425229 | $2500894 |

---

Supplemental cash flow information (Note 9)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Condensed Consolidated Interim Statements of Changes in Equity |
| For the twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, except number of shares) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Number of<br> Shares | Amount | Reserves | Commitment<br> to issue<br> shares | Foreign<br> currency<br> reserve | Deficit | Total<br> equity |
| Balance, October 1, 2024 (Restated) | 81221620 | $19524567 | $1724026 | $46319 | $(432731) | $(11282861) | $9579320 |
| Bought deal equity financing, net of share issue costs | 46000000 | 111571218 |  |  |  |  | 111571218 |
| Fair value reversal on expired stock options |  |  | (14733) |  |  | 14733 |  |
| Shares issued on exercise of warrants and stock options | 1359067 | 630568 | (433763) |  |  |  | 196805 |
| Share-based compensation |  |  | 2062683 |  |  |  | 2062683 |
| Reclassification of commitment to issue shares to common shares |  | 46319 |  | (46319) |  |  |  |
| Net loss and comprehensive loss | – | – | – | – | 938407 | (13088973) | (12150566) |
| Balance, September 30, 2025 | 128580687 | $131772672 | $3338213 | $– | $505676 | $(24357101) | $111259460 |
| Balance, October 1, 2023 (Restated) | 30460475 | $7219766 | $1385293 | $46319 | $(63899) | $(8514482) | $72997 |
| Bonus shares issued | 75000 | 46500 |  |  |  |  | 46500 |
| Private placement, net of share issue costs | 50514222 | 12163457 |  |  |  | 24923 | 12188380 |
| Shares issued – restructuring payment | 146923 | 91094 |  |  |  |  | 91094 |
| Fair value reversal on expired stock options |  |  | (291893) |  |  | 291893 |  |
| Exercise of warrants | 25000 | 3750 |  |  |  |  | 3750 |
| Share-based compensation |  |  | 630626 |  |  |  | 630626 |
| Net loss and comprehensive loss | – | – | – | – | (368832) | (3085195) | (3454027) |
| Balance, September 30, 2024 | 81221620 | $19524567 | $1724026 | $46319 | $(432731) | $(11282861) | $9579320 |

---

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Highlander Silver Corp. (the "Company" or "Highlander") was incorporated under the laws of the Province of British Columbia, Canada. The Company's head office is located at 2500 – 100 King Street West, Toronto, Ontario, Canada, M5X 1A9. Its records office is located at 1200 - 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T8. Its main business activity is the acquisition, exploration and evaluation of mineral properties located in Peru. These condensed consolidated interim financial statements of the Company as at and for the three and twelve months ended September 30, 2025, and 2024 comprise the Company and its subsidiaries. On May 13, 2025, the Company's common shares commenced trading on the Toronto Stock Exchange ("TSX") under the symbol HSLV. Prior to this date, the Company's shares were listed on the Canadian Securities Exchange.

The Company has not yet determined whether its mineral property interests contain mineral reserves that are economically viable. The Company's continued operations, and the underlying value and recoverability of the amounts shown for mineral property interests, are dependent upon the existence of economically recoverable mineral reserves in the mineral properties that the Company holds an interest in. The continued exploration and development of projects will depend on the Company receiving future cash flows from its ability to obtain share capital financing.

These condensed consolidated interim financial statements are prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations. As an exploration stage company, the Company does not have traditional revenue sources, and has historically relied on share capital financing, as well as property option or sale proceeds to fund its property acquisition, exploration and evaluation expenditures, and operating expenses.

As at September 30, 2025, the Company had cash and cash equivalents of $102,425,229 (September 30, 2024 – $2,500,894). The Company has financed its operations primarily through the issuance of common shares.

**2.** **STATEMENT OF COMPLIANCE AND SUMMARY OF MATERIAL ACCOUNTING POLICIES** 

**Statement of compliance**

These condensed consolidated interim financial statements have been prepared in accordance with International Financial Accounting Standard 34 ("IAS 34"), Interim Financial Reporting, and do not include all of the information required for annual financial statements prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual financial statements.

These condensed consolidated interim financial statements were approved and authorized for issuance by the Board of Directors on November 12, 2025.

**Summary of material accounting policies** 

These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the Company's most recent annual financial statements, except as described below, and should be read in conjunction with the annual audited consolidated financial statements of the Company for the year ended September 30, 2024.

*Mineral property interests*

 

Exploration and evaluation expenditures relate to costs incurred in the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activities include permitting, community engagement, exploratory drilling and sampling, surveying transportation and infrastructure requirements, and gathering of exploration data through geophysical studies.

The Company capitalizes direct costs of acquiring mineral property interests. Option payments are considered acquisition costs if the Company has the intention of exercising the underlying option.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

Subsequent to the acquisition of a mineral interest, exploration and evaluation costs incurred are expensed as incurred up to the date the technical feasibility and commercial viability of extracting mineral resources are demonstrable for a project and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining necessary permits and licenses to develop the mineral property. At this point, exploration and evaluation assets are assessed for impairment and then reclassified to property, plant, and equipment. Capitalized acquisition costs are assessed for impairment at least annually or when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount, with any impairment loss recognized as an expense.

Value-added taxes are included in exploration and evaluation costs when the recoverability of these amounts is uncertain.

Although the Company has taken steps to verify title to exploration and evaluation properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers, non-compliance with regulatory requirements or title may be affected by undetected defects.

**Reclassification of general and administrative expenses**

Site salaries, contractors, and project administration expenses have been reclassified from general and administrative expenses to exploration expenses in the condensed consolidated interim statements of net loss and comprehensive loss for the three and twelve months ended September 30, 2024, to conform to the current period presentation. This reclassification did not impact net loss or cash flows.

**Material accounting judgments and significant estimates and uncertainties** 

The material judgments and estimates applied in the preparation of the Company's condensed consolidated interim financial statements for the three and twelve months ended September 30, 2025, are consistent with those applied in the Company's annual audited consolidated financial statements for the year ended September 30, 2024.

**New accounting policies issued but not yet effective** 

Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after October 1, 2024, with earlier application permitted. The Company has reviewed these updates and the amendments that are applicable to the Company are discussed below:

*IFRS 18 Presentation and Disclosure in Financial Statements* 

 

IFRS 18 *Presentation and Disclosure in Financial Statements*, which will replace IAS 1, *Presentation of Financial Statements* aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 *Statement of Cash Flows*. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

*Amendments to IFRS 9 and IFRS 7* 

In May 2024, the IASB issued narrow scope amendments to IFRS 9 *Financial Instruments* and IFRS 7 *Financial Instruments: Disclosures*. The amendments include the clarification of the date of initial recognition or derecognition of financial liabilities, including financial liabilities that are settled in cash using an electronic payment system. The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. The Company is currently assessing the impact of the new standard.

Certain new standards, interpretations, and amendments to existing standards have been issued by the IASB or the International Financial Reporting Interpretations Committee. However, these updates either are not applicable to the Company or are not material to the condensed consolidated interim financial statements.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**3.** **CHANGE IN YEAR END** 

On October 31, 2025, the Company filed a Notice of Change of Year End to change its financial year-end from September 30 to December 31. The Company is changing its financial year-end to align its financial year-end and reporting periods with those of the Company's subsidiaries. The Company elected to have a transition year of a fifteen-month period from October 1, 2024 to December 31, 2025, and has, accordingly, prepared the condensed consolidated interim financial statements for the three and twelve months ended September 30, 2025 and 2024.

**4.** **VOLUNTARY CHANGE IN ACCOUNTING POLICY** 

During the previous quarter ended March 31, 2025, the Company conducted a review of its accounting policy related to exploration and evaluation expenditures. Following this review, management has voluntarily elected to adopt a change in accounting policy effective January 1, 2025, to enhance the relevance and reliability of the information available to the users of the Company's financial statements. Previously, the Company capitalized both acquisition costs and exploration and evaluation expenditures associated with its exploration and evaluation properties. Under the revised policy, the Company will continue to capitalize direct costs related to the acquisition of mineral property interests but will now expense all exploration and evaluation expenditures incurred on its properties until such time when the technical feasibility and commercial viability of extracting mineral resources from the mineral property are demonstrated and the project has received development approval from the Board of Directors.

The change in accounting policy has been made in accordance with IFRS 6, *Exploration for and Evaluation of Mineral Resources*, and IAS 8, *Accounting Policies, Changes in Accounting Estimates and Errors*, and has been recognized on a full retrospective basis.

The following is a summary of the changes that impact the Consolidated Statements of Financial Position as at October 1, 2023, and September 30, 2024, the Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss and the Condensed Consolidated Interim Statements of Cash Flows, for the three and twelve months ended September 30, 2024.

**Consolidated Statements of Financial Position**

---

| | | | |
|:---|:---|:---|:---|
| As at September 30, 2024 | Previously<br> reported | Effect of<br> change | Restated |
| Mineral property interests | $12125552 | $(1366667) | $10758885 |
| Total assets | 15185644 | (1366667) | 13818977 |
| Foreign currency reserve | (237224) | (195507) | (432731) |
| Deficit | (10111701) | (1171160) | (11282861) |
| Total equity | 10945987 | (1366667) | 9579320 |
| Total liabilities and equity | $15185644 | $(1366667) | $13818977 |

---

---

| | | | |
|:---|:---|:---|:---|
| As at October 1, 2023 | Previously<br> reported | Effect of<br> change | Restated |
| Mineral property interests | $254571 | $(210558) | $44013 |
| Total assets | 518541 | (210558) | 307983 |
| Foreign currency reserve | (63983) | 84 | (63899) |
| Deficit | (8303840) | (210642) | (8514482) |
| Total equity | 283555 | (210558) | 72997 |
| Total liabilities and equity | $518541 | $(210558) | $307983 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss**

---

| | | | |
|:---|:---|:---|:---|
| For the three months ended September 30, 2024 | Previously<br> reported | Effect of<br> change | Restated |
| Exploration expenses | $26759 | $563482 | $590241 |
| General and administrative expenses | 554582 | (45985) | 508597 |
| Loss from operations | 581341 | 517497 | 1098838 |
| Write-off of mineral property interests | 24732 | (24670) | 62 |
| Net loss | 643699 | 492827 | 1136526 |
| Foreign currency translation | (802235) | 214480 | (587755) |
| Total comprehensive loss | (158536) | 707307 | 548771 |
| Net loss per share attributable to shareholders of the Company - Basic and diluted | $0.01 | $0.00 | $0.01 |

---

---

| | | | |
|:---|:---|:---|:---|
| For the twelve months ended September 30, 2024 | Previously<br> reported | Effect of<br> change | Restated |
| Exploration expenses | $29608 | $1402987 | $1432595 |
| General and administrative expenses | 1924208 | (238597) | 1685611 |
| Loss from operations | 1953816 | 1164390 | 3118206 |
| Write-off of mineral property interests | 240594 | (203872) | 36722 |
| Net loss | 2124677 | 960518 | 3085195 |
| Foreign currency translation | 173241 | 195591 | 368832 |
| Total comprehensive loss | 2297918 | 1156109 | 3454027 |
| Net loss per share attributable to shareholders of the Company - Basic and diluted | $0.03 | $0.02 | $0.05 |

---

**Condensed Consolidated Interim Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| For the three months ended September 30, 2024 | Previously <br> reported | Effect of <br> change | Restated |
| Net loss for the period | $(643699) | $(492827) | $(1136526) |
| Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Write-off of mineral property interests | 24732 | (24670) | 62 |
| &nbsp;&nbsp;&nbsp;Foreign exchange | (263441) | 148399 | (115042) |
| Net changes in non-cash working capital items | (62039) | (74389) | (136428) |
| Cash used in operations | (672784) | (443487) | (1116271) |
| Mineral property interest | (911752) | 657967 | (253785) |
| Cash used in investing | (998030) | 657967 | (340063) |
| Effect of exchange rate changes on cash and cash equivalents | $771682 | $(214480) | $557202 |

---

---

| | | | |
|:---|:---|:---|:---|
| For the twelve months ended September 30, 2024 | Previously <br> reported | Effect of <br> change | Restated |
| Net loss for the period | $(2124677) | $(960518) | $(3085195) |
| Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Write-off of mineral property interests | 240594 | (203872) | 36722 |
| &nbsp;&nbsp;&nbsp;Foreign exchange | (315519) | 195591 | (119928) |
| Net changes in non-cash working capital items | (73648) | (22961) | (96609) |
| Cash used in operations | (1460697) | (991760) | (2452457) |
| Mineral property interest | (1224073) | 1187351 | (36722) |
| Cash used in investing | (8287000) | 1187351 | (7099649) |
| Effect of exchange rate changes on cash and cash equivalents | $(173241) | $(195591) | $(368832) |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**5.** **MINERAL PROPERTY INTERESTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | San Luis (Peru) <br> (Note a) | La Estrella (Peru) <br> (Note b) | Total |
| Balance, October 1, 2023 (Restated) | $– | $44013 | $44013 |
| Acquisition of San Luis Project | 10623949 |  | 10623949 |
| Foreign exchange adjustment | 90151 | 772 | 90923 |
| Balance, September 30, 2024 (Restated) | $10714100 | $44785 | $10758885 |
| Acquisition of concession | 22349 |  | 22349 |
| Transfer of concession | 19659 | (19659) |  |
| Foreign exchange adjustment | 1158906 | 3332 | 1162238 |
| Balance, September 30, 2025 | $11915014 | $28458 | $11943472 |

---

The Company's wholly-owned projects are comprised of the rights to explore the mineral claims and tenures at various stages of exploration. Unless otherwise noted they are not subject to any option or sale agreements. Certain of the claims are subject to a net smelter returns royalty ("NSR"), as detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **San Luis Project** 

The San Luis Project is a gold-silver exploration property located in the Ancash department of central Peru. SSR Mining and Esperanza Resources Corp ("Esperanza") jointly established Reliant Ventures S.A.C. to develop the project. In 2011, SSR Mining acquired Esperanza's interest in the San Luis project, consolidating full ownership of the project under SSR Mining.

On May 23, 2024, The Company acquired the project from SSR Mining, through the purchase of 100% of the shares of Reliant Ventures S.A.C., which holds the rights to the San Luis Project. As part of the acquisition agreement, the Company paid SSR Mining an initial cash payment of US$5,000,000 ($6,978,100) and agreed to pay up to US$37,500,000 in contingent consideration upon the achievement of specific project milestones. These milestones include the commencement of drilling, completion of a feasibility study, and milestones related to commercial production.

In June 2025, the Company made a payment of US$1,250,000 (approximately $1,705,000) to SSR Mining related to the achievement of the first milestone for the commencement of an initial drilling program in June 2025. The second milestone payment of US$1,250,000 (approximately $1,740,125), which is payable on the first anniversary of the commencement of the initial drilling program, is expected to be paid in June 2026.

Other potential milestone payments (milestones 3 to 6 that are related to the completion of a feasibility study and reaching commercial production), which could increase the total contingent consideration to up to US$37,500,000, are not recognized due to the current uncertainty in their likelihood.

Additionally, SSR Mining retained a 4% net smelter return ("NSR") on the project. The Company has the option to buy back 2% of this royalty for US$15,000,000 at any time prior to the commencement of mine construction.

In addition to the 4% NSR granted to SSR Mining, the San Luis Project is also subject to a 1% NSR on 24 claims payable to Esperanza and a 1% NSR on 2 claims to Metalla Royalty & Streaming Ltd.

In May 2025, through its wholly owned subsidiary, Reliant Venture S.A.C, the Company staked an additional 6 concessions covering 5,100 hectares in the overall project area for cash payment of $22,349.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **La Estrella** 

On August 10, 2021, the Company purchased from Compania Minera Ares S.A.C. mining claims known as the Estrella claims located in central Peru in consideration for a cash payment of $3,701 (US$2,700) and a 2% NSR. The Company, at its sole discretion and at any time may purchase 50% of the NSR for a consideration of US$200,000 and the remaining 50% for a consideration of US$300,000.

The Estrella 002 concession was acquired via auction with the Peruvian Mining Authority for consideration of US$31,000 (paid).

In addition, the Company has acquired the La Estrella project database including diamond drill core, assay results and laboratory certificates from Alianza Minerals Ltd. in consideration for the payment of $15,000 (paid) and the issuance of 37,500 common shares (issued).

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**6.** **RECLAMATION PROVISION** 

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025 | September 30,<br> 2024 |
| Balance, start of period | $492426 | $– |
| Acquisition of Reliant Ventures S.A.C. |  | 468180 |
| Additions | 31019 |  |
| Accretion | 23877 | 8237 |
| Settlement | (5569) |  |
| Change in estimate | 48960 |  |
| Foreign exchange adjustment | 43438 | 16009 |
| Balance, end of period | $634151 | $492426 |

---

The reclamation provision represents the estimated costs for restoration and rehabilitation for environmental disturbances estimated to be incurred in the year 2027. The total undiscounted estimated cash flows required to settle these obligations as at September 30, 2025, are $641,419 (September 30, 2024 – $573,958), which have been inflated at the rate of 1.98% per annum (September 30, 2024 – 1.98%) and discounted at the rate of 3.85% (September 30, 2024 – 5.25%).

**7.** **SHARE CAPITAL** 

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Share Capital** 

Authorized: Unlimited common shares, with no par value

Issued and fully paid: 128,580,687 (September 30, 2024 – 81,221,620)

**Transactions for the issue of share capital during the twelve months ended September 30, 2025:**

● On September 29, 2025, the Company closed its previously announced bought deal public offering, pursuant to which the Company sold 23,000,000 common shares of the Company at a price of $3.75 per common share for aggregate gross proceeds of $86,250,000. The Company incurred issuance costs of $4,715,510 in connection with the financing.

● On September 29, 2025, upon the exercise of common share purchase warrants, 50,000 common shares were issued at $0.15 per share for proceeds of $7,500.

● On September 15, 2025, upon the exercise of common share purchase warrants, 50,000 common shares were issued at $0.15 per share for proceeds of $7,500.

● On August 27, 2025, upon the exercise of common share purchase warrants, 9,702 common shares were issued at $0.15 per share for proceeds of $1,455.

● On June 12, 2025, upon the exercise of common share purchase warrants, 500,000 common shares were issued at $0.15 per share for proceeds of $75,000.

● On April 15, 2025, upon the exercise of common share purchase warrants, 100,000 common shares were issued at $0.15 per share for proceeds of $15,000.

● On March 12, 2025, the Company issued 150,000 common shares through the exercise of stock options. This issuance resulted from the exercise of 15,000 stock options at an exercise price of $0.54 per share, 50,000 stock options at an exercise price of $0.55 per share and 85,000 stock options at an exercise price of $0.60 per share.

● On March 11, 2025, the Company closed its previously announced bought deal private placement, pursuant to which the Company sold 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the underwriters' option of 3,000,000 shares. The Company incurred issuance costs of $2,163,272 in connection with the financing.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

● On October 18, 2024, the Company issued 474,365 common shares through the cashless exercise of stock options. This issuance resulted from the exercise of 575,000 stock options at an exercise price of $0.42 per share and 675,000 stock options at an exercise price of $0.55 per share.

● On October 9, 2024, upon the exercise of common share purchase warrants, 25,000 common shares were issued at $0.15 per share for proceeds of $3,750.

**Transactions for the issue of share capital during the twelve months ended September 30, 2024:**

● On August 8, 2024, the Company issued 75,000 common shares with a fair value of $46,500 to the CEO as a performance bonus. Additionally, 146,923 common shares with a fair value of $91,094 were issued as restructuring payment to a former director for the cancellation of 450,000 stock options.

● On May 24, 2024, upon the exercise of common share purchase warrants, 25,000 common shares were issued at $0.15 per share for proceeds of $3,750.

● On May 8, 2024, the Company completed an offering of 20,514,222 common shares of the Company at a price of $0.45 per share for gross proceeds of $9,231,400. The Company incurred $24,500 in share issue costs in respect of this financing.

● On October 19, 2023, the Company completed financing whereby 30,000,000 units were issued at $0.10 per unit for gross proceeds of $3,000,000. Each unit is comprised of one common share and one warrant exercisable at a price of $0.15 per share for a period of 3 years from the date of issuance. The Company incurred $43,443 in share issue costs in respect of this financing.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Stock options** 

For the three and twelve months ended September 30, 2025, the Company recognized a share-based compensation expense included in general and administrative expenditures of $482,489 and $2,062,683, respectively (three and twelve months ended September 30, 2024 – $31,621 and $630,626, respectively). The following table shows the change in stock options during the twelve months ended September 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the twelve months ended <br> September 30, 2025 | For the twelve months ended <br> September 30, 2025 | For the twelve months ended <br> September 30, 2024 | For the twelve months ended <br> September 30, 2024 |
|  | Number of<br> options | Weighted<br> average<br> exercise price | Number of<br> options | Weighted<br> average<br> exercise price |
| Balance, start of period | 2575000 | $0.52 | 1625000 | $0.51 |
| Granted | 6020000 | 0.87 | 1737500 | 0.56 |
| Exercised | (1400000) | 0.50 |  |  |
| Forfeited/expired/cancelled | (100000) | 0.42 | (787500) | 0.58 |
| Balance, end of period | 7095000 | $0.83 | 2575000 | $0.52 |

---

The assumptions used in the Black-Scholes option pricing model for the options granted in the twelve months ended September 30, 2025, and 2024 were as follows.

---

| | | |
|:---|:---|:---|
| Weighted average | 2025 | 2024 |
| Exercise price per share issuable | $0.87 | $0.56 |
| Expected term (years) | 5 | 3 |
| Volatility | 91% | 125% |
| Expected dividend yield |  |  |
| Risk-free interest rate | 2.39% | 2.90% |
| Weighted average fair value per share | 0.61 | 0.36 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

The following is a summary of the Company's outstanding and exercisable stock options as at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Outstanding | Outstanding | Outstanding | Outstanding | Exercisable | Exercisable |
| Expiry date | Exercise<br> price | Number of<br> options | Weighted<br> average<br> remaining<br> contractual life<br> (years) | Number of<br> options | Weighted<br> average<br> remaining<br> contractual life <br> (years) |
| November 3, 2026 | $0.60 | 112500 | 1.09 | 112500 | 1.09 |
| March 1, 2027 | 0.60 | 50000 | 1.42 | 50000 | 1.42 |
| March 12, 2027 | 0.55 | 637500 | 1.45 | 637500 | 1.45 |
| September 20, 2027 | 0.78 | 100000 | 1.97 | 40000 | 1.97 |
| March 3, 2028 | 0.42 | 175000 | 2.42 | 175000 | 2.42 |
| October 21, 2029 | 0.80 | 4370000 | 4.06 | 700000 | 4.06 |
| January 2, 2030 | 1.04 | 1600000 | 4.26 |  | 4.26 |
| April 7, 2030 | 1.90 | 50000 | 4.52 | – | 4.52 |
|  | $0.83 | 7095000 | 3.74 | 1715000 | 2.60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Warrants** 

As an incentive to complete a private placement, the Company may issue units which include common shares and common share purchase warrants. Using the residual value method, the Company determines whether a value should be allocated to the warrants attached to private placement units. Finders' warrants may be issued as a private placement share issue cost and are valued using the Black-Scholes option pricing model.

A continuity of the Company's warrants is as follows:

---

| | | |
|:---|:---|:---|
|  | Number of<br> warrants | Weighted<br> average<br> exercise price |
| Outstanding, September 30, 2023 |  | $– |
| &nbsp;&nbsp;&nbsp;Issued | 30000000 | 0.15 |
| &nbsp;&nbsp;&nbsp;Exercised | (25000) | 0.15 |
| Outstanding, September 30, 2024 | 29975000 | $0.15 |
| &nbsp;&nbsp;&nbsp;Exercised | (734702) | 0.15 |
| Outstanding, September 30, 2025 | 29240298 | $0.15 |

---

The remaining contractual life (years) of the outstanding warrants is 1.05 years.

**8.** **RELATED PARTY TRANSACTIONS** 

**Key management personnel**

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprises the Company's President and Chief Executive Officer, Chief Financial Officer, President Peru, Senior Vice President Corporate Affairs and Corporate Secretary and Directors.

Key management compensation for the three and twelve months ended September 30, 2025, and 2024 is comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Share-based compensation | $368370 | $8287 | $1703527 | $567552 |
| Salaries and benefits | 321081 |  | 1035161 |  |
| Professional fees | – | 184117 | 156605 | 573620 |
|  | $689451 | $192404 | $2895293 | $1141172 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

Professional fees relate to the following related party transactions with the Company or Company controlled entities during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Stephen Brohman was the Company's CFO until January
2, 2025. He is a principal of Donaldson Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
DBM CPA provided the Company with accounting and tax services.

&nbsp;&nbsp;&nbsp;&nbsp;(b) David Fincham was appointed as the Company's CEO effective
October 2022 to October 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Dr. Leandro Echavarria was the Company's VP of Exploration
until January 7, 2025. He has significant influence of LE Geological Services USA. that provided geological services to the Company.

As of September 30, 2025, there were no outstanding amounts receivable from or payable to the key management personnel noted above. As of September 30, 2024, accounts payable and accrued liabilities included $45,468 due to key management personnel referred to above.

**Related party arrangement**

In October 2024, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies (Titan Mining Corporation, Augusta Gold Corp. and Armor Minerals Inc.) related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by the related companies. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. All of the parties have jointly entered into a rental agreement for office space. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments if the Company's participation in the arrangement was terminated on September 30, 2025, was approximately $738,100 (September 30, 2024 – $nil), determined based on the Company's average share of rent paid since the date the Company entered into the arrangement in October 2024.

The Company was charged for the following with respect to these arrangements in the three and twelve months ended September 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $582571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1888845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Office and other | 134262 |  | 486661 |  |
| Filing and regulatory fees | 158 |  | 297 |  |
| Marketing and travel | 4526 | – | 17935 | – |
|  | $721517 | $– | $2393738 | $– |

---

At September 30, 2025, amounts in receivables include $29,954 due from a related party (September 30, 2024 – $nil) with respect to this arrangement.

All related party balances are unsecured and are due within thirty days without interest.

**9.** **SUPPLEMENTAL CASH FLOW INFORMATION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Non-cash investing and financing activities: |  |  |  |  |
| Reclassification of commitment to issue shares | $– | $– | $46319 | $– |
| Fair value reversal for expiry of stock options |  |  | (14733) | (291893) |
| Accrued share issuance costs | (282857) | – | (282857) | – |
|  | $(282857) | $– | $(251271) | $(291893) |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**10.** **SEGMENTED INFORMATION** 

The Company has determined that it has one operating segment, being the exploration of mineral properties. Information about the Company's non-current assets by jurisdiction is detailed below:

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025 | September 30,<br> 2024 |
| Peru | $12529617 | $11002190 |
| Canada | 5381 | – |
|  | $12534998 | $11002190 |

---

**11.** **EXPLORATION EXPENDITURES** 

The Company's exploration expenditures by activity are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Assay and analysis | $209108 | $– | $311871 | $– |
| Community relations | 94395 |  | 161315 |  |
| Concession fees |  |  | 2053716 |  |
| Depreciation | 14757 | 26759 | 28183 | 29608 |
| Drilling and drilling related costs | 275906 |  | 468478 |  |
| Environmental, regulatory & permitting | 34203 |  | 52579 |  |
| Geological & geophysical investigations | 609 | 54021 | 36740 | 322377 |
| Reclamation provision | 38611 |  | 79450 |  |
| Salaries, contractors & project administration | 1312751 | 465880 | 2809237 | 994321 |
| Site preparation, camp & field expenses | 906204 | 43581 | 1507901 | 86289 |
| Studies | 9809 | – | 17082 | – |
|  | $2896353 | $590241 | $7526552 | $1432595 |

---

The Company's exploration expenditures are incurred in Peru.

**12.** **GENERAL AND ADMINISTRATIVE EXPENDITURES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Filing and regulatory fees | $6301 | $15919 | $305019 | $51230 |
| Marketing and travel | 112521 |  | 264409 | 9177 |
| Office and other | 142721 | 16226 | 552380 | 82792 |
| Professional fees | 182910 | 307237 | 647137 | 774192 |
| Salaries and benefits | 579211 | 137594 | 1777039 | 137594 |
| Share-based compensation | 482489 | 31621 | 2062683 | 630626 |
|  | $1506153 | $508597 | $5608667 | $1685611 |

---

**13.** **WRITE-OFF OF RECEIVABLES** 

In 2019, a predecessor entity of Reliant Venture S.A.C, a subsidiary of the Company, remitted a payment of S/445,862 ($172,994) to SUNAT, the Peruvian tax authority, for penalties and interest following an audit of its 2015 income tax return. The Company recognized a receivable in respect of this amount, based on its assessment that it was recoverable through successful legal challenge. The Company subsequently filed a claim challenging the assessment, which was denied by SUNAT and upheld by the Peruvian Tax Court on appeal. In February 2024, the Company initiated further legal proceedings with the Superior Court of Justice of Lima, seeking to annul the Tax Court's decision. While the legal proceedings remain ongoing, the Company has determined that, given the uncertainty and expected duration of the legal process, recovery is no longer probable in the near term. Accordingly, the full amount of S/445,862 ($172,994) has been written off during the previous quarter.

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**14.** **FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT** 

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's financial assets.

The Company is primarily exposed to credit risk on its cash and cash equivalents, receivables, reclamation deposit and value-added tax receivable. Credit risk exposure is limited through maintaining its cash with high-credit quality financial institutions. The carrying value of these financial assets of $103,014,239 represents the maximum exposure to credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Fluctuations in market rates do not have a significant impact on the Company's operations. For the three and twelve months ended September 30, 2025, and 2024, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Liquidity risk** 

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

On September 30, 2025, the Company had contractual cash flow commitments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | < 1 Year | 1-3 Years | Total |
| Accounts payable and accrued liabilities | $1826740 | $– | $1826740 |
| Consideration payable | 1740125 |  | 1740125 |
| Office rent obligations | 446000 | 293200 | 739200 |
|  | $4012865 | $293200 | $4306065 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Foreign currency risk** 

The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. On September 30, 2025, the Company had not entered into any contracts to manage foreign exchange risk.

The functional currency of the Company and its subsidiaries is the Canadian dollar and the Peruvian soles, respectively, therefore, the Company is exposed to currency risk from the assets and liabilities denominated in the US dollar. As at September 30, 2025, cash and cash equivalents of $234,984 (September 30, 2024 – $304,052), reclamation deposit of $60,630 (September 30, 2024 – $59,052), receivables of $588 (September 30, 2024 – $19,312), consideration payable of $1,740,125 (September 30, 2024 – $3,374,750), and accounts payable and accrued liabilities of $729,015 (September 30, 2024 – $167,283) are denominated in the US dollar. For the twelve months ended September 30, 2025, if the US dollar to the Canadian dollar and the Peruvian soles currency exchange rate changes by 10% with all other variables held constant, the impact on the Company's net loss is $217,366 (twelve months ended September 30, 2024 – $315,967).

---

| |
|:---|
| **Highlander Silver Corp.** |
| Notes to the Condensed Consolidated Interim Financial Statements |
| For the three and twelve months ended September 30, 2025 and 2024 |
| (Unaudited – in Canadian Dollars, unless otherwise noted) |

---

**15.** **COMMITMENTS** 

The Company is committed to payments for office leases premises through 2027 in the total amount of approximately $739,200 based on the Company's current share of rent paid. Payments by fiscal year are:

---

| | |
|:---|:---|
| 2025 | $111500 |
| 2026 | 427000 |
| 2027 | 200700 |

---

**16.** **SUBSEQUENT EVENT** 

On October 17, 2025, pursuant to the bought deal public offering of common shares of the Company which closed on September 29, 2025, the underwriters exercised their over-allotment option in full to purchase an additional 2,330,000 common shares of the Company at a price of $3.75 per common share for aggregate gross proceeds of $8,737,500. The Company incurred total share issuance costs of $437,749 for net proceeds of $8,299,751.

## Exhibit 99.57

**Exhibit 99.57**

![](ex99-57_001.jpg)

**Highlander Silver Corp.** 

Management's Discussion and Analysis

For the three and twelve months ended September 30, 2025 and 2024

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**INTRODUCTION**

This Management's Discussion and Analysis ("MD&A") of Highlander Silver Corp. (the "Company" or "Highlander") provides information on the Company's business activities, financial condition, financial performance, cash flows and outlook for the three and twelve months ended September 30, 2025, with comparative information for the three and twelve months ended September 30, 2024. This MD&A is dated November 12, 2025 and takes into account information available up to and including that date.

The Company reports its financial position, financial performance and cash flows in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). This MD&A should be read in conjunction with the Company's condensed consolidated interim financial statements for the three and twelve months ended September 30, 2025 and the annual consolidated financial statements for the year ended September 30, 2024, which are available on the Company's website at www.highlandersilver.com and on the SEDAR+ website at www.sedarplus.ca. Additional information relating to the Company, including the Company's Annual Information Form, is also set out on the SEDAR+ website at www.sedarplus.ca.

All dollar amounts reported herein are expressed in Canadian dollars unless otherwise indicated.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION**

This document includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue", "estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in herein include, but are not limited to: statements regarding the Company's exploration and development plans and goals at San Luis, including specific phases, plans, timing, costs, results thereof, and other disclosure set out under "Exploration Plans" herein; the Company's plan for the San Luis Project is to advance the project through integrated exploration, environmental and community development programs; the Company's aim of employing its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs; specific timing and costs of the Company's proposed exploration program, including timing and cost of implementing Phase 2 as recommended in the Technical Report; intended use of proceeds from the offerings; the Company, upon approval from its Board of Directors, intends to balance its overall capital structure through a combination of equity financing and/or other forms of financing; and that the Company's planning and budgeting will ensure the Company has appropriate liquidity to meet its business activities, including planned corporate expenditures, exploration expenses, as well as the development activities for the San Luis Project.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks related to the business of the Company; the ability of the Company to raise sufficient capital; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of precious and base metals; accidents; global outbreaks and contagious diseases (including COVID-19); business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; adverse claims made by local communities; changes in commodity prices; unanticipated exploration and development challenges (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); adverse weather conditions; political risk and social unrest; changes in interest and currency exchange rates; and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

These forward-looking statements were derived using numerous assumptions, including assumptions regarding general business and economic conditions; the Company's ability to develop and maintain relationships with local communities; commodity prices; anticipated costs and expenditures; the Company's ability to advance exploration efforts at San Luis and La Estrella; and the results of such exploration efforts. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any forward-looking statements, no inference should be drawn that we will make additional updates with respect to other forward-looking statements. All forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.

**DESCRIPTION OF BUSINESS**

Highlander is primarily focused on advancing the bonanza grade San Luis gold-silver project located adjacent to the past-producing Pierina mine in Central Peru (the "San Luis Project"). San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and Inferred Mineral Resources of 8 koz Au at 4.9 g/t Au and 336 koz Ag at 202 g/t Ag.

Highlander is listed on the Toronto Stock Exchange (the "TSX") under the ticker symbol "HSLV".

**HIGHLIGHTS AND ACTIVITIES**

The following activities and developments were achieved during the quarter:

On July 29, 2025, Highlander reported assay results from the first seven holes drilled to test a conceptual open pit target along a ridgeline where the Bonita vein system is exposed 10 km to the south of the Ayelen underground deposit at its San Luis Project. The first seven holes follow up on and step out from two historical holes (BOD-001 and BOD-002), with every new hole returning high-grade gold-silver mineralization over a broad width from near surface.

Highlights include:

● BOD-007, which returned 20.0m of 3.78 g/t Au and 12.31 g/t Ag from 4.0m downhole;

● BOD-008, which returned 23.1m of 4.92 g/t Au and 16.56 g/t Ag from 4.7m downhole; and

● BOD-009, which returned 47.8m of 1.87 g/t Au and 13.49 g/t Ag from surface.

On September 16, 2025, Highlander reported assay results from the second series of holes designed to test the expanding Bonita vein system, which include some of the highest gold grades encountered to date. The Company also announced that a magnetic survey undertaken with two quadcopter drones has been completed, covering approximately 5,000 hectares in the Bonita area. The goal of the survey is to map structural features under cover to the west and in rugged topography to the east.

Highlights include:

● BOD-013, which was drilled from a step-out platform to the southeast of prior drilling and returned 24.8m of 7.43 g/t Au and 16.45 g/t Ag from 28.7m downhole;

● BOD-010, which returned 40.4m of 3.42 g/t Au and 16.93 g/t Ag from surface to the southeast of prior drilling from a platform at the edge of soils that may cover the extent of the vein system to the west;

● BOD-014 was drilled from a step-out platform to the southeast of BOD-010 and returned 19.1m of 3.50 g/t Au and 11.57 g/t Ag from 37.7m downhole; and

● BOD-015, the southeasternmost hole drilled to date, returned 23.7m of 3.31 g/t Au and 9.60 g/t Ag from 34.3m downhole, with the zone remaining open in this direction.

On September 29, 2025, Highlander announced that it closed its bought deal public offering, pursuant to which the Company issued 23,000,000 common shares of the Company at a price of $3.75 per common share for aggregate gross proceeds of $86,250,000 (the "Public Offering").

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**Subsequent events**

On October 6, 2025, Highlander reported assay results from the third series of holes into the expanding Bonita vein system which includes the discovery of a new zone called Kusy that has returned the highest grades of gold and silver reported to date. The Kusy discovery is the result of the first drilling on the eastern flank of the Bonita vein system exposure and consists of breccias and fine quartz vein fragments similar to the mineralization encountered in drilling on the western exposure. The Company also reported that results are being processed from a magnetic geophysical survey undertaken by dual quadcopters aimed at mapping the full extent of the Bonita vein system under cover to the west and in rugged topography to the east and northeast.

Highlights include:

● BOD-021, targeting the central portion of Kusy approximately 150m to the northeast of previously reported drilling, returned 23.6m of 15.56 g/t Au and 74.49 g/t Ag from 8.8m downhole;

● BOD-019, tested the Kusy zone from a platform to the northwest of BOD-021, and returned 7.4m of 8.10 g/t Au and 6.55 g/t Ag from 48.4m downhole;

● BOD-018 was drilled into the western exposure from a step-out platform to the southeast of previously reported BOD-015 (23.7m of 3.31 g/t Au and 9.60 g/t Ag) and returned 10.1m of 3.81 g/t Au and 7.72 g/t Ag from 32.3m downhole.

On October 17, 2025, Highlander announced that further to the Public Offering which closed on September 29, 2025, the underwriters exercised their over-allotment option (the "Over-Allotment Option") in full, to purchase an additional 2,330,000 common shares at a price of $3.75 per common share. Upon closing of the Over-Allotment Option, the Company received additional gross proceeds of $8,737,500, resulting in total gross proceeds from the Offering of $94,987,500.

**MINERAL PROPERTIES AND OUTLOOK**

**<u>San Luis</u>**

The San Luis Project is a gold-silver exploration property located in the Ancash department of central Peru. SSR Mining Inc. ("SSR Mining") and Esperanza Resources Corp. ("Esperanza") jointly established Reliant Ventures S.A.C. to develop the project. In 2011, SSR Mining acquired Esperanza's interest in the San Luis Project, consolidating full ownership of the project under SSR Mining.

On May 23, 2024, the Company announced closing of the acquisition of the San Luis Project from SSR Mining, pursuant to the share purchase agreement between the Company and SSR Mining dated November 29, 2023, as amended (the "SPA"). The project is located in the Ancash Department, which is well-known for mining in Peru with major past and present production from the Pierina gold mine and Antamina copper-zinc mine, respectively.

San Luis currently hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and Inferred Mineral Resources of 8 koz Au at 4.9 g/t Au and 336 koz Ag at 202 g/t Ag.

The mineral resource estimate is hosted within the Ayelen vein system and is open in multiple directions. Furthermore, there are multiple targets for growth on the property given limited and focused historical drilling, and undrilled targets supported by highly anomalous (> 4 g/t Au) trenching and rock samples. The extensive land holding totaling more than 23,000 hectares has yet to be systematically explored with many structures that have not yet been sampled and extensions of vein trends under cover that have not been tested providing further exploration potential. Given this, Highlander plans to implement a comprehensive program of geological mapping, sampling, and geophysical surveys to develop a technical assessment of the discovery potential before more focused exploration on the highest priority targets.

The Company acquired the San Luis Project for upfront cash consideration of US$5,000,000 and an additional US$37,500,000 in contingent cash consideration (the "Contingent Consideration") upon completion of the following milestones in relation to the San Luis Project pursuant to the SPA:

&nbsp;&nbsp;&nbsp;&nbsp;(a) US$1,250,000 after the commencement of an initial drilling
program (this has been paid to-date);

&nbsp;&nbsp;&nbsp;&nbsp;(b) US$1,250,000 after the first anniversary of the commencement
of an initial drilling program;

&nbsp;&nbsp;&nbsp;&nbsp;(c) US$5,000,000 after the completion of a feasibility study;

&nbsp;&nbsp;&nbsp;&nbsp;(d) US$10,000,000 after the beginning of commercial production;

&nbsp;&nbsp;&nbsp;&nbsp;(e) US$10,000,000 after the first anniversary of commercial production;
and

&nbsp;&nbsp;&nbsp;&nbsp;(f) US$10,000,000 after the second anniversary of commercial
production.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

The Contingent Consideration is only accrued and payable if and when the above milestones are achieved.

Pursuant to the SPA, a 4% net smelter return royalty ("NSR") on the San Luis Project was granted to SSR Mining. At any time before the commencement of mine construction on the San Luis Project, the Company may buy back half of this royalty for US$15,000,000, which if, exercised, would reduce SSR Mining's royalty interest to 2%.

In addition to the 4% NSR granted to SSR Mining, the San Luis Project is also subject to a 1% NSR on 24 claims payable to Esperanza and a 1% NSR on 2 claims to Metalla Royalty & Streaming Ltd.

***Exploration Plans***

The Company's plan for the San Luis Project is to advance the project through integrated exploration, environmental and community development programs. The goal is to surface the resource potential of the project through exploration and undertake environmental studies to support future technical studies, permitting and evaluations of economic potential for development.

Since the acquisition of the San Luis Project in May 2024, the Company has performed field reconnaissance of the project with mapping in an area north of the Ayelen vein system that has identified new veins and continues to undertake a review of prior exploration plans and targets, particularly at the Bonita vein system, based on new integration and analysis of existing data, drill core review and field work validation.

Bonita is an epithermal gold-silver vein system hosted by a package of volcanic rocks situated 10 km south and 700 m lower in elevation than Ayelen. It is exposed in outcrop over an area of 800m by 200m and remains open in all directions.

On March 14, 2025, the Company released an updated technical report titled "Technical Report for the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng. (the "Technical Report").

On May 12, 2025, Highlander announced the commencement of infrastructure programs with the participation of its community partners to support start of exploration programs at the San Luis Project.

The Technical Report recommends a two-phase exploration plan. The Company previously initiated Phase 1 of the exploration program with detailed mapping and systematic channel sampling of the known mineralized structures at the Bonita vein system. On June 9, 2025, Highlander announced that it had commenced its maiden drilling program targeting recently sampled but previously undrilled high-grade mineralization in outcrop at the Bonita vein system using one drill rig. The Company then proceeded to map these areas with a drone-based geophysical survey, a technological breakthrough in high elevation settings. In addition, the Company has carried out prospecting, mapping and sampling at the adjacent areas to identify and follow up on additional veins, with the objective of defining further targets for drilling. As at September 30, 2025, the Company spent approximately $2.4 million through Phase 1, which is now complete.

The Company is incorporating the results of its Phase 1 exploration activities including the assay results of the drilling to-date, processing and analyzing the drone-based geophysical survey to identify permissive structural features across more than 5,000 hectares, and integrating the latest drilling and channel sample results collected in the Bonita area to design the optimal drilling campaign for the Phase 2 exploration activities. In addition, the Company is developing a 3D geological model to define the shape and orientation of the targeted structures and detailed controls on mineralization for target refinement.

 ****

***Community Relations***

The property occupies community land and developing and growing social license is a priority for Highlander. The Company is actively engaged with the communities in the direct area of influence of the San Luis Project with the aim of employing its participatory development model based on community capacity building through skill and safety training, employment, entrepreneurship, infrastructure development and environmental, cultural, health and education programs. The Company has an established presence on the property and community agreement to support its current exploration activities. Major road rehabilitation work has been completed at site and discussions are ongoing regarding further infrastructure projects.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**<u>La Estrella</u>**

The La Estrella Project is located in the Huancavelica Department, Central Peru, about 250 km ESE of Lima, on the eastern slope of the Western Cordillera. It is within the prolific Miocene polymetallic belt, approximately 34 km NNE of the Julcani Mine, which has produced over 105 million ounces of silver from high grade vein mineralization averaging 16 ounces per ton since production started by Buenaventura in 1953.

In 2023, the Company developed 3D geological models of the (Ag-Au ±Pb ±Zn ±Cu) mineralization using the available drilling information and interpreted geological controls. Potential extensions to the mineralized envelopes have been used to outline a near-surface exploration target of 15 to 35 Mt averaging between 50 and 60 g/t Ag, and 0.4 to 0.6 g/t Au, containing some 25 to 60 Moz Ag and 0.2 to 0.7 Moz Au.

The potential quantity and grade of the exploration target was determined based on 3D geological models of the Ag-Au mineralization using the available drilling information and interpreted geological controls. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

During this quarter, a new 3D geological model was developed using historical data to better understand the controls on mineralization and the directions of better grade continuity. Furthermore, the Company has continued its community engagement by meeting with local authorities and collaborating on social programs.

**<u>Alta Victoria</u>**

Following a strategic review of the Company's mineral project portfolio, and the need to focus resources on projects that have the highest probability of creating shareholder value, the decision was taken to allow the mining lease at Alta Victoria to lapse on December 4, 2023.

**<u>Politunche</u>**

Following a strategic review of the Company's portfolio, and the decision to focus resources on the highest quality projects, the Company announced the termination of its option to acquire a 100% interest in the Politunche project on July 13, 2023, effective immediately.

**<u>Exploration Expenses (Restated)</u>**

As disclosed in Note 4 of the Company's condensed consolidated interim financial statements for the three and twelve months ended September 30, 2025, the Company has voluntarily changed its accounting policy for expenditures on exploration and evaluation, with all such expenditures now expensed until the date the technical feasibility and commercial viability of extracting mineral resource are demonstrable for a project, and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining the necessary permits and licenses to develop the mineral property.

The following tables summarize exploration expenses by activity and project.

For the three months ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | San Luis | La Estrella | Total |
| Assay and analysis | $209108 | $– | $209108 |
| Community relations | 91392 | 3003 | 94395 |
| Depreciation | 14455 | 302 | 14757 |
| Drilling and drilling related costs | 275906 |  | 275906 |
| Environmental, regulatory and permitting | 34203 |  | 34203 |
| Geological and geophysical investigations | 609 |  | 609 |
| Reclamation provision | 38611 |  | 38611 |
| Salaries, contractors and project administration | 1234239 | 78512 | 1312751 |
| Site preparation, camp and field expenses | 900383 | 5821 | 906204 |
| Studies | 9809 | – | 9809 |
|  | $2808715 | $87638 | $2896353 |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

For the twelve months ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | San Luis | La Estrella | Total |
| Assay and analysis | $311871 | $– | $311871 |
| Community relations | 146994 | 14321 | 161315 |
| Concession fees | 2041585 | 12131 | 2053716 |
| Depreciation | 26996 | 1187 | 28183 |
| Drilling and drilling related costs | 468478 |  | 468478 |
| Environmental, regulatory and permitting | 52579 |  | 52579 |
| Geological and geophysical investigations | 36740 |  | 36740 |
| Reclamation provision | 79450 |  | 79450 |
| Salaries, contractors and project administration | 2596054 | 213183 | 2809237 |
| Site preparation, camp and field expenses | 1477425 | 30476 | 1507901 |
| Studies | 17082 | – | 17082 |
|  | $7255254 | $271298 | $7526552 |

---

For the three months ended September 30, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Alta Victoria<br> (Restated) | Politunche<br> (Restated) | San Luis<br> (Restated) | La Estrella<br> (Restated) | Total<br> (Restated) |
| Depreciation | $– | $– | $26759 | $– | $26759 |
| Geological and geophysical investigations | 22706 |  | 13225 | 18090 | 54021 |
| Salaries, contractors and project administration | 1470 | 4 | 347121 | 117285 | 465880 |
| Site preparation, camp and field expenses | 490 | – | 39703 | 3388 | 43581 |
|  | $24666 | $4 | $426808 | $138763 | $590241 |

---

For the twelve months ended September 30, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Alta Victoria<br> (Restated) | Politunche<br> (Restated) | San Luis<br> (Restated) | La Estrella<br> (Restated) | Total<br> (Restated) |
| Depreciation | $– | $– | $26759 | $2849 | $29608 |
| Geological and geophysical investigations | 30383 |  | 137884 | 154110 | 322377 |
| Salaries, contractors and project administration | 151218 | 2278 | 429145 | 411680 | 994321 |
| Site preparation, camp and field expenses | 19993 | – | 39703 | 26593 | 86289 |
|  | $201594 | $2278 | $633491 | $595232 | $1432595 |

---

The increase in exploration expenses to $2,896,353 and $7,526,552 for the three and twelve months ended September 30, 2025, respectively, from $590,241 and $1,432,595 for the three and twelve months ended September 30, 2024, respectively, was primarily driven by the increase of exploration activities, including drilling, at the San Luis Project that the Company acquired in May 2024. This increase was offset by reduced exploration activities at Alta Victoria, Politunche and La Estrella as the Company concentrated its efforts on advancing the San Luis Project.

Concession fees were higher for the twelve months ended September 30, 2025, compared to the same period in 2024, mainly due to the catch-up payment of concession fees for the San Luis Project in June 2025.

Drilling and drilling related costs were higher for the three and twelve months ended September 30, 2025, compared to the same periods in 2024, mainly due to the drilling program at the Bonita vein system, where the Company reported strong assay results confirming high-grade gold-silver mineralization and the extension of the vein system through step-out drilling.

Salaries, contractors and project administration were higher for the three and twelve months ended September 30, 2025, compared to the same periods in 2024, mainly related to the addition of personnel and contractors to support the operating activities and the drilling program at the San Luis Project.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

The increase in site preparation, camp, and field expenses aligns with the ramp-up in exploration activities at the San Luis Project, driven by higher costs related to road maintenance, site travel, and the procurement of supplies and materials.

The decrease in geological and geophysical investigation expenses for the three and twelve months ended September 30, 2025, is primarily due to timing of incurring these expenses, which are expected in the next six months.

**LOSS FROM OPERATIONS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | 2025 | 2024<br> (Restated) | 2025 | 2024<br> (Restated) |
| Exploration expenses | $2896353 | $590241 | $7526552 | $1432595 |
| General and administrative expenses | 1506153 | 508597 | 5608667 | 1685611 |
| Loss from operations | 4402506 | 1098838 | 13135219 | 3118206 |
| Gain on disposal of equipment |  | (20) | (137294) | (11847) |
| Finance cost | 5447 | 8237 | 237243 | 8237 |
| Interest and other income | (174238) | (57131) | (509733) | (152663) |
| Foreign exchange loss | 46352 |  | 181486 |  |
| Write-off of mineral property interests |  | 62 |  | 36722 |
| Write-off of receivables | – | 86540 | 182052 | 86540 |
| Net loss | $4280067 | $1136526 | $13088973 | $3085195 |

---

**Three Months Ended September 30, 2025, Compared to Three Months Ended September 30, 2024**

The Company incurred loss from operations of $4,402,506 for the three months ended September 30, 2025 (September 30, 2024 – $1,098,838). The increase is due to the following factors:

● An increase in exploration expenses of $2,896,353 for the three months ended September 30, 2025 (September 30, 2024 – $590,241) from the increase in exploration activities at the San Luis Project, which was acquired by the Company in May 2024. During the three months ended September 30, 2025, the Company incurred higher exploration costs, including assay and analysis, drilling and drilling related costs, salaries, contractor and project administration costs and site preparation, camp and field expenses in order to support the ongoing operations at the San Luis Project.

● General and administrative ("G&A") expenses increased to $1,506,153 for the three months ended September 30, 2025, compared to $508,597 for the same period in 2024. The net increase was primarily driven by the following:

Marketing and travel expenses: Increased to $112,521 (September 30, 2024 – $nil) due to additional travel required to support operational activities at the San Luis Project and increased investor relations activities to enhance the Company's market presence.

Office and other expenses: Increased to $142,721 (September 30, 2024 – $16,226), mainly reflecting higher office rent attributed to the expansion of the corporate team following the San Luis Project acquisition in May 2024.

Salaries and benefits: Increased to $579,211 (September 30, 2024 – $137,594), reflecting the expansion of the corporate team following the acquisition of the San Luis Project in May 2024.

Share-based compensation: Increased to $482,489 (September 30, 2024 – $31,621) due to new stock options granted during 2025.

Professional fees: Decreased to $182,910 (September 30, 2024 – $307,237), mainly due to higher property investigation expenses incurred in the prior period compared to the current period, as well as professional service fees paid to key management personnel in the prior period.

● Interest and other income increased to $174,238 for the three months ended September 30, 2025, compared to $57,131 for the same period in 2024. The increase was primarily due to higher interest income earned from increased cash balances.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**Twelve Months Ended September 30, 2025, Compared to Twelve Months Ended September 30, 2024**

The Company incurred loss from operations of $13,135,219 for the twelve months ended September 30, 2025 (September 30, 2024 – $3,118,206). The increase is due to the following factors:

● Exploration expenses rose to $7,526,552 for the twelve months ended September 30, 2025 (September 30, 2024 – $1,432,595), primarily driven by an increase in exploration activities at the San Luis Project, which was acquired by the Company in May 2024. During this period, the Company undertook initial fieldwork, including geological mapping, sampling, and site preparation. Additionally, the Company made a catch-up payment of concession fees and incurred costs related to camp and field operations, salaries, contractor services, and project administration. The increase was further amplified by the Company's drilling campaign which commenced in June 2025 at its San Luis Project, focusing on the Bonita vein system.

● G&A expenses increased to $5,608,667 for the twelve months ending September 30, 2025, compared to $1,685,611 in the same period in 2024. The net increase was primarily driven by the following:

Marketing and travel expenses: Increased to $264,409 (September 30, 2024 – $9,177) due to additional travel required to support operational activities at the San Luis Project and increased investor relations activities to enhance the Company's market presence.

Office and other expenses: Increased to $552,380 (September 30, 2024 – $82,792), mainly reflecting higher office rent attributed to the expansion of the corporate team following the San Luis Project acquisition in May 2024.

Salaries and benefits: Increased to $1,777,039 (September 30, 2024 – $137,594), reflecting the expansion of the corporate team following the acquisition of the San Luis Project in May 2024.

Share-based compensation: Increased to $2,062,683 (September 30, 2024 – $630,626) due to new stock options granted during 2025.

Filing and regulatory fees: Increased to $305,019 (September 30, 2024 – $51,230) due to the Company's listing on the TSX.

Professional fees: Decreased to $647,137 (September 30, 2024 – $774,192), mainly due to higher property investigation expenses incurred in the prior period compared to the current period, as well as professional service fees paid to key management personnel in the prior period.

● Interest and other income increased to $509,733 for the twelve months ended September, 2025, compared to $152,663 for the same period in 2024. The increase was primarily due to higher interest income earned from increased cash balances.

● The gain on disposal of equipment of $137,294 for the twelve months ended September 30, 2025, was attributed from the sale of a vehicle and various equipment items, which were no longer in use. These assets had a net book value of zero at the time of sale.

● Finance costs increased to $237,243 for the twelve months ended September 30, 2025 (September 30, 2024 – $8,237). The increase was primarily driven by expenses associated with the filing of a base shelf prospectus and at-the-market financing program in April 2025.

● The write-off of receivables of $182,052 for the twelve months ended September 30, 2025 (September 30, 2024 – $86,540) was primarily due to the write-off of $172,994 in a receivable from SUNAT (the tax authority in Peru), related to penalties and interest paid in 2019 by a predecessor entity of the San Luis Project following an audit of its 2015 income tax return. The Company initially recognized a receivable in respect of this amount, based on its assessment that it was recoverable through successful legal challenge. The Company subsequently filed a claim challenging the assessment, which was denied by SUNAT and upheld by the Peruvian Tax Court on appeal. In February 2024, the Company initiated further legal proceedings with the Superior Court of Justice of Lima, seeking to annul the Tax Court's decision. During the three months ended March 31, 2025, the Company reassessed the recoverability of the receivable. Although legal proceedings to annul the Peruvian Tax Court's decision denying the claim remain ongoing, the Company concluded that, due to the uncertainty and expected duration of the process, recovery was no longer probable in the near term. As a result, the full amount was written off during the period.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**SUMMARY OF QUARTERLY RESULTS**

The Company's quarterly financial statements are reported under IFRS as issued by the IASB, as applicable to interim financial reporting. The following table provides highlights from the quarterly results of the Company's unaudited condensed consolidated interim financial statements for the past eight quarters.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025<br> Q4 | 2025<br> Q3 | 2025<br> Q2 | 2025<br> Q1<br> (Restated) |
| Loss from operations | $(4402506) | $(5189474) | $(2010730) | $(1532509) |
| Net loss | (4280067) | (4962735) | (2207136) | (1639035) |
| Total comprehensive loss | (3875153) | (5179602) | (1979702) | (1116109) |
| Net loss per share – basic and diluted | $(0.04) | $(0.05) | $(0.03) | $(0.02) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024<br> Q4<br> (Restated) | 2024<br> Q3<br> (Restated) | 2024<br> Q2<br> (Restated) | 2024<br> Q1<br> (Restated) |
| Loss from operations | $(1098838) | $(410142) | $(1065815) | $(543411) |
| Net loss | (1136526) | (358608) | (1001067) | (588994) |
| Total comprehensive loss | (548771) | (1216549) | (1101449) | (587258) |
| Net loss per share – basic and diluted | $(0.01) | $(0.00) | $(0.02) | $(0.01) |

---

The successive increase in loss from operations from the third quarter of 2024 to the third quarter of 2025 is mainly related to the increased exploration and operating activities at the San Luis Project following its acquisition by the Company in May 2024. This included costs related to concession fees, drilling and drilling related cots, salaries, contractor fees, and project administration and site preparation, as well as camp and field operations. The commencement of the drilling program at the Bonita vein system further contributed to the increase. G&A expenses also increased in Q3 of 2025 primarily due to higher marketing and travel expenses supporting San Luis project and increased investor relations activities to enhance the Company's market presence, higher office expenses reflecting higher office rent, increased salary costs from expanding the corporate team after acquiring the San Luis Project, and higher share-based compensation from new stock option grants in 2025. The decrease in loss from operations in the fourth quarter of 2025 from the previous quarter is mainly due to timing of incurring certain exploration expenses to align with operational planning.

The increase in net loss in the fourth quarter of 2024 from the preceding reflects additional impairment losses recognized on the Alta Victoria and Politunche properties.

The increase in loss from operations and net loss in the second quarter of 2024 is mainly related to an increase in stock-based compensation due to the granting of new options to consultants in March 2024.

The change in total comprehensive loss is related to the foreign currency translation for the respective periods.

**LIQUIDITY AND CAPITAL RESOURCES**

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025 | September 30,<br> 2024 |
| Cash and cash equivalents | $102425229 | $2500894 |
| Receivables | 93968 | 275000 |
| Prepaids and other | 220672 | 25536 |
| Value-added tax receivable | 185609 | 15357 |
| Accounts payable and accrued liabilities | 1826740 | 372481 |
| Consideration payable | 1740125 | 1687375 |
| Total current assets | 102925478 | 2816787 |
| Total current liabilities | $3566865 | $2059856 |

---

On March 11, 2025, the Company closed a bought deal private placement (the "Private Placement"), pursuant to which the Company issued 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the underwriters' option of 3,000,000 shares. The Company incurred total share issuance costs of $2,163,272 for net proceeds of $30,036,728.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

On September 29, 2025, the Company closed its Public Offering, pursuant to which the Company issued 23,000,000 common shares of the Company at a price of $3.75 per common share for aggregate gross proceeds of $86,250,000. The Company incurred total share issuance costs of $4,715,510, of which $282,857 was included in accounts payable and accrued liabilities as of September 30, 2025, for net proceeds of $81,534,490.

In connection with the Public Offering, the Company granted the underwriters the Over-allotment Option, to purchase up to an additional 2,330,000 common shares, at a price of $3.75 per common share, for 30 days from the closing date of the offering. Subsequent to the reporting date, the Over-allotment Option was exercised in full, providing gross proceeds of $8,737,500 and incurring a total of $437,749 in share issuance costs for net proceeds of $8,299,751.

Cash used in operating activities during the three and twelve months ended September 30, 2025, was $3,745,085 and $10,540,333, respectively (September 30, 2024 – $1,116,271 and $2,452,457, respectively). The increased use of cash is primarily attributable to the increase of the Company's operating activities, offset by the the timing of payments affecting changes in non-cash working capital item such as receivables and accounts payable and accrued liabilities.

Cash generated during the three and twelve months ended September 30, 2025, from financing activities, was $81,833,802 and $111,837,513, respectively (September 30, 2024 – $nil and $12,192,130, respectively). The increase in cash flow during the three months ended September 30, 2025, is primarily due to the bought deal public offering that took place in September 2025. The increase in cash flow during the twelve months ended September 30, 2025 is primarily attributable to the proceeds from the bought deal financings that took place in March and in September 2025 for a total gross proceeds of $118,450,000 (September 30, 2024 – $12,231,400) and the exercise of warrants and options of $196,805 (September 30, 2024 – $3,750), offset by the share issue cost paid of $6,595,925 (September 30, 2024 – $43,020) and finance costs paid of $213,367 (September 30, 2024 – $nil).

Cash generated during the three months ended September 30, 2025, and cash used during twelve months ended September 30, 2025, from investing activities, was $99,279 and $1,313,256, respectively (cash used during three and twelve months ended September 30, 2024 – $340,063 and $7,099,649, respectively). The increase in cash generated during the three months ended September 30, 2025, is primarily attributable to higher interest income earned on increased cash balances during the period. The decrease in cash used during the twelve months ended September 30, 2025, is primarily attributable to the acquisition of the San Luis Project in the prior period of May 2024, offset by the payment made to SSR Mining related to the achievement of the first milestone for the commencement of an initial drilling program in June 2025.

.<br> **FINANCING USE OF PROCEEDS**

Net proceeds from the Private Placement of $30,036,728 has been and will continue to be deployed to fund the advancement of exploration activities at the Company's San Luis Project as well as for working capital and general corporate purposes, consistent with the disclosed use of proceeds at the time of the Private Placement.

The Company's proposed use of net proceeds disclosed at the time of the Public Offering (including proceeds raised on exercise of the Over-allotment Option) is as set out in the table below. The Company has not yet used any funds raised in the Public Offering.

---

| | |
|:---|:---|
| Use of Net Proceeds | Amount |
| Exploration, prospecting and project studies | $30000000 |
| Environmental, regulatory and permitting | 4000000 |
| Property maintenance, concession fees and community relations and development programs | 8000000 |
| Infrastructure and road development | 3000000 |
| Property investigation and acquisitions | 25000000 |
| General corporate and working capital | 19838125 |
| **TOTAL** | $**89838125** |

---

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**COMMITMENTS AND CONTINGENCIES** 

At September 30, 2025, the Company had contractual cash flow commitments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | < 1 Year | 1-3 Years | Total |
| Accounts payable and accrued liabilities | $1826740 | $– | $1826740 |
| Consideration payable | 1740125 |  | 1740125 |
| Office rent obligations | 446000 | 293200 | 739200 |
|  | $4012865 | $293200 | $4306065 |

---

**SHARE CAPITAL INFORMATION**

As at November 12, 2025, the Company had the following securities issued and outstanding:

● 130,910,687 common shares

● 7,095,000 shares issuable pursuant to exercise of stock options

● 29,240,298 shares issuable pursuant to exercise of warrants

As at November 12, 2025, no common shares were issued under the Company's at-the-market program announced on April 10, 2025.

**PROPOSED TRANSACTIONS**

There are no undisclosed proposed transactions as of the date of this MD&A.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Company does not have any material off-balance sheet arrangements, other than the Company's obligation for future rental payments described in "Related Party Transactions".

**RELATED PARTY TRANSACTIONS**

**Key management personnel**

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprises the Company's President and Chief Executive Officer, Chief Financial Officer, President Peru, and Senior Vice President Corporate Affairs and Corporate Secretary and Directors.

Key management compensation for the three and twelve months ended September 30, 2025 and 2024 is comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;Share-based compensation | $368370 | $8287 | $1703527 | $567552 |
| &nbsp;&nbsp;Salaries and benefits | 321081 |  | 1035161 |  |
| &nbsp;&nbsp;Professional fees | – | 184117 | 156605 | 573620 |
|  | $689451 | $192404 | $2895293 | $1141172 |

---

Professional fees relate to the following related party transactions with the Company or Company controlled entities during the period:

&nbsp;&nbsp;&nbsp;&nbsp;a) Stephen Brohman was the Company's CFO until January
2, 2025. He is a principal of Donaldson Brohman Martin CPA Inc. ("DBM CPA"), a firm in which he has significant influence.
DBM CPA provided the Company with accounting and tax services.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;b) David Fincham was appointed as the Company's CEO effective
October 2022 to October 2024.

&nbsp;&nbsp;&nbsp;&nbsp;c) Dr. Leandro Echavarria was the Company's VP of Exploration
until January 7, 2025. He has significant influence of LE Geological Services USA. that provided geological services to the Company.

As of September 30, 2025, there were no outstanding amounts receivable from or payable to the key management personnel noted above. As of September 30, 2024, accounts payable and accrued liabilities included $45,468 due to key management personnel referred to above.

**Related party arrangement**

In October 2024, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies (Titan Mining Corporation, Augusta Gold Corp. and Armor Minerals Inc.) related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by the related companies. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. All of the parties have jointly entered into a rental agreement for office space. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments if the Company's participation in the arrangement was terminated on September 30, 2025, was approximately $738,100 (September 30, 2024 – $nil), determined based on the Company's average share of rent paid since the date the Company entered into the arrangement in October 2024.

The Company was charged for the following with respect to these arrangements in the three and twelve months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Twelve months ended September 30, | Twelve months ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $582571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1888845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Office and other | 134262 |  | 486661 |  |
| Filing and regulatory fees | 158 |  | 297 |  |
| Marketing and travel | 4526 | – | 17935 | – |
|  | $721517 | $– | $2393738 | $– |

---

At September 30, 2025, amounts in receivables include $29,954 due from a related party (September 30, 2024 – $nil) with respect to this arrangement.

All related party balances are unsecured and are due within thirty days without interest.

**MATERIAL ACCOUNTING POLICIES AND ESTIMATES**

In preparing the accompanying condensed consolidated interim financial statements in conformity with IFRS, management has made judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ. All estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognized in the period in which the estimates are revised and in any future periods affected. Information about critical judgements and estimates in applying accounting policies that have the most significant effect on amounts recognized in the condensed consolidated interim financial statements are the same as those described in the consolidated annual financial statements for the year ended September 30, 2024.

**New accounting policies issued but not yet effective** 

Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period and have not been early adopted. The amendments are effective for accounting periods beginning on or after October 1, 2024, with earlier application permitted.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

The Company has reviewed these updates and the amendments that are applicable to the Company are discussed below:

 

*IFRS 18 Presentation and Disclosure in Financial Statements* 

IFRS 18 *Presentation and Disclosure in Financial Statements*, which will replace IAS 1, *Presentation of Financial Statements* aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 *Statement of Cash Flows*. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the impact of the new standard.

 

*Amendments to IFRS 9 and IFRS 7* 

In May 2024, the IASB issued a narrow scope amendments to IFRS 9 *Financial Instruments* and IFRS 7 *Financial Instruments: Disclosures*. The amendments include the clarification of the date of initial recognition or derecognition of financial liabilities, including financial liabilities that are settled in cash using an electronic payment system. The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. The Company is currently assessing the impact of the new standard.

Certain new standards, interpretations, and amendments to existing standards have been issued by the IASB or the International Financial Reporting Interpretations Committee. However, these updates either are not applicable to the Company or are not material to the condensed consolidated interim financial statements.

**CHANGE IN YEAR END**

On October 31, 2025, the Company filed a Notice of Change of Year End to change its financial year-end from September 30 to December 31. The Company is changing its financial year-end to align its financial year-end and reporting periods with those of the Company's subsidiaries. The Company elected to have a transition year of a fifteen-month period from October 1, 2024 to December 31, 2025, and has, accordingly, prepared the condensed consolidated interim financial statements for the three and twelve months ended September 30, 2025 and 2024.

**VOLUNTARY CHANGE IN ACCOUNTING POLICY**

During the previous quarter ended March 31, 2025, the Company reviewed its accounting policy with respect to exploration and evaluation expenditures. As a result of this review, management has voluntarily elected to change the accounting policy effective January 1, 2025, in order to enhance the relevance and reliability of the information available to the users of the Company's financial statements. The change in accounting policy has been made with respect to and in accordance with IFRS 6, *Exploration for and Evaluation of Mineral Resources*, and IAS 8, *Accounting Policies, Changes in Accounting Estimates and Errors*, and has been recognized on a full retrospective basis. Please refer to Note 4 of the Company's condensed consolidated interim financial statements for the three and twelve months ended September 30, 2025, for full disclosure of the quantified effect of this change in accounting policy.

Under the new accounting policy, the Company capitalizes direct costs of acquiring resource property interests. Subsequent to the acquisition of a mineral interest, exploration and evaluation costs incurred are expensed as incurred up to the date the technical feasibility and commercial viability of extracting mineral resources are demonstrable for a project and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining necessary permits and licenses to develop the mineral property. At this point, exploration and evaluation assets are assessed for impairment and then reclassified to property, plant and equipment. Capitalized acquisition costs are assessed for impairment at least annually or when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount, with any impairment loss recognized as an expense.

The financial results disclosed in this MD&A from prior periods that have been affected as a result of the change in accounting policy will be indicated as such with "Restated."

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

**FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT**

The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, liquidity risk and currency risk.

**a)** **Credit risk** 

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's financial assets.

The Company is primarily exposed to credit risk on its cash and cash equivalents, receivables, reclamation deposit and value-added tax receivable. Credit risk exposure is limited through maintaining its cash with high-credit quality financial institutions. The carrying value of these financial assets of $103,014,239 represents the maximum exposure to credit risk.

**b)** **Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Fluctuations in market rates do not have a significant impact on the Company's operations. For the three and twelve months ended September 30, 2025, and 2024, every 1% fluctuation in interest rates up or down would have had an insignificant impact on profit or loss.

**c)** **Liquidity risk** 

Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital to ensure its expenditures will not exceed available resources.

**d)** **Foreign currency risk** 

The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. At September 30, 2025, the Company had not entered into any contracts to manage foreign exchange risk.

The functional currency of the Company and its subsidiaries is the Canadian dollar and the Peruvian soles respectively, therefore, the Company is exposed to currency risk from the assets and liabilities denominated in the US dollar. As at September 30, 2025, cash and cash equivalents of $234,984 (September 30, 2024 – $304,052), reclamation deposit of $60,630 (September 30, 2024 – $59,052), receivables of $588 (September 30, 2024 – $19,312), consideration payable of $1,740,125 (September 30, 2024 – $3,374,750), and accounts payable and accrued liabilities of $729,015 (September 30, 2024 – $167,283) are denominated in the US dollar. For the twelve months ended September 30, 2025, if the US dollar to Canadian dollar and Peruvian soles currency exchange rate changes by 10% with all other variables held constant, the impact on the Company's net loss is $217,366 (twelve months ended September 30, 2024 – $315,967).

**CAPITAL MANAGEMENT**

The Company's primary objective when managing capital is to ensure that it will be able to continue as a going concern and that it has the ability to satisfy its capital obligations and ongoing operational expenses, as well as having sufficient liquidity to fund suitable business opportunities as they arise.

The capital of the Company includes the components of equity attributable to shareholders of the Company, net of cash and cash equivalents. Capital is summarized in the following table:

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025 | September 30,<br> 2024<br> (Restated) |
| Equity attributable to shareholders of the Company | $111259460 | $9579320 |
| Less: Cash and cash equivalents | (102425229) | (2500894) |
|  | $8834231 | $7078426 |

---

The Company manages its capital structure and makes adjustments to it as necessary in light of economic conditions. In order to maintain the capital structure, the Company may, from time to time, issue or buy back equity, or sell assets. The Company, upon approval from its Board of Directors, intends to balance its overall capital structure through a combination of equity financing and/or other forms of financing.

---

| |
|:---|
| **Highlander Silver Corp.** |
| **Management's Discussion and Analysis** |
| **For the three and twelve months ended September 30, 2025 and 2024** |
| **(Expressed in Canadian dollars, unless otherwise noted)** |

---

The Company did not have any externally imposed restrictions as at September 30, 2025. To effectively manage its capital requirements, the Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has appropriate liquidity to meet its business activities, including planned corporate expenditures, exploration expenses, as well as the development activities for the San Luis Project.

**RISKS AND UNCERTAINTIES**

The Company is exposed in varying degrees to a variety of financial instrument related risks as discussed in the Company's 2024 annual MD&A dated January 28, 2025 which is available on SEDAR+ at www.sedarplus.ca.

Highlander's business activities are subject to significant risks, including, but not limited to, those described in previous disclosure documents. Any of these risks could have a material adverse effect on Highlander, its business and prospects, and could cause actual events to differ materially from forward looking statements related to Highlander.

**Disclosure Controls and Procedures and Internal Control Over Financial Reporting**

The Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO") have designed or caused to be designed under their supervision the Company's disclosure controls and procedures ("DC&P") to provide reasonable assurance that material information regarding the Company is accumulated and communicated to the Company's management, including its CEO and CFO, in a timely manner. In addition, the CEO and the CFO have designed or caused to be designed under their supervision internal control over financial reporting ("ICFR") to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements, as well as an evaluation on whether there were changes to its ICFR during most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's ICFR.

The control framework used to design the Company's ICFR is based on the 2013 control framework developed by the Committee of Sponsoring Organizations of the Treadway Commission.

For the three months ended September 30, 2025, the DC&P have been designed effectively to provide reasonable assurance that material information relating to the Company is made known to the CEO and the CFO, particularly during the period in which the relevant annual filings are prepared and the information required to be disclosed by the Company in its filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified. In addition, the ICFR has also been designed effectively to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements.

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that its objectives are met. Due to inherent limitations in all such systems, no evaluations of controls can provide absolute assurance that all control issues, if any, within a company are detected on a timely basis. Accordingly, our DC&P and ICFR are effective in providing reasonable, not absolute, assurance that the objectives of our control systems have been met.

**Changes in Internal Control Over Financial Reporting**

National Instrument 52-109 – *Certification of Disclosure in Issuers' Annual and Interim Filings* requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls in the three months ended September 30, 2025.

**QUALIFIED PERSON**

Except as otherwise disclosed, the scientific and technical information in this document related to San Luis is derived from the technical report titled "Technical Report for the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person ("QP"), Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng., who is a QP as defined in National Instrument 43-101 *Standards of Disclosure for Mineral Projects* ("NI 43-101"). Remaining scientific and technical information in this document related to San Luis was based upon the Company's news releases dated July 29, 2025 and October 6, 2025, which disclosure was approved by Dr. Sergio Gelcich, a QP under NI 43-101 and Vice President, Exploration of the Company. The scientific and technical information in this report related to La Estrella was based upon the Company's news releases dated July 11, 2023, and July 17, 2023, which disclosure was approved by Graeme Lyall, a QP under NI 43-101, who was, at the time of such news releases, a Director of the Company.

## Exhibit 99.58

**Exhibit 99.58**

**Form 52-109F2**

**Certification of Interim Filings**

**Full Certificate**

I, **Daniel Earle, *President and Chief Executive Officer of Highlander Silver Corp.***, certify the following:

1.  ***Review:*** I have reviewed the
 interim financial report and interim MD&A (together, the "interim filings")
 of **Highlander Silver Corp.** (the "issuer") for the interim period ended **September 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together
with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.  ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National
Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.  ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying
officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1  ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's
ICFR is *Internal Control – Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)*.

5.2 ICFR – material weakness relating to design: N/A

 ****

5.3  ***Limitation on scope of design: N/A*** 

 ****

6.  ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that
occurred during the period beginning on **July 1, 2025,** and ended on **September 30, 2025,** that has materially affected, or
is reasonably likely to materially affect, the issuer's ICFR.

Date: **November 12, 2025**

---

| |
|:---|
| */s/ Daniel Earle* |
| Daniel Earle |
| President and Chief Executive Officer |

---

## Exhibit 99.59

**Exhibit 99.59**

**Form 52-109F2**

**Certification of Interim Filings**

**Full Certificate**

I, **Sunny Lowe, *Chief Financial Officer of Highlander Silver Corp.***, certify the following:

1.  ***Review:*** I have reviewed the interim financial
report and interim MD&A (together, the "interim filings") of **Highlander Silver Corp.** (the "issuer")
for the interim period ended **September 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together
with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.  ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National
Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.  ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying
officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1  ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's
ICFR is *Internal Control – Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)*.

5.2 **ICFR – material weakness relating to design: N/A** 

 ****

5.3  ***Limitation on scope of design: N/A*** 

 ****

6.  ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that
occurred during the period beginning on **July 1, 2025,** and ended on **September 30, 2025,** that has materially affected, or
is reasonably likely to materially affect, the issuer's ICFR.

Date: **November 12, 2025**

---

| |
|:---|
| */s/ Sunny Lowe* |
| Sunny Lowe |
| Chief Financial Officer |

---

## Exhibit 99.60

**Exhibit 99.60**

**Highlander Silver Reports Record Results and New Discovery: 23.9m at 20.82 g/t Gold<br> and 31.53 g/t Silver and 23.4m at 11.70 g/t Gold and 26.10 g/t Silver in Shallow Drilling**

**Toronto, Ontario, December 01, 2025 – Highlander Silver Corp. (TSX: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to report exceptional assay results from shallow drilling at its expanding Bonita vein system. These results include the highest grades reported to date and the discovery of a new zone in step-out drilling over 200m northwest of prior holes along trend. The Bonita vein system is exposed along a ridgeline approximately 10km to the south of the bonanza grade Ayelen deposit at the San Luis gold-silver project in Central Peru.

Highlights are listed below, with corresponding images in Figures 1-2 and detailed results in Tables 1-2.

**<u>Highlights</u>**

● **BOD-025 returned 27.0m of 5.28 grams per tonne ("g/t") gold ("Au") and 52.97 g/t silver ("Ag") from near surface at 2.3m downhole, marking the discovery of the Urpicha zone over 200m northwest of the nearest hole** in BOD-003 (14.5m of 3.70 g/t Au and 17.47 g/t Ag from 25.7m depth – see press release dated July 29, 2025)

● The Urpicha discovery confirms the potential of the Bonita vein system to host strong mineralization near surface to the northwest of prior drilling where multiple parallel structures remain to be tested and the zone remains open along strike

● **BOD-023 tested the Kusy zone and intersected one of the broadest continuous intervals of near surface high grade mineralization reported to date, with 23.9m of 20.82 g/t Au and 31.53 g/t Ag returned from 21.0m downhole,** in a hole oriented to the south of previously reported BOD-021 (23.6m of 15.56 g/t Au and 74.49 g/t Ag from 8.8m depth – see press release dated October 6, 2025)

● **BOD-022, also testing the Kusy zone, returned 23.4m of 11.70 g/t Au and 26.10 g/t Ag from 13.5m downhole** from a platform to the southeast of BOD-019 (7.4m of 8.10 g/t Au and 6.55 g/t Ag from 48.4m depth – see press release dated October 6, 2025)

● **The Company is incorporating the results of Phase I, including the assay results of the drilling to-date, processing and analyzing the drone-based geophysical survey to identify permissive structural features across more than 5,000 hectares encompassing the outcropping Bonita vein system and its potential extensions, and integrating the latest drilling, mapping, soil and channel sampling results to design the optimal drilling campaign for Phase II** 

● **Preliminary results have revealed several zones exhibiting structural patterns and geophysical signatures analogous to those hosting mineralization tested by recent drilling, with newly identified targets to the west under cover, to the east, and along strike – complete analysis is expected to be available in the New Year** 

**Figure 1 – Plan View of Bonita Vein System** 

**Figure 2 – Image of Core from BOD-025 (22.6m to 25.6m)**

Note: Portion of high grade interval displaying silicified breccia and veinlets in andesite.

**Table 1 – Assay Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br> (m)** | &nbsp;&nbsp;**To <br> (m)** | &nbsp;&nbsp;**Interval <br> (m)** | &nbsp;&nbsp;**Au <br> (g/t)** | &nbsp;&nbsp;**Ag <br> (g/t)** |
| &nbsp;&nbsp;BOD-022 | &nbsp;&nbsp;13.5 | &nbsp;&nbsp;36.9 | &nbsp;&nbsp;23.4 | &nbsp;&nbsp;11.70 | &nbsp;&nbsp;26.10 |
| &nbsp;&nbsp;BOD-023 | &nbsp;&nbsp;21.0 | &nbsp;&nbsp;44.9 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;20.82 | &nbsp;&nbsp;31.53 |
| &nbsp;&nbsp;BOD-024 | &nbsp;&nbsp;42.8 | &nbsp;&nbsp;49.2 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;2.66 |
| &nbsp;&nbsp;BOD-025 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;29.2 | &nbsp;&nbsp;27.0 | &nbsp;&nbsp;5.28 | &nbsp;&nbsp;52.97 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;107.4 | &nbsp;&nbsp;111.7 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.01 | &nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;and | &nbsp;&nbsp;134.0 | &nbsp;&nbsp;137.0 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;6.80 | &nbsp;&nbsp;30.51 |

---

Note: Reported intervals are apparent widths as the full geometry of the mineralized structures has not yet been fully modelled. Assays were not capped, and composite intervals are calculated using a minimum weighted average of 0.5 g/t Au, over a minimum core length of 2m, allowing internal dilution.

**Table 2 – Collar Locations** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp; **Easting** <br> **(m)** | &nbsp;&nbsp; **Northing**<br> **(m)** | &nbsp;&nbsp;**Elevation<br> (m)** | &nbsp;&nbsp;**Depth <br> (m)** | &nbsp;&nbsp;**Azimuth <br> (°)** | &nbsp;&nbsp;**Dip <br> (°)** |
| &nbsp;&nbsp;BOD-022 | &nbsp;&nbsp;188029 | &nbsp;&nbsp;8953820 | &nbsp;&nbsp;3995 | &nbsp;&nbsp;83.5 | &nbsp;&nbsp;45 | &nbsp;&nbsp;-40 |
| &nbsp;&nbsp;BOD-023 | &nbsp;&nbsp;188029 | &nbsp;&nbsp;8953819 | &nbsp;&nbsp;3995 | &nbsp;&nbsp;78.0 | &nbsp;&nbsp;120 | &nbsp;&nbsp;-35 |
| &nbsp;&nbsp;BOD-024 | &nbsp;&nbsp;188006 | &nbsp;&nbsp;8953861 | &nbsp;&nbsp;3996 | &nbsp;&nbsp;90.0 | &nbsp;&nbsp;80 | &nbsp;&nbsp;-35 |
| &nbsp;&nbsp;BOD-025 | &nbsp;&nbsp;187824 | &nbsp;&nbsp;8953953 | &nbsp;&nbsp;3955 | &nbsp;&nbsp;152.5 | &nbsp;&nbsp;65 | &nbsp;&nbsp;-35 |

---

**Technical Information and Quality Control / Quality Assurance**

All drilling was completed with HQ core. The drill core is split in half using a diamond saw. Core is logged by the Company's geologist on site who outlines the intervals to be sampled. The maximum sample length is 1.5 meters and lengths are adjusted according to lithological and/or mineralogical contacts.

After sawing, one-half of the core is kept on site in core boxes, and the other half is submitted for analysis. Individual sample bags are sealed and placed into larger bags, which are then sealed and marked with the contents.

Samples are transported by Highlander Silver personnel to ALS Peru S.A. ("**ALS**") located in Lima, Peru, where they are prepared and analyzed. ALS is independent of the Company.

In ALS, the entire sample is crushed to approximately 80% passing through a 2mm sieve. A 500 g fraction is pulverized. Gold concentration is determined by fire assay of a 30-gram charge with an AA finish (Au-AA23). Silver, lead, copper, and zinc, along with other elements, are analyzed by ICP utilizing a four-acid digestion (ME-ICP61). Over-limit samples for Au (10 g/t Au) follow gravitational finishing Au-GRA21 (30g sample). Over-limit samples for Ag (100 g/t Ag) follow gravitational finishing Ag-GRA21 (30g sample).

The internal QA/QC program includes the submission of field duplicates (1/4 core), pulp and coarse reject duplicates, and the insertion of commercial standards and blanks (coarse and fine). Control samples account for more than 15% of the total samples sent, in addition to the laboratory's internal quality assurance programs.

The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The scientific and technical information, including the drillhole data, has been verified by Dr. Sergio Gelcich. This verification involves data validation and quality assurance procedures, such as reviewing logging directly in front of the core, analyzing database integrity, conducting quality assurance and quality control (QA/QC) for assays, and cross-checking the original lab certificates.

**Qualified Person**

The scientific and technical information in this press release has been reviewed and approved by Dr. Sergio Gelcich, P.Geo., Vice President, Exploration, Highlander Silver, who is a "Qualified Person" as defined in National Instrument 43-101 *Standards of Disclosure for Mineral Projects.*

**On behalf of Highlander Silver**

"Daniel Earle"

President & CEO, Director

**Information contact**

Arun Lamba, Vice President Corporate Development

alamba@highlandersilver.com

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

The mineral resource estimate disclosed herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**Forward-looking statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, complete analysis of recent exploration results is expected to be available in the New Year. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

## Exhibit 99.61

**Exhibit 99.61**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Highlander Silver Corp. ("**Highlander**" or the "**Company**")

2500 – 100 King Street W,

Toronto, ON M5X 1A9

2. <u>DATE OF MATERIAL CHANGE</u> 

December 1, 2025

3. <u>NEWS RELEASE</u> 

The Company's news release dated December 1, 2025, was disseminated through the facilities of Access Newswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Highlander reports exceptional assay results from shallow drilling at its expanding Bonita vein system. These results include the highest grades reported to date and the discovery of a new zone in step-out drilling over 200m northwest of prior holes along trend. The Bonita vein system is exposed along a ridgeline approximately 10km to the south of the bonanza grade Ayelen deposit at the San Luis gold-silver project in Central Peru.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Highlander reports exceptional assay results from shallow drilling at its expanding Bonita vein system. These results include the highest grades reported to date and the discovery of a new zone in step-out drilling over 200m northwest of prior holes along trend. The Bonita vein system is exposed along a ridgeline approximately 10km to the south of the bonanza grade Ayelen deposit at the San Luis gold-silver project in Central Peru.

Highlights are listed below, with corresponding images in Figures 1-2 and detailed results in Tables 1-2.

● **BOD-025 returned 27.0m of 5.28 grams per tonne ("g/t") gold ("Au") and 52.97 g/t silver ("Ag") from near surface at 2.3m downhole, marking the discovery of the Urpicha zone over 200m northwest of the nearest hole** in BOD-003 (14.5m of 3.70 g/t Au and 17.47 g/t Ag from 25.7m depth – see press release dated July 29, 2025)

● The Urpicha discovery confirms the potential of the Bonita vein system to host strong mineralization near surface to the northwest of prior drilling where multiple parallel structures remain to be tested and the zone remains open along strike

● **BOD-023 tested the Kusy zone and intersected one of the broadest continuous intervals of near surface high grade mineralization reported to date, with 23.9m of 20.82 g/t Au and 31.53 g/t Ag returned from 21.0m downhole,** in a hole oriented to the south of previously reported BOD-021 (23.6m of 15.56 g/t Au and 74.49 g/t Ag from 8.8m depth – see press release dated October 6, 2025)

● **BOD-022, also testing the Kusy zone, returned 23.4m of 11.70 g/t Au and 26.10 g/t Ag from 13.5m downhole** from a platform to the southeast of BOD-019 (7.4m of 8.10 g/t Au and 6.55 g/t Ag from 48.4m depth – see press release dated October 6, 2025)

● **The Company is incorporating the results of Phase I, including the assay results of the drilling to-date, processing and analyzing the drone-based geophysical survey to identify permissive structural features across more than 5,000 hectares encompassing the outcropping Bonita vein system and its potential extensions, and integrating the latest drilling, mapping, soil and channel sampling results to design the optimal drilling campaign for Phase II** 

● **Preliminary results have revealed several zones exhibiting structural patterns and geophysical signatures analogous to those hosting mineralization tested by recent drilling, with newly identified targets to the west under cover, to the east, and along strike – complete analysis is expected to be available in the New Year** 

**Figure 1 – Plan View of Bonita Vein System**![](ex99-61_001.jpg)

**Figure 2 – Image of Core from BOD-025 (22.6m to 25.6m)**

![](ex99-61_002.jpg)

Note: Portion of high grade interval displaying silicified breccia and veinlets in andesite.

**Table 1 – Assay Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From <br> (m)** | **To <br> (m)** | **Interval<br> (m)** | **Au <br> (g/t)** | **Ag <br> (g/t)** |
| BOD-022 | 13.5 | 36.9 | 23.4 | 11.70 | 26.10 |
| BOD-023 | 21 | 44.9 | 23.9 | 20.82 | 31.53 |
| BOD-024 | 42.8 | 49.2 | 6.4 | 1.06 | 2.66 |
| BOD-025 | 2.3 | 29.2 | 27 | 5.28 | 52.97 |
| and | 107.4 | 111.7 | 4.3 | 3.01 | 10.00 |
| and | 134 | 137 | 3 | 6.80 | 30.51 |

---

Note: Reported intervals are apparent widths as the full geometry of the mineralized structures has not yet been fully modelled. Assays were not capped, and composite intervals are calculated using a minimum weighted average of 0.5 g/t Au, over a minimum core length of 2m, allowing internal dilution.

**Table 2 – Collar Locations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Easting<br> (m)** | **Northing <br> (m)** | **Elevation <br> (m)** | **Depth <br> (m)** | **Azimuth <br> (°)** | **Dip<br> (°)** |
| BOD- 022 | 188029 | 8953820 | 3995 | 83.5 | 45 | -40 |
| BOD- 023 | 188029 | 8953819 | 3995 | 78.0 | 120 | -35 |
| BOD- 024 | 188006 | 8953861 | 3996 | 90.0 | 80 | -35 |
| BOD- 025 | 187824 | 8953953 | 3955 | 152.5 | 65 | -35 |

---

**Technical Information and Quality Control / Quality Assurance**

All drilling was completed with HQ core. The drill core is split in half using a diamond saw. Core is logged by the Company's geologist on site who outlines the intervals to be sampled. The maximum sample length is 1.5 meters and lengths are adjusted according to lithological and/or mineralogical contacts.

After sawing, one-half of the core is kept on site in core boxes, and the other half is submitted for analysis. Individual sample bags are sealed and placed into larger bags, which are then sealed and marked with the contents.

Samples are transported by Highlander Silver personnel to ALS Peru S.A. ("**ALS**") located in Lima, Peru, where they are prepared and analyzed. ALS is independent of the Company.

In ALS, the entire sample is crushed to approximately 80% passing through a 2mm sieve. A 500 g fraction is pulverized. Gold concentration is determined by fire assay of a 30-gram charge with an AA finish (Au-AA23). Silver, lead, copper, and zinc, along with other elements, are analyzed by ICP utilizing a four-acid digestion (ME- ICP61). Over-limit samples for Au (10 g/t Au) follow gravitational finishing Au-GRA21 (30g sample). Over-limit samples for Ag (100 g/t Ag) follow gravitational finishing Ag-GRA21 (30g sample).

The internal QA/QC program includes the submission of field duplicates (1/4 core), pulp and coarse reject duplicates, and the insertion of commercial standards and blanks (coarse and fine). Control samples account for more than 15% of the total samples sent, in addition to the laboratory's internal quality assurance programs.

The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

The scientific and technical information, including the drillhole data, has been verified by Dr. Sergio Gelcich. This verification involves data validation and quality assurance procedures, such as reviewing logging directly in front of the core, analyzing database integrity, conducting quality assurance and quality control (QA/QC) for assays, and cross-checking the original lab certificates.

**Qualified Person**

The scientific and technical information herein has been reviewed and approved by Dr. Sergio Gelcich, P.Geo., Vice President, Exploration, Highlander Silver, who is a "Qualified Person" as defined in National Instrument 43-101 *Standards of Disclosure for Mineral Projects.*

 

**Forward-looking statements**

*Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, complete analysis of recent exploration results is expected to be available in the New Year. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, and delays in obtaining governmental or stock exchange approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date hereof. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

 

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

9. <u>DATE OF REPORT</u> 

December 10, 2025

## Exhibit 99.62

**Exhibit 99.62**

---

| | |
|:---|:---|
| <br>![](ex99-62_001.jpg) | ![](ex99-62_002.jpg) |

---

**HIGHLANDER SILVER AND BEAR CREEK MINING COMBINE TO CREATE<br> LEADING GROWTH COMPANY IN THE SILVER SECTOR**

 

*All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.*

 

**Toronto, Ontario, December 19, 2025 –** Highlander Silver Corp. (TSX: HSLV) ("Highlander Silver") and Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek") are pleased to announce that they have entered into a definitive agreement (the "Arrangement Agreement") whereby Highlander Silver and Bear Creek have agreed to combine their respective businesses by way of a plan of arrangement under the *Business Corporations Act* (British Columbia) (the "Arrangement"). The combined company will be managed by the Highlander Silver executive team, supported by key Bear Creek personnel.

**Corporate Highlights**

● Creates a leading growth company in the silver sector by adding the Corani silver project (the "Corani Project"), one of the largest primary silver deposits in the world, to a foundation supported by the bonanza grade San Luis gold-silver project

● Leading management team with proven expertise in delivering rapid growth while advancing projects in South America in partnership with community and government stakeholders

● Combined company's strong shareholder base includes global institutions and strategic shareholders, Augusta Capital, the Lundin family and Eric Sprott; Highlander's balance sheet remains well-capitalized and debt free post-transaction

**Flagship Assets**

*San Luis Gold-Silver Project – Ancash, Peru* 

 

● Hosts Indicated Mineral Resources of 356 koz gold ("Au") at 24.4 g/t Au and 8.4 Moz silver ("Ag") at 579 g/t Ag, ranking among the 10 highest grade projects globally in both gold and silver categories

● Rapidly growing Bonita zone discovery has returned robust drilling results, recently including 23.9m of 20.82 g/t Au and 31.53 g/t Ag (BOD-023); 23.6m of 15.56 g/t Au and 74.49 g/t Ag (BOD-021); 23.4m of 11.70 g/t Au and 26.10 g/t Ag (BOD-022)<sup>1</sup>

● Geophysics and drilling plans to be released in the New Year and set the stage for the next phase of growth at Bonita while permitting advances

<sup>1</sup> See press releases: 'Highlander Silver Reports New Discovery of Kusy Zone at Bonita Returning Highest Grades to Date: 23.6m at 15.56 g/t Gold and 74.49 g/t Silver' – October 6, 2025 and 'Highlander Silver Reports Record Results and New Discovery: 23.9m at 20.82 g/t Gold and 31.53 g/t Silver and 23.4m at 11.70 g/t Gold and 26.10 g/t Silver in Shallow Drilling' – December 1, 2025

*Corani Project – Puno, Peru* 

 

● One of the largest primary silver deposits in the world, with permitting well advanced and supporting community agreements in place

● 2019 Feasibility Study (as defined below) using US$18/oz silver: US$532m NPV5% and 22.9% after-tax IRR; 9.6 Moz average annual silver production over LOM at AISC<sup>2</sup> of US$4.55/oz silver

● Proven & Probable reserves of 229 Moz silver; measured and indicated mineral resources (inclusive of mineral reserves) of 323 Moz silver, and additional inferred mineral resources of 84 Moz silver

● Growth opportunity that has not seen exploration drilling in the last decade with exploration opportunities to the north, northeast and south, and a related gold zone and porphyry target to pursue

*Mercedes Gold-Silver Mine – Sonora, Mexico* 

 

● Operating underground mine with underutilized 2,000 tpd processing plant and associated infrastructure; 2024 production of 40,220 oz gold and 217,676 oz silver

● Large and highly prospective land package of 69,284 ha within prolific belt; main corridor of veins open under cover for over 6km of largely untested prospective strike, with numerous other targets to pursue across multiple styles of mineralization

● Represents an attractive gold asset with significant upside that Highlander will seek to align with a well-funded responsible operator which can prioritize investing in its long-term future

*Daniel Earle, President and CEO of Highlander Silver*, commented, "I am delighted to present this transaction to our shareholders, which allows us to scale into the emerging structural bull market for silver beyond our bonanza grade San Luis project. The Corani Project is already one of the largest primary silver deposits in the world yet still offers robust growth and discovery potential. To Bear Creek Shareholders, I'd like to extend a warm welcome and commit to honour the legacy of your company as a trailblazer in Peruvian silver exploration by surfacing the full potential of the Corani Project within our portfolio."

*Eric Caba, President and CEO of Bear Creek*, commented, "I am extremely excited to realize the combination of Bear Creek with Highlander Silver, which will result in a robust, silver-focused enterprise with a significant mineral inventory, a clean balance sheet and a clear path to growth lead by our flagship Corani Project."

<sup>2</sup> Non-GAAP Financial Measure, see "Non-GAAP Financial Measures"

*Catherine McLeod-Seltzer, Chair, and Peter Mitchell, Special Committee Chair of Bear Creek*, respectively, add, "The Highlander Arrangement is a comprehensive solution that first and foremost provides exciting future opportunities for Bear Creek Shareholders to realize value from the Corani Project and participate in Highlander's San Luis project, and secondly provides an elegant solution that eliminates their substantial exposure to Bear Creek's liquidity and debt issues. After a thorough and disciplined strategic review process, engaging with numerous potential counterparties and carefully considering multiple alternative offers, we are extremely pleased to have negotiated the Arrangement with Highlander Silver, which provides the best path forward for our shareholders."

*Bill Heissenbuttel, President and CEO of Royal Gold*, commented, "With this transaction, Corani is moving into the hands of a well-capitalized company with a management team that has experience advancing large-scale projects in Latin America. I am pleased to see this transaction materialize, as it increases Royal Gold's exposure to the potentially large-scale and long-life Corani Project, and also furthers our objective of simplifying the portfolio we acquired with Sandstorm Gold by converting non-core assets into interests that fit our business model."

**Bear Creek Strategic Review and Benefits of the Arrangement to Bear Creek Shareholders**

Bear Creek undertook a formal comprehensive and thorough strategic review process (the "Strategic Review") over the past nine months to explore and evaluate the strategic and financial options available to Bear Creek with the ultimate view of restoring balance sheet strength and enhancing value for shareholders. Bear Creek's Special Committee, with the assistance of its legal and financial advisors, engaged with more than 100 parties and carried out an exhaustive analysis of multiple incoming proposals including joint venture, asset and corporate transactions. **The Special Committee determined the Highlander Arrangement to be the superior offer in the best interests of the shareholders of Bear Creek (the "Bear Creek Shareholders").**

**Benefits to Bear Creek Shareholders**

● *Continued Exposure to the Corani Project:* Creates a near-term and executable pathway to construction and operation of the Corani Project – one of the world's largest fully permitted silver polymetallic deposits with 229 million ounces of silver and 4.4 billion pounds combined lead and zinc in proven and probable mineral reserves – unlocking long-underappreciated value for Bear Creek Shareholders.

● *Complementary Assets:* Combines the Corani Project's substantial silver mineral reserves with Highlander's rapidly-advancing San Luis gold-silver development property to establish a top tier precious and base metal inventory and an organic pipeline of projects in Peru providing near and long term growth.

● *Stabilizes Bear Creek's Working Capital:* Private Placement (as defined below) in the common shares of Bear Creek ("Bear Creek Shares") by Highlander Silver provides immediate liquidity and demonstrates Highlander Silver's confidence in the Arrangement.

● *Sound Financial Footing:* Participation in a financially robust pro-forma company with a strong cash position, no debt, and a strong group of supportive shareholders including the Augusta Group, the Lundin family and Eric Sprott. The Arrangement eliminates Bear Creek's debt and stream burden (totaling US$121 million as at September 30, 2025) and significantly reduces liquidity and going concern risk for Bear Creek Shareholders.

● *Enhanced Capital Markets Profile:* Participation in a growth-oriented company with increased critical mass, having a combined equity market capitalization of approximately $625 million, which will benefit from increased liquidity and the potential to amplify market exposure and normalize price to net asset value ratios.

● *Insider Support:* All directors and officers of Bear Creek, as well as Bear Creek's largest shareholders, Royal Gold, Inc. ("Royal Gold") and Equinox Gold Corp. ("Equinox"), have signed voting support agreements in favour of the Arrangement, representing approximately 34% of the outstanding Bear Creek Shares.

● *Debt Restructuring:* Outstanding debt obligations with Equinox and affiliates of Royal Gold are restructured in a manner which preserves Bear Creek Shareholders' exposure to the Corani Project.

**Details of the Arrangement**

Bear Creek and Highlander Silver entered into a definitive Arrangement Agreement on December 18, 2025, pursuant to which Highlander Silver will acquire all of the issued and outstanding Bear Creek Shares by way of a statutory plan of arrangement under the *Business Corporations Act* (British Columbia).

Bear Creek Shareholders will receive 0.1175 common shares in the capital of Highlander Silver (the "Highlander Shares", and such ratio being the "Exchange Ratio") in exchange for each Bear Creek Share held immediately prior to the effective time of the Arrangement. Upon completion of the Arrangement, existing holders of Highlander Shares ("Highlander Shareholders") and former Bear Creek Shareholders will own approximately 82% and 18% of the total issued and outstanding Highlander Shares, respectively, on a fully-diluted basis.

Highlander Silver expects to issue an aggregate of approximately 34,450,672 Highlander Shares to the Bear Creek Shareholders, based on the Bear Creek Shares outstanding as at the date of this announcement. Highlander Silver may also issue up to approximately 346,253 additional Highlander Shares subject to, as part of the Arrangement, the conversion into Bear Creek Shares of certain convertible securities of Bear Creek at the effective time of the Arrangement. In-the-money stock options (as determined to be "in-the-money" as at the date of the Arrangement Agreement), restricted share units (the "RSUs") and deferred share units (the "DSUs") of Bear Creek outstanding immediately prior to the effective time of the Arrangement will (whether vested or unvested) immediately vest and be converted, as a step in the Arrangement, into Bear Creek Shares and the holders thereof will receive the number of Highlander Shares to which they are entitled for such Bear Creek Shares under the Arrangement based on the Exchange Ratio. Out-of-the-money options of Bear Creek (as determined to be "out-of-the-money" as at the date of the Arrangement Agreement) will be cancelled without any payment and such out-of-the-money optionholders will cease to have any rights under such cancelled options.

The outstanding warrants of Bear Creek will be treated in accordance with their terms and are expected to continue to trade on the TSX Venture Exchange ("TSXV") under the symbol "BCM.WT". After giving effect to the Arrangement, Bear Creek warrants will become exercisable into Highlander Shares.

In addition, Highlander Silver has also entered into agreements with affiliates of Royal Gold and Equinox to settle all of Bear Creek's outstanding indebtedness owing to such parties, subject to the completion of the Transaction (the "Debt Settlement Arrangements" and together with the Arrangement, the "Transaction").

The Transaction is expected to close in the first quarter of 2026, subject to the receipt of all required court, regulatory and stock exchange approvals. Following completion of the Arrangement, the Highlander Shares will remain listed on the Toronto Stock Exchange and the Bear Creek Shares will be delisted from the TSXV.

**Debt Settlement Arrangements**

Highlander Silver has entered into definitive agreements to: (i) settle outstanding debt obligations owing by Bear Creek to Equinox and certain affiliates of Royal Gold; and (ii) terminate the gold and silver stream obligations between Bear Creek and an affiliate of Royal Gold under the Mercedes streaming arrangement.

Royal Gold will receive cash consideration of US$6.2 million, an incremental 1.75% secured net smelter return royalty on the Corani Project and an unsecured 2% net smelter return royalty on the Mercedes mine, together with certain parent guarantees from Highlander Silver. Royal Gold's existing 1% secured net smelter return royalty on the Corani Project will remain in place, such that Royal Gold will hold an aggregate 2.75% secured net smelter return royalty on the Corani Project (the "Corani NSR"). Highlander Silver will be permitted to buy back 0.5% of the Corani NSR for US$25 million until the earlier of: (i) January 1, 2033; and (ii) the date that is 6 months after a final investment decision ("FID") is made. If the FID is obtained before December 31, 2028, Highlander Silver will be permitted to buy back 0.75% of the Corani NSR for US$30 million.

Equinox will receive US$1.6 million of cash consideration and a 0.5% unsecured net smelter royalty on the Corani Project (the "Equinox NSR"). Highlander Silver will be permitted to buy back 0.167% of the Equinox NSR for US$8.3 million until the earlier of: (i) January 1, 2033; and (ii) the date that is 6 months after an FID.

The Debt Settlement Arrangements are conditional upon closing the Arrangement.

Concurrent with execution of the Arrangement Agreement, both Royal Gold and Equinox have agreed to extend the interest accrual period on Bear Creek's convertible debts owing to both parties from December 31, 2025 to the earlier of (i) the closing date of the Arrangement and (ii) the termination of the Arrangement Agreement in accordance with its terms (the "Interest Deferral"). As at September 30, 2025, approximately $3.9 million of interest was accrued and payable to the parties. The fixed gold delivery obligations to Royal Gold under the Mercedes streaming arrangement will continue until the closing of the Arrangement.

Each of Royal Gold and Equinox is a "related party" of the Bear Creek and the Debt Settlement Arrangements and the Interest Deferral constitute "related party transactions" (as each term is defined in the policies of the TSXV and MI 61-101). Bear Creek intends to rely on the specified markets exemption from the formal valuation requirement set forth in subsection 5.5(b) of MI 61-101 and intends to seek approval from disinterested shareholders of Bear Creek, excluding for this purpose the votes held by any person required under MI 61-101 at the Bear Creek Meeting (as defined below).

**Concurrent Non-Brokered Private Placement**

Concurrently with the entering into of the Arrangement Agreement, Highlander Silver has entered into a subscription agreement with Bear Creek pursuant to which Highlander Silver will subscribe for 50,000,000 Bear Creek Shares at a price of $0.36 per Bear Creek Share for gross proceeds of $18 million to acquire approximately 14.6% ownership stake in Bear Creek (the "Private Placement"). The proceeds from the Private Placement will be used by Bear Creek for bonding, site investigation, exploration and studies at the Corani Project and for general working capital purposes at Mercedes. Closing of the Private Placement is expected to be completed on December 30, 2025 and is not contingent on the completion of the Arrangement.

The Private Placement is subject to the approval of the TSXV and other customary regulatory approvals. No finder's fee is payable in connection with the Private Placement. The Bear Creek Shares issued under the Private Placement will be subject to a statutory four month and one day hold period, pursuant to securities laws in Canada. The Bear Creek Shares issued under the Private Placement have not been and will not be registered under the *United States Securities Act of 1933*, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Bear Creek, nor shall there be any offer or sale of any securities of Bear Creek in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Pursuant to the Arrangement, Bear Creek Shares held by Highlander Silver will be cancelled in accordance with the terms of the Arrangement Agreement and no Highlander Shares or other compensation will be issued in connection with such cancellation.

**Transaction Conditions and Timing**

The Arrangement will be effected by way of a court-approved plan of arrangement under the *Business Corporations Act* (British Columbia) and will require the approval of: (i) at least 66⅔% of votes cast by Bear Creek Shareholders, (ii) 66⅔% of the votes cast by the Bear Creek Shareholders and holders of the stock options, RSUs and DSUs (collectively, the "Bear Creek Securityholders"), voting together as a single class, and, if required, (iii) a simple majority of the votes cast by disinterested shareholders of Bear Creek, excluding for this purpose the votes held by any person required under Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions.* 

 

The Arrangement will require approval of a simple majority of votes cast by Highlander Shareholders.

The Arrangement Agreement includes customary representations and warranties for a transaction of this nature as well as customary interim period covenants regarding the operation of Highlander Silver's and Bear Creek's businesses. The Arrangement Agreement also includes customary deal protections in favour of each of Highlander Silver and Bear Creek. With respect to Highlander Silver, these protections include fiduciary-out provisions, non-solicitation covenants, and a right to match any superior proposals. With respect to Bear Creek, these protections include a fiduciary-out provision. The Arrangement Agreement includes a termination fee of $8 million payable by Bear Creek in the event the Arrangement Agreement is terminated in certain circumstances and a reverse-termination fee of $8 million payable by Highlander Silver in the event the Arrangement Agreement is terminated in certain circumstances.

In addition to securityholder and court approvals, the Arrangement is subject to applicable regulatory approvals, stock exchange approvals and the satisfaction of certain other closing conditions customary in transactions of this nature. The Arrangement is expected to close in the first quarter of 2026.

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

Further details of the Arrangement, will be included in separate management information circulars to be prepared by each of Bear Creek (the "Bear Creek Circular") and Highlander Silver (the "Highlander Circular") that will be delivered to Bear Creek Shareholders and Highlander Shareholders, respectively, in advance of the meeting of Bear Creek Securityholders (the "Bear Creek Meeting") and the meeting of Highlander Shareholders (the "Highlander Meeting"), each of which are anticipated to be held in February 2026. A copy of the Arrangement Agreement will be made available on Bear Creek's and Highlander Silver's SEDAR+ profiles at www.sedarplus.ca. The Bear Creek Circular and Highlander Circular will also be made available on Bear Creek's and Highlander Silver's SEDAR+ profiles in advance of the Bear Creek Meeting and the Highlander Meeting.

**Boards of Directors' Recommendation**

The board of directors of Highlander Silver (the "Highlander Board"), after consultation with its outside financial and legal advisors, unanimously approved, among other things, the Arrangement, the subscription for Bear Creek Shares under the Private Placement and the Debt Settlement Arrangements. The Highlander Board has determined the Arrangement is in the best interests of Highlander Silver and the Highlander Board unanimously recommends that the Highlander Shareholders vote in favour of approving the Arrangement at the Highlander Meeting.

Based on the unanimous recommendation of a special committee of independent directors of Bear Creek (the "Special Committee") and after consultation with its outside financial and legal advisors, the board of directors of Bear Creek (the "Bear Creek Board") unanimously approved the Arrangement and has determined the Arrangement is in the best interests of Bear Creek, and that the consideration to be received by Bear Creek Shareholders is fair, from a financial point of view, to Bear Creek Shareholders. The Bear Creek Board unanimously recommends that Bear Creek Shareholders vote in favour of approving the Arrangement at the Bear Creek Meeting.

BMO Capital Markets and Stifel Nicolaus Canada Inc. have provided fairness opinions to the Bear Creek Board in connection with the Transaction.

**Voting Support Agreements**

Each of Highlander Silver's and Bear Creek's directors and officers support the Transaction and have entered into customary voting support agreements agreeing to vote their Highlander Shares or Bear Creek Shares, respectively, in favor of the Arrangement. Royal Gold and Equinox have also entered into a voting support agreement with Highlander Silver to vote their Bear Creek Shares in favour of the Arrangement, resulting in approximately 34% of all issued and outstanding Bear Creek Shares and 31% of all issued and outstanding Highlander Shares being subject to voting support agreements to support the Transaction. The voting support agreement may be terminated in certain circumstances, including, without limitation, upon termination of the Debt Settlement Arrangements (in the case of Royal Gold) or the Arrangement Agreement.

**Advisors and Counsel**

Canaccord Genuity Corp. and Minmetals Securities Co., Ltd., headquartered in China, are acting as financial advisors to Highlander Silver. Osler, Hoskin & Harcourt LLP is acting as legal advisor to Highlander Silver.

BMO Capital Markets and BLB Advisory EIRL are acting as financial advisors to Bear Creek. Stifel Nicolaus Canada Inc. is acting as independent financial advisor to the Special Committee. Borden Ladner Gervais LLP is acting as Canadian legal advisors to Bear Creek.

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories<sup>3</sup>. Highlander Silver's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>3</sup> S&P Global rankings including the San Luis gold-silver project.

**About Bear Creek**

Bear Creek is a precious metals producer with a fully permitted development asset, the Corani Project in Puno, Peru, one of the largest fully permitted silver deposits in the world which is highlighted by its substantial mineral reserves and mineral resources, low estimated operating costs and overwhelming community support. The Mercedes mine in Sonora, Mexico is a cash flow generating gold mine with operational upside and exciting exploration potential.

**Early Warning Disclosure – Royal Gold**

Royal Gold beneficially owns, directly or indirectly, or exercises control or direction over 58,381,399 Bear Creek Shares representing approximately 19.9% of the issued and outstanding Bear Creek Shares on a non-diluted basis.

Bear Creek's head office is located at Suite 3200, 733 Seymour Street, Vancouver, British Columbia, V6B 0S6, Canada. Royal Gold's head office is located at 1144 15th St., Suite 2500, Denver, Colorado, 80202, United States.

The Bear Creek Shares are held for investment purposes. Subject to the voting support agreement, Royal Gold and its affiliates may, from time to time, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of Bear Creek through market transactions, private agreements or otherwise.

An early warning report will be filed by Royal Gold on Bear Creek's SEDAR+ profile and may also be obtained by contacting Royal Gold at 1144 15<sup>th</sup> Street, Suite 2500, Denver, Colorado, 80202, United States, Attention: Alistair Baker, Senior Vice President, Investor Relations and Business Development, Tel: (303) 573-1660.

**Information contact**

*Highlander Silver*

 

Arun Lamba, Vice President Corporate Development

Email: alamba@highlandersilver.com

*Bear Creek* 

Barbara Henderson, Vice President Corporate Communications

Direct: 604-628-1111

E-mail: barb@bearcreekmining.com

www.bearcreekmining.com

**Non-GAAP Financial Measures**

This news release contains the performance measure all-in sustaining costs (AISC) which is derived from the 2019 Feasibility Study that is not defined under IFRS (the "Non-GAAP Financial Measure"). Bear Creek believes that this Non-GAAP Financial Measure, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the Corani Project.

The Non-GAAP Financial Measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS as an indicator of performance. The Non-GAAP Financial Measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers with similar descriptions.

**Scientific and Technical Information**

Scientific and technical information in the news release relating to the Corani Project are taken from the technical report entitled, "Bear Creek Mining Corani Project NI 43-101 Technical Report" dated December 17, 2019 (the "2019 Feasibility Study"). Scientific and technical information in the news release relating to the Mercedes mine are taken from the technical report entitled, "NI 43-101 Technical Report Mercedes Gold – Silver Mine Sonora State, Mexico" dated September 30, 2024.

Technical information contained in this news release with respect to Bear Creek has been reviewed and approved by Donald Mc Iver, Fellow SEG and Fellow Aus-IMM. Mr. Mc Iver is Vice President, Exploration and Geology of Bear Creek Mining Corporation, who is a qualified person for the purposes of National Instrument 43-101 - *Standards of Disclosure for Mineral Projects* (''NI 43-101'').

Unless otherwise noted, scientific and technical information in the news release relating to the San Luis Project are taken from the technical report entitled, "Technical Report on the San Luis Property" dated January 15, 2025.

Technical information contained in this news release with respect to Highlander Silver has been reviewed and approved by Dr. Sergio Gelcich, P.Geo., Vice President, Exploration, Highlander Silver, who is a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

**Forward-looking statements**

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate to, among other things, statements regarding: the proposed acquisition by Highlander Silver of all of the Bear Creek Shares pursuant to the Arrangement and the terms thereof; the receipt of necessary shareholder, court and regulatory approvals for the Arrangement; the anticipated timeline for completing the Transaction; the treatment of the Bear Creek warrants and the continued listing of the same; the timing of the Bear Creek Meeting and Highlander Meeting and mailing of the management information circulars regarding the same; the Interest Deferral and Debt Settlement Arrangements; the terms and conditions pursuant to which the Transaction will be completed, if at all; the anticipated benefits of the Transaction; and the anticipated filing of materials on SEDAR+. These forward-looking statements are no guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements.

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

Risks and uncertainties that may cause such differences include but are not limited to: the risk that the Transaction or the Private Placement may not be completed on a timely basis, if at all; the conditions to the consummation of the Transaction or the Private Placement may not be satisfied; the risk that the Transaction or the Private Placement may involve unexpected costs, liabilities or delays; the possibility that legal proceedings may be instituted against Highlander Silver, Bear Creek, and/or others relating to the Transaction or the Private Placement and the outcome of such proceedings; the possible occurrence of an event, change or other circumstance that could result in termination of the Transaction; risks relating to the failure to obtain necessary shareholder, court and stock exchange approvals; other risks inherent in the mining industry. Failure to obtain the requisite approvals, or the failure of the parties to otherwise satisfy the conditions to or complete the Transaction, Private Placement or Debt Settlement Arrangements, may result in the Transaction, Private Placement or Debt Settlement Arrangements not being completed on the proposed terms, or at all. In addition, if the Transaction or Private Placement are not completed, the announcement of the Transaction and the Private Placement and the dedication of substantial resources of Highlander Silver and Bear Creek to complete the Transaction and the Private Placement could have a material adverse impact on each of Highlander Silver's and Bear Creek's share price, its current business relationships and on the current and future operations, financial condition, and prospects of each of Highlander Silver and Bear Creek.

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.*

 

**Corani Project Mineral Reserve and Resource Statement**

The mineral resource and mineral reserve estimates of the Corani Project set forth below have been taken from the 2019 Feasibility Study, a copy of which is filed on Bear Creek's SEDAR+ profile. Mineral Resources below are not mineral reserves and, as such, do not have demonstrated economic viability.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Category** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Lead** | &nbsp;&nbsp;**Zinc** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Lead** | &nbsp;&nbsp;**Zinc** |
| &nbsp;&nbsp; **Category** | &nbsp;&nbsp;**Mt** | &nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**M oz** | &nbsp;&nbsp;**M lb** | &nbsp;&nbsp;**M lb** |
| &nbsp;&nbsp;**Mineral Reserves** | &nbsp;&nbsp;**Mineral Reserves** | &nbsp;&nbsp;**Mineral Reserves** | &nbsp;&nbsp;**Mineral Reserves** | &nbsp;&nbsp;**Mineral Reserves** | &nbsp;&nbsp;**Mineral Reserves** | &nbsp;&nbsp;**Mineral Reserves** | &nbsp;&nbsp;**Mineral Reserves** |
| &nbsp;&nbsp;Proven | &nbsp;&nbsp;20 | &nbsp;&nbsp;59.7 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;39 | &nbsp;&nbsp;450 | &nbsp;&nbsp;269 |
| &nbsp;&nbsp;Probable | &nbsp;&nbsp;118 | &nbsp;&nbsp;49.9 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;190 | &nbsp;&nbsp;2292 | &nbsp;&nbsp;1426 |
| &nbsp;&nbsp;**Proven & Probable** | &nbsp;&nbsp;**139** | &nbsp;&nbsp;**51.3** | &nbsp;&nbsp;**0.90** | &nbsp;&nbsp;**0.55** | &nbsp;&nbsp;**229** | &nbsp;&nbsp;**2742** | &nbsp;&nbsp;**1694** |

---

<u>Notes:</u> 

1. The Mineral Reserves have been estimated using the definitions of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM).

2. The Mineral Reserves have been estimated using the following metal prices: US$20.00/oz silver, US$1.00/lb zinc, US$0.95/lb lead using
a revenue factor 1.00 pit shell as a basis for the pit design.

3. Only pre-mineral tuff type of material has been considered as reserves.

4. NSR Cutoff grades used are equal or higher than: US$10.79/t.

5. The effective date for these Mineral Reserves is 5 November 2019.

6. Totals / Averages may not add up due to rounding of individual tonnes and grades.

7. The tonnes and grades shown above are considered a Mineral Reserve because they have been demonstrated
to be economically viable through the Corani Project financial model using the following metal prices: US$18.00/oz silver, US$1.10/lb
zinc, US$0.95/lb lead.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Lead** | &nbsp;&nbsp;**Zinc** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Lead** | &nbsp;&nbsp;**Zinc** |
| <br>&nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Mt** | &nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**M oz** | &nbsp;&nbsp;**M lb** | &nbsp;&nbsp;**M lb** |
| &nbsp;&nbsp;**Mineral Resources (inclusive of Mineral Reserves)** | &nbsp;&nbsp;**Mineral Resources (inclusive of Mineral Reserves)** | &nbsp;&nbsp;**Mineral Resources (inclusive of Mineral Reserves)** | &nbsp;&nbsp;**Mineral Resources (inclusive of Mineral Reserves)** | &nbsp;&nbsp;**Mineral Resources (inclusive of Mineral Reserves)** | &nbsp;&nbsp;**Mineral Resources (inclusive of Mineral Reserves)** | &nbsp;&nbsp;**Mineral Resources (inclusive of Mineral Reserves)** | &nbsp;&nbsp;**Mineral Resources (inclusive of Mineral Reserves)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;31 | &nbsp;&nbsp;50.0 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;49 | &nbsp;&nbsp;534 | &nbsp;&nbsp;329 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;208 | &nbsp;&nbsp;40.9 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;274 | &nbsp;&nbsp;2933 | &nbsp;&nbsp;1985 |
| &nbsp;&nbsp;**Measured & Indicated** | &nbsp;&nbsp;**239** | &nbsp;&nbsp;**42.1** | &nbsp;&nbsp;**0.66** | &nbsp;&nbsp;**0.44** | &nbsp;&nbsp;**323** | &nbsp;&nbsp;**3466** | &nbsp;&nbsp;**2313** |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;73 | &nbsp;&nbsp;35.5 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;84 | &nbsp;&nbsp;641 | &nbsp;&nbsp;484 |

---

Notes:

1. Cutoff Value: US$10.79/tonne covers process and general and administrative costs.

2. Mineral Resources are inclusive of Mineral Reserves

3. The Mineral Resources are not Mineral Reserves and, as such, do not have demonstrated economic viability.

## Exhibit 99.63

**Exhibit 99.63**

**FORM 51-102F3<br> MATERIAL CHANGE REPORT**

---

| | |
|:---|:---|
| **ITEM 1.** | **Name and Address of Company** |

---

Highlander Silver Corp. (the "**Company**" or "**Highlander Silver**")

2500 – 100 King Street W.

P.O. Box #267

Toronto, Ontario M5X 1A9

ITEM 2. Date of Material Change

December 18, 2025

ITEM 3. News Release

A news release describing the material changes referred to in this report was disseminated by the Company on December 19, 2025, through the facilities of Newswire and was subsequently filed on the Company's profile on SEDAR+.

ITEM 4. Summary of Material Change

On December 18, 2025, Highlander Silver entered into a definitive arrangement agreement (the "**Arrangement Agreement**") with Bear Creek Mining Corporation ("**Bear Creek**") pursuant to which Highlander Silver will acquire all issued and outstanding common shares of Bear Creek by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the "**Arrangement**"), as announced on December 19, 2025. Under the Arrangement, Bear Creek shareholders will receive 0.1175 common shares of Highlander Silver ("**Highlander Shares**") for each Bear Creek common share (**Bear Creek Shares**), and, upon completion, former Bear Creek shareholders are expected to hold approximately 18% of the outstanding Highlander Shares on a fully diluted basis. The Company also agreed to a concurrent non-brokered private placement with Bear Creek pursuant to which the Company will subscribe for 50,000,000 Bear Creek Shares at a price of $0.36 per share for a total subscription price of $18 million to acquire an approximately 14.6% ownership stake in Bear Creek (the "**Private Placement**"), which is expected to close on or about December 30, 2025.

In connection with the execution of the Arrangement Agreement, Highlander Silver also entered into definitive agreements to settle Bear Creek's indebtedness owing to affiliates of Royal Gold, Inc. ("**Royal Gold**") and Equinox Gold Corp. ("**Equinox**") (the "**Debt Settlement Arrangements**" and together with the Arrangement, the "**Transaction**").

ITEM 5. Full Description of Material Change

**Details of the Arrangement**

On December 18, 2025, Highlander Silver entered into the Arrangement Agreement with Bear Creek under the *Business Corporations Act* (British Columbia), pursuant to which the Company will acquire all of the issued and outstanding Bear Creek Shares. The material change was announced by news release on December 19, 2025.

Under the Arrangement, each Bear Creek common share will be exchanged for 0.1175 Highlander Shares. Upon completion of the Arrangement, existing holders of Highlander Shares ("**Highlander Shareholders**") and former Bear Creek Shareholders will own approximately 82% and 18% of the total issued and outstanding Highlander Shares, respectively, on a fully-diluted basis.

Highlander Silver expects to issue an aggregate of approximately 34,450,672 Highlander Shares to the Bear Creek Shareholders, based on the Bear Creek Shares outstanding as at the date of this announcement. Highlander Silver may also issue up to approximately 346,253 additional Highlander Shares subject to, as part of the Arrangement, the conversion into Bear Creek Shares of certain convertible securities of Bear Creek at the effective time of the Arrangement. In-the money stock options (as determined to be "in-the-money" as at the date of the Arrangement Agreement), restricted share units (the "**RSUs**") and deferred share units (the "**DSUs**") of Bear Creek outstanding immediately prior to the effective time of the Arrangement will (whether vested or unvested) immediately vest and be converted, as a step in the Arrangement, into Bear Creek Shares and the holders thereof will receive the number of Highlander Shares to which they are entitled for such Bear Creek Shares under the Arrangement based on the Exchange Ratio. Out-of-the- money options of Bear Creek (as determined to be "out-of-the-money" as at the date of the Arrangement Agreement) will be cancelled without any payment and such out-of-the-money optionholders will cease to have any rights under such cancelled options.

The outstanding warrants of Bear Creek (the "**Bear Creek Warrants**") will be treated in accordance with their terms and are expected to continue to trade on the TSX Venture Exchange ("**TSXV**") under the symbol "BCM.WT". After giving effect to the Arrangement, Bear Creek warrants will become exercisable into Highlander Shares.

Following completion of the Arrangement, the Highlander Shares will remain listed on the Toronto Stock Exchange and the Bear Creek Shares will be delisted from the TSXV.

**Debt Settlement Arrangements**

Highlander Silver has also entered into definitive agreements to: (i) settle outstanding debt obligations owing by Bear Creek to Equinox and certain affiliates of Royal Gold; and (ii) terminate the gold and silver stream obligations between Bear Creek and an affiliate of Royal Gold under the Mercedes streaming arrangement

Affiliates of Royal Gold will receive cash consideration of US$6.2 million, an incremental 1.75% secured net smelter return royalty on the Corani Project and an unsecured 2% net smelter return royalty on the Mercedes mine, together with certain parent guarantees from Highlander Silver. Royal Gold's existing 1% secured net smelter return royalty on the Corani Project will remain in place, such that Royal Gold will hold an aggregate 2.75% secured net smelter return royalty on the Corani Project (the "**Corani NSR**"). Highlander Silver will be permitted to buy back 0.5% of the Corani NSR for US$25 million until the earlier of: (i) January 1, 2033; and (ii) the date that is 6 months after a final investment decision ("**FID**") is made. If the FID is obtained before December 31, 2028, Highlander Silver will be permitted to buy back 0.75% of the Corani NSR for US$30 million. Equinox will receive US$1.6 million of cash consideration and a 0.5% unsecured net smelter royalty on the Corani Project (the "**Equinox NSR**"). Highlander Silver will be permitted to buy back 0.167% of the Equinox NSR for US$8.3 million until the earlier of: (i) January 1, 2033; and (ii) the date that is 6 months after an FID.

The Debt Settlement Arrangements are conditional upon closing the Arrangement.

**Concurrent Non-Brokered Private Placement**

Concurrently with the entering into of the Arrangement Agreement, Highlander Silver has entered into a subscription agreement with Bear Creek pursuant to which Highlander Silver will subscribe for 50,000,000 Bear Creek Shares at a price of $0.36 per Bear Creek Share for gross proceeds of $18 million to acquire approximately 14.6% ownership stake in Bear Creek (the "**Private Placement**"). The proceeds from the Private Placement will be used by Bear Creek for bonding, site investigation, exploration and studies at the Corani Project and for general working capital purposes at Mercedes. Closing of the Private Placement is expected to be completed on December 30, 2025 and is not contingent on the completion of the Arrangement.

The Private Placement is subject to the approval of the TSXV and other customary regulatory approvals. No finder's fee is payable in connection with the Private Placement. The Bear Creek Shares issued under the Private Placement will be subject to a statutory four month and one day hold period, pursuant to securities laws in Canada.

**Transaction Conditions and Timing**

The Arrangement will effected by way of a court-approved plan of arrangement under the *Business Corporations Act* (British Columbia) and will require the approval of : (i) at least 66⅔% of votes cast by Bear Creek shareholders, and (ii) 66⅔% of votes cast by Bear Creek shareholders, together with holders of options, restricted share units and deferred share units, voting as a single class, and, if required, a simple majority of the votes cast by disinterested Bear Creek shareholders under Multilateral Instrument 61-101 *Protection of Minority Security Holders In Special Transaction.*

The issuance of the Highlander Shares pursuant to the Arrangement and the Highlander Shares issuable upon exercise of the Bear Creek Warrants following the Arrangement requires the approval by a simple majority of votes cast by Highlander Silver shareholders in accordance with the policies of the Toronto Stock Exchange.

The Arrangement Agreement includes customary representations and warranties for a transaction of this nature as well as customary interim period covenants regarding the operation of Highlander Silver's and Bear Creek's businesses. The Arrangement Agreement also includes customary deal protections in favour of each of Highlander Silver and Bear Creek. With respect to Highlander Silver, these protections include fiduciary-out provisions, non-solicitation covenants, and a right to match any superior proposals. With respect to Bear Creek, these protections include a fiduciary-out provision. The Arrangement Agreement includes a termination fee of $8 million payable by Bear Creek in the event the Arrangement Agreement is terminated in certain circumstances and a reverse-termination fee of $8 million payable by Highlander Silver in the event the Arrangement Agreement is terminated in certain circumstances.

Each of Highlander Silver and Bear Creek's directors and officers entered into voting support agreements agreeing to vote their Highlander Shares or Bear Creek Shares, respectively, in favour of the Arrangement or matters related thereto. Royal Gold, Inc. and Equinox have also entered into voting support agreements.

Following completion of the Arrangement, Highlander Silver's common shares are expected to remain listed on the Toronto Stock Exchange, Bear Creek's common shares are expected to be delisted from the TSX Venture Exchange, and Bear Creek warrants are expected to continue trading and become exercisable for Highlander Silver shares in accordance with their terms.

ITEM 5.2. Disclosure of Restructuring Transactions

Not applicable.

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

Not applicable.

ITEM 7. Omitted Information

There are no significant facts required to be disclosed herein which have been omitted.

ITEM 8. Executive Officer

For further information, please contact:

Tom Ladner<br> General Counsel <br> Tel: (604) 638-1470

ITEM 9. Date of Report

December 29, 2025

**Cautionary Note Regarding Forward-Looking Statements**

 

*This material change report contains "forward-looking-information" under Canadian securities legislation. All statements in this report, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this report. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projection, objectives assumptions, future events or performance (often but not always using words such as "expects, or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements in this report relate to, among other things, statements regarding: the proposed acquisition by Highlander Silver of all of the Bear Creek Shares pursuant to the Arrangement and the terms thereof; the receipt of necessary shareholder, court and regulatory approvals for the Arrangement; the anticipated timeline for completing the Transaction; the treatment of the Bear Creek warrants and the continued listing of the same; the timing of the Meetings of Bear Creek securityholders and Highlander Silver shareholders; the debt settlement arrangements with affiliates of Royal Gold and with Equinox; the terms and conditions pursuant to which the Transaction will be completed, if at all; the anticipated benefits of the Transaction. These forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from those discussed in the forward-looking statements. In making the forward-looking statements, Highlander Silver has relied on certain assumptions that it believes are reasonable at this time, including assumptions regarding the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court, shareholder, stock exchange, and other third-party approvals, and the ability of the parties to satisfy, in a timely manner, the other conditions to completion of the Transaction. The anticipated timeline may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary approvals in the time assumed, or the need for additional time to satisfy other closing conditions. Risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to: the risk that the Transaction or the Private Placement may not be completed on a timely basis; the risk that conditions to the consummation of the Transaction or the Private Placement may not be satisfied; the risk that the Transaction or the Private Placement may involve unexpected costs, liabilities or delays; the possibility that the legal proceedings may be instituted in connection with the Transaction or the Private Placement and the outcome of such proceedings; the occurrence of any event, change or other* circumstance that could give rise to the termination of the Transaction; risks relating to the failure to obtain necessary shareholder, court and stock exchange approvals; and risks inherent in the mining industry. If the Transaction or the Private Placement is not completed, the announcement of the Transaction and the Private Placement and the deduction of substantial resources to them could have a material adverse impact on each of Highlander Silver's and Bear Creek's share price, its current business relationships and on the current and future operations, financial condition, and prospects of each of Highlander Silver and Bear Creek.

## Exhibit 99.64

**Exhibit 99.64**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Jerrold Annett**, an individual resident in Toronto, ON (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the <br> Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 2,406,970 Highlander Shares (the "**Subject Shares**"), 350,000 Highlander Options and 0 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Jerrold Annett | Jerrold Annett |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

<u>/ signed / "*Jerrold Annett*"</u> <br> Jerrold Annett

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / "*Eric Caba*" | / signed / "*Eric Caba*" |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Jerrold Annett** | 286,970 | Highlander Shares |
| | | 350,000 | Highlander Options |
| | | 0 | Highlander Warrants |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Cupric II Corporation** | 2,120,000 | Highlander Shares |
| | | 0 | Highlander Options |
| | | 0 | Highlander Warrants |

---

## Exhibit 99.65

**Exhibit 99.65**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Federico Velasquez**, an individual resident in Vancouver, BC (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 150,000 Highlander Shares (the "**Subject Shares**"), 650,000 Highlander Options and 50,000 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Federico Velasquez | Federico Velasquez |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

---

| |
|:---|
| / signed / "*Federico Velasquez*" |
| **Federico Velasquez** |

---

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / "*Eric Caba*" | / signed / "*Eric Caba*" |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Federico Velasquez** | 150,000 | Highlander Shares |
| | | 650,000 | Highlander Options |
| | | 50,000 | Highlander Warrants |

---

## Exhibit 99.66

**Exhibit 99.66**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Daniel Earle**, an individual resident in Toronto, ON (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 5,278,402 Highlander Shares (the "**Subject Shares**"), 2,000,000 Highlander Options and 0 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Daniel Earle | Daniel Earle |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

<u>/ signed / "Daniel Earle"</u> <br> Daniel Earle

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / "Eric Caba" | / signed / "Eric Caba" |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Daniel Earle** | 275,400 | Highlander Shares |
| | | 2,000,000 | Highlander Options |
| | | 0 | Highlander Warrants |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **2210637 Ontario LTD.** | 5,000,002 | Highlander Shares |
| | | 0 | Highlander Options |
| | | 0 | Highlander Warrants |

---

## Exhibit 99.67

**Exhibit 99.67**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Arun Lamba**, an individual resident in Toronto, ON (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the <br> Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 64,000 Highlander Shares (the "**Subject Shares**"), 300,000 Highlander Options and 0 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Arun Lamba | Arun Lamba |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

---

| |
|:---|
| / signed / "Arun Lamba" |
| **Arun Lamba** |

---

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / "Eric Caba" | / signed / "Eric Caba" |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Arun Lamba** | 64,000 | Highlander Shares |
| | | 300,000 | Highlander Options |
| | | 0 | Highlander Warrants |

---

## Exhibit 99.68

**Exhibit 99.68**

![](ex99-68_001.jpg)

Cel4ain iiifomiation contained helein has been redacted on the basis that disclosui e of such infolmatioii would violate confidentiality or be prejudicial to the interests of Highlander Silvel Cold. Execution Copy DEBT SETTLEMENT GNU STREAM TERMINATION AGREEMENT THIS AGREEMENT is made as of December 18, 2025 AMONG: INTERNATIONAL ROYALTY CORPORATION, os collateral agent for the benefit of and on behalf of the Cieditors (os defined in the Second Amended and Restated Inteicreditor Agreement) (in such capacity, the "Collateral Agent") in connection with the Security Dociunents HIGHLANDER SILVER CORP. ("Highlander") WHEREAS: A. D. E. INTERNATIONAL ROYALTY CORPORATION ("IRC") 1368445 B.C. LTD. ("1368445") B Beni Creek and IRC (as successor to Sondstoini) ore porty to the Sandstone Stieom Agreement . In connection with the Sondstoini Streom Agreement, the Obligois have guaranteed the obligations of Bear Creek theieunder in favour of IRC (as successor to Sandstorin) . C. Beni Creek, and IRC (os successoi to Noinod and os the Nomod Purchaser end the Nomad Streom Agent) are party to the Nomad Stieom Agreement . In connection with the Noinod Streom Agreement, the Obligors have giuiranteed the obligations of Beni Cieek theieunder in favour of IRC (os successor to Nomad end Sandstoini) in its capacity os Nomod Stream Agent end Nomad Purchasers .

![](ex99-68_002.jpg)

F. - 2 - G. Beni Creek Peiu (amonp others) granted the Sandstorin Peiu Royalty Agreement in favour of IRC (as successor to Sondstorni). H. Nomad oinalpainated with Sondstoini on January 1, 2025. I. Sandstorin changed its name to 17411979 Conada Inc. and continued under the federal lows of Canada from the Piovince of British Columbia on Octobei 20, 2025. J. 17411979 Canoda Inc. ainolpainated with IRC on October 23, 2025 undei the corporate name of IRC. K . Hiphlonder end Bear Creek me proposing to enter into on arrangement agreement (the "Arrangement Agreement") piusuant to which Hiphlonder will acquire all of the outstondinp equity securities of Bear Creek in accordance with a plan of aoangement (the "Arrangement") iindei the Business Corporations Act (Bi'itish Coliunbia) : L. Hiphlonder and IRC wish to (i) terminate the Obligations end the Nomad Stieom Agreement and the Sondstoini Stieom Agreement, (ii) omend end iestate the Sondstoini Peru Royalty Agreement, and (iii) creote, gront, reserve end entei into the Mercedes Royalty Agreement, on the tens and conditions as are more particuloi' 1 y set forth herein . NOW THEREFORE THIS AGREEMENT WIThTSSES that in consideration of the muttuil covenants end agreements contained in this Agreement, the parties agree as follows: ARTICLE 1 INTERPRETATION 1.1 Definitions In this Agreement, unless something in the subject matter oi context is inconsistent theiewith: " 2536062 " means 2536062 Ontario Inc . o corporation existing under the lows of the Province of Ontario end o wholly - owned subsidiary of Ben Creek, as o giuiiantor under certain Transaction Documents

![](ex99-68_003.jpg)

- 3 - "Affiliate" means, with respect to any Person, any other Person which directly or indirectly, through one or moie inteimediaries, Contiols, or is Controlled by, or is under common control with, such Person . "Agreement" means this Debt Settlement end Royalty Teiminotion Agreement end the Schedules attached to this Agreement end all amendments, iestateinents oi' ieplocements to this Agreement mode by written agreement between the Parties . "Arrangement" has the meoninp set out in the iecitals, obove . "Arrangement Agreement" has the meaning set out in the recitals, above, and for greater certainty, for the purposes of Sections 3 . 1 (d) end 3 . 2 (k), means the form of Arrangement Agreement last deliveied to IRC prioi to execution of this Agreement . "BCMC Branch" means Bear Cieek Mininp Company Sucursal del Pelu, the Peruvian bronch of Beni Creek Exploration Company Ltd . , a company existing under the lows of the Piovince of British Columbia and o wholly - owned subsidiary of Bear Creek . "Bear Creek" means Bear Creek Minin Coi oiation a coin existin iindei the lows of the Piovince of British Coliunbia, "Bear Creek Peru means Beni Creek Mining S.A.C., a socierlarl anânima cerro rlo existin g iindei the laws of the Re ublic o f Peiu end an Affiliate of Beni Creek, as puarantoi and certain othei Transaction Dociunents. "Bear Creek Share Collateral" has the meaning piven to it in Section 3.2(i). "Business Day" means any day othei then o Saturday or Sunday or a day thot is a statutory holiday under any lows applicable in Vancouver, British Columbia. "Closing" hos the meaning given to it in Section 2.1. "Closing Deliverables" has the meoninp piven to it in Section 2.1. "Collateral"

![](ex99-68_004.jpg)

- 4 - "Collateral Agent Release Direction" means o colloteial ogent release direction in the form set out ct Schedule E. "Control" means the possession, directly oi indirectly, of the powei to direct oi couse the direction of the management or policies of o Person, whethei through the ability to exercise voting power, by contiact or otheiwise . "Corani Royalty Agreement" means the Amended end Restated Sandstorin Peiu Royalty Agreement in the foini set out ct Schedule C. "Cross Default Agreement" means a cross default agreement dated June 20, 2025 among IRC (as successor to Sondstorin), 1368445 and the Obligors. "Governmental Body" means any applicable federal goveiuinent or of any political subdivision theieof, whether stote, provincial, teoitorial, municipal oi' locol, end any ogency, authority, insMunentolity, regulatory body, court, commission, orbitiator, orbitiotion tribunal or other tribunal or other entity exeicising executive, legislative, judicial, toxinp, regulatory or administrative poweis oi functions of oi pertaining to government in any local oi foreign jiuisdiction . "Equinox" means Equinox Gold Coip., o company existing under the laws of the Province of British Columbia.

![](ex99-68_005.jpg)

- 5 - "Insolvency Laws" meons any of the Baiikrnptm• aiirl liisolveiicv Act (Conada), the Companies Crerlitors Arraiigemeiit Act (Conada), th e 0 inding - Up and Resti Picturing Act (Canada), th e Mexican Bankruptcy Low (Jm' de Coiicwsos Mercantiles) and Umterl Stotes Banff upto Code (Title 11 U.S.C.), eoch as now end hereaftei in effect, any successors to such statutes and ony other applicable insolvency, bankruptcy, liquidation, ieorgonizotion, arrangement oi relief of debtoi or othei similar law of any jurisdiction or any similar, analogous or equivalent legislation of any other country oi subdivision theieof, including any stattite which may be used by a Person to propose an arrangement to cieditoi s (including the oiTanpement piovisions of the Canada Busmess Corporations Act (Canoda) and piovincial business corpoiations legislation as now or hereafter in effect) or permitting a debtoi to obtoin o stay or a compromise of the claims of its creditors against it. "Lien" means (o) with respect to any Property, any mortgage, deed of tnist, firleicomiso, lien, pledge, hypothec, encumbiance, charpe, assignment, consipmnent, security interest, in, on oi of the Pioperty : end (b) ony othei agreement, trust or arrangement that in substance secures the payment or performance of any debt, liability or obligation . "Mercedes Project" meons the Mercedes mine pioject located in Sonoia Stote, Mexico, approximately 250 kilometers northeast of Herinosillo, Sonoia 's capital city, and 300 kiloineteis south of Tiicson, Arizona . "Mercedes Royalty Agreement" ineans a royalty agreement in the forin set out in Schedule D . "MGH" ineans Mercedes Gold Holdings, S . A . de C . V . Socierlorl Aiióiiima ne Capital Variable existinp iinder the laws of Mexico end an indiiect wholly - owned subsidiary of Bear Creek, as a puarantor iindei certain Transaction Documents . "Mine Owner" menus Mineia Mercedes Minerales, S . DE R . L . DE C . V . (forinei'ly Minera Meridian Minerales S . de R . L . de C . V .), o SorieJaJ de fiespoiisofii//dod Jiiiii/oJo ale Capital Var iable existing iindei the lows of Mexico and an indirect wholly owned subsidiary of Beer Creek, as a giioiontor under certain Tionsaction Documents .

![](ex99-68_006.jpg)

"Obligations" - 6 - "Obligors" means, collectively, Bear Cieek end eoch Giuiiantor, end "Obligor" shell mean any one of them.

![](ex99-68_007.jpg)

"Outside Date' "Party" meons each party this agreement, end any of them. "Person" means end includes nattuol persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, tiusts, banks, tiust companies, led tnists, business trusts oi othei oipanizations, whether or not legol entities, end Governmental Bodies . "Property" means, with respect to any Peison, any oi oll of its present or aftei - acquired undertaking, piopeity end ossets . "Property Security Legislation" means, with respect to ony applicable jiuisdiction, the real and personal pioperty security or othei siiniloi, analogous oi equivalent legislation in effect therein from time to time oi any other legislation thot governs the granting or enfoicement of Liens by companies, corpoiations or other Persons in any applicable jurisdiction . "Real Property" ineons oll reel property interests, all mineral claims, mineial leases end other mineral i'iphts, concessions end interests, and all siufoce occess i'iphts held by ony Obligor relating to the Meicedes Project, and all buildings, strictures, improvements, oppurtenonces and fixtures theieon or attached thereto, whether created pi'ivately or by the action of any governmental body . "Real Property" shall also include any term extension, ienewol, replacement, conversion, division or substittition of any such ieol property inteiests, mineral claims, mineral leases, mineral i'iphts, concessions or interests, and siuface occess rights, owned oi in respect of which on interest is held, directly oi indirectly, by any Obligor at ony time during the term of this Agreement, whethei or not such owneiship oi interest is held continuously . "Sandstorni" meons Sandstone Gold Ltd. o piedecessoi to IRC. - 7 - "Sandstorni Debenture Documents means the Convertible Debenture

![](ex99-68_008.jpg)

- 8 - "Sandstorni Peru Royalty Agreement" o net smelter return royalty agreement granted by Beer Creek Peru dated as of January 22, 2024 in favour of IRC (as siiccessoi to Sandstorin). "Sandstorni Stream A reenient" "Second Amended and Restated Intercreditor Agreement" menus the second amended and restated inteicreditor agreement dated os of June 20 , 2025 omonp, ziiter alios, the Collateral Agent, IRC (os successor to Sandstoini), the Nomad Stream Agent, Equinox, Bear Creek, 2536062 , MGH, the Mine Owner, 1368445 and Bear Creek Peiu .

![](ex99-68_009.jpg)

"Stream Documents' Transaction Documents' 2. Currency Except wheie otherwise expressly provided, oll monetary amounts in this Agreement me stated and shall be paid in United States dollars . 3. Headings The division of this Agreement into Articles and Sections end the insertion headings are for convenience of ieference only and shall not effect the construction or interpretation of this Agreement . The tens "hereof, "heieunder" and similar expiessions refer to this Agreement and not to any particuloi Article, Section or othei portion heieof and include ony agreement supplemental heieto . Unless something in the subject matter or context is inconsistent therewith, refeiences heiein to Articles, Sections and Schedules are to Articles end Sections of and Schedules to this Agreement . 4. Extended Meanings In this Agreement, words importing the singular nuinbei only include the pliuol and vice versa, woids importing any pender include oll genders . The term "includes" or "including" means "including, but not limited to" . A iefeience to any entity includes any successoi to thot entity . 5. Statutory References In this Agreement, imless something in the subject inattei or context is inconsistent therewith or unless otherwise heiein piovided, o reference to any stattite is to that statute as now enacted oi as the same inoy fiom time to time be amended, re - enacted or replaced and includes any iegiilations mode thereiindei . 6. Calculation of Time In this Agreement, o period of days will be deemed to begin on the first day ofter the event which begon the pei'iod end to end ct 5 : 00 p . m . (Vancouvei time) on the lost day of the pei'iod . If,

![](ex99-68_010.jpg)

- 10 - howevei, the last day of the pei'iod does not fell on a Business Day, the pei'iod will terminate ct 5 :00 p.m. (Vancouver time) on the next Business Day. 1.7 Schedules The following ore the Schedules annexed heieto and incorporated by ieference and deemed to be part hereof: Capitalized terms used but not otherwise defined in the Schedules have the meanings piven to them in this Agreement . ARTICLE 2 DEBT SETTLEMENT ANSI STREAM TERMINATION 1. Closing In consideration foi the promises and covenants contained heiein, and upon satisfaction of the conditions precedent in Article 3 below, Hiphlwder ogrees to pay and deliver (oi in the case of Sections 2 . 1 (b) and (c), couse to be delivered) to IRC following deliveiables (the "Closing Deliverables") : (a) A cash payment in the amount of US $6 , 200 , 000 by way of wire tronsfei in immediately available funds (without deduction or set off) to the account set out in Schedule B : (b) The Coroni Royalty Agreement signed by Beer Creek Peru end BCMC Bronch and duly notarized befoie a Peruvian notoiy public in Lima, Pelu ; and (c) The Mercedes Royalty Agreement signed by Minero Mercedes Mineioles, S. de R.L. de C.V. and duly notarized befoie a Mexican notary public in Mexico City, Mexico: (d) (e)

![](ex99-68_011.jpg)

2. Release and Discharge Immediately upon receipt by IRC of the Closing Deliverables, each of IRC end 1368445 ogiees thot: (a) the Obligations shell be satisfied and poid in fhll; (b) the Transaction Dociunents shell be terminated and no Obligor shall have any remaining obligations theieiindei: (h) eoch of IRC end 1368445 agrees to do all such furthei acts, end take such additional steps end execute such additional documents as may be iequired to effect the foregoing releases, discharges and teiniinotions .

![](ex99-68_012.jpg)

2.5 Notice of Liquidation IRC inoy, in its sole discretion, liquidate 13648445 prior to the Closing . If IRC pioceeds with such liquidation, it will piovide notice to Hiphlwder as soon os ieosonobly procticoble after the liquidation is complete . Upon any such liquidation, Hiphlonder acknowledges and ogiees that the rights end obligations of 1368445 under this Agreement shell become the i'iphts and obligations of IRC . ARTICLE 3 COh IITIONS PRECEDENT TO CLOSING 1. Conditions Precedent in Favour of Highlander The completion of the transactions contemplated by this Agreement is subject to the satisfaction and fulfilment or waivei by Highlandei of each of the following conditions at or before the Closing: (a) the repiesentotions end warranties of IRC and 1368445 contained in this Agreement are tiue and coiiect in all inatei'ia 1 respects as at Closing with the same effect as though such representations and woironties had been made as of the Closing : - 12 -

![](ex99-68_013.jpg)

- 13 - (b) all of the covenants end obligations of IRC and 1368445 to be performed or observed on or befoie the Closing pursuant to this Agreement hove been drily perfoinied or observed in all material respects ; (c) Hiphlonder shall have received (i) IRC's, 1368445 's and the Collateral Agent's signatures to this Agreement, (ii) Eqiiinox's, IRC's and 1368445 's signatures to the Colloteial Agent Release Direction, and (iii) a certificate ofo senioi officer of IRC, in form and substance satisfactory to Highlwder, acting reasonably, certifying the inotteis in Section 3 . 1 (a) end Q) : (d) the Arrangement shall hove been consummated in accordance with the terms of the Arrangement Agreement : (e) Eoch of the foiepoing conditions piecedent is for the exclusive benefit of Highlandei, and Hiphlonder may woive any of them in whole oi in part in writing. 2. Conditions Precedent in Favour of IRC The completion of the transactions contemplated by this Agreement is subject to the satisfaction and fulfilment or woiver by IRC of eoch of the following conditions ct or befoie the Closing: (a) the iepresentations end warranties of Hiphlonder contained in this Agreement me tiue end correct in oll iespects as at Closing with the same effect as though such repiesentations and warranties had been made os of the Closing ; (b) all of the covenants and obligations of Highlandei to be peiforined or observed on or before the Closing puisiuint to this Agreement have been duly performed or observed in all respects : (c) no event of default (oi event which with notice oi' lapse of time or both would become on event of default) under ony of the Tiansaction Documents oi Security Documents shell hove occurred md be continuing ; (d)

![](ex99-68_014.jpg)

- 14 - Hiphlonder shell have deliveied, oi coused to be deliveied, the Closing Deliverables in occoidance with Section 2.1: j) Hiphlonder shall have delivered to IRC a certificate of a senioi officer of Hiphlonder, in form and substance satisfactory to IRC, acting reosonobly, certifying : (i) the matters in Sections 3 . 2 (a) - (f) ; (ii) resolutions of the booid of directois of Highlandei oiithoi'izing the execution end delivery of this Agreement and the performance by Highlander of the transactions contemplated by this Agreement, including the executi on end delive of the Coiani Ro eeinent the Mercedes Ro eeinent (iii) the signatures of the officeis executing this Agreement end each of the agreements and other documents to be executed by Hiphlonder piusuant to this Agreement : Hiphlonder shell have deliveied evidence satisfactory to IRC, acting reosonobly, confusing thot the Arrangement has been consummated in accordance with the tens of the Arrangement Agreement ;

![](ex99-68_015.jpg)

- 15 - (1) Hiphlonder shell have deliveied on officer's certificate to IRC, certifying thot, immediately prior to the Closing: (ii1) (Vi1) (Viii) (i) Beni Cieek validly exists as a company in good standing under the lows of the Province of Bi'itish Coliunbia; eoch of the othei Obligors validly exists as a company (or equivalent) under the laws of its poveiuinp jurisdiction; neither Beer Cieek nor ony of the other Obligors has (i) proposed a compiomise oi arrangement to its creditors generally ; (ii) taken any proceeding with iespect to such a compromise or arrangement ; (iii) token any proceeding to have itself declared bauknipt or wound - up ; (iv) taken any proceeding to have a receivei, inonoper or tiustee appointed in respect of any part of its assets and properties : or (v) filed or become the subject of any proceeding under any Insolvency Laws thot is continuing ; (iv) theie is no iequirement for Bear Creek or ony of the othei Obligors to make any filinp with, pive any notice to or obtain any consent or approval from any Goveinmental Body as a condition to the lawful consiunination of the transections contemplated by this Agreement ; (v) theie is no requirement under (i) any contract, agreement or oiianpement to which Beni Creek or any of the other Obligois is o party or by which ony of them are bound, or (ii) ony applicable laws, to make ony filinp with, give any notice to, or to obtain the consent or approval of, any othei Peison relating to the transections contemplated by this Agreement ; (vi) Beni Creek and each other Obligor is in compliance with its obligations under each Tiansaction Document and Security Document, including all delivery obligations under the Stream Documents, and theie is no breach or default by Beni Creek oi ony other Obligor of their respective obligations under the Transaction Dociunents or the Security Documents, end no event or circumstance hos occurred which (with notice, lopse of time, or both) could constitute o breach or default of ony Transaction Document or Security Dociunent by Beni Cieek oi ony Obligor ; the information set forth in Schedule F pertaining to the corporate ownership stricture of Bear Creek is tiue, occiuote end complete as of the Closing, end the number end percentage of the issued end outstondinp equity securities of ea ch subsidioi of Beni Cieek ore owned b the Peison set out in Schedule F

![](ex99-68_016.jpg)

(o) - 16 - Eoch of the foiepoinp conditions precedent is foi the exclusive benefit of IRC, end IRC inoy woive any of them in whole oi in part in wiiting. ARTICLE 4 REPRESENTATIONS ANSI WARRANTIES 1. Representations and Warranties of IRC IRC heieby represents and warrants to Hiphlonder as follows end acknowledges thot Hiphlonder is relying upon such repiesentations and warranties in connection with the matters contemplated by this Agreement : (a) IRC validly exists os o company in good standing under the fedeial laws of Canada.

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- 17 - (b) 1368445 validly exists as a company in good standing under the laws of the Province of British Columbia . (c) Each of IRC and 1368445 has all necessary corporate power and capacity to execute and deliver, and to observe and perform its covenants and obligations under, this Agreement and any related documents to which it will be or is a party . Each of IRC and 1368445 has taken all corporate action necessary to authorize the execution and delivery, and the observance and performance of its covenants and obligations under, this Agreement and any related documents to which it will be a party . (d) This Agreement, when executed and delivered, will be duly executed and delivered by each of IRC and 1368445 , and will constitute, a legal, valid and binding obligation of each of IRC and 1368445 enforceable against each of IRC and 1368445 in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court . (e) The execution and delivery of, or the observance and performance by each of IRC and 1368445 of, any covenant, condition or obligation under this Agreement or any related document to which it will be a party does not and will not contravene or result in a material violation of or a breach or default under (with or without the giving of notice or lapse of time, or both), or in the acceleration of any obligation under : (i) the articles, by - laws, directors' or shareholders' resolutions of IRC or 1368445; or (ii) the provisions of any material contract, mortgage, security document, obligation, licence, permit or instrument to IRC or 1368445 is a party, or by which IRC or 1368445 is bound or affected, and which could reasonably be expected to adversely impact the performance of IRC's or 1368445 's obligations under this Agreement or any related document . (f) No Person other than Highlander has any oral or written agreement, option, right, privilege or any other right capable of becoming any of the foregoing (whether legal, equitable, contractual or otherwise) in respect of IRC's and 1368445 's interest in the Transaction Documents, and neither IRC nor 1363445 has assigned any of its interest in the Transaction Documents . (g) There is no outstanding, pending, or, to the knowledge of IRC or 1368445 , threatened, court, administrative, regulatory or similar proceeding (whether civil, quasi - criminal or criminal), arbitration or other dispute settlement procedure, investigation, audit, assessment, inquiry, request for information, warrant, charge, suit or claim by any party to the Transaction Documents, or any similar matter or proceeding by any such party in respect of the Transaction Documents . (h) There are no Liens or other restrictions encumbering IRC's or 1368445 's interest in the Transaction Documents .

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- 18 - (i) To the knowledge of IRC, the Security Documents represent all of IRC's and its Affiliates' Liens in respect of the Property, including Real Property, of the Obligors . 2. Representations and Warranties of Highlander Highlander hereby represents and warrants to IRC as follows and acknowledges that IRC is relying upon such representations and warranties in connection with the matters contemplated by this Agreement : (a) Highlander validly exists as a company in good standing under the laws of the Province of British Columbia . (b) Highlander has all necessary corporate power and capacity to execute and deliver, and to observe and perform its covenants and obligations under, this Agreement and any related documents to which it will be or is a party . Highlander has taken all corporate action necessary to authorize the execution and delivery, and the observance and performance of its covenants and obligations under, this Agreement and any related documents to which it will be a party . (c) This Agreement, when executed and delivered, will be duly executed and delivered by Highlander, and will constitute, a legal, valid and binding obligation of Highlander enforceable against Highlander in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and other laws of general application limiting the enforcement of creditors' rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court . (d) The execution and delivery of, or the observance and performance by Highlander of any covenant, condition or obligation under this Agreement or any related document to which it will be a party does not and will not contravene or result in a material violation of or a breach or default under (with or without the giving of notice or lapse of time, or both), or in the acceleration of any obligation under : (i) any applicable law; (ii) the articles, by - laws, directors' or shareholders' resolutions of Highlander; or (iii) the provisions of any material contract, mortgage, security document, obligation, licence, permit or instrument to which Highlander is a party, or by which Highlander is bound or affected, and which could reasonably be expected to adversely impact the performance of Highlander's obligations under this Agreement or any related document . (e) There are no actions, suits or proceedings, judicial or administrative, whether or not purportedly on behalf of Highlander, pending or, to the knowledge of Highlander threatened, by or against Highlander, at law or in equity, affecting, or that would reasonably be expected to affect, the completion of the transactions contemplated

![](ex99-68_019.jpg)

- 19 - by this Agreement, and, to the knowledge of Highlander, there ore no grounds on which ony such action, suit or proceeding might be commenced. (f) Theie is no requMeinent for Hiphlonder to make ony filing with, give ony notice to or obtoin any consent or approval from ony Goveiuinental Body as a condition to the lowful consiunination of the transactions contemplated by this Agreement . Theie is no requirement under (i) ony contiact, agreement or arrangement to which Hiphlonder is a porty oi by which it is bound, or (ii) any applicable lows, to make any filing with, give any notice to, oi to obtain the consent oi approval of, ony other Person ielating to the transactions contemplated by this Agreement . 3. Knowledge Where any repiesentotion oi warranty contained in this Agreement is expressly qualified by refeience to the "knowledge" of : (a) IRC or 1368445 , it shall be deemed to refer to the actual knowledge of Jason Hynes and Rondy Shefinon in their iespective ioles as officers of IRC : and (b) Hiphlonder, it shell be deemed to refei to the actual knowledge of Doniel Eoi' 1 e and Tom Ladner in their respective roles as officers of Highlwder . 4. Survival of the Representations and Warranties (a) The repiese ntotions end warranties set forth in Sections 4.1 and 4.2 shall survive the Closin (b) Foi greater certainty, the expiry of the survival pei'iod applicable to a repiesentation or warranty shell be without prejudice to ony claim for indemnification based on any inaccuracy oi misiepresentation in such repiesentation or warranty made piior to such expiry pursuant to this Agreement . ARTICLE S Ih IEMNIFICATION 1. Indemnity by IRC IRC shall indemnify end save harmless Highlander horn and against all losses siiffeied by it (but, for greater certainty, not foi any indirect, consequential, incidental, exemplary, economic, special or punitive losses oi damages, including loss of profits) resulting from (i) ony inacciuacy or inisrepiesentation in any iepresentation or warranty given by IRC in this Agreement, or (ii) any breach or non - perfoimonce by IRC of any covenant or obligation to be peiforined by it piusuant to this Agreement . 2. Indemnity by Highlander Hiphlonder shall indemnify and save harmless IRC from and against all losses siiffeied by it (but, for greater certainty, not foi any indirect, consequential, incidental, exemplary, economic, special or punitive losses oi damages, including loss of profits) resulting from (i) ony inacciuacy or

![](ex99-68_020.jpg)

- 20 - misrepresentation in any representation or warranty given by Highlander in this Agreement, or (ii) any breach or non - performance by Highlander of any covenant or obligation to be performed by it pursuant to this Agreement . 3. Continuing Obligation This Article 5 : (a) is a continuing obligation, separate and independent from the Parties' other obligations and survives the termination of this Agreement ; (b) is absolute and unconditional and unaffected by anything that might have the effect of prejudicing, releasing, discharging or affecting in any other way the liability of a Party ; and (c) is in addition the right to pursue all other remedies available to a Party under this Agreement or at law or at equity, including specific performance . ARTICLE 6 COVENANTS 1. Notice of Breach Each Party agrees to give prompt notice to the other of the occurrence, or failure to occur, at any time from the date of this Agreement, until the earlier to occur of the termination of this Agreement and the Closing of any event or state of facts which occurrence or failure would, or would be likely to : (a) cause any of the representations or warranties of such Party contained herein to be untrue or inaccurate in any respect on the date of this Agreement, or at the Closing ; (b) result in the failure to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by any Party hereunder prior to the Closing ; or (c) result in the failure to satisfy any of the conditions precedent in favour of the other Party contained in Article 3 , as the case may be . 2. Transaction Documents Subject to Section 6 . 3 (b), each of IRC and 1368445 agrees that, until the earlier of the Closing or the termination of this Agreement in accordance with Article 7 , it shall not modify or amend, in any material respect, transfer or terminate the Transaction Documents . 3. Actions to Complete Agreement (a) Each Party agrees to take all such reasonable action as is within its power to control, and shall use reasonable commercial efforts to cause other actions to be taken which are not within its power to control, with a view to achieving compliance with all conditions set forth in Article 3 which are for the benefit of the other Party . The

![](ex99-68_021.jpg)

- 21 - Parties will cooperate in pioviding such ossistonce as may be reosonobly required in connection with the foregoing. (b) Notwithstondinp any othei provision of this Agreement, Hiphlwder acknowledges and agrees thot each of IRC end 1368445 is permitted to take any steps it deems advisable to piotect its legal end financial inteiests if any Obligor files or becomes the subject of any proceeding iindei any Insolvency Laws . ARTICLE 7 TERMINATION 1. Termination Events. This Agreement inoy be teiniinoted end the transactions contemplated hereby inoy be abandoned: (a) at any time, by the mutual written agreement of Highlandei and Sandstorin; (b) by eithei Hiphlonder oi Sondstoim ct any time prior to Closing, if the other is in material breech or default of its respective covenants, agreements, or other obligations in this Agreement or if any of its representations or warranties in this Agreement are not true and occuiote in all material iespects when made oi when otheiwise requMed by this Agreement to be tiue end acciuate, end such breech, default oi inocciuocy hos not been cued within ten (10) Business Doys following wi'itten notice thereof given by the teiniinatinp party : (c) by eithei Hiphlonder oi Sandstorin upon written notice to the other, if the Closing has not occurred on oi befoie the Outside Date ; or (d) by either Hiphlonder or Sondstoini if the Arrangement Agreement is terminated in accordance with its terms . 2. Effect of Termination. If this Agreement shell be terminated piusuant to Section 7.1, all obligations of the Parties hereunder shall teiniinote, except foi the obligations in Section 8.

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- 22 - ARTICLE 8 GENERAL 1. Further Assurances Eoch of the Parties shell, from time to time, execute and deliver all such furthei documents and insMunents and do ol 1 acts end thinps as any other Party may, either befoie or offer the Closing, reasonably iequire to effectively coiry out or better evidence or perfect the full intent end meaning of this Agreement . 2. Time of the Essence Time shall be of the essence of this Agreement . 3. Fees and Expenses 4. Benefit of the Agreement This Agreement shell eniue to the benefit of and be binding upon the respective successois and permitted assigns of the Parties . 5. Entire Agreement This Agreement constitutes the entire agreement between the Parties with iespect to the subject inottei heieof end cancels end supersedes any pi'ioi understandings and agreements between the Parties with respect heieto . There are no repiesentotions, witiTanties, terms, conditions, undertakings or collateral agreements, expiess, implied or statutoiy, between the Parties othei than as expiessly set forth in this Agreement . 6. Confidentiality and Public Disclosure (a) This Agreement, and the contents of this Agreement shall be maintained in confidence by the Parties end not disclosed to any other Person (except as may be requMed by Securities Lows, the TSX and the TSX - V iules oi requirements) without the prior written oppioval of the othei Parties, which shall not be uiireasonably withheld . (b) Immediately upon one Party determining that they may be requMed to disclose this Agreement, oi any related agreement, or the contents of this Agreement oi any related agreement, such Party must piovide the other Potties with notice of such requMed disclosure .

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- 23 - (c) No public statement, press release or public disclosure respecting this Agreement (including without limitation, any SEDAR+ filings of this Agreement) shall be made by any Party or its Affiliates unless the Party (or Affiliate) making such disclosure has consulted with the other Parties within a reasonable amount of time prior to making such public statement, press release or public disclosure, and the Parties shall use reasonable commercial efforts to agree upon a text for such public statement, press release or public disclosure (or redactions in the case of any SEDAR+ filings) that is satisfactory to the Parties ; provided that, this Section 8 . 6 (c) shall not operate to prohibit any Party (or Affiliate) from issuing or making a public statement, press release or public disclosure where it is required to do so by applicable law . 7. Amendments and Waiver No modification of or amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed by the Parties and no waiver of any breach of any term or provision of this Agreement shall be effective or binding unless made in writing and signed by the Party purporting to give the same and, unless otherwise provided, shall be limited to the specific breach waived . 8. Assignment This Agreement may not be assigned by a Party without the written consent of the other Party . 9. Severability Each of the provisions contained in this Agreement is distinct and severable from the remainder of the Agreement and any determination of illegality, invalidity or unenforceability of any provision or part hereof by a court of competent jurisdiction shall not affect the validity of enforceability of any other provision or part hereof, unless, as a result of such determination, this Agreement would fail in its essential purposes . 10. Notices Any notice, demand, consent or other communication (" Notice ") given or made under this Agreement : (a) must be in writing and signed by a person duly authorised by the sender; (b) must be delivered to the intended recipient by email, hand or by courier to the address below or the address last notified by the intended recipient to the sender : (i) to IRC and 1368445: International Royalty Corporation Suite 500, 220 Bay Street Toronto, Ontario M5J 2W4

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Attention: Email: (ii) to Highlander: - 24 - REDACTED — PERSONAL INFORMATION Hiplilonder Silvei Coip. 2500 — 100 Kinp Street West Toronto, Ontario, Conada M5K 2A1 Attention: E - niai1: REDACTED — PERSONAL INFORMATION with a copy (which shall not constittite notice) to: Osler, Hoskin & Harcoui't LLP Bentall Form, 1055 Diinsmuir Street. Suite 3000 Vancouvei, British Columbia, Canada V7X lK8 Attention: E - niai1: REDACTED — PERSONAL INFORMATION (c) Any notice will be deemed to have been given end received: (i) if personally deliveied, then on the day of personal service to the recipient party, piovided that if such date is o day othei than o Business Day such notice will be deemed to have been given and ieceived on the first Business Day following the date of personal service ; (ii) if by pre - paid registered mail, then the fii'st Business Day, aftei the expiration of five (5) days following the date of mailing; o1 (iii) if sent by e - mail and successfully transmitted piior to 5 : 00 pin on a Business Day where the recipient is located, then on that Business Day, and if transmitted aftei' 5 : 00 pin on a Business Day where the recipient is located or on the day that is not a Business Day where the recipient is located, then on the lust Business Day following the date of transmission . (d) A Porty inoy at any tilne change its address for fhtuie Notices hereunder by Notice in accoldance with this Section. 8.11 Governing Law This Agreement shall be governed by and construed in occoi'dance with the laws of the Piovince of British Columbia and the federal laws of Canada applicable therein, other than such laws relating to conflicts of law .

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- 25 - 12. Dispute Resolution Any dispute, controversy or claim between the Parties arising out of or relating to this Agreement, or the execution, interpretation, breach, termination, or invalidity thereof, shall be determined by the courts of the Province of British Columbia . 13. Counterparts and Electronic Signatures This Agreement may be executed in two or more counterparts (including counterparts delivered by email), all of which, taken together, shall be regarded as one and the same Agreement . Counterparts may digitally or electronically executed and the Parties adopt any signatures received by such digital or electronic means as original signatures of the Parties . [The balance of this page is intentionally left blank]

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IN WITNESS WHEREOF the Parties hove caused this Agreement to be executed and delivered os of the date first set foi4h obove. HIGHLANDER SILVER CORP By. / signed / " Daniel Earle" Nome: Doniel Earle Title: Chief Executive Officer INTERNATIONAL ROYALTY CORPORATION By: signed / "Pniil Libiim"' Nome: Peril Libner Title: Vice President and Treasurer' INTERNATIONAL ROYALTY CORPORATION, in its capacity as Collateral Agent By: / signed / "Pniil Orbiter"' Nome: Paul Libner Title: Vice President end Ti'eosiuer 1368445 B.C. LTD. By: / signed / "Pniil Orbiter"' Nome: Peril Libner Title: Vice President end Ti'eosiuer

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ALL SCHEDULES REDACTED – COMMERCIALLY SENSITIVE INFORMATION

## Exhibit 99.69

**Exhibit 99.69**

![](ex99-69_001.jpg)

Certain infomiatioii contained herein has been redacted on the basis that disclosui e of such infolination would would violate confidentiality provisions or be prejudicial to the interests of Highlander Silver Corp. DEBT SETTLEMENT AGREEMEh T THIS AGREEMENT is niade as of December 18, 2025 AMONG: EQUINOX GOLD CORP. ("Equinox"). HIGHLANDER SILVER CORP. ("Highlander") WHEREAS: A. B Execution Copy C. Hiphlonder and Bea 1 ' Creek we pioposing to entei into in aiianpement ameement (the "Arrangement Agreement") pinsuant to which Highlander will acquMe all of the outstondinp equity securities of Bear Creek in accoi'dance with a plan of arrangement (the "Arrangement") under the Busmess Corporations Act (Biitish Columbia) : and D. Highlander and Equinox wish to settle the Oblipotions (os defined below) on the teens and conditions as ore more pai4icularly set out iii this Agreement. NOW THEREFORE THIS AGREEMENT WITNESSES thot in consideiotion of the mutual covenants and agreements contained in this Agreement, the parties ogree as follows: ARTICLE 1 INTERPRETATION 1.1 Definitions In this Agreement, unless something in the subject ruattei oi context is inconsistent therewith: "2536062" means 2536062 Ontario Inc., a corpoiation existing under the laws of the Province of Ontario. "Affiliate" menus, with respect to any Person, any othei Person which directly or indirectly, through one or moie interinedioi'ies, Contiols, or is Contiolled by, or is under common Contiol with . such Person . "Agreement" means this Debt Settlement Agreement and the Schedules attached to this Agi'eement end all amendments, restatements or i'ep 1 acements to this Agreement mode by written agreement between the Parties .

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- 2 - "Arrangement" has the meoninp set oiit in the iecitals, obove. "Arrangement Agreenient" has the meoning set out in the iecitals, obove. "BCMC Branch" ineons Bear Cieek Mining Company Siicuisol del Peru, the Peluvion branch of Beni Cieek Exploration Company Ltd . , a company existing under the lows of the Piovince of British Columbia and o wholly - owned subsidiary of Bear Creek . "Bear Creek" means Bear Creek Mining Corpoiation, a company existing under the laws of the Piovince of Bi'itish Columbia. "Bear Creek Peru" means Bear Creek Mining S.A.C., a sociedad oiiómmo cerrorlo existint under the laws of the Republic of Peiu and an Affiliate of Beoi Cieek. "Business Day" means any day othei than a Saturday or Sunday oi a day thot is a statutory holiday under ony laws applicable in Vancouver, British Coliunbia. "Closing" hos the ineaning given to it in Section 2.1. "Collateral" "Collateral Agent" means Sandstone Gold Ltd . , os collateial agent for the benefit of and on beholf of the Cieditois (os defined in the Second Amended end Restated Inteicreditor Agreement) . "Collateral Agent Release Direction" meons o colloterol agent release direction in the form set out ct Schedule E . "Control" meons the possession, directly or indirectly, of the powei to direct oi cause the direction of the management or policies of o Person, whethei through the ability to exercise voting power, by contiact oi otherwise . "Corani Royalty Agreement" means a royolty ogieement in the forin set out et Schedule C .

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- 3 - "Governmental Body" means any applicable federal poveinment or of ony political subdivision theieof, whether stote, provincial, teiiitorial, municipal oi' local, and any ogency, authority, insMunentolity, iepulotory body, court, commission, arbitiator, oibitrotion tribunal or other tribunal or other entity exeicising executive, legislative, judicial, taxing, regulatory or administrative powers oi fhnctions of or pertaining to goveinment in ony locol oi foreign jiuisdiction . "Insolvency Laws" meons any of the Baiikrnptm• aiirl Iiisolvenm• Act (Conada), the Companies Crerlitors Arrangement Act (Conada), the 0 mating - Up aiirl Restriictw iwg Act (Conada), the Mexican Bankniptcy Low (Let de Coiicwsos Mercantiles) and United Stotes Bankruptcy Code (Title 11 U.S.C.), each as now end hereafter in effect, any successors to such statutes and any other applicable insolvency, bankniptcy, liquidation, ieorpanization, arrangement or ielief of debtoi or othei similar law of any juiisdiction or ony similar, analogous or equivalent lepislotion of any other country or subdivision thereof, including ony statute which may be used by a Person to propose an arrangement to cieditois (including the oiianpement provisions of the Canada Busmess Corporations Act (Conada) and provincial business corpoiations legislation as now or hereafter in effect) or permitting a debtoi to obtoin a stay oi o compromise of the claims of its creditors against it. "Lien" means (a) with respect to any Property, any mortgage, deed of tiust, firleicoiiiiso, lien, pledge, hypothec, enciunbiance, charge, assignment, consipmnent, seciuity interest, royalty interest, adverse cloiin oi defect of title in, on oi of the Property ; (b) the interest of o vendoi or lessor under any conditional sale agreement, capital lease or title ietention agreement relating to an asset : (c) any piuchase option, call or siiniloi right of a third party in respect of any Property : (d) ony netting arrangement, set off oiianpement, defeosonce arrangement or other similar arrangement arising by contract (other than customary netting arrangements undei hedging agreements and customary bankers' liens) : and (e) any other agreement, tiust or arrangement thot in substance seciues the payment oi performance of ony debt, liability oi obligation . "Mercedes Project" meons the Mercedes mine pioject located in Sonora Stote, Mexico, approximately 250 kilometeis northeast of Herinosillo, Sonoia 's copitol city, end 300 kilometers south of Tiicson, Arizona . "MGH" ineans Meicedes Gold Holdinps, S . A . de C . V . Sociedad Aiiómmo ne Capital Vai iable existinp iindei the laws of Mexico and an indiiect wholly - owned subsidíoiy of Bear Cieek, as o puarontor under certoin Tronsoction Documents . "Mine Owner" means Mineia Mercedes Mineiales S . de R . L . de C . V . (foinierly Mineia Mei'idion Mineroles S . de R . L . de C . V .), n Sociedad ale fiesporsob//iJoJ J/iii//aJa ale Capital Var iable

![](ex99-69_004.jpg)

- 4 - existing iindei the laws of Mexico and an indirect wholly - owned subsidiary of Bear Cieek, as o puarontor under certain Transection Documents. "Obligors" means, collectively, Beni Cieek, eoch Giuiiantor and "Obligor" shell mean any one of them. "Outside Date' "Party" means eoch party this agreement, end any of them. "Person" means and includes natural persons, coiporations, limited partneiships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, tiusts, banks, tiust companies, lend tiusts, business trusts or othei oi ganizations, whethei oi not legal entities, end Goveinmental Bodies . "Property" means, with respect to any Person, any oi all of its present or aftei - acquired undertaking, property and assets . "Property Security Legislation" means, with respect to ony applicable jiuisdiction, the real and personal property seciuity oi other similar, analogous or equivalent legislation in effect therein from time to time or any other legislation thot goveius the granting or enfoicement of Liens by companies, corpoiations or other Persons in any applicable jurisdiction .

![](ex99-69_005.jpg)

"Real Property" meons all reel pioperty interests, all mineial claims, mineral lenses and other mineral rights, concessions end interests, and all surface access rights held by any Obligoi relating to the Meicedes Project, and oll buildings, stiucttues, impioveinents, appurtenances and fixtures theieon or attached thereto, whether created pi'ivately or by the action of ony goveinmental body . "Real Property" shell also include ony ten extension, ienewal, replacement, conversion, division or substittition of ony such reel property interests, mineral claims, mineral leases, mineial rights, concessions or interests, and surface occess i'iphts, owned oi in iespect of which on interest is held, directly or indirectly, by any Obligor at ony time dining the ten of this Agreement, whether or not such ownership or interest is held continuously . "Second Amended and Restated Intercreditor Agreement" meons the second amended and restated intercieditoi agreement dated os of June 20 , 2025 among, ziiter altos, the Collateral Agent, Sandstorin Gold Corp . , the Noinod Stream Agent (as defined theiein), Eqiiinox Gold Corp . , Bear Creek, 2536062 , MGH, the Mine Owner, 1368445 B . C . Ltd . end Bear Creek Peru .

![](ex99-69_006.jpg)

"Transaction Documents' 2. Currency Except where otheiwise expressly provided, all monetary amounts in this Agreement are stated and shall be poid in United States dollars . 3. Headings The division of this Agreement into Articles and Sections and the insertion headings are foi convenience of reference only and shall not effect the construction oi interpretation of this Agreement . The tens "hereof, "hereunder" end similar expressions refei to this Agreement and not to any particular Article, Section or othei portion heieof and include any agreement supplemental heieto . Unless something in the subject matter or context is inconsistent therewith, refeiences heiein to Articles, Sections and Schedules are to Articles end Sections of and Schedules to this Agreement . 4. Extended Meanings In this Agreement, woids importing the singular nuinbei only include the pliuol end vice versa, woids importing any pendei include oll genders . The term "includes" or "including" means "including, but not limited to" . A ieference to any entity includes any successor to that entity . 5. Statutory References In this Agreement, iuiless something in the subject inottei oi context is inconsistent therewith oi unless otherwise herein piovided, a refeience to ony statute is to thot stattite as now enacted or as the same may from time to time be amended, re - enacted or replaced end includes ony regulations mode theieunder . 6. Calculation of Time In this Agreement, o period of days will be deemed to begin on the lust day after the event which begon the period and to end ct 5 : 00 p . in . (Vancouver time) on the last day of the period . If, however, the last day of the period does not fell on a Business Day, the pei'iod will teiniinote at 5 : 00 p . m . (Vancouver time) on the next Business Doy . 7. Schedules The following are the Schedules annexed hereto and incorporated by reference and deemed to be part hereof : - 6 -

![](ex99-69_007.jpg)

- 7 - Capitalized terms used but not otherwise defined in the Schedules have the meanings given to them in this Agreement. ARTICLE 2 DEBT SETTLEMENT 1. Closing Upon satisfaction of the condition piecedents in Article 3 below end ieceipt by Eqiiinox of the following: (a) Cash payment in the amount of US$l,600,000.00 by way of wire tiansfer to the account set out in Schedule B; Delivery of the Coiani Royalty Agreement signed by Beni Cieek Pelu (os caused by Hiphlonder which shall hove exclusive Contiol of Beni Cieek immediately upon completion of the Arrangement) ; (c) (d)

![](ex99-69_008.jpg)

2.2 Release and Discharge Immediately upon ieceipt by Equinox of the Consideration, Equinox agrees that: - 8 -

![](ex99-69_009.jpg)

(h) Eqiiinox ogiees to do all such fhrther acts, end take such additional steps and execute such additional documents as may be iequired to effect the foregoing releases, dischoiges and terminations . 2.3 ARTICLE 3 CONDITIONS PRECEDENT TO CLOSING 1. Mutual Conditions Precedent This Closing shell complete only if eoch of the following conditions precedent has been satisfied in fhll or waived, eoch inoy only be waived with the mutual consent in wi'iting by the Parties ct or before the Closing : (a) theie shall not be ongoing any litigation or proceeding against Bear Cieek, biought by ony Governmental Body or ony othei Person that seeks to restrain, inatei'ially modify or invalidate the Arrangement and no oider that would prohibit, materially modify oi' iestrain the Arrangement shell be in effect ; and (b) the Arrangement shall have been consummated in accordance with the terms of the Arrangement Agreement .

![](ex99-69_010.jpg)

- 10 - 2. Additional Conditions Precedent to the Obligations of Highlander This Closing shall complete only if each of the following conditions precedent has been satisfied in full or waived, each may only be waived in writing by the Highlander at or before the Closing : (a) the representations and warranties of Equinox contained in this Agreement are true and correct in all material respects as at Closing with the same effect as though such representations and warranties had been made as of the Closing ; (b) all of the covenants and obligations of Equinox to be performed or observed on or before the Closing pursuant to this Agreement have been duly performed or observed in all material respects ; and (c) Highlander shall have received Equinox's signatures to this Agreement, and Equinox', Sandstorm Gold Ltd . 's and 1368445 B . C . Ltd . 's signatures to the Collateral Agent Release Direction . Each of the foregoing conditions precedent is for the exclusive benefit of Highlander, and Highlander may waive any of them in whole or in part in writing. 3. Additional Conditions Precedent to the Obligations of Equinox This Closing shall complete only if each of the following conditions precedent has been satisfied in full or waived, each may only be waived in writing by the Equinox at or before the Closing : (a) the representations and warranties of Highlander contained in this Agreement are true and correct in all material respects as at Closing with the same effect as though such representations and warranties had been made as of the Closing ; (b) all of the covenants and obligations of Highlander to be performed or observed on or before the Closing pursuant to this Agreement have been duly performed or observed in all material respects . Each of the foregoing conditions precedent is for the exclusive benefit of Equinox, and Equinox may waive any of them in whole or in part in writing. ARTICLE 4 REPRESENTATIONS AND WARRANTIES 1. Representations and Warranties of Equinox Equinox hereby represents and warrants to Highlander as follows and acknowledges that Highlander is relying upon such representations and warranties in connection with the matters contemplated by this Agreement : (a) Equinox validly exists as a company in good standing under the laws of the Province of British Columbia . (b) Equinox has all necessary corporate power and capacity to execute and deliver, and to observe and perform its covenants and obligations under, this Agreement and

![](ex99-69_011.jpg)

any related documents to which it will be or is a porty . Equinox hos taken oll corporate action necessary to authorize the execution and delivery, end the observance ondpeifoiniance of its covenants and obligations under, this Agreement and ony ieloted documents to which it will be a porty . (c) This Agreement, when executed end deliveied, will be duly executed and deliveied by Equinox, end will constitute, o legal, valid and binding obligation of Equinox enforceable against Equinox in accordance with its terms, subject to applicable bankniptcy, insolvency, reorgonizotion end other laws of general application limiting the enforcement of creditois' i'iphts generally end to the feet that specific performance is an equitable remedy available only in the discretion of the court . (d) The execution end delivery of, oi the observance and performance by Equinox of, any covenant, condition oi obligation undei this Agreement or any related dociunent to which it will be a porty does not end will not contravene or result in o material violation of oi o breach or default undei (with or without the givinp of notice or lapse of time, or both), oi in the acceleiation of any obligation under : (i) the articles, by - laws, diiectois' or shareholders' resolutions of Equinox; oi the provisions of any material contract, mortgage, security document, obligation, licence, peiniit oi instrument to which Equinox is a porty, or by which Equinox is bound or effected, and which could reasonably be expected to adversely impoct the performance of Equinox's obligations under this Agreement or any related dociunent . (e) Except for lenders end collateial apents holding peneial security inteiests previously granted by Eqiiinox as seciuity for its debt financing arrangements, no Person other then Highlandei hos ony oial or wi'itten agreement, option, right, privilege oi any other right capable of becoming ony of the foiepoing (whether legal, equitable, contractual or otherwise) in iespect of Equinox's inteiest in the Transection Dociunents and Equinox has not assigned any of its interest in the Transection Documents .

![](ex99-69_012.jpg)

- 12 - 2. Representations and Warranties of Highlander Hiphlonder heieby repiesents end warrants to Equinox os follows and acknowledges thot Equinox is relying upon such iepresentations and woiianties in connection with the matters contemplated by this Agreement : (a) Hiphlonder validly exists os o company in good stondinp under the laws of the Piovince of Bi'itish Columbia . (b) Hiphlonder hos all necessary corporate power and capacity to execute end delivei, and to observe and perform its covenants and obligations undei, this Agreement, and to cause BCMC Bianch to delivei the Coroni Royalty Agreement and ony related documents to which it will be or is a party . Hiphlonder has taken all corporate action necessary to authorize the execution and delivery, end the observance ondpeifoiniance of its covenants and obligations under, this Agreement and ony ieloted documents to which it will be a porty . (c) This Agreement and the Coiani Royalty Agreement, when executed end deliveied, will be duly executed end delivered by Highlander or BCMC Bianch, os applicable, and will constitute, a lepal, valid and binding obligation of Highlandei, and to Hiphlonder's knowledge, BCMC Branch, enfoiceoble against it in accordance with its terms, subject to applicable banlouptcy, insolvency, reorgonizotion and other lows of peneial application limiting the enforcement of creditors' riphts peneially and to the feet that specific performance is an equitable ieinedy available only in the discretion of the court . (d) The execution end delivery of, or the observance and peifoiniance by Hiphlonder or BCMC Bianch of ony covenant, condition oi obligation under this Agreement, the Coroni Royalty Agreement or any ieloted dociunent to which it will be o porty does not and will not contravene oi result in o material violation of oi a bieach or default under (with or without the giving of notice oi' lapse of time, oi both), or in the acceleiation of any obligation under : (i) the articles, by - lows, diiectois' oi shareholders' iesolutions of Hiphlonder, or to Highlander's knowledge, BCMC Bronch; or the provisions of any material contract, mortgage, security document, obligation, licence, permit or instiument to which Hiphlonder, or to Hiphlonder's knowledge, BCMC Bianch, is a porty, or by which Hiphlonder, or to Highlander's knowledge, BCMC Bronch, is bound or affected, end which could reosonobly be expected to adveisely impact the performance of Highlandei 's or BCMC Bronch's obligations undei this Agreement or ony ieloted document . 3. Survival of the Representations and Warranties (a) The rep resentations and warranties set forth in this A eement shall survive the Clo

![](ex99-69_013.jpg)

- 13 - (b) For greater certainty, the expiry of the survival period applicable to a representation or warranty shall be without prejudice to any claim for indemnification based on any inaccuracy or misrepresentation in such representation or warranty made prior to such expiry pursuant to this Agreement . ARTICLE 5 INDEMNIFICATION 1. Indemnity by Equinox Equinox shall indemnify and save harmless Highlander from and against all losses directly suffered by it (but, for greater certainty, not indirect losses, lost profits or consequential damages) resulting from any inaccuracy or misrepresentation in any representation or warranty set forth herein . 2. Indemnity by Highlander Highlander shall indemnify and save harmless Equinox from and against all losses directly suffered by it (but, for greater certainty, not indirect losses, lost profits or consequential damages) resulting from any inaccuracy or misrepresentation in any representation or warranty set forth herein . ARTICLE 6 COVENANTS 1. Notice of Breach Each Party agrees to give prompt notice to the other of the occurrence, or failure to occur, at any time from the date of this Agreement, until the earlier to occur of the termination of this Agreement and the Closing of any event or state of facts which occurrence or failure would, or would be likely to : (a) cause any of the representations or warranties of such Party contained herein to be untrue or inaccurate in any respect on the date of this Agreement, or at the Closing ; (b) result in the failure to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by any Party hereunder prior to the Closing ; or (c) result in the failure to satisfy any of the conditions precedent in favour of the other Party contained in Article 3 , as the case may be . 2. Transaction Documents Equinox agrees that until the earlier of the Closing or the termination of this Agreement in accordance with Article 7 it shall not modify or amend, in any material respect, transfer or terminate the Transaction Documents .

![](ex99-69_014.jpg)

- 14 - 3. Actions to Complete Agreement (a) Each Party agrees to use reasonable commercial efforts to ensure compliance with all conditions set forth in Article 3 . (b) Notwithstanding any other provisions of this Agreement, Highlander acknowledges and agrees that Equinox is permitted to take any steps it deems advisable to protect its legal and financial interests if any Obligor files or becomes the subject of any proceeding under any Insolvency Laws . 4. No exercise of Conversion Equinox agrees that until the earlier of the Closing or the termination of this Agreement, it will not: (a) exercise any conversion privileges, subscription rights, warrants and/or other rights or options available in connection with any of the Obligations ; or (b) take any enforcement action or proceeding under or in connection with any Transaction Document or any Obligations . ARTICLE 7 TERMINATION 1. Termination Events. This Agreement may be terminated and the transactions contemplated hereby may be abandoned: (a) at any time, by the mutual written agreement of Highlander and Equinox; (b) by either Highlander or Equinox at any time prior to Closing, if the other is in material breach or default of its respective covenants, agreements, or other obligations in this Agreement or if any of its representations or warranties in this Agreement are not true and accurate in all material respects when made or when otherwise required by this Agreement to be true and accurate, and such breach, default or inaccuracy has not been cured within ten (10) Business Days following written notice thereof given by the terminating party ; (c) by either Highlander or Equinox upon written notice to the other, if the Closing has not occurred on or before the Outside Date ; (d) by either Highlander or Equinox if the Arrangement Agreement is terminated in accordance with its terms ; or (e) by Equinox if any Obligor files or becomes the subject of any proceeding under any Insolvency Laws .

![](ex99-69_015.jpg)

- 15 - 7.2 Effect of Termination. If this Agreement shall be terminated pursuant to Section 7 . 1 , all obligations of the Parties hereunder shall terminate, except for the obligations in Sections 8 . 3 , 8 . 6 , 8 . 7 , 8 . 10 and 8 . 118 . 11 . ARTICLE 8 GENERAL 1. Further Assurances Each of the Parties shall, from time to time, execute and deliver all such further documents and instruments and do all acts and things as any other Party may, either before or after the Closing, reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement . 2. Time of the Essence Time shall be of the essence of this Agreement . 3. Fees and Expenses Except as otherwise set out in this Agreement, any costs and expenses arising from the transactions contemplated by this Agreement shall be borne by the party who incurred such costs and expenses . 4. Benefit of the Agreement This Agreement shall enure to the benefit of and be binding upon the respective successors and permitted assigns of the Parties . 5. Entire Agreement This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and cancels and supersedes any prior understandings and agreements between the Parties with respect hereto . There are no representations, warranties, terms, conditions, undertakings or collateral agreements, express, implied or statutory, between the Parties other than as expressly set forth in this Agreement . 6. Confidentiality and Public Disclosure (a) This Agreement, and the contents of this Agreement shall be maintained in confidence by the Parties and not disclosed to any other Person (except as may be required by Securities Laws, the TSX and TSX - V rules or requirements) without the prior written approval of the other Parties, which shall not be unreasonably withheld . (b) Immediately upon one Party determining that they may be required to disclose this Agreement, or any related agreement, or the contents of this Agreement or any related agreement, such Party must provide the other Parties with notice of such required disclosure .

![](ex99-69_016.jpg)

REDACTED – PERSONAL INFORMATION

![](ex99-69_017.jpg)

- 17 - Blake, Cassels & Graydou LLP Suite 3500 — 1133 Melville Street Vancouver, British Colimibia V6E 4E5 Attention: (ii) to Highlander: Highlander Silver Corp. 2500 — 100 King Street West Toronto, Ontario, Canada M5K 2Al REDACTED — PERSONAL INFORMATION Atteutiou: E - mail: REDACTED — PERSONAL INFORMATION with a copy (which shall not coustiflite notice) to: Osler, Hoskin & Harcourt LLP Beutall Four', 1055 Wiusnniir Street, Suite 3000 Vancouver, British Coliuiibia, Canada V7X lK8 Atteutiou: E - mail: REDACTED — PERSONAL INFORMATION (c) Any notice will be deemed to have been given end received: (i) if personally delivered, then on the day of personal service to the recipient peiTy, provided that if such date is a day other thou a Business Day such notice will be deemed to have been given end received on the lust Business Day following the date of personal service ; (ii) if by pre - paid registered mail, then the lust Business Day, after the expiration of five (5) days following the date of mailing; or (iii) if sent by e - mail md siiccessfiilly transmitted prior to 5 : 00 pm on a Business Day where the recipient is located, then on that Business Day, end if transmitted after 5 : 00 pm on a Business Day where the recipient is located or on the day that is not a Business Day where the recipient is located, then on the lust Business Day following the date of transmission . (d) A Party may at any time change its address for fiitiue Notices hereunder by Notice in accordance with this Section. 8.11 Governing Law This Agreement shall be governed by and construed in accordance with the laws of the Province of British Coliuiibia end the federal laws of Canada applicable therein, other thou such laws relating to conflicts of law .

![](ex99-69_018.jpg)

- 18 - 12. Dispute Resolution Any dispute, controversy or claim between the Parties arising out of or relating to this Agreement, or the execution, interpretation, breach, termination, or invalidity thereof, shall be determined by the courts of the Province of British Columbia . 13. Counterparts and Electronic Signatures This Agreement may be executed in two or more counterparts (including counterparts delivered by email), all of which, taken together, shall be regarded as one and the same Agreement . Counterparts may digitally or electronically executed and the Parties adopt any signatures received by such digital or electronic means as original signatures of the Parties . [The balance of this page is intentionally left blank]

![](ex99-69_019.jpg)

IN WITNESS WHEREOF the Parties have coused this Agreement to be executed and deliveied as of the date lust set forth above. HIGHLANDER SILVER CORP By: / sipned / "Daniel Eorle" Name: Daniel Eoi'1e Title: Piesident, CEO & Director EQUINOX GOLD CORP. By: / signed / "Daiiiella Dimitrov" Name: Daniello Dimitiov Title: EVP People, Sustainability and Strategy By: / signed / "Peter Hordie" Name: Petei Hoidie Title: Chief Financial Officer Sigiiotiire page to Deht Settlement Agreement

![](ex99-69_020.jpg)

ALL SCHEDULES REDACTED – COMMERCIALLY SENSITIVE OR CONFIDENTIAL INFORMATION

## Exhibit 99.70

**Exhibit 99.70**

**EXECUTION COPY**

**HIGHLANDER SILVER CORP.**

**AND**

**BEAR CREEK MINING CORPORATION**

**ARRANGEMENT AGREEMENT**

**Dated December 18, 2025**

---

| | | |
|:---|:---|:---|
| **ARTICLE 1 INTERPRETATION** | **ARTICLE 1 INTERPRETATION** | **1** |
| 1.1 | Definitions | 1 |
| 1.2 | Interpretation Not Affected by Headings | 20 |
| 1.3 | Number and Gender | 20 |
| 1.4 | Date for Any Action | 20 |
| 1.5 | Statutory References | 20 |
| 1.6 | Currency | 20 |
| 1.7 | Accounting Matters | 20 |
| 1.8 | Knowledge | 21 |
| 1.9 | Disclosure Letter | 21 |
| 1.1 | Schedules | 21 |
| **ARTICLE 2 THE ARRANGEMENT AND MEETINGS** | **ARTICLE 2 THE ARRANGEMENT AND MEETINGS** | **21** |
| 2.1 | Arrangement | 21 |
| 2.2 | Interim Order | 21 |
| 2.3 | U.S. Securities Law Matters | 23 |
| 2.4 | Bear Creek Meeting | 24 |
| 2.5 | Highlander Meeting | 26 |
| 2.6 | Bear Creek Circular | 27 |
| 2.7 | Highlander Circular | 28 |
| 2.8 | Final Order | 30 |
| 2.9 | Court Proceedings | 30 |
| 2.10 | Arrangement and Effective Date | 31 |
| 2.11 | Incentive Plan Matters | 31 |
| 2.12 | Payment of Consideration | 31 |
| 2.13 | Announcement and Shareholder Communications | 32 |
| 2.14 | Withholding Taxes | 33 |
| 2.15 | Interim Secondment | 33 |
| **ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF BEAR CREEK** | **ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF BEAR CREEK** | **33** |
| 3.1 | Representations and Warranties | 33 |
| 3.2 | Survival of Representations and Warranties | 55 |
| **ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF HIGHLANDER** | **ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF HIGHLANDER** | **55** |
| 4.1 | Representations and Warranties | 55 |
| 4.2 | Survival of Representations and Warranties | 67 |

---

- i -

---

| | | |
|:---|:---|:---|
| **ARTICLE 5 COVENANTS** | **ARTICLE 5 COVENANTS** | **68** |
| 5.1 | Covenants of Bear Creek Regarding the Conduct of Business | 68 |
| 5.2 | Additional Covenants of Bear Creek | 74 |
| 5.3 | Covenants of Highlander Regarding the Conduct of Business | 75 |
| 5.4 | Additional Covenants of Highlander | 77 |
| 5.5 | Mutual Covenants of the Parties Relating to the Arrangement | 78 |
| 5.6 | Pre-Acquisition Reorganization | 79 |
| 5.7 | Regulatory Approvals | 80 |
| 5.8 | Subsection 110(1.1) Election | 82 |
| **ARTICLE 6 CONDITIONS** | **ARTICLE 6 CONDITIONS** | **82** |
| 6.1 | Mutual Conditions Precedent | 82 |
| 6.2 | Additional Conditions Precedent to the Obligations of Highlander | 84 |
| 6.3 | Additional Conditions Precedent to the Obligations of Bear Creek | 85 |
| 6.4 | Satisfaction of Conditions | 86 |
| **ARTICLE 7 ADDITIONAL AGREEMENTS OF BEAR CREEK REGARDING BEAR CREEK ACQUISITION PROPOSALS** | **ARTICLE 7 ADDITIONAL AGREEMENTS OF BEAR CREEK REGARDING BEAR CREEK ACQUISITION PROPOSALS** | **86** |
| 7.1 | Bear Creek Non-Solicitation | 86 |
| **ARTICLE 8 ADDITIONAL AGREEMENTS OF HIGHLANDER REGARDING HIGHLANDER ACQUISITION PROPOSALS** | **ARTICLE 8 ADDITIONAL AGREEMENTS OF HIGHLANDER REGARDING HIGHLANDER ACQUISITION PROPOSALS** | **92** |
| 8.1 | Highlander Non-Solicitation | 92 |
| **ARTICLE 9 CONFIDENTIALITY; MISCELLANEOUS** | **ARTICLE 9 CONFIDENTIALITY; MISCELLANEOUS** | **98** |
| 9.1 | Access to Information; Confidentiality | 98 |
| 9.2 | Insurance and Indemnification | 98 |
| **ARTICLE 10 TERM, TERMINATION, AMENDMENT AND WAIVER** | **ARTICLE 10 TERM, TERMINATION, AMENDMENT AND WAIVER** | **99** |
| 10.1 | Term | 99 |
| 10.2 | Termination | 99 |
| 10.3 | Amendment | 103 |
| 10.4 | Waiver | 103 |
| 10.5 | Notice of Breach | 104 |
| 10.6 | Expenses and Termination Fees | 105 |
| 10.7 | Statement as to Damages and Remedies | 107 |
| **ARTICLE 11 GENERAL PROVISIONS** | **ARTICLE 11 GENERAL PROVISIONS** | **108** |
| 11.1 | Notices | 108 |
| 11.2 | Governing Law | 109 |
| 11.3 | Injunctive Relief | 109 |
| 11.4 | Time of Essence | 109 |
| 11.5 | Entire Agreement, Binding Effect and Assignment | 109 |
| 11.6 | Severability | 110 |
| 11.7 | Further Assurances | 110 |
| 11.8 | No Third Party Beneficiaries | 110 |
| 11.9 | Mutual Interest | 110 |
| 11.10 | Counterparts, Execution | 110 |
| **SCHEDULE A PLAN OF ARRANGEMENT** | **SCHEDULE A PLAN OF ARRANGEMENT** | **A-1** |
| **SCHEDULE B BEAR CREEK RESOLUTION** | **SCHEDULE B BEAR CREEK RESOLUTION** | **B-1** |
| **SCHEDULE C HIGHLANDER RESOLUTION** | **SCHEDULE C HIGHLANDER RESOLUTION** | **C-1** |

---

- ii -

**ARRANGEMENT AGREEMENT**

**THIS ARRANGEMENT AGREEMENT** dated December 18, 2025

**BETWEEN**:

**Highlander Silver Corp.**, a corporation existing under the laws of the Province of British Columbia ("**Highlander**")

- and -

**Bear Creek Mining Corporation**, a corporation existing under the laws of the Province of British Columbia ("**Bear Creek**")

**RECITALS**:

A. Highlander
 and Bear Creek wish to enter into a transaction providing for the acquisition by Highlander
 of all of the Bear Creek Shares (as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Highlander
 and Bear Creek intend to carry out the transactions contemplated by this Agreement by way
 of a plan of arrangement under the provisions of the *Business Corporations Act* (British
 Columbia) (the "**BCBCA** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Highlander
 has entered into the Bear Creek Voting Agreements (as defined herein) with all of the Bear
 Creek Locked-Up Shareholders (as defined herein) pursuant to which each of the Bear Creek
 Locked-Up Shareholders (as defined herein) have agreed to vote their Bear Creek Shares in
 favour of the Bear Creek Resolution (as defined herein) on the terms and subject to the conditions
 set forth in the Bear Creek Voting Agreements.

D. Bear
 Creek has entered into the Highlander Voting Agreements (as defined herein) with all of the
 Highlander Locked-Up Shareholders (as defined herein) pursuant to which each of the Highlander
 Locked-Up Shareholders (as defined herein) have agreed to vote their Highlander Shares in
 favour of the Highlander Resolution (as defined herein) on the terms and subject to the conditions
 set forth in the Highlander Voting Agreements.

E. Highlander
 has entered into (i) a Debt Settlement and Stream Termination Agreement with International
 Royalty Corporation (as successor to Sandstorm Gold Ltd.) and 1368445 B.C. Ltd.; and (ii)
 a Debt Settlement Agreement with Equinox Gold Corp. (collectively, the "**Debt Restructuring Agreements** ").

**NOW THEREFORE**, in consideration of the covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties (as defined herein) agree as follows:

**ARTICLE 1**

**INTERPRETATION**

**1.1** **Definitions** 

In this Agreement, unless the context otherwise requires:

"**affiliate**" means an "**affiliated entity**" within the meaning of MI 61-101.

"**Agreement**" means this arrangement agreement, including the Schedules hereto, together with the Bear Creek Disclosure Letter, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

"**Arrangement**" means the arrangement pursuant to Division 5 of Part 9 of the BCBCA with respect to, *among others*, Bear Creek, Bear Creek Securityholders and Highlander on the terms and subject to the conditions set out in the Plan of Arrangement, subject to any amendments or variations thereto made in accordance with Section 10.3 or the Plan of Arrangement or made at the direction of the Court in the Interim Order or Final Order with the consent of Highlander and Bear Creek, each acting reasonably.

"**BCBCA**" means the *Business Corporations Act* (British Columbia).

"**BCSC"** means the British Columbia Securities Commission.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 plan of arrangement, merger, amalgamation, consolidation, share exchange, share issuance,
 business combination, reorganization, recapitalization, liquidation, dissolution,
share reclassification, winding-up or other similar transaction or series of transactions involving Bear Creek or any of its subsidiaries;
or

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

"**Bear Creek Benefit Plans**" has the meaning ascribed thereto in Section 3.1(dd)(i).

"**Bear Creek Board**" means the board of directors of Bear Creek as the same is constituted from time to time.

"**Bear Creek Board Recommendation**" has the meaning ascribed thereto in Section 3.1(a).

"**Bear Creek Change in Recommendation**" has the meaning ascribed thereto in Section 10.2(a)(iii)(A).

"**Bear Creek Circular**" means the notice of the Bear Creek Meeting and accompanying management information circular, including all schedules, appendices and exhibits thereto, to be sent to Bear Creek Securityholders in connection with the Bear Creek Meeting, as amended, supplemented or otherwise modified from time to time.

"**Bear Creek Confidentiality Agreement**" means the non-disclosure agreement dated as of August 11, 2025, by and between Bear Creek and Highlander as supplemented, amended, restated or otherwise modified from time to time.

"**Bear Creek Concessions**" means any mining, mineral or exploration concession, claim, lease, license, or other right to explore for, exploit, develop, mine or produce Minerals or any interest therein which Bear Creek or any of its subsidiaries owns or has a right or option to acquire or use.

"**Bear Creek Disclosure Letter**" means the disclosure letter executed by Bear Creek and delivered to Highlander concurrently with the execution of this Agreement.

"**Bear Creek DSU**" means a deferred share unit issued of Bear Creek pursuant to the Bear Creek LTIP.

"**Bear Creek Equity Incentive Plans**" means, together, the Bear Creek Stock Option Plans and the Bear Creek LTIP.

"**Bear Creek Fairness Opinions**" has the meaning ascribed thereto in Section 3.1(b).

"**Bear Creek Financial Advisors**" means BMO Nesbitt Burns Inc. and Stifel Nicolaus Canada Inc.

"**Bear Creek Financial Statements**" has the meaning ascribed thereto in Section 3.1(m).

"**Bear Creek Lands**" means any interests and rights in real and immoveable property interests, including property rights, fee lands, possession rights, licenses, leases, rights of way, rights to use, surface rights or easements which Bear Creek or any of its subsidiaries have a right in or interest in or has an option or other right to acquire or use.

"**Bear Creek Locked-Up Shareholders**" means all directors and officers of Bear Creek, Equinox Gold Corp. and Royal Gold Inc., all of whom have entered into the Bear Creek Voting Agreements.

"**Bear Creek LTIP**" means the long term incentive plan of Bear Creek, as approved by the Bear Creek Board on March 22, 2016.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 change or proposed change in any applicable Laws or the interpretation, application or non-application
 of any applicable Laws by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 generally applicable changes in IFRS or changes in applicable regulatory accounting requirements
 applicable to the industries in which Bear Creek conducts business, or that result from any
 action taken for the purpose of complying with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 natural disaster, armed hostilities, declared or undeclared war, act of terrorism, civil
 unrest or declaration of a state of emergency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 epidemic, pandemic or outbreak of illness or health crisis or public health event, or any
 worsening of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) conditions
 generally affecting the mining industry;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 change in the market price of gold or silver; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 change in the market price or any change in the trading volume of Bear Creek Shares on the
 TSXV or the OTCQX (it being understood that any cause underlying such change in market price
 or trading volume may be taken into account in determining whether a Bear Creek Material
 Adverse Effect has occurred), provided
that, notwithstanding the foregoing, any change, effect, event, occurrence or state of facts described in clauses (b),
(c), (d), (e), (f), or (g)
of this definition shall constitute a Bear Creek Material Adverse Effect to the extent that any such change, effect, event, occurrence,
circumstance or state of facts has or would reasonably be expected to have, individually or in the aggregate, a disproportionate material
adverse impact on the business, properties, assets, Permits, capital, liabilities (contingent or otherwise), operations, results of operations
or condition (financial or otherwise) of Bear Creek and its subsidiaries, taken as a whole, relative to other industry participants of
similar size and references in this Agreement to dollar amounts are not intended to be and shall not be deemed to be illustrative or
interpretive for purposes of determining whether a "Bear Creek Material Adverse Effect" has occurred.

"**Bear Creek Material Contract**" means any Contract of Bear Creek or any of its subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) involving
 current and future aggregate actual or contingent obligations to pay (including advances)
 to or by Bear Creek or any of its subsidiaries of more than US$500,000 in any one year or
 US$1,000,000 during the remaining term of such Contract (including, if applicable, any renewals
 thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) relating
 to current or future indebtedness for borrowed money of US$1,000,000 or more, or pursuant
 to which any property or asset of Bear Creek or any of its subsidiaries is subject to a Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) restricting
 the incurrence of indebtedness by Bear Creek or any of its subsidiaries or (including by
 requiring the granting of an equal and rateable Lien) the incurrence of any Liens on any
 properties or assets of Bear Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) relating
 to litigation or settlement thereof which gives rise to or could give rise to any actual
 or contingent obligations or entitlements of Bear Creek or any of its subsidiaries which
 have not been fully satisfied prior to the date of this Agreement, other than obligations
 or entitlements, individually or together, of not more than US$500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with
 any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) which
 creates an exclusive dealing arrangement or right of first offer or limits or purports to
 limit the ability of Bear Creek or any of its subsidiaries to engage in any line of business,
 compete with any person or in any geographic area or during any period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) which
 relates to any pending lease, acquisition or disposition, directly or indirectly, of property,
 including Bear Creek Concessions or Bear Creek Lands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) providing
 for any indemnification or any guarantee by Bear Creek or any of its subsidiaries in excess
 of US$1,000,000 or which is not expressly capped or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 respect of any joint venture, partnership, strategic alliance or similar arrangement or any
 shareholders' agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) involving
 a sharing of profits, losses, costs or liabilities by Bear Creek or any of its subsidiaries
 with any third party that would result in one or more third parties being entitled to more
 than US$500,000 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 termination of which would reasonably be expected to have a Bear Creek Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) for
 a royalty, metals streaming, long term offtake or similar economic arrangement in respect
 of any Bear Creek Concession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any
 standstill or similar Contract currently restricting the ability of Bear Creek or any of
 its subsidiaries to offer to purchase or purchase the assets or equity securities of another
 person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) with
 a term or commitment to or by a Bear Creek or any of its subsidiaries that may reasonably
 extend beyond one year and which cannot be terminated without cost or penalty in excess of
 US$1,000,000 on less than 60 days' notice.

"**Bear Creek Meeting**" means the special meeting of Bear Creek Securityholders, including any adjournment or postponement thereof, to be called and held in accordance with the Interim Order to consider the Bear Creek Resolution.

"**Bear Creek Nominee**" has the meaning ascribed thereto in Section 5.2(g).

"**Bear Creek Office Leases**" means the office leases listed in Schedule 3.1(u)(ii) of the Bear Creek Disclosure Letter.

"**Bear Creek Option**" means a right and option to purchase one or more Bear Creek Shares granted pursuant to the Bear Creek Stock Option Plans or otherwise enforceable against Bear Creek.

"**Bear Creek Optionholder**" means a holder of one or more Bear Creek Options.

"**Bear Creek Proposed Agreement**" has the meaning ascribed thereto in Section 7.1(g).

"**Bear Creek Public Disclosure Record**" means all documents and information filed by Bear Creek under applicable Securities Laws since January 1, 2023 and publicly available on the System for Electronic Document Analysis Retrieval (SEDAR+) website.

"**Bear Creek Resolution**" means the special resolution of Bear Creek Shareholders and the Bear Creek Securityholders approving the Arrangement, which are to be considered at the Bear Creek Meeting, substantially in the form of Schedule B to this Agreement.

"**Bear Creek Response Period**" has the meaning ascribed thereto in Section 8.1(g)(v).

"**Bear Creek RSU**" means a restricted share unit issued pursuant to the Bear Creek LTIP.

"**Bear Creek Securities**" means the Bear Creek Shares, Bear Creek Options, Bear Creek DSUs, Bear Creek RSUs.

"**Bear Creek Securityholder**" means a holder of one or more Bear Creek Securities.

"**Bear Creek Securityholder Approval**" means the approval of the Bear Creek Resolution by the Bear Creek Shareholders and the Bear Creek Securityholders at the Bear Creek Meeting in accordance with Section 2.2(c).

"**Bear Creek Share**" means a common share in the authorized share structure of Bear Creek.

"**Bear Creek Shareholder**" means a holder of one or more Bear Creek Shares.

"**Bear Creek Special Committee**" means the special committee of independent directors of the Bear Creek Board formed to review, assess and examine, and to advise the Bear Creek Board on, strategic alternatives, including any proposals or offers to acquire control of Bear Creek.

"**Bear Creek Superior Proposal**" means an unsolicited *bona fide* written Bear Creek Acquisition Proposal from an arm's length third party that is made after the date of this Agreement (and is not obtained in violation of this Agreement) to acquire all of the outstanding Bear Creek Shares (other than Bear Creek Shares beneficially owned by the person or persons making such Bear Creek Acquisition Proposal) or all or substantially all of the assets of Bear Creek and its subsidiaries on a consolidated basis, and (a) that did not result from or involve a breach of this Agreement; (b) that is reasonably capable of being completed without undue delay, taking into account all financial, legal, regulatory and other aspects of such Bear Creek Acquisition Proposal and the person or persons making such Bear Creek Acquisition Proposal; (c) that, if it relates to the acquisition of Bear Creek Shares, is made to all Bear Creek Shareholders on the same terms and conditions; (d) that is not subject to any financing condition and in respect of which it has been demonstrated to the satisfaction of the Bear Creek Board, acting in good faith (and after receiving the advice of its outside legal advisors and a Bear Creek Financial Advisor), that adequate arrangements have been made in respect of any required financing required to complete such Bear Creek Acquisition Proposal; (e) that is not subject to any due diligence or access condition (but, for greater certainty, may include a customary access covenant); (f) that complies with Securities Laws; (g) in respect of which the Bear Creek Board unanimously determines, in its good faith judgment, after receiving the advice of its outside legal advisors and a Bear Creek Financial Advisor, that having regard for all of the terms and conditions of the Bear Creek Acquisition Proposal, including all financial, legal, regulatory and other aspects of such proposal and the person making such proposal, such Bear Creek Acquisition Proposal, will, if consummated in accordance with its terms (but not assuming away any risk of non-completion), result in a transaction more favourable to the Bear Creek Shareholders from a financial point of view than the transactions contemplated by this Agreement, after taking into account any amendment to the terms of this Agreement and the Plan of Arrangement proposed by Highlander pursuant to Section 10.3.

"**Bear Creek Superior Proposal Notice**" has the meaning ascribed thereto in Section 7.1(g)(iii).

"**Bear Creek Stock Option Plans**" means the stock option plans of Bear Creek: (a) known as the "2022 Stock Option Plan" as approved by the Bear Creek Board on April 26, 2022, and as amended on April 17, 2023 and April 16, 2025 by approval of the Bear Creek Board; and (b) known as the "Rolling Stock Option Plan" as approved by the Bear Creek Board on March 19, 2008.

"**Bear Creek Technical Report**" has the meaning ascribed thereto in Section 3.1(x)(ii).

"**Bear Creek Termination Fee**" means $8,000,000.

"**Bear Creek Voting Agreements**" mean the voting support agreements (including all amendments thereto) between Highlander and the Bear Creek Locked-Up Shareholders.

"**Bear Creek Warrantholder**" means a holder of one or more Bear Creek Warrants.

"**Bear Creek Warrant Indenture**" means the warrant indenture dated as of October 5, 2023, between Bear Creek and Computershare Trust Company of Canada, as warrant agent thereunder.

"**Bear Creek Warrants**" means the 26,423,570 share purchase warrants issued pursuant to the Bear Creek Warrant Indenture and conferring upon the holders thereof the right to purchase one (1) Bear Creek Share for each Bear Creek Warrant held at an exercise price of $0.42 prior to October 5, 2028.

"**Business Day**" means any day, other than a Saturday, a Sunday or any other day on which the banks located in Vancouver, British Columbia, are closed or authorized to be closed.

"**BVL**" means the Lima Stock Exchange (Bolsa de Valores de Lima).

"**CNA**" means the National Antitrust Commission of Mexico (Comisión Nacional Antimonopolio) or the Mexican authority that replaces it.

"**CNA Approval**" means the unconditional approval or clearance of the transactions contemplated in this Agreement issued by CNA, or its tacit approval, due to the statutory term for the purposes of issuing such approval or clearance elapsing, pursuant to the provisions set forth in Mexican Antitrust Law, having not been modified or withdrawn prior to the Effective Time.

"**Competition Act**" means the *Competition Act* (Canada).

"**Confidentiality Agreements**" means the Bear Creek Confidentiality Agreement and the Highlander Confidentiality Agreement, each as supplemented, amended, restated or otherwise modified from time to time.

"**Consideration**" means the consideration payable pursuant to the Plan of Arrangement to a person who is a Bear Creek Securityholder other than Highlander or its affiliates.

"**Contract**" means any written or oral contract, agreement, license, franchise, lease, arrangement, commitment, understanding, joint venture, partnership or other right or obligation to which Bear Creek or Highlander, respectively, or any of their respective subsidiaries is a party or by which Bear Creek or Highlander, respectively, or any of their respective subsidiaries is bound or affected or to which any of their respective properties or assets is subject.

"**Corani Project**" means the Corani project located in Puno, Peru.

"**Corani Technical Report**" has the meaning ascribed thereto in Section 3.1(x)(ii).

"**Corruption Acts**" has the meaning ascribed thereto in Section 3.1(rr)(ii).

"**Court**" means the Supreme Court of British Columbia.

"**Departing Hire**" has the meaning ascribed to thereto in Section 5.1(b)(xviii).

"**Depositary**" means Endeavor Trust Corporation, in its capacity as depositary for the Arrangement, or any other depositary or trust company, bank or financial institution as Highlander may appoint to act as depositary with the approval of Bear Creek, acting reasonably, for the purposes of carrying out the Arrangement.

"**Dissent Rights**" means the rights of dissent in respect of the Arrangement described in the Plan of Arrangement.

"**Dissenting Shareholder**" means a registered Bear Creek Shareholder as of the record date of the Bear Creek Meeting that duly and that validly exercises Dissent Rights in respect of all Bear Creek Shares held by such Bear Creek Shareholder and has not withdrawn or deemed or been deemed to have withdrawn such Dissent Rights.

"**Effective Date**" means the date upon which the Arrangement becomes effective, as set out in Section 2.10(a).

"**Effective Time**" means the time on the Effective Date that the Arrangement becomes effective, as set out in the Plan of Arrangement.

"**Environmental Laws**" means all applicable federal, provincial, regional, municipal, local or other Laws, imposing liability or standards of conduct for or relating to the regulation of activities, materials, substances or wastes in connection with or for or to the protection of human health, safety, the environment or natural resources (including ambient air, surface water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species and vegetation).

"**Environmental Liabilities**" means, with respect to any person, all liabilities, obligations, responsibilities, remedial and removal costs, investigation costs, capital costs, operation and maintenance costs, losses, damages, punitive damages, property damages, consequential damages, treble damages, costs and expenses, fines, penalties and sanctions incurred as a result of or related to any Hazardous Substance or any claim, suit, action, administrative order, investigation, proceeding or demand by any person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law, relating to any environmental matter arising under or related to any Environmental Laws, Environmental Permits, or in connection with any Release or threatened Release or presence of a Hazardous Substance whether on, at, in, under, from or about or in the vicinity of any real or personal property.

"**Environmental Permits**" means all Permits under any Environmental Laws.

"**Final Order**" means the final order of the Court in a form acceptable to both Highlander and Bear Creek, each acting reasonably, pursuant to subsection 291(4) of the BCBCA, after being informed of the intention of the Parties to rely upon the Section 3(a)(10) Exemption from the registration requirements of the U.S Securities Act with respect to the Highlander Shares issued pursuant to the Arrangement, approving the Arrangement, as such order may be amended, modified, supplemented or varied by the Court (with the consent of both Highlander and Bear Creek, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended on appeal (provided that any such amendment is acceptable to both Highlander and Bear Creek, each acting reasonably).

"**Governmental Entity**" means (a) any multinational, federal, national, provincial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, commissioner, board, minister, ministry, bureau, agency or instrumentality, domestic or foreign, (b) any subdivision, agent, commission, board or authority of any of the foregoing, (c) any quasi-governmental or private body, including any tribunal, commission, regulatory agency or self-regulatory organization, exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing, or (d) any stock exchange or other market for trading securities, including the TSX, TSXV, OTCQX or the BVL.

"**Hazardous Substance**" means any pollutant, contaminant, waste or chemical or any toxic, radioactive, ignitable, corrosive, reactive or otherwise hazardous or deleterious substance, waste or material, including metals, petroleum, polychlorinated biphenyls, asbestos and urea-formaldehyde insulation, and any other material or contaminant, that is regulated or defined pursuant to any Environmental Law.

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

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

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

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

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

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

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

"**Highlander BCM Warrant Shares**" means the Highlander Shares issuable upon exercise of the Bear Creek Warrants following the Effective Time of the Arrangement pursuant to the Bear Creek Warrant Indenture, as supplemented.

"**Highlander Board**" means the board of directors of Highlander as the same is constituted from time to time.

"**Highlander Board Recommendation**" has the meaning ascribed thereto in Section 4.1(a).

"**Highlander Change in Recommendation**" has the meaning ascribed thereto in Section 10.2(a)(iv)(A).

"**Highlander Circular**" means the notice of the Highlander Meeting and accompanying management information circular, including all schedules, appendices and exhibits thereto, to be sent to Highlander Shareholders in connection with the Highlander Meeting, as amended, supplemented or otherwise modified from time to time.

"**Highlander Concessions**" means those mining, mineral or exploration concession, claim, lease, license, or other right to explore for, exploit, develop, mine or produce Minerals or any interest therein which Highlander or any of its subsidiaries, owns or has a right or option to acquire or use.

"**Highlander Confidentiality Agreement**" means the non-disclosure agreement dated as of November 28, 2025, by and between Bear Creek and Highlander, in respect of Highlander's confidentiality information.

"**Highlander Financial Statements**" has the meaning ascribed thereto in Section 4.1(l).

"**Highlander Lands**" means any interests and rights in real and immoveable property interests, including property rights, fee lands, possession rights, licenses, leases, rights of way, rights to use, surface rights or easements which Highlander or any of its subsidiaries has a right in or interest in or has an option or other right to acquire or use.

"**Highlander Locked-Up Shareholder**" means all of the directors and officers of Highlander and certain Highlander Shareholders, all of whom have entered into the Highlander Voting Agreements.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 change or proposed change in any applicable Laws or the interpretation, application or non-application
 of any applicable Laws by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 generally applicable changes in IFRS or changes in applicable regulatory accounting requirements
 applicable to the industries in which Highlander conducts business, or that results from
 any action taken for the purpose of complying with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 natural disaster, armed hostilities, declared or undeclared war, act of terrorism, civil
 unrest or declaration of a state of emergency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 epidemic, pandemic or outbreak of illness or health crisis or public health event, or any
 worsening of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) conditions
 generally affecting the mining industry;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 change in the market price of gold or silver; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 change in the market price or any change in the trading volume of Highlander Shares on the
 TSX (it being understood that any cause underlying such change in market price or trading
 volume may be taken into account in determining whether a Highlander Material Adverse Effect
 has occurred),

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

"**Highlander Material Contract**" means any Contract of which Highlander or any of its materials subsidiaries is a party or by which it or they or any of Highlander or its material subsidiaries' assets, rights or properties are bound that, if terminated or modified would have a Highlander Material Adverse Effect.

"**Highlander Meeting**" means the special meeting of the Highlander Shareholders, including any adjournment or postponement thereof, to be called and held to consider the Highlander Resolution.

"**Highlander Option**" means a stock option issued under the Highlander Stock Option Plan.

"**Highlander Proposed Agreement**" has the meaning ascribed thereto in Section 8.1(g).

"**Highlander Public Disclosure Record**" means all documents and information filed by Highlander under applicable Securities Laws since January 1, 2023 and publicly available on the System for Electronic Document Analysis Retrieval (SEDAR+).

"**Highlander Resolution**" means the ordinary resolution of the Highlander Shareholders approving the issuance of the Share Consideration pursuant to the Arrangement and the issuance of the Highlander BCM Warrant Shares pursuant to the Bear Creek Warrant Indenture (as supplemented), which are to be considered at the Highlander Meeting, substantially in the form of Schedule C hereto.

"**Highlander Response Period**" has the meaning ascribed thereto in Section 7.1(g)(v).

"**Highlander Share**" means a common share in the authorized capital of Highlander.

"**Highlander Shareholder**" means a holder of one or more Highlander Shares.

"**Highlander Shareholder Approval**" means the approval of the Highlander Resolution by the Highlander Shareholders at the Highlander Meeting in accordance with the rules and policies of the TSX.

"**Highlander Stock Option Plan**" means the stock option plan of Highlander as approved by the Highlander Board on April 7, 2025.

"**Highlander Superior Notice Proposal**" has the meaning ascribed thereto in Section 8.1(g)(iii).

"**Highlander Superior Proposal**" means an unsolicited *bona fide* written Acquisition Proposal from an arm's length third party that is made after the date of this Agreement (and is not obtained in violation of this Agreement) to acquire all of the outstanding Highlander Shares (other than Highlander Shares beneficially owned by the person or persons making such Highlander Acquisition Proposal) or all or substantially all of the assets of Highlander and its subsidiaries on a consolidated basis, and (a) that did not result from or involve a breach of this Agreement; (b) that is reasonably capable of being completed without undue delay, taking into account all financial, legal, regulatory and other aspects of such Highlander Acquisition Proposal and the person or persons making such Highlander Acquisition Proposal; (c) that, if it relates to the acquisition of Highlander Shares, is made to all Highlander Shareholders on the same terms and conditions; (d) that is not subject to any financing condition and in respect of which it has been demonstrated to the satisfaction of the Highlander Board, acting in good faith (and after receiving the advice of its outside legal and financial advisors), that adequate arrangements have been made in respect of any required financing required to complete such Highlander Acquisition Proposal; (e) that is not subject to any due diligence or access condition (but, for greater certainty, may include a customary access covenant); (f) that complies with Securities Laws; (g) in respect of which the Highlander Board unanimously determines, in its good faith judgment, after receiving the advice of its outside legal and financial advisors, that having regard for all of the terms and conditions of the Highlander Acquisition Proposal, including all financial, legal, regulatory and other aspects of such proposal and the person making such proposal, such Highlander Acquisition Proposal, will, if consummated in accordance with its terms (but not assuming away any risk of non-completion), result in a transaction more favourable to the Highlander Shareholders from a financial point of view than the transactions contemplated by this Agreement, after taking into account any amendment to the terms of this Agreement and the Plan of Arrangement proposed by Bear Creek pursuant to Section 10.3.

"**Highlander Technical Report**" has the meaning ascribed thereto in Section 4.1(u)(i).

"**Highlander Termination Fee**" means $8,000,000.

"**Highlander Voting Agreements**" means the voting support agreements (including all amendments thereto) between Bear Creek and the Highlander Locked-Up Shareholders.

"**Highlander Warrants**" means the 29,240,298 share purchase warrants conferring upon the holders thereof the right to purchase one Highlander Share for each Highlander Warrant held at an exercise price of $0.15 prior to October 19, 2026.

"**IFRS**" means generally accepted accounting principles in Canada from time to time including, for the avoidance of doubt, the standards prescribed in Part I of the CPA Canada Handbook - Accounting (International Financial Reporting Standards) as the same may be amended, supplemented or replaced from time to time.

"**including**", "**includes**" or similar expressions are not intended to be limiting and are deemed to be followed by the expression "without limitation".

"**Intellectual Property**" means all intellectual property and other similar proprietary rights in any jurisdiction worldwide, whether registered or unregistered, including such rights in and to: (a) patents (including all reissues, divisions, provisionals, continuations and continuations-in-part, re-examinations, renewals and extensions thereof), patent applications, patent disclosures or other patent rights; (b) copyrights, design, design registration, and all registrations, applications for registration, and renewals for any of the foregoing, and any "moral" rights; (c) trademarks, service marks, trade names, business names, logos, trade dress, certification marks and other indicia of commercial source or origin together with all goodwill associated with the foregoing, and all registrations, applications and renewals for any of the foregoing; (d) trade secrets and business, technical and know-how information, databases (including assay), data collections, and drawings; (e) software, including data files, source code, object code, application programming interfaces, architecture, files, records, schematics, computerized databases and other software-related specifications and documentation; and (f) Internet domain name registrations.

"**Interim Order**" means the interim order of the Court contemplated by Section 2.2 of this Agreement and made pursuant to subsection 291(2) of the BCBCA, after being informed of the intention of the Parties to rely upon the Section 3(a)(l0) Exemption from the registration requirements of the U.S. Securities Act with respect to the Highlander issued pursuant to the Arrangement, in a form acceptable to both Highlander and Bear Creek, each acting reasonably, providing for, among other things, the calling and holding of the Bear Creek Meeting, as the same may be amended, modified, supplemented or varied by the Court (with the consent of both Highlander and Bear Creek, each acting reasonably).

"**Interim Period**" has the meaning ascribed thereto in Section 2.15(a).

"**Investment Canada Act**" means the *Investment Canada Act* (Canada) and the regulations enacted thereunder.

"**Law**" or "**Laws**" means all laws (including common law), codes, by-laws, statutes, rules, regulations, Mexican official norms, principles of law and equity, orders, rulings, ordinances, judgements, injunctions, determinations, awards, decrees or other requirements having force of law, whether domestic or foreign, and the terms and conditions of any grant of approval, permission, authority or license of any Governmental Entity or self-regulatory authority (including, where applicable, any stock exchange or other market for trading securities), and the term "**applicable**" with respect to such Laws and in a context that refers to one or more persons, means such Laws as are applicable to such person or its business, undertaking, assets, property or securities and emanate from a person having jurisdiction over the person or persons or its or their business, undertaking, assets, property or securities.

"**Liens**" means any hypothec, mortgage, pledge, assignment, lien, charge, security interest, adverse right or claim, other third person interest or encumbrance of any kind, whether contingent or absolute, and any agreement, option, right or privilege (whether by Law, contract or otherwise) capable of becoming any of the foregoing.

"**Mailing Deadline**" means January 19, 2026, or such other date as may be agreed between the Parties.

"**material fact**" has the meaning ascribed thereto in the Securities Act.

"**Material Taxes**" means an amount of Taxes in excess of US$500,000 that have not been paid or otherwise provided for in the Bear Creek Financial Statements or the Highlander Financial Statements, as applicable.

"**Mercedes Gold-Silver Mine Project**" means the Mercedes gold-silver mine located in Sonora, Mexico.

"**Mercedes Technical Report**" has the meaning ascribed thereto in Section 3.1(x)(ii).

"**Mexican Governmental Royalties**" means mining Taxes payable in accordance with Articles 268 and 270 of the Mexican Federal Duties Law (*Ley Federal de Derechos*), stating: (i) a mining duty payable on a yearly basis of 8.5% of the income of the sale of the minerals extracted from a mining concession minus the authorized deductions (*Derecho Especial Sobre Minería*) and (ii) a mining duty payable on a yearly basis of 1% of the income for the sale of gold, silver or platinum minerals (*Derecho Extraordinario Sobre Minería*).

"**MI 61-101**" means Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions*.

"**Minerals**" means all ores, and ores and concentrates derived therefrom, of precious, base and industrial minerals, including diamonds, which may be lawfully explored for, mined and sold.

"**misrepresentation**" has the meaning ascribed thereto in the *Securities Act*.

"**Money Laundering Laws**" has the meaning ascribed thereto in Section 3.1(ss).

"**New Hire**" has the meaning ascribed thereto in Section 5.1(b)(xviii).

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

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

"**Order**" means all judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, injunctions, orders, decisions, rulings, determinations, awards, or decrees of any Governmental Entity (in each case, whether temporary, preliminary or permanent).

"**ordinary course of business**" means, with respect to an action taken by a person, that such action is consistent with the past practices of such person and is taken in the ordinary course of the normal day-to-day business and operations of such person.

"**OTCQX**" means the top tier of the over-the-counter markets of OTC Markets Group Inc. known as the "OTCQX".

"**Outside Date**" means April 17, 2026, or such later date as may be agreed to in writing by the Parties; provided, however, that any Party shall have the right to extend the Outside Date for up to an additional 120 days (in 30-day increments) if the CNA Approval is required and has not been obtained and has not been denied by a non-appealable decision of CNA, by giving written notice to the other Party to such effect no later than 5:00 p.m. (Vancouver time) on the date that is not less than five days prior to the original Outside Date (and any subsequent Outside Date); provided further that, notwithstanding the foregoing, a Party shall not be permitted to extend the Outside Date if the failure to obtain the CNA Approval is primarily the result of such Party's failure to comply with its covenants herein; and, provided further that, in the aggregate, such extensions shall not extend beyond August 17, 2026.

"**Parties**" means Highlander and Bear Creek, and "**Party**" means either of them.

"**payor"** has the meaning ascribed thereto in Section 2.14.

"**Permit**" means any license, permit, certificate, consent, Order, grant, approval, classification, waiver, writ, consent, registration or other authorization of or from any Governmental Entity.

"**person**" includes an individual, sole proprietorship, partnership, association, body corporate, trust, natural person in his or her capacity as trustee, executor, administrator or other legal representative, Governmental Entity or any other entity, whether or not having legal status.

"**Plan of Arrangement**" means the plan of arrangement of Bear Creek, substantially in the form of Schedule A hereto, and any amendments or variations thereto made in accordance with this Agreement and the Plan of Arrangement or upon the direction of the Court (with the prior written consent of Highlander and Bear Creek, each acting reasonably) in the Final Order.

"**Pre-Acquisition Reorganization**" has the meaning ascribed thereto in Section 5.6.

"**Private Placement**" has the meaning ascribed thereto in Section 5.4.

"**Proceeding**" means any suit, claim, action, charge, complaint, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, audit, examination or investigation commenced, brought, conducted or heard by or before, any court or other Governmental Entity.

"**Qualifying Options**" has the meaning ascribed thereto in Section 5.8.

"**Regulatory Approvals**" means those sanctions, rulings, consents, orders, exemptions, permits and other approvals (including the lapse, without objection, of a prescribed time under a statute or regulation that states that a transaction may be implemented if a prescribed time lapses following the giving of notice without an objection being made) of Governmental Entities required in relation to the transactions contemplated hereby, and including, if required, the CNA Approval.

"**Release**" means any release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of a Hazardous Substance in the indoor or outdoor environment, including the movement of a Hazardous Substance through or in the air, soil, surface water, ground water or property.

"**Representatives**" means, with respect to any person, its and its subsidiaries' officers, directors, employees, representatives (including any financial and other advisors) and agents.

"**Returns**" means all reports, forms, elections, statements, declarations, designations, notices, filings, returns and other documents (whether in tangible, electronic or other form) and including any amendments, schedules, attachments, supplements, appendices and exhibits thereto relating to, made, filed or required to be filed or prepared by Law in connection with any Taxes.

"**San Luis Project**" means the mining and exploration project of Highlander located within the District of Shupluy, Yungay Province, Ancash Department, Peru.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Secondee**" has the meaning ascribed thereto in Section 2.15(a).

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

"**Securities Act**" means the *Securities Act* (British Columbia).

"**Securities Authorities**" means, collectively, the BCSC and the applicable securities commissions and other securities regulatory authorities in each of the other provinces and territories of Canada.

"**Securities Laws**" means the Securities Act and the securities legislation of each other province and territory of Canada and the rules, regulations, forms, published instruments, policies, bulletins and notices of the Securities Authorities made thereunder, as now in effect and as they may be promulgated or amended from time to time, applicable U.S. Securities Laws and with respect to Bear Creek, includes the rules and policies of each stock exchange or market on the Bear Creek Shares or the Bear Creek Warrants are listed or posted for trading, and with respect to Highlander, includes the rules and policies of the TSX.

"**Service Obligations**" means collectively, the amounts listed in Schedule 2.12(b) of the Bear Creek Disclosure Letter, such amounts representing the financial obligations owed to the Bear Creek Financial Advisors and to each Service Provider, as applicable, by Bear Creek or its subsidiaries.

"**Service Provider**" means each of the persons listed in Schedule 2.12(b) of the Bear Creek Disclosure Letter and "**Service Providers**" means all such persons.

"**Share Consideration**" means for each Bear Creek Share, the number of Highlander Shares payable under the Plan of Arrangement to a person that is a Bear Creek Shareholder, other than Highlander.

"**Subscription Agreement**" has the meaning ascribed hereto in Section 5.4(a).

"**Subscription Price**" has the meaning ascribed hereto in Section 5.4(a).

"**Subscription Shares**" has the meaning ascribed thereto in Section 5.4(a).

"**subsidiary**" has the meaning ascribed to it in National Instrument 45-106 – *Prospectus Exemptions*, in force as of the date of this Agreement.

"**Tax Act**" means the *Income Tax Act* (Canada).

"**Taxes**" means (a) any and all taxes, imposts, levies, withholdings, duties, fees, premiums, Mexican Governmental Royalties, assessments and other charges of any kind, however denominated and instalments or advance payments in respect thereof, including any interest, penalties, fines or other additions that have been, are or will become payable in respect thereof, imposed by any Governmental Entity, including for greater certainty all income, gains or profits taxes (including Canadian federal, provincial and territorial income taxes), payroll and employee withholding taxes, employment or payroll taxes, employment insurance, disability taxes, social insurance taxes, social security contributions, sales and use taxes, consumption taxes, customs taxes, ad valorem taxes, excise taxes, goods and services taxes, harmonized sales taxes, franchise taxes, gross receipts taxes, capital taxes, business license taxes, alternative minimum taxes, estimated taxes, abandoned or unclaimed (escheat) taxes, occupation taxes, real and personal property taxes, stamp taxes, environmental taxes, transfer taxes, severance taxes, workers' compensation, Canada and other government pension plan premiums or contributions and other governmental charges, and other obligations of the same or of a similar nature to any of the foregoing, together with any interest, penalties or other additions to tax that may become payable in respect of such taxes, and any interest in respect of such interest, penalties and additions whether disputed or not, and (b) any liability for the payment of any amount described in clause (a) of this definition as a result of being a member of an affiliated, consolidated, combined or unitary group for any period, as a result of any tax sharing or tax allocation agreement, arrangement or understanding, or as a result of being liable for another person's taxes by contract or otherwise.

"**Termination Obligations**" means collectively, the amounts listed in Schedule 2.12(b) of the Bear Creek Disclosure Letter, such amounts representing the financial obligations owed to Terminated Persons as a result of the change of control provisions of such Terminated Person's employment or independent contractor agreements, as applicable, between such Terminated Persons and Bear Creek or its subsidiaries.

"**Terminated Person**" means each of the persons listed in Schedule 2.12(b) of the Bear Creek Disclosure Letter and "**Terminated Persons**" means all such persons.

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

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

"**U.S. Exchange Act**" means the United States *Securities Exchange Act of 1934* as the same has been and hereinafter from time to time may be amended and the rules and regulations promulgated thereunder.

"**U.S. Securities Act**" means the United States *Securities Act of 1933* as the same has been and hereinafter from time to time may be amended and the rules and regulations promulgated thereunder.

"**U.S. Securities Laws**" means the U.S. federal securities laws, including without limitation, the U.S. Securities Act, the U.S. Exchange Act and applicable securities laws of any state of the United States.

"**United States**" or "**U.S.**" means the United States of America, its territories and possessions, any state of the United States and the District of Columbia.

**1.2** **Interpretation Not Affected by Headings** 

The division of this Agreement into articles, sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement. The terms "this Agreement", "hereof", "herein", "hereto", "hereunder" and similar expressions refer to this Agreement and not any particular article, section, subsection, paragraph or other portion hereof and include any instrument supplementary or ancillary hereto.

**1.3** **Number and Gender** 

In this Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa, and words importing gender include all genders.

**1.4** **Date for Any Action** 

If the date on which any action is required to be taken hereunder by a Party is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day.

**1.5** **Statutory References** 

Any reference in this Agreement to a statute includes all rules and regulations made thereunder, all amendments to such statute, rule or regulation in force from time to time and any statute, rule or regulation that supplements or supersedes such statute, rule or regulation.

**1.6** **Currency** 

Unless otherwise stated, all references in this Agreement to sums of money are expressed in lawful money of Canada and "$" refers to Canadian dollars.

**1.7** **Accounting Matters** 

Unless otherwise stated, all accounting terms used in this Agreement shall have the meanings attributable thereto under IFRS and all determinations of an accounting nature in required to be made shall be made in accordance with IFRS consistently applied.

**1.8** **Knowledge** 

In this Agreement, (a) references to "**the knowledge of Bear Creek**" mean the knowledge of Eric Caba (President and Chief Executive Officer), Zoya Shashkova (Chief Financial Officer) and Brian Peer (Chief Operating Officer) after due enquiry, and (b) references to "**the knowledge of Highlander**" means the knowledge of Daniel Earle (President and Chief Executive Officer), Sunny Lowe (Chief Financial Officer), Federico Velasquez (President Peru) and Purni Parikh (Senior Vice President, Corporate Affairs and Corporate Secretary) after due enquiry.

**1.9** **Disclosure Letter** 

The Bear Creek Disclosure Letter and all information contained in the Bear Creek Disclosure Letter is confidential information and subject to the terms and conditions of the Bear Creek Confidentiality Agreement.

**1.10** **Schedules** 

The following Schedules are annexed to this Agreement and are incorporated by reference into this Agreement and form a part hereof:

Schedule A Plan of Arrangement <br> Schedule B Bear Creek Resolution <br> Schedule C Highlander Resolution

**ARTICLE 2**

**THE ARRANGEMENT AND MEETINGS**

**2.1** **Arrangement** 

Bear Creek and Highlander agree that the Arrangement shall be implemented in accordance with the terms and subject to the conditions contained in this Agreement and the Plan of Arrangement.

**2.2** **Interim Order** 

Bear Creek shall, as soon as reasonably practicable following the date of this Agreement, and in any event in sufficient time to file, furnish and mail the Bear Creek Circular in accordance with Section 2.6, apply to the Court in a manner acceptable to Highlander, acting reasonably, pursuant to subsection 291 of the BCBCA and, in cooperation with Highlander, prepare, file and diligently pursue an application to the Court for the Interim Order, which shall provide, among other things:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 confirmation of the record date for the Bear Creek Meeting (which date shall be fixed and
 filed by Bear Creek in consultation with Highlander, acting reasonably) for
the purpose of determining the Bear Creek Securityholders entitled to receive notice of. and to vote at, the Bear Creek Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 the requisite approval for the Bear Creek Resolution shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 66⅔%
 of the votes cast on the Bear Creek Resolution by Bear Creek Shareholders present in person
 or represented by proxy at the Bear Creek Meeting, with each Bear Creek Share entitling a
 Bear Creek Shareholder to one vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 66⅔%
 of the votes cast on the Bear Creek Resolution by Bear Creek Securityholders present in person
 or represented by proxy at the Bear Creek Meeting, voting together as a single class, with
 a Bear Creek Shareholder, a holder of Bear Creek Options, a holder of Bear Creek RSUs and
 a holder of Bear Creek DSUs being entitled to one vote for each Bear Creek Share, Bear
Creek Option, Bear Creek RSU and Bear Creek DSU held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 simple majority of the votes cast on the Bear Creek Resolution by Bear Creek Shareholders
 present in person or represented by proxy at the Bear Creek Meeting (excluding the votes
 cast by any Bear Creek Shareholders required to be excluded pursuant to MI 61-101, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that,
 in all other respects, other than as ordered by the Court, the terms, restrictions and conditions
 of Bear Creek's constating documents, including quorum requirements and all other matters,
 shall apply in respect of the Bear Creek Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
 the grant of Dissent Rights to the Bear Creek Shareholders who are registered holders of
 Bear Creek Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that
 the Bear Creek Meeting may be adjourned or postponed from time to time by the Bear Creek
 Board subject to the terms of this Agreement without the need for additional approval of
 the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that
 the record date for Bear Creek Securityholders entitled to receive notice of and vote at
 the Bear Creek Meeting will not change in respect of any adjourned or postponed Bear Creek
 Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for
 the notice requirement with respect to the application to the Court for the Final Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) that
 the deadline for the submission of proxies by Bear Creek Securityholders for the Bear Creek
 Meeting shall be 48 hours (excluding Saturdays, Sundays and statutory holidays in Vancouver,
 British Columbia) prior to the Bear Creek Meeting, subject to waiver by Bear Creek in accordance
 with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) that
 it is the Parties' intention to rely on the Section 3(a)(10) Exemption and similar
 exemptions from applicable Securities Laws of any state of the United States with respect
 to the issuance of Highlander Shares to Bear Creek Shareholders pursuant to the Arrangement,
 subject to and conditioned on the Court's determination that the Arrangement is substantively
 and procedurally fair to Bear Creek Shareholders and based on the Court's approval
 of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) that
 each Bear Creek Securityholder will have the right to appear before the Court at the hearing
 of the Court to give approval of the Arrangement so long as they enter an appearance within
 a reasonable time in accordance with the procedures set out in the Interim Order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) for
 such other matters as Highlander may reasonably require subject to obtaining the prior written
 consent of Bear Creek, such consent not to be unreasonably withheld or delayed.

**2.3** **U.S. Securities Law Matters** 

The Parties agree that the Arrangement will be carried out with the intention that all Highlander Shares to be issued to Bear Creek Shareholders in exchange for their Bear Creek Shares to be issued pursuant to the Plan of Arrangement will be issued in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) of the U.S. Securities Act (the "**Section 3(a)(10) Exemption**") and pursuant to exemptions from applicable Securities Laws of any state of the United States. In order to ensure the availability of the Section 3(a)(10) Exemption, the Parties agree that the Arrangement will be carried out in accordance with the SEC's Staff Legal Bulletin (SLB) No. 3A (June 18, 2008), including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 procedural and substantive fairness of the terms and conditions of the Arrangement will be
 subject to the approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Court will be advised as to the intention of the Parties to rely on the Section 3(a)(10)
 Exemption prior to the hearing required to approve the procedural and substantive fairness
 of the terms and conditions of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Court will be required to satisfy itself as to the procedural and substantive fairness of
 the terms and conditions of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Bear
 Creek will ensure that each Bear Creek Shareholder will be given adequate notice advising
 them of their right to attend the hearing of the Court to approve the procedural and substantive
 fairness of the terms and conditions of the Arrangement and providing them with sufficient
 information necessary for them to exercise that right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Bear
 Creek Shareholders will be advised that the Highlander Shares issued pursuant to the Arrangement
 have not been registered under the U.S. Securities Act and will be issued by Highlander in
 reliance on the Section 3(a)(10) Exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Interim Order will specify that each Bear Creek Shareholder will have the right to appear
 before the Court at the hearing of the Court to give approval of the Arrangement so long
 as they enter an appearance within a reasonable time in accordance with the procedures set
 out in the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Court will hold a hearing before approving the procedural and substantive fairness of the
 terms and conditions of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Final Order will expressly state that the Arrangement is approved by the Court as being procedurally
 and substantively fair to the Bear Creek Shareholders, and the Final Order shall include
 a statement to substantially the following effect:

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

**2.4** **Bear Creek Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms of this Agreement, Bear Creek shall convene and conduct the Bear Creek Meeting
 in accordance with the Interim Order, Bear Creek's notice of articles and articles
 and applicable Law as soon as reasonably practicable, and in any event on or before February
 18, 2026 (and, in that regard, Bear Creek shall abridge, as necessary, any time periods that
 may be abridged under NI 54-101). Except as required by applicable Law, or with the prior
 written consent of Highlander, which shall not be unreasonably withheld or delayed, the Bear
 Creek Resolution shall be the only matter of business transacted at the Bear Creek Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the terms of this Agreement, Bear Creek shall use its commercially reasonable efforts
 to solicit proxies (i) in favour of the approval of the Bear Creek Resolution and take all
 other action necessary or desirable to secure the approval of the Bear Creek Resolution and
 all other matters to be brought before the Bear Creek Meeting intended to facilitate and
 complete the transactions contemplated by this Agreement, and (ii) against any resolution
 submitted by any Bear Creek Shareholder that is inconsistent with the Bear Creek Resolution
 and the completion of the transactions contemplated by this Agreement, including, if so requested
 by Highlander, using proxy solicitation services; *provided* that such solicitor shall
 be determined by Highlander in consultation with Bear Creek, acting reasonably, and the costs
 of such solicitor shall be borne by Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bear
 Creek shall provide Highlander with copies of or access to any material information regarding
 the Bear Creek Meeting generated by any proxy solicitation services firm engaged by Bear
 Creek, as requested from time to time by Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Bear
 Creek shall give notice to Highlander of the Bear Creek Meeting and allow Highlander'
 Representatives and legal counsel to attend the Bear Creek Meeting.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Bear
 Creek will promptly advise Highlander of any communication (orally or in writing) from any
 Bear Creek Securityholder in opposition to the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Bear
 Creek will promptly advise Highlander of any written notice of dissent or purported exercise
 by any Bear Creek Shareholder of Dissent Rights received by Bear Creek in relation to the
 Bear Creek Resolution and any withdrawal of Dissent Rights received by Bear Creek. Bear Creek
 shall provide Highlander with an opportunity to review and comment on any written communications
 sent by or on behalf of Bear Creek to any Bear Creek Shareholder who is exercising or purporting
 to exercise Dissent Rights in relation to the Bear Creek Resolution and shall not make any
 payment or settlement offer, or agree to any payment or settlement prior to the Effective
 Time with respect to Dissent Rights without the prior written consent of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Bear
 Creek shall, upon the request from time to time by Highlander, promptly deliver to Highlander
 (i) lists of all registered Bear Creek Shareholders and other security holders of Bear Creek,
 showing the name and address of each holder and the number of Bear Creek Shares or other
 securities of Bear Creek held by each such holder, and securities positions, and (ii) from
 time to time, at the request of Highlander, updated or supplemental lists setting out any
 changes from the list(s) referred to in clause (i) of this Section 2.4(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bear
 Creek shall not, except as required for quorum purposes, as required by Law or as otherwise
 permitted under this Agreement, adjourn, postpone or cancel (or propose for adjournment,
 postponement or cancellation), or fail to call, the Bear Creek Meeting without Highlander's
 prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed,
 other than as expressly required or permitted in accordance with Section 7.1(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Bear
 Creek shall not, without the prior written consent of Highlander, waive the deadline for
 the submission of proxies by Bear Creek Shareholders for the Bear Creek Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Bear
 Creek shall promptly advise Highlander of any communication (written or oral) received by
 Bear Creek from any stock exchange or other market on which the Bear Creek Shares or Bear
 Creek Warrants are listed or posted for trading, any of the Securities Authorities or any
 other Governmental Entity in connection with the Bear Creek Meeting.

**2.5** **Highlander Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms of this Agreement, Highlander shall convene and conduct the Highlander Meeting
 in accordance with Highlander's notice of articles and articles and
applicable Law as soon as reasonably practicable, and in any event on or before February 18, 2026 (and, in that regard, Highlander shall
abridge, as necessary, any time periods that may be abridged under NI 54-101). Except as required by applicable Law, or with the prior
written consent of Bear Creek, which shall not be unreasonably withheld or delayed, the Highlander Resolution shall be the only matter
of business transacted at the Highlander Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the terms of this Agreement, Highlander shall use its commercially reasonable efforts
 to solicit proxies (i) in favour of the approval of the Highlander Resolution and take all
 other action necessary or desirable to secure the approval of the Highlander Resolution and
 all other matters to be brought before the Highlander Meeting intended to facilitate and
 complete the transactions contemplated by this Agreement, and (ii) against any resolution
 submitted by any Highlander Shareholder that is inconsistent with the Highlander Resolution
 and the completion of the transactions contemplated by this Agreement, including, if so requested
 by Bear Creek, using proxy solicitation services; *provided* that such solicitor shall
 be determined by Highlander in consultation with Bear Creek, acting reasonably, and the costs
 of such solicitor shall be borne by Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander
 shall provide Bear Creek with copies of or access to any material information regarding the
 Highlander Meeting generated by any proxy solicitation services firm engaged by Highlander,
 as requested from time to time by Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Highlander
 shall give notice to Bear Creek of the Highlander Meeting and allow Bear Creek's Representatives
 and legal counsel to attend the Highlander Meeting.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Highlander
 will promptly advise Bear Creek of any communication (orally or in writing) from any Highlander
 Shareholder in opposition to the Highlander Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Highlander
 shall not, except as required for quorum purposes, as required by Law or as otherwise permitted
 under this Agreement, adjourn, postpone or cancel (or propose for adjournment, postponement
 or cancellation), or fail to call, the Highlander Meeting without Bear Creek's prior
 written consent, which consent shall not be unreasonably withheld, conditioned or delayed,
 other than as expressly required or permitted in accordance with Section 8.1(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Highlander
 shall not, without the prior written consent of Bear Creek, waive the deadline for the submission
 of proxies by Highlander Shareholders for the Highlander Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Highlander
 shall promptly advise Bear Creek of any communication (written or oral) received by Highlander
 from any stock exchange or other market on which the
Highlander Shares are listed or posted for trading, any of the Securities Authorities or any other Governmental Entity in connection
with the Highlander Meeting.

**2.6** **Bear Creek Circular** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Highlander complying with Section 2.6(c), Bear Creek shall
 (i) as promptly as reasonably practicable following the date of this Agreement, prepare the
 Bear Creek Circular (together with any other documents required by applicable Laws in connection
 with the Bear Creek Meeting) in compliance with all applicable Laws, and (ii) as promptly
 as reasonably practicable after obtaining the Interim Order file or furnish, as applicable,
 the Bear Creek Circular with respect to the Bear Creek Meeting in all jurisdictions where
 the same is required to be filed or furnished and mail the same as required by the Interim
 Order and in accordance with all applicable Laws in all jurisdictions where the same is required
 to be mailed (it being understood that Bear Creek will file, furnish and mail the Bear Creek
 Circular by no later than the close of business on the Mailing Deadline). If necessary, Bear
 Creek shall, in consultation with Highlander abridge the timing contemplated by NI 54-101,
 as provided in section 2.2 thereof (provided, however, that for greater certainty, the foregoing
 obligation shall not extend to the making of an application for a waiver or exemption from
 the requirements of NI 54-101).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear
 Creek shall ensure that the Bear Creek Circular complies in all material respects with all
 applicable Laws and the Interim Order, and, without limiting the generality of the foregoing,
 that the Bear Creek Circular shall not contain any misrepresentation (except that Bear Creek
 shall not be responsible for any information included in the Bear Creek Circular relating
 to Highlander and its affiliates that was provided by Highlander expressly for inclusion
 in the Bear Creek Circular pursuant to Section 2.6(c) and shall
 provide Bear Creek Securityholders with information in sufficient detail to permit them to
 form a reasoned judgment concerning the matters to be placed before them at the Bear Creek
 Meeting. The Bear Creek Circular shall include (a) the Bear Creek Board Recommendation, (b)
 a statement that each of the Bear Creek Locked-Up Shareholders has signed a Bear Creek Voting
 Agreement, pursuant to which they have agreed to, among other things, vote all of their Bear
 Creek Securities in favour of the Bear Creek Resolution and any other resolution presented
 at the Bear Creek Meeting required to give effect to the Arrangement, and (c) a summary and
 copy of the Bear Creek Fairness Opinions. The Bear Creek Circular shall also include such
 information as may be required to allow Bear Creek and Highlander to rely upon the Section
 3(a)(10) Exemption with respect to the issuance of Highlander Shares pursuant to the Arrangement.
 The content of the Bear Creek Circular shall comply with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander
 shall furnish to Bear Creek on a timely basis such information regarding Highlander as may
 be required by Law or reasonably required by Bear Creek in the preparation of the Bear Creek
 Circular, and Highlander shall ensure that such information does not contain any misrepresentation
 concerning Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Highlander
 shall use commercially reasonable efforts to obtain any necessary consents from its auditor
 and any other advisors to the use of any financial, technical or other expert information
 required to be included in the Bear Creek Circular and to the identification in the Bear
 Creek Circular of each such advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Highlander
 and its legal counsel shall be given a reasonable opportunity to review and comment on drafts
 of the Bear Creek Circular, prior to the Bear Creek Circular being printed, mailed to Bear
 Creek Securityholders and filed with any Governmental Entity, and reasonable consideration
 shall be given to any comments made by Highlander and its legal counsel, provided that all
 information relating solely to Highlander included in the Bear Creek Circular, and any information
 describing the terms and conditions of this Agreement, the Bear Creek Voting Agreements or
 the Plan of Arrangement, shall be in form and content approved in writing by Highlander,
 acting reasonably. Highlander and its legal counsel shall provide any comments with respect
 to the Bear Creek Circular in a timely manner. Bear Creek shall provide Highlander with final
 copies of the Bear Creek Circular prior to its mailing to the Bear Creek Securityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
 of the Parties shall each promptly notify the other if at any time before the Effective Date
 it becomes aware (in the case of Highlander, only in respect of information relating to Highlander)
 that the Bear Creek Circular contains a misrepresentation, or otherwise requires an amendment
 or supplement to the Bear Creek Circular, and the Parties shall co-operate in the preparation
 of any amendment or supplement to the Bear Creek Circular, as required or appropriate, and
 Bear Creek shall promptly mail or otherwise publicly disseminate any amendment or supplement
 to the Bear Creek Circular to Bear Creek Securityholders and, if required by the Court or
 applicable Laws, file the same with any Governmental Entity and as otherwise required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Bear
 Creek shall promptly advise Highlander of any communication (written or oral) received by
 Bear Creek from any stock exchange or other market on which the Bear Creek Shares or Bear
 Creek Warrants are listed or posted for trading, any of the Securities Authorities or any
 other Governmental Entity in connection with the Bear Creek Circular.

**2.7** **Highlander Circular** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Bear Creek complying with Section 2.7(c), Highlander shall
 (i) as promptly as reasonably practicable following the date of this Agreement, prepare the
 Highlander Circular (together with any other documents required by applicable Laws in connection
 with the Highlander Meeting) in compliance with all applicable Laws, and (ii) as promptly
 as reasonably practicable following receipt of the Interim Order, file or furnish, as applicable,
 the Highlander Circular with respect to the Highlander Meeting in all jurisdictions where
 the same is required to be filed or furnished and mail the same in accordance with all applicable
 Laws in all jurisdictions where the same is required to be mailed (it being understood that
 Highlander will file, furnish and mail the Highlander Circular by no later than the close
 of business on the Mailing Deadline). If necessary, Highlander shall, in consultation with
 Bear Creek abridge the timing contemplated by NI 54-101, as provided
in section 2.2 thereof (provided, however, that for greater certainty, the foregoing obligation shall not extend to the making of an
application for a waiver or exemption from the requirements of NI 54-101).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander
 shall ensure that the Highlander Circular complies in all material respects with all applicable
 Laws, and, without limiting the generality of the foregoing, that the Highlander Circular
 shall not contain any misrepresentation (except that Highlander shall not be responsible
 for any information included in the Highlander Circular relating to Bear Creek and its affiliates
 that was provided by Bear Creek expressly for inclusion in the Highlander Circular pursuant
 to Section 2.7(c) and shall provide Highlander Shareholders with
 information in sufficient detail to permit them to form a reasoned judgment concerning the
 matters to be placed before them at the Highlander Meeting. The Highlander Circular shall
 include (a) the Highlander Board Recommendation, and (b) a statement that each of the Highlander
 Locked-Up Shareholders has signed a Highlander Voting Agreement, pursuant to which they have
 agreed to, among other things, vote all of their Highlander Shares in favour of the Highlander
 Resolution and any other resolution presented at the Highlander Meeting to give affect to
 the Arrangement and against any other matter that is inconsistent with the Highlander Resolution.
 The content of the Highlander Circular shall comply with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bear
 Creek shall furnish to Highlander on a timely basis such information regarding Bear Creek
 as may be required by Law or reasonably required by Highlander in the preparation of the
 Highlander Circular, and Bear Creek shall ensure that such information does not contain any
 misrepresentation concerning Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Bear
 Creek shall use commercially reasonable efforts to obtain any necessary consents from its
 auditor and any other advisors to the use of any financial, technical or other expert information
 required to be included in the Highlander Circular and to the identification in the Highlander
 Circular of each such advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Bear
 Creek and its legal counsel shall be given a reasonable opportunity to review and comment
 on drafts of the Highlander Circular, prior to the Highlander Circular being printed, mailed
 to Highlander Shareholders and filed with any Governmental Entity, and reasonable consideration
 shall be given to any comments made by Bear Creek and its legal counsel, provided that all
 information relating solely to Bear Creek included in the Highlander Circular, and any information
 describing the terms and conditions of this Agreement, the Highlander Voting Agreements or
 the Plan of Arrangement, shall be in form and content approved in writing by Bear Creek,
 acting reasonably. Bear Creek and its legal counsel shall provide any comments with respect
 to the Highlander Circular in a timely manner. Highlander shall provide Bear Creek with final
 copies of the Highlander Circular prior to its mailing to the Highlander Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
 of the Parties shall each promptly notify the other if at any time before the Effective Date
 it becomes aware (in the case of Bear Creek, only in respect of information relating to Bear
 Creek) that the Highlander Circular contains a misrepresentation, or otherwise requires an
 amendment or supplement to the Highlander
Circular, and the Parties shall co-operate in the preparation of any amendment or supplement to the Highlander Circular, as required
or appropriate, and Highlander shall promptly mail or otherwise publicly disseminate any amendment or supplement to the Highlander Circular
to Highlander Shareholders and, if required by the Court or applicable Laws, file the same with any Governmental Entity and as otherwise
required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Highlander
 shall promptly advise Bear Creek of any communication (written or oral) received by Highlander
 from any stock exchange or other market on which the Highlander Shares are listed or posted
 for trading, any of the Securities Authorities or any other Governmental Entity in connection
 with the Highlander Circular.

**2.8** **Final Order** 

If (a) the Interim Order is obtained, (b) the Bear Creek Resolution is passed at the Bear Creek Meeting by Bear Creek Shareholders, as provided for in the Interim Order and as required by applicable Law, and (c) the Highlander Resolution is passed at the Highlander Meeting by Highlander Shareholders as required by applicable Law, Bear Creek shall as soon as reasonably practicable thereafter and in any event within three (3) Business Days thereafter take all steps necessary or desirable to submit the Arrangement to the Court and diligently pursue an application for the Final Order pursuant to Section 291 of the BCBCA.

**2.9** **Court Proceedings** 

Subject to the terms of this Agreement, Highlander will cooperate with, assist and consent to Bear Creek seeking the Interim Order and the Final Order, including by providing Bear Creek on a timely basis any information required to be supplied by Highlander in connection therewith. Bear Creek will provide legal counsel to Highlander with reasonable opportunity to review and comment upon drafts of all material to be filed with the Court in connection with the Arrangement, and will give reasonable consideration to all such comments. Bear Creek will also provide legal counsel to Highlander on a timely basis with copies of any notice of appearance or notice of intent to oppose and any evidence or other Court documents served on Bear Creek or its legal counsel in respect of the application for the Interim Order or the Final Order or any appeal therefrom. Bear Creek shall ensure that all materials filed with the Court in connection with the Arrangement are consistent with the terms of this Agreement and the Plan of Arrangement. Subject to applicable Law, Bear Creek will not file any material with the Court in connection with the Arrangement or serve any such material, and will not agree to modify or amend materials so filed or served, except with Highlander's prior written consent, such consent not to be unreasonably withheld, conditioned or delayed; *provided* that nothing herein shall require Highlander to agree or consent to any increase in or variation in the form of Consideration or other modification or amendment to such filed or served materials that expands or increases Highlander's obligations, or diminishes or limits Highlander' rights, set forth in any such filed or served materials or under this Agreement or the Arrangement. In addition, Bear Creek will not object to legal counsel to Highlander making such submissions on the hearing of the motion for the Interim Order and the application for the Final Order as such counsel considers appropriate; *provided*, that Bear Creek is advised of the nature of any submissions with reasonably sufficient time prior to such hearing and such submissions are consistent with this Agreement and the Plan of Arrangement. Bear Creek will also oppose any appearance, proposal or motion from any party on the hearing of the motion for the Interim Order and the application for the Final Order which is inconsistent with this Agreement or the Plan of Arrangement. If at any time after the issuance of the Final Order and prior to the Effective Date, Bear Creek is required by the terms of the Final Order or by Law to return to the Court with respect to the Final Order, it shall do so after notice to, and in consultation and cooperation with Highlander.

**2.10** **Arrangement and Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Closing
 of the Arrangement shall occur, and the Arrangement shall become effective, on the third
 Business Day following the satisfaction or waiver of all conditions to completion of the
 Arrangement set out in Article 6 (excluding any conditions that,
 by their terms, cannot be satisfied until the Effective Date, but subject to the satisfaction
 or, where not prohibited, waiver of those conditions as of the Effective Date by the applicable
 Party or Parties for whose benefit such conditions exist) or on such other time and date
 as may be agreed upon by the Parties in writing, and the Arrangement shall be effective at
 the Effective Time on the Effective Date and will have all of the effects provided by applicable
 Laws. From and after the Effective Time, the Plan of Arrangement shall have effect as provided
 by applicable Law, including the BCBCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 closing of the Arrangement will take place (i) by the exchange of documents by PDF or other
 electronic means, or (ii) at such other place as may be agreed to by the Parties, in each
 case on the Effective Date at such time as may be agreed to by the Parties, acting reasonably.

**2.11** **Incentive Plan Matters** 

The Parties acknowledge and agree that. subject to approval by the TSXV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 outstanding Bear Creek Options (whether vested or unvested) that are not converted or exercised,
 whether conditionally or otherwise, prior to the Effective Time, shall be treated in accordance
 with the provisions of the Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 outstanding Bear Creek DSUs and Bear Creek RSUs prior to the Effective Time shall be treated
 in accordance with the provisions of the Plan of Arrangement,

and the Parties shall take all such steps as may be necessary or desirable to give effect to the foregoing.

**2.12** **Payment of Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Highlander
 shall, no later than one Business Day prior to the Effective Date, deliver or cause to be
 delivered to the Depositary, the number of Highlander Shares in escrow (the terms and conditions
 of such escrow to be satisfactory to the Parties, acting reasonably) to satisfy the aggregate
 Share Consideration payable to the Bear Creek Shareholders pursuant to the Arrangement. For
 greater certainty, Highlander shall not be required pursuant to this Section 2.12
 to provide or deposit in escrow with the Depositary prior to the Effective Date, any Highlander
 Shares as consideration
for the Bear Creek Shares held by Bear Creek Shareholders exercising Dissent Rights and who have not withdrawn their notice of objection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander
 shall, no later than one Business Day prior to the Effective Date, deposit or cause to be
 deposited in escrow with counsel to Bear Creek sufficient funds, which shall for all purposes
 shall be deemed to be a loan to Bear Creek, to satisfy the aggregate: (i) Termination Obligations
 payable to the Terminated Persons, and (iii)
the Service Obligations to the Bear Creek Financial Advisors and the Service Providers.

**2.13** **Announcement and Shareholder Communications** 

Bear Creek and Highlander shall mutually agree on the form of press release to be issued by each of them to announce the transactions contemplated hereby promptly following the execution of this Agreement by the Parties. Highlander and Bear Creek agree to co-operate in the preparation of presentations, if any, to Bear Creek Securityholders and Highlander Shareholders, respectively, regarding the Plan of Arrangement, and prior to the Effective Time no Party shall:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make
 any filing with any Governmental Entity with respect to this Agreement or the Plan of Arrangement
 without the consent of the other Party (which consent shall not be unreasonably, withheld,
 conditioned or delayed).

Each Party shall enable the other Party to review and comment on all such press releases prior to the release thereof, shall enable the other Party to review and comment on such filings prior to the filing thereof (other than with respect to confidential information contained in such filing) and shall consider whether to incorporate the comments of the other Party in good faith; provided, however, that the foregoing shall be subject to each Party's overriding obligation to make any disclosure or filing in accordance with applicable Laws, including Securities Laws, and if such disclosure or filing is required and the other Party has not reviewed or commented on the disclosure or filing, the Party making such disclosure or filing shall use commercially reasonable efforts to give prior oral or written notice to the other Party, and if such prior notice is not possible, to give such notice immediately following the making of such disclosure or filing. For the avoidance of doubt, the foregoing shall not prevent the Parties from making internal announcements to employees and having discussions with shareholders and financial analysts and other stakeholders so long as the content of such announcements and discussions are consistent with and limited in all material respects to the content contained in the most recent press releases, public disclosures or public announcements made by the Parties. Notwithstanding the foregoing, the provisions of this Section 2.13 related to the approval or contents of filings with Governmental Entities will not apply with respect to filings in connection with the Regulatory Approvals, the Bear Creek Circular. the Interim Order or the Final Order which are governed by other sections of this Agreement. The restrictions set forth in this Section 2.13 shall not apply to any release or public announcement in connection with any dispute regarding this Agreement or the transactions contemplated hereby; or a Bear Creek Change in Recommendation or any action taken pursuant thereto.

**2.14** **Withholding Taxes** 

Highlander, Bear Creek and the Depositary (in this section, the "**payor**"), shall each be entitled to deduct and withhold from any Consideration or other amount payable (whether in cash or in kind, including for certainty, Bear Creek Shares) or otherwise deliverable to any holder or former holder of Bear Creek Securities such amounts as the payor may be required to deduct and withhold therefrom under any applicable Law in respect of Taxes. To the extent that any amounts are so deducted, withheld and remitted to the appropriate Governmental Entity when required by Law, such amounts shall be treated for all purposes under this Agreement as having been paid to the person to whom such amounts would otherwise have been paid.

**2.15** **Interim Secondment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 the date of this Agreement until the earlier of the Effective Date and the termination of
 this Agreement in accordance with its terms (the "**Interim Period** "), subject
 to applicable Law and the Bear Creek Confidentiality Agreement, Highlander shall have the
 right, but not the obligation to second a representative (a "**Secondee** ")
 of Highlander or its subsidiaries to Bear Creek or its subsidiaries at Bear Creek's
 and its subsidiaries' Lima office in an observer and advisory role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 salary, wages, withholdings, benefits or other costs and expenses relating to such Secondee
 shall be paid directly by Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Secondee shall at all times remain an employee of Highlander or its subsidiaries, as applicable,
 and nothing herein shall create any employment, agency, joint venture or partnership relationship
 between the Secondee and Bear Creek or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Secondee shall, and Highlander shall cause the Secondee to, comply with all: (i)
site, workplace and employee policies and procedures established Bear Creek or its subsidiaries; and (ii) applicable Laws of the jurisdictions
in which the Secondee is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Secondee shall not have authority to enter into contracts or negotiate on behalf of Bear
 Creek or any of its subsidiaries.

**ARTICLE 3**

**REPRESENTATIONS AND WARRANTIES OF BEAR CREEK**

**3.1** **Representations and Warranties** 

Bear Creek hereby represents and warrants to and in favour of Highlander as follows, except to the extent that such representations and warranties are qualified by the Bear Creek Disclosure Letter or the Bear Creek Public Disclosure Record (excluding any (A) cautionary language and any disclosures set forth in any "risk factor" section or market risk section and in any section relating to forward looking statements, and (B) disclosure relating to the representations and warranties contained in Sections 3.1(a), 3.1(b), 3.1(d) and 3.1(f)), and acknowledges that Highlander is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Board Recommendation</u>. The Bear Creek Board, after consultation with its financial and legal
 advisors, and after receiving the unanimous recommendation of the Bear Creek Special Committee,
 has determined unanimously that the Plan of Arrangement is fair to the Bear Creek Shareholders
 and is in the best interests of Bear Creek and has resolved unanimously to recommend to the
 Bear Creek Securityholders that they vote in favour of the Bear Creek Resolution (such determination
 and recommendation, the "**Bear Creek Board Recommendation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Fairness Opinions</u>. The Bear Creek Board has received the oral opinions of the Bear Creek Financial
 Advisors, which opinion have not been modified, amended, qualified or withdrawn, to the effect
 that, as of the date of this Agreement, and subject to the assumptions, limitations and qualifications
 set forth therein, the Consideration to be received pursuant to the Plan of Arrangement by
 the Bear Creek Shareholders is fair, from a financial point of view, to such Bear Creek Shareholders
 (the "**Bear Creek Fairness Opinions** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Organization and Qualification</u>. Bear Creek and each of its subsidiaries is a corporation duly incorporated
 or an entity duly created and validly existing under all applicable Laws of its jurisdiction
 of incorporation, continuance or creation and has all necessary corporate power and capacity
 to own its property and assets as now owned and to carry on its business as it is now being
 conducted. Bear Creek and each of its subsidiaries is duly qualified to carry on business
 and is in good standing in each jurisdiction in which the character of its properties and
 assets owned, leased, licensed or otherwise held, or the nature of its activities makes such
 qualification necessary, except where the failure to be so registered or in good standing
 would not reasonably be expected to have a Bear Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Authority Relative to this Agreement</u>. Bear Creek has the requisite corporate power and capacity
 to enter into this Agreement and (subject to obtaining the Interim Order, the Final Order
 and the Bear Creek Securityholder Approval) to perform its obligations hereunder. The execution
 and delivery of this Agreement by Bear Creek and the performance by Bear Creek of its obligations
 under this Agreement have been duly authorized by the Bear Creek Board and no other corporate
 proceedings on the part of Bear Creek are necessary to authorize the execution and delivery
 of this Agreement or the performance by Bear Creek of its obligations under this Agreement
 or the completion of the Arrangement pursuant to the Plan of Arrangement, other than the
 Interim Order, the Final Order, approval of the Bear Creek Circular by the Bear Creek Board
 and the Bear Creek Securityholder Approval. This Agreement has been duly executed and delivered
 by Bear Creek and constitutes a legal, valid and binding obligation of Bear Creek, enforceable
 against Bear Creek in accordance with its terms, subject to the qualification that such enforceability
 may be limited by bankruptcy, insolvency, reorganization or other laws of general application
 relating to or affecting rights of creditors and that equitable remedies, including specific
 performance, may be generated only in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. None of the execution and delivery of this Agreement by Bear Creek, the performance
 by Bear Creek of its obligations hereunder or the completion of the
Arrangement pursuant to the Plan of Arrangement, or compliance by Bear Creek or any of its subsidiaries with any of the provisions hereof
will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except
 as disclosed in Schedule 3.1(e) of the Bear Creek Disclosure
 Letter, violate, conflict with, or result (with or without notice or the passage of time)
 in a violation or breach of any provision of, or require any consent, approval or notice
 under, or constitute a default (or an event which, with notice or lapse of time or both,
 would constitute a default) under, or result in a right of termination or acceleration under,
 or result in the creation of any Lien upon, any of the properties or assets of Bear Creek
 or any of its subsidiaries, or result in any material restriction, hindrance, impairment
 or limitation on the ability of Bear Creek or any of its subsidiaries to conduct their business
 as and where it is now being conducted or cause any payment or other obligation to be imposed
 on Bear Creek or any of its subsidiaries under any of the terms, conditions or provisions
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) their
 respective notice of articles, articles or other comparable constating documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any
 note, bond, mortgage, indenture, loan agreement or deed of trust to which Bear Creek or any
 of its subsidiaries is a party or any Bear Creek Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result
 (with or without notice or the passage of time) in a violation or breach of, or constitute
 a default under, any provisions of any Law applicable to Bear Creek or any of its subsidiaries
 or any of their respective properties or assets; 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;(D) cause
 the suspension or revocation of any Permit currently in effect in respect of Bear Creek,
 any of its subsidiaries or the Bear Creek Concessions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except
 as disclosed in Schedule 3.1(e) of the Bear Creek Disclosure
 Letter, give rise to any rights of first refusal or trigger any change in control provisions
 or any restrictions or limitation under any note, bond, mortgage, indenture, loan agreement
 or deed of trust to which Bear Creek or any of its subsidiaries is a party or any Bear Creek
 Material Contract or under any Permit held by Bear Creek or any of its subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result
 in the imposition of any Lien upon any property or assets of Bear Creek or any of its subsidiaries,

except for such violations, conflicts, breaches, defaults, terminations, accelerations, rights of first refusal, change in control provisions, restrictions, limitations or Liens, or any consents, approvals or notices, which if not given or received, would not, individually or in the aggregate, result in a Bear Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Capitalization</u>.
 The authorized share capital of Bear Creek consists of an unlimited number of Bear Creek
 Shares, without par value. As of the close of business on the Business
Day prior to the date of this Agreement, there are issued and outstanding 293,197,215 Bear Creek Shares. In addition, as of the close
of business on the Business Day prior to the date of this Agreement, an aggregate of 8,262,500 Bear Creek Shares are issuable upon the
exercise of Bear Creek Options, 500,000 Bear Creek Shares are issuable upon the vesting of outstanding Bear Creek DSUs, 1,605,588 Bear
Creek Shares are issuable upon the vesting of Bear Creek RSUs and 26,423,570 Bear Creek Shares are issuable upon the exercise of the
Bear Creek Warrants. Except as disclosed above and as disclosed in Schedule 3.1(f) of the Bear Creek Disclosure
Letter, there are no options, warrants, conversion privileges or other rights, agreements, arrangements or commitments (pre-emptive,
contingent or otherwise) of any character whatsoever requiring or which may require the issuance, sale or transfer by Bear Creek of any
securities of Bear Creek (including Bear Creek Shares), or any securities or obligations convertible into, or exchangeable or exercisable
for, or otherwise evidencing a right or obligation to acquire, any securities of Bear Creek (including Bear Creek Shares) or any of its
subsidiaries. All outstanding Bear Creek Shares have been duly authorized and validly issued, are fully paid and non-assessable, and
all Bear Creek Shares issuable upon the exercise of the Bear Creek Options, Bear Creek Warrants or vesting of Bear Creek DSUs and Bear
Creek RSUs in accordance with their respective terms have been duly authorized and, upon issuance, will be validly issued as fully paid
and non-assessable. Schedule 3.1(f) to the Bear Creek Disclosure Letter sets forth, as of the date hereof,
the holders of all Bear Creek Options, Bear Creek Warrants, Bear Creek DSUs, and Bear Creek RSUs and the number, exercise prices, and
expiration dates of each grant to such holders. There are no securities of Bear Creek or of any of its subsidiaries outstanding which
have the right to vote generally (or, other than the Bear Creek Options, Bear Creek Warrants, Bear Creek DSUs and Bear Creek RSUs, are
convertible into, or exchangeable or exercisable for, or may vest into, securities having the right to vote generally) with the Bear
Creek Shareholders on any matter. There are no outstanding contractual or other obligations of Bear Creek to repurchase, redeem or otherwise
acquire any of its securities or with respect to the voting or disposition of any outstanding securities of its subsidiaries. There are
no outstanding bonds, debentures or other evidences of indebtedness of Bear Creek or any of its subsidiaries having the right to vote
with the Bear Creek Shareholders on any matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Shareholder and Similar Agreements</u>. Except as disclosed in Schedule 3.1(g)
 of the Bear Creek Disclosure Letter, Bear Creek is not party to any shareholder, pooling,
 voting trust or other similar agreement relating to the issued and outstanding shares in
 the capital of Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reporting Status and Securities Laws Matters</u>. Bear Creek is a "reporting issuer" in
 all of the provinces and territories of Canada, except Québec, and is not on the list
 of reporting issuers in default under applicable Securities Laws in any such province or
 territory. No delisting, suspension of trading in or cease trading order with respect to
 any securities of Bear Creek and, to the knowledge of Bear Creek, no inquiry or investigation
 (formal or informal) of Bear Creek or the Bear Creek Public Disclosure Record by any Securities
 Authority is in effect or ongoing or, to the knowledge of Bear Creek, threatened or expected
 to be implemented or undertaken.
No securities of Bear Creek are registered or required to be registered under Section 12 of the U.S. Exchange Act, Bear Creek is not
required to file reports under Section 13 or Section 15(d) of the U.S. Exchange Act, and Bear Creek is not subject to any proceedings
under or any order issued pursuant to section 12(j) of the U.S. Exchange Act. The Bear Creek Shares are listed and posted for trading
on the TSXV and the BVL under the symbol "BCM" and posted for trading in the United States on the OTCQX under the symbol
"BCEKF" and on the Frankfurt Stock Exchange under the symbol "OU6". The Bear Creek Warrants are listed and posted
for trading on the TSXV under the symbol "BCM.WT". Bear Creek is in compliance with the applicable requirements of each stock
exchange or other market on which the Bear Creek Shares or the Bear Creek Warrants are listed or posted for trading, except where non-compliance
would not result in a Bear Creek Material Adverse Effect or prevent or materially delay the consummation of the transactions contemplated
by this Agreement or the completion of the Arrangement pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Ownership of Subsidiaries</u>. All of the issued and outstanding shares of capital stock and other
 ownership interests in each of the subsidiaries are duly authorized, validly issued, fully
 paid and non-assessable, and all such shares and other ownership interests are legally and
 beneficially owned, directly or indirectly, by Bear Creek free and clear of all Liens and
 there are no outstanding options, warrants, rights, entitlements, understandings or commitments
 (contingent or otherwise) regarding the right to purchase or acquire, or securities convertible
 into, or exchangeable or exercisable for, any such shares of capital stock or other ownership
 interests in or material assets or properties of a subsidiary. Except as disclosed in Schedule
 3.1(i) of the Bear Creek Disclosure Letter, there are no contracts,
 commitments, agreements, understandings, arrangements or restrictions which require any of
 the subsidiaries to issue, sell or deliver any shares in its share capital or other ownership
 interests, or any securities or obligations convertible into, or exchangeable or exercisable
 for, any shares of its share capital or other ownership interests. There are no outstanding
 options, rights, entitlements, understandings or commitments (contingent or otherwise) providing
 to any third party the right to acquire any shares or other ownership interests in any of
 the subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Regulatory Approvals</u>. Other than, the CNA Approval, if required, any approvals required by the Interim
 Order or Final Order and any filings with the Securities Authorities and the TSXV, there
 are no approvals required from, or notices required to be given to, any Governmental Entity
 which would prevent or materially delay consummation by Bear Creek of the transactions contemplated
 by this Agreement or the completion of the Arrangement pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Consents</u>.
 Other than as disclosed in Section 3.1(k) of the Bear Creek Disclosure
 Letter, there are no consents or waivers required from any party under any Bear Creek Material
 Contract to which Bear Creek or its subsidiaries are a party in order for Bear Creek to proceed
 with the completion of the transactions contemplated by this Agreement or the Arrangement
 pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Public Filings</u>. Bear Creek has filed or furnished, as applicable, all documents in the Bear
 Creek Public Disclosure Record required to be filed or furnished by it in accordance
with applicable Securities Laws and the requirements each stock exchange or other market on which the Bear Creek Shares or Bear Creek
Warrants are listed or posted for trading. All such documents and information comprising the Bear Creek Public Disclosure Record, as
of their respective dates (and the dates of any amendments thereto): (i) did not contain any misrepresentation; and (ii) complied in
all material respects with the requirements of applicable Securities Laws and the applicable policies of each stock exchange or other
market on which the Bear Creek Shares or Bear Creek Warrants are listed or posted for trading relating to continuous disclosure requirements.
Bear Creek has not filed any confidential material change report with any Securities Authorities that at the date of this Agreement,
remains confidential. Since January 1, 2023, there has been no change in a material fact or a material change (as those terms are defined
under the Securities Act) in relation to Bear Creek, except for: (A) changes in material facts or material changes that are reflected
in a document included in the Bear Creek Public Disclosure Record and (B) this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Bear
 Creek Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bear
 Creek's audited financial statements as at and for the financial years ended December
 31, 2024 and December 31, 2023 (including the notes thereto and the report of the auditors
 thereon) and Bear Creek's unaudited interim financial statements as at and for the
 three and nine months ended September 30, 2025 and September 30, 2024 (including the notes
 thereto) (collectively, the "**Bear Creek Financial Statements**") were prepared
 in accordance with IFRS consistently applied and fairly present in all material respects
 the consolidated financial position, results of operations and changes in financial position
 of Bear Creek and its subsidiaries as of the dates thereof and for the periods indicated
 therein (subject, in the case of any unaudited interim financial statements, to normal period-end
 adjustments) and reflect reserves required by IFRS in respect of all material contingent
 liabilities, if any, of Bear Creek and its subsidiaries on a consolidated basis. There has
 been no material change in Bear Creek's accounting policies since December 31, 2024,
 except as disclosed in the Bear Creek Public Disclosure Record or as required by IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 management of Bear Creek has established and maintained a system of disclosure controls and
 procedures designed to provide reasonable assurance that information required to be disclosed
 by Bear Creek in its annual filings, interim filings or other reports filed or submitted
 by it under the applicable Laws imposed by Governmental Entities is recorded, processed,
 summarized and reported within the time periods specified in such Laws imposed by such Governmental
 Entities. Such disclosure controls and procedures include controls and procedures designed
 to ensure that information required to be disclosed by Bear Creek in its annual filings,
 interim filings or other reports filed or submitted under the applicable Laws imposed by
 Governmental Entities is accumulated and communicated to Bear Creek's management, including
 its chief executive officer and chief financial
officer (or persons performing similar functions), as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bear
 Creek maintains internal control over financial reporting. Such internal control over financial
 reporting is effective in providing reasonable assurance regarding the reliability of financial
 reporting and the preparation of financial statements for external purposes in accordance
 with IFRS and includes policies and procedures that: (A) pertain to the maintenance of records
 that in reasonable detail accurately and fairly reflect the transactions and dispositions
 of the assets of Bear Creek and its subsidiaries; (B) provide reasonable assurance that transactions
 are recorded as necessary to permit preparation of financial statements in accordance with
 IFRS, and that receipts and expenditures of Bear Creek and its subsidiaries are being made
 only with authorizations of management and directors of Bear Creek and its subsidiaries,
 as applicable; and (C) provide reasonable assurance regarding prevention or timely detection
 of unauthorized acquisition, use or disposition of the assets of Bear Creek or its subsidiaries
 that could have a material effect on its financial statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except
 as disclosed in Schedule 3.1(m)(v) of the Bear Creek Disclosure
 Letter, since December 31, 2024, neither Bear Creek nor any of its subsidiaries nor, to Bear
 Creek's knowledge, any director, officer, employee, auditor, accountant or Representative
 of Bear Creek or any of its subsidiaries has received or otherwise had or obtained knowledge
 of any complaint, allegation, assertion, or claim, whether written or oral, regarding the
 accounting or auditing practices, procedures, methodologies or methods of Bear Creek or any
 of its subsidiaries or their respective internal accounting controls, including any complaint,
 allegation, assertion, or claim that Bear Creek or any of its subsidiaries has engaged in
 questionable accounting or auditing practices, which has not been resolved to the satisfaction
 of the audit committee of the Bear Creek Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Books and Records</u>. The financial books, records and accounts of Bear Creek and its subsidiaries,
 in all material respects: (i) have been maintained, in the case of Bear Creek in accordance
 with IFRS, and in the case of its subsidiaries in accordance with generally accepted accounting
 principles of their respective governing jurisdictions; (ii) are stated in reasonable detail
 and accurately and fairly reflect the material transactions and dispositions of the assets
 of Bear Creek and its subsidiaries; and (iii) accurately and fairly reflect the basis for
 the Bear Creek Financial Statements. The corporate records and minute books for each of Bear
 Creek and its subsidiaries contain, in all material respects, complete and accurate minutes
of all meetings and resolutions of the directors and shareholders of Bear Creek and each of its subsidiaries held and/or passed, as applicable,
since their incorporation or amalgamation, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>No Undisclosed Liabilities</u>. Other than as disclosed in the most recent Bear Creek Financial
 Statements filed, or furnished, as applicable, on SEDAR+, as incurred in the ordinary course
 of business since the date of such financial statements, as disclosed in Schedule 3.1(o)
 of the Bear Creek Disclosure Letter or as disclosed in this Agreement, Bear Creek and its
 subsidiaries have no outstanding indebtedness or liabilities in excess of US$1,000,000 and
 are not party to or bound by any material suretyship, guarantee, indemnification or assumption
 agreement, or endorsement of, or any other similar commitment with respect to the material
 obligations, liabilities or indebtedness of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>No Bear Creek Material Adverse Effect</u>. Since December 31, 2024, except as disclosed in the
 Bear Creek Public Disclosure Record and Schedule 3.1(p) of the
 Bear Creek Disclosure Letter, prior to the date of this Agreement, there has been no Bear
 Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>No Dividend or Distribution</u>. Since December 31, 2024, there has been no dividend or distribution
 of any kind declared, paid or made by Bear Creek on any Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Contracts</u>.
 Schedule 3.1(r) of the Bear Creek Disclosure Letter includes
 a complete and accurate list of all Bear Creek Material Contracts. All Bear Creek Material
 Contracts are in full force and effect, and Bear Creek or its subsidiaries are entitled to
 all rights and benefits thereunder in accordance with the terms thereof. Bear Creek has made
 available to Highlander in an electronic data room true and complete copies of all Bear Creek
 Material Contracts. All of the Bear Creek Material Contracts are valid and binding obligations
 of Bear Creek enforceable in accordance with their respective terms, except as may be limited
 by bankruptcy, insolvency and other laws affecting the enforcement of creditors' rights
 generally and subject to the qualification that equitable remedies may only be granted in
 the discretion of a court of competent jurisdiction. Bear Creek and its subsidiaries have
 complied in all material respects with all terms of such Bear Creek Material Contracts, have
 paid all amounts due thereunder, have not waived any rights thereunder and no material default
 or breach exists in respect thereof on the part of Bear Creek or any of its subsidiaries
 or, to the knowledge of Bear Creek or any of its subsidiaries, on the part of any other party
 thereto, and no event has occurred which, after the giving of notice or the lapse of time
 or both, would constitute such a material default or breach or trigger a right of termination
 of any of the Bear Creek Material Contracts. As at the date of this Agreement, neither Bear
 Creek nor any of its subsidiaries has received written notice that any party to a Bear Creek
 Material Contract intends to cancel, terminate or otherwise modify or not renew such Bear
 Creek Material Contract, and to the knowledge of Bear Creek or any of its subsidiaries, no
 such action has been threatened. Neither Bear Creek nor any of its subsidiaries is a party
 to any Bear Creek Material Contract that contains any non-competition obligation or otherwise
 restricts in any material way the business of Bear Creek or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Litigation</u>.
 Except as disclosed in Schedule 3.1(s) of the Bear Creek Disclosure
 Letter, there are no claims, actions, suits, grievances, complaints or proceedings pending
 or, to the knowledge of Bear Creek, threatened affecting Bear Creek or any of its subsidiaries
 or affecting any of the Bear Creek Concessions, property or assets at law or in equity before
 or by any Governmental Entity, including matters arising under Environmental Laws, which,
 if adversely determined, would, individually or in the aggregate, result in a Bear Creek
 Material Adverse Effect or prevent or materially delay the consummation of the transactions
 contemplated by this Agreement or the Arrangement pursuant to the Plan of Arrangement. Neither
 Bear Creek nor any of its subsidiaries nor their respective assets or properties is subject
 to any outstanding judgement, order, writ, injunction or decree which, individually or in
 the aggregate, would result in a Bear Creek Material Adverse Effect or which would prevent
 or materially delay consummation of the transactions contemplated by this Agreement or the
 Arrangement pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Taxes.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 of Bear Creek and its subsidiaries, in all material respects, has duly and timely made or
 prepared all Returns required to be made or prepared by it, has duly and timely filed all
 Returns required to be filed by it with the appropriate Governmental Entity and has duly,
 completely and correctly reported all income and all other amounts and information required
 to be reported thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as disclosed in Schedule 3.1(t)(ii) of the Bear Creek Disclosure
 Letter, each of Bear Creek and its subsidiaries, in all material respects, has duly and timely
 paid all Taxes, including all instalments on account of Taxes for the current year, that
 are due and payable by it, other than those which are being or have been contested in good
 faith and in respect of which reserves have been provided in the Bear Creek Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except
 as disclosed in Schedule 3.1(t)(iii) of the Bear Creek Disclosure
 Letter, none of Bear Creek or any of its subsidiaries has requested, offered to enter into
 or entered into any agreement or other arrangement, or executed any waiver, providing for
 any extension of time within which: (i) to file any Return covering any Taxes for which Bear
 Creek or any of its subsidiaries is or may be liable; (ii) to file any elections, designations
 or similar filings relating to Taxes for which Bear Creek or any of its subsidiaries is or
 may be liable; (iii) Bear Creek or any of its subsidiaries is required to pay or remit any
 Taxes or amounts on account of Taxes; or (iv) any Governmental Entity may assess or collect
 Taxes for which Bear Creek or any of its subsidiaries is or may be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except
 as disclosed in Schedule 3.1(t)(iv) of the Bear Creek Disclosure
 Letter, to the knowledge of Bear Creek, there are no proceedings, investigations, audits
 or claims now pending or threatened against Bear Creek or any of its subsidiaries in respect
 of any Taxes, that in aggregate would constitute Material Taxes, and there are no matters
 under discussion, audit
or appeal with any Governmental Entity relating to Taxes that, in the aggregate would constitute Material Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each
 of Bear Creek and its subsidiaries, in all material respects, has duly and timely withheld
 all Taxes and other amounts required by Law to be withheld by it (including Taxes and other
 amounts required to be withheld by it in respect of any amount paid or credited or deemed
 to be paid or credited by it to or for the account or benefit of any person, including any
 employees, officers or directors and any non-resident person), and has duly and timely remitted
 to the appropriate Governmental Entity such Taxes and other amounts required by Law to be
 remitted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each
 of Bear Creek and its subsidiaries, in all material respects, has duly and timely collected
 all amounts on account of any sales or transfer taxes, including goods and services, harmonized
 sales and provincial or territorial sales taxes, required by Law to be collected by it and
 has duly and timely remitted to the appropriate Governmental Entity any such amounts required
 by Law to be remitted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Each
 of Bear Creek and its subsidiaries, if legally required to do so, is duly registered under
 subdivision (d) of Division V of Part IX of the Excise Tax Act (Canada) with respect to the
 goods and services tax and harmonized sales tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except
 pursuant to this Agreement or as specifically disclosed in Schedule 3.1(t)
 of the Bear Creek Disclosure Letter, for purposes of the Tax Act or any other applicable
 Tax statute, no person or group of persons has ever acquired or had the right to acquire
 control of Bear Creek or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) None
 of Bear Creek or any of its subsidiaries has acquired property from a non-arm's length
 person, within the meaning of the Tax Act, for consideration, the value of which is less
 than the fair market value of the property acquired in circumstances which could subject
 it to a liability under section 160 of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Each
 of Bear Creek and its subsidiaries has complied in all material respect with the transfer
 pricing provisions of each applicable Law relating to Taxes, including the contemporaneous
 documents and disclosure requirements thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) No
 jurisdiction or authority in which Bear Creek or a subsidiary, as applicable, does not file
 a Return has alleged that Bear Creek or such subsidiary, as applicable, is required to file
 such a Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Property.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 of the Bear Creek Concessions are listed in Schedule 3.1(u)(i)
 of the Bear Creek Disclosure Letter. The Bear Creek Concessions are the only mineral
tenures that Bear Creek or any of its subsidiaries have any legal or equitable interest in and that are required to conduct Bear Creek's
or any of its subsidiaries business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Bear Creek Lands are the only interests in real property (other than the Bear Creek Concessions
 and the Bear Creek Office Leases listed in Schedule 3.1(u)(ii)
 of the Bear Creek Disclosure Letter) that are required to conduct Bear Creek's or any
 of its subsidiaries business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except
 as disclosed in Schedule 3.1(u)(iii) of the Bear Creek Disclosure
 Letter, each of the Bear Creek Concessions and Bear Creek Lands is in good standing in all
 material respects and is held by Bear Creek free and clear of all material Liens, other than
 as disclosed in Schedule 3.1(u)(iii) of the Bear Creek Disclosure
 Letter, and no person has any agreement or right to acquire an interest in the Bear Creek
 Concessions or the Bear Creek Lands, other than as disclosed in Schedule 3.1(u)(iii)
 of the Bear Creek Disclosure Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except
 as disclosed in Schedule 3.1(u)(iv) of the Bear Creek Disclosure
 Letter, Bear Creek has exclusive possession of, and the exclusive right to deal with, the
 Bear Creek Concessions and Bear Creek Lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Other
 than as required by Law or disclosed in Schedule 3.1(u)(v) of
 the Bear Creek Disclosure Letter, there are no mineral royalty obligations, metals streaming
 obligations or similar obligations affecting the Bear Creek Concessions or the Bear Creek
 Lands or the production or revenues or profits therefrom and no other person has any right
 to acquire any interest in such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each
 Bear Creek Concession has been properly filed, located, granted and recorded in compliance
 with applicable Laws in all material respects and are comprised of valid and subsisting mining,
 mineral or exploration rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any
 and all assessment work required to have been performed and filed in respect of the Bear
 Creek Concessions as of the date of this Agreement has been performed and filed in all material
 respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) All
 material mining fees, Taxes and other payments required to have been paid in respect of the
 Bear Creek Concessions as of the date of this Agreement have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any
 and all material filings required to have been filed in respect of the Bear Creek Concessions
 as of the date of this Agreement have been filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Bear
 Creek and its subsidiaries have all licenses of occupation and surface access rights from
 landowners or Governmental Entities permitting the entry and unfettered use of land by Bear
 Creek and its subsidiaries over which the Bear Creek Concessions are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) To
 the knowledge of Bear Creek, there is no illegal occupation of such Bear Creek Lands by any
 person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Other
 than as disclosed in Schedule 3.1(u)(xii) of the Bear Creek Disclosure
 Letter, no other person has any material interest in the Bear Creek Concessions or the Bear
 Creek Lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Except
 as disclosed in Schedule 3.1(u)(xiii) of the Bear Creek Disclosure
 Letter, there are no back-in rights, earn-in rights, rights of first refusal, rights of first
 offer, option rights, royalty rights, rights of participation or similar provisions which
 would materially affect Bear Creek's or its subsidiaries' interests in the Bear
 Creek Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) There
 are no adverse claims, actions, suits or proceedings pending or, to the knowledge of Bear
 Creek, that are threatened, affecting the Bear Creek Concessions or the Bear Creek Lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Neither
 Bear Creek nor its subsidiaries have received any notice, whether written or oral from any
 Governmental Entity or any person with jurisdiction or applicable authority of any revocation
 or intention to revoke Bear Creek's or its subsidiaries' interests in the Bear
 Creek Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) No
 material dispute is pending or, to the knowledge of Bear Creek, threatened in connection
 with the ownership, access to or use of any Bear Creek Concessions or Bear Creek Lands between
 Bear Creek or any of its subsidiaries and: (A) any surface landowner; (B) other mining companies; (C)
a concessionaire of hydrocarbon rights; or (D) any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Schedule
 3.1(u)(xvii) of the Bear Creek Disclosure Letter sets out all
 material costs, expenses, obligations and liabilities incurred or reasonably expected to
 be incurred in connection with the closure, decommissioning, rehabilitation, remediation,
 reclamation or post-closure monitoring of the Mercedes Gold-Silver Mine Project or any related
 facilities, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 removal of equipment, infrastructure or materials from the Bear Creek Lands associated with
 the Mercedes Gold-Silver Mine Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 recontouring, stabilization, or restoration of land, water bodies and waster storage areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any
 environmental monitoring, water treatment, or other compliance activities required by applicable
 Law, Permits or any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the
 preparation of any mine closure or reclamation 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;(E) any
 financial assurance, bonds, letters of credit or other security requirements related to such
 activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Operational Matters</u>. Except as would not, individually or in the aggregate, have a Bear Creek Material
 Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except
 as disclosed in Schedule 3.1(v)(i) of the Bear Creek Disclosure
 Letter, all rentals, royalties, overriding royalty interests, production payments, net profits,
 interest burdens, payments and obligations due and payable, or performable, as the case may
 be, on or prior to the date hereof under, with respect to, or on account of, any direct or
 indirect property or asset of Bear Creek or any of its subsidiaries, including the Bear Creek
 Concessions and Bear Creek Lands, have been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) duly
 paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) duly
 performed; 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;(C) provided
 for prior to the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except
 as disclosed in Schedule 3.1(v)(ii) of the Bear Creek Disclosure Letter, all costs, expenses
 and liabilities payable on or prior to the date hereof under the terms of any contracts and
 agreements to which Bear Creek or any of its subsidiaries is directly or indirectly bound,
 have been properly and timely paid, except for such expenses that are being currently paid
 prior to delinquency in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 and all operations of Bear Creek and each of its subsidiaries and, to the knowledge of Bear
 Creek, any and all operations by third parties, on or in respect of the assets and properties
 of Bear Creek or any of its subsidiaries, have been conducted in a good, workmanlike and
 efficient manner in accordance with sound mining and other applicable mining industry standards
 and practices and in material compliance with applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except
 as disclosed in Schedule 3.1(v)(iv) of the Bear Creek Disclosure
 Letter, to the knowledge of Bear Creek, there are no operational, geotechnical or structural
 issues relating to the operations on the Bear Creek Concessions or Bear Creek Lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Mineral Reserves and Resources</u>. Bear Creek is in compliance in all material respects with the
 provisions of NI 43-101 and has filed all technical reports required thereby. The most recent
 estimated proven and probable mineral reserves and indicated, measured and inferred mineral
 resources disclosed in the Bear Creek Public Disclosure Record prior to the date of this
 Agreement, have been prepared in all material respects in accordance with accepted mining,
 engineering, geoscience and other applicable industry standards and accordance with all applicable
 Laws, including NI 43-101. The information provided by Bear Creek to the Qualified Persons
 (as defined in NI 43-101) in connection with the preparation of
the Bear Creek Technical Reports was complete and accurate in all material respects at the time such information was furnished and complied
in all material respects, with the requirements of NI 43-101. There has been no material reduction in the aggregate amount of the most
recently estimated mineral reserves and mineral resources of Bear Creek from the amounts disclosed in the Bear Creek Public Disclosure
Record, other than depletion from ordinary course mining operations. All material information regarding the Mercedes Gold-Silver Mine
Project and the Corani Project, including drill results, technical reports and studies, that are required to be disclosed by Securities
Laws, have been disclosed in the Bear Creek Public Disclosure Record in compliance, in all material respects, with applicable Securities
Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Technical Reports.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Mercedes Gold-Silver Mine Project and the Corani Project are the only material properties
 of Bear Creek for the purposes of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 technical report concerning the Mercedes Gold-Silver Mine Project is the technical report
 entitled "NI 43-101 Technical Report Mercedes Gold-Silver Mine Sonora State, Mexico"
 with an effective date of September 30, 2024, and prepared by Global Resource Engineering
 Ltd. (the "**Mercedes Technical Report** "). The technical report concerning
 the Corani Project is the technical report entitled "Bear Creek Mining Corani Project
 NI 43-101 Technical Report" with an effective date of December 17, 2019, and prepared
 by Ausenco Services Pty Ltd. (the "**Corani Technical Report** ", and together
 with the Mercedes Technical Report, the "**Bear Creek Technical Reports** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bear
 Creek or its corporate predecessors made available to the authors of the Bear Creek Technical
 Reports, prior to the issuance thereof, for the purpose of preparing such report, all information
 requested by them, and none of such information contained any misrepresentation at the time
 such information was so provided. All of the material assumptions in the Bear Creek Technical
 Reports are reasonable and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As
 of the date hereof, the Bear Creek Technical Reports remain current and since the date of
 the Bear Creek Technical Reports there is no new material scientific or technical information
 concerning the Mercedes Gold-Silver Mine Project that is not included in the Mercedes Technical
 Report or the Corani Project that is not included in the Corani Technical Report and that
 would require a new technical report in respect of each such property to be issued under
 NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Health
 and Safety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither
 Bear Creek nor any of its subsidiaries has received any demand or notice with respect to
 a material breach of any applicable health and safety Laws, the effect of which would be
 reasonably expected to materially affect its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There
 are no claims, investigations or inquiries pending against Bear Creek or any of its subsidiaries
 (or naming Bear Creek or any of its subsidiaries as a potentially responsible party) based
 on material non-compliance with any applicable health and safety Laws at any of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Cultural Heritage</u>. None of the areas covered by the Bear Creek Lands (including any constructions,
 remains or similar elements located on them) have been declared as a "Protected Archaeological
 Site" by any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Expropriation</u>. No written notice or proceeding in respect
of the taking, condemnation or expropriation by any Governmental Entity of any material part of the property or assets of Bear Creek
or any of its subsidiaries, including the Bear Creek Concessions and Bear Creek Lands has been given or commenced, nor, to the knowledge
of Bear Creek, is any such proceeding or notice threatened.

(bb) <u>Permits</u>. Bear Creek and each of its subsidiaries has
obtained, and is in compliance with, all Permits required by applicable Laws or necessary to conduct its current business as is now being
conducted, other than where non-compliance would not result in a Bear Creek Material Adverse Effect. To the knowledge of Bear Creek,
there are no facts, events or circumstances that would reasonably be expected to result in a revocation of, or failure to renew in the
ordinary course, such Permits as are necessary to conduct Bear Creek's or any of its subsidiaries' current business as is
now being conducted, except for such revocations or failure to renew which, individually or in the aggregate, would not result in a Bear
Creek Material Adverse Effect.

(cc) <u>Environmental Matters</u>. Each of Bear Creek and its subsidiaries
and their respective businesses, operations, and properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 in compliance in all respects with all Environmental Laws and all terms and conditions of
 all Environmental Permits, other than where non-compliance, individually or in the aggregate.
 would not result in a Bear Creek Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has
 not received any order, request or notice from any person alleging a material violation of
 any Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A)
 is not a party to any material litigation or administrative proceeding, nor to Bear Creek's
 knowledge is any material litigation or administrative proceeding threatened against it or
 its property or assets, which in either case: (1) asserts or alleges that it violated any
 Environmental Laws; (2) asserts or alleges that it is required to clean up, remove or take
 remedial or other response action due to the Release of any Hazardous Substances; or (3)
asserts or alleges that it is required to pay all or a portion of the cost of any past, present or future cleanup, removal or
remedial or other response action which arises out of or is related to the Release of any Hazardous Substances; (B) has no knowledge
of any conditions existing currently which could reasonably be expected to subject it to damages, penalties, injunctive relief or
cleanup costs under any Environmental Laws or which require or are likely to require cleanup, removal, remedial action or other
response by it pursuant to applicable Environmental Laws except as would not, individually or in the aggregate, have a Bear Creek
Material Adverse Effect; and (C) is not subject to any material judgment, decree, order or citation related to or arising out of
applicable Environmental Law and has not been named or listed as a potentially responsible party by any Governmental Entity in a
material matter arising under any Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is
 not involved in operations and does not know of any facts, circumstances or conditions, including
 the Release of any Hazardous Substance that would reasonably be expected to result in any
 Environmental Liabilities, except as would not individually or in the aggregate, have a Bear
 Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Employee Benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule
 3.1(dd)(i) of the Bear Creek Disclosure Letter sets forth a complete
 and correct list of all plans, agreements, programs, policies or practices which provide
 any employee benefit, fringe benefit, health, life insurance, welfare, supplemental unemployment
 benefit, bonus, incentive, profit sharing, deferred compensation, stock purchase, stock compensation,
 stock option, share appreciation rights, disability, pension, supplemental pension or other
 retirement savings, and any other employee or independent contractor compensation or benefit
 plans, policies, arrangements, practices or undertakings, whether oral or written, formal
 or informal, funded or unfunded, insured or uninsured, in each case which are maintained
 by or binding upon Bear Creek or any of its subsidiaries or in respect of which Bear Creek
 or any of its subsidiaries has any actual or potential liability, except for plans. agreements.
 programs. policies or practices required by Law (collectively, the "**Bear Creek Benefit Plans** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as disclosed in Schedule 3.1(dd)(ii) of the Bear Creek Disclosure
 Letter, since August 12, 2025, Bear Creek has not implemented any new or amended any existing
 compensation arrangements or change of control provisions applicable to any director or officer
 of Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Current
 and complete copies of all written Bear Creek Benefit Plans as amended to date, or where
 oral, written summaries of the terms thereof, have been provided to Highlander and their
 counsel, together with copies of all material documents relating to each Bear Creek Benefit
 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
 Bear Creek Benefit Plan has, in all material respects, been established, registered, funded,
 administered and invested in compliance with the terms of such Bear Creek Benefit Plan and
 all applicable Laws and collective bargaining agreements relating thereto. All employer and
 employee payments, contributions and premiums required to be remitted, paid to or in respect
 of each Bear Creek Benefit Plan have, in all material respects, been paid or remitted in
 a timely fashion in accordance with its terms and all applicable
Laws. There is no investigation or audit by a Governmental Entity or claim (other than routine claims for payment of benefits) pending
or, to the knowledge of Bear Creek, threatened involving any Bear Creek Benefit Plan or its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) None
 of the Bear Creek Benefit Plans is a "registered pension plan" or a "retirement
 compensation arrangement" as such terms are defined in the Tax Act, or any other plan
 organized and administered to provide pension or superannuation benefits to any current or
 former employees of Bear Creek or any of its subsidiaries. None of the Bear Creek Benefit
 Plans provide health, life insurance or any other welfare benefits beyond retirement or other
 termination of service to any current or former employees of Bear Creek (or any spouses,
 dependents, survivors or beneficiaries of such persons). None of the Bear Creek Benefit Plans
 applies to, or permits participation by, employers that are not affiliates of Bear Creek
 or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither
 Bear Creek nor any of its subsidiaries has made any promise or commitment to create any additional
 benefit plans which would be considered to be a Bear Creek Benefit Plan once created or to
 improve or change the benefits provided under any Bear Creek Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Labour and Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule
 3.1(ee)(i) of the Bear Creek Disclosure Letter sets out a complete
 and accurate list of all employees and contractors of Bear Creek, as well as their title,
 date of hire, salary, wage rate, fee, vacation entitlement and total accrual, eligibility
 for overtime, bonus, and other material compensation. Other than as set out in Schedule 3.1(ee)(i),
 no employee is on leave or otherwise absent from work. Except for those: (A) employment contracts
 with salaried employees of Bear Creek or any of its subsidiaries; and (B) contracts with
 contractors of Bear Creek and any of its subsidiaries identified in Schedule 3.1(ee)(i)
 of the Bear Creek Disclosure Letter, there are no written or oral contracts of employment
 entered into with any such employees or contractors. Except as identified in Schedule 3.1(ee)(i)
 of the Bear Creek Disclosure Letter, no employee, contractor, officer or director of Bear
 Creek or any of its subsidiaries is party to a change of control, severance, termination,
 golden parachute or similar agreement or provision or would receive under such agreement
 or provision as a result of the Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any
 payment (including severance, unemployment compensation, "golden parachute",
 bonus or otherwise) or increase any benefits otherwise payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any
 increase in the rate of, or acceleration of the time of payment or vesting of, wages, salaries,
 commissions, bonuses, incentive compensation or other remuneration, severance entitlement,
 or benefits otherwise payable; 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;(C) an
 acceleration in the time of payment or vesting of any benefits or entitlements otherwise
 available pursuant to any Bear Creek Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as disclosed in Schedule 3.1(ee)(ii) of the Bear Creek Disclosure
 Letter, neither Bear Creek nor any of its subsidiaries is subject to any collective agreement,
 either directly or by operation of law, with any trade union or association which may qualify
 as a trade union, nor does any trade union or association which may qualify as a trade union
 hold bargaining rights relating to Bear Creek or any of its subsidiaries or their employees.
 There are no outstanding labour tribunal (administrative or judicial) proceedings of any
 kind related to any labour or employment obligation under any applicable Laws, including
 unfair labour practice proceedings or any proceedings which could result in certification
 of a trade union as bargaining agent for any employees of Bear Creek or any of its subsidiaries.
 No material claim relating to termination of employment with Bear Creek or its subsidiaries
 is pending or, to the knowledge of Bear Creek, threatened. To the knowledge of Bear Creek,
 there are no threatened or apparent union organizing activities involving employees of Bear
 Creek or any of its subsidiaries nor is Bear Creek or any of its subsidiaries currently negotiating
 any collective agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No
 labour strike, lock-out, slowdown or work stoppage is pending against or directly affecting
 Bear Creek or any of its facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All
 amounts due or accrued for all salary, wages, commissions, bonuses, vacation pay, other compensation
 and benefits under the Bear Creek Benefit Plans to the employees and contractors of Bear
 Creek and its subsidiaries for the period up to September 30, 2025 have either been paid
 or are accurately reflected in Bear Creek's financial books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except
 as disclosed in Schedule 3.1(ee)(v) of the Bear Creek Disclosure
 Letter, each of Bear Creek and its subsidiaries is in material compliance with all terms
 and conditions of employment and all Laws respecting employment, including pay equity, accessibility,
 employment standard, wages, hours of work, overtime, occupational health and safety, workers
 compensation, human rights and privacy. To the knowledge of Bear Creek, neither Bear Creek
 nor any of its subsidiaries is subject to any outstanding or pending grievance, complaint,
 investigation, order, claim of wrongful dismissal, constructive dismissal, unfair labour
 practice, human rights violation or any other similar dispute relating to employment or termination
 of employment or relationships with employees, consultants or independent contractors and
 there is no basis for such grievance, complaint, investigation, order or claim. No event
 has occurred that, with notice or lapse of time or both, would constitute a material breach,
 violation or default of such terms and conditions of employment and Laws by Bear Creek or
 any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Bear
 Creek and its subsidiaries have, in all material respects, withheld from each payment made
 to any of its present or former employees, contractors, officers or directors, or to other
 persons, all amounts required by Law to be withheld by it on account of income taxes, pension
 plan contributions, employment insurance premiums, employer health taxes, workers compensation
 and similar taxes and levies, and has remitted such withheld amounts within the required
 time to the appropriate Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) All
 independent contractors retained or used by Bear Creek have been properly classified and
 Bear Creek has not received any notice challenging such classification from any Governmental
 Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Intellectual Property.</u> Schedule 3.1(ff) of the Bear
Creek Disclosure Letter sets forth a true, correct, and complete list of all Intellectual Property owned by Bear Creek or its subsidiaries.

(gg) <u>Compliance with Laws</u>. Bear Creek and its subsidiaries
have complied in all material respects with and are not in violation in any material respect of any applicable Laws, other than non-compliance
or violations which would not, individually or in the aggregate, result in a Bear Creek Material Adverse Effect or which would prevent
or materially delay consummation of the transactions contemplated by this Agreement or the Arrangement.

(hh) <u>Winding Up</u>. No order has been made, petition presented
or meeting convened for the purpose of winding up of Bear Creek or any of its subsidiaries, or for the appointment of any provisional
liquidator or in relation to any other process whereby the business is terminated and the assets of Bear Creek or any of its subsidiaries
are distributed amongst the creditors, shareholders or other contributors, and there are no proceedings under any applicable insolvency,
bankruptcy, reorganisation or similar laws in any relevant jurisdiction, and no events have occurred which, under applicable Laws, would
be reasonably likely to justify any such cases or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Administration and Receivership</u>. To the knowledge of Bear Creek, no person has taken any step, legal
 proceeding or other procedure with a view to the appointment of an administrator, whether
 out of court or otherwise, in relation to Bear Creek or any of its subsidiaries, and no receiver
 (including any administrative receiver) has been appointed in respect of the whole or any
 part of any of the property, assets or undertaking of Bear Creek or any of its subsidiaries
 nor has any such order been made (including, in any relevant jurisdiction, any other order
 by which, during the period it is in force, the affairs, business and assets of the company
 concerned are managed by a person appointed by any Governmental Entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Voluntary Arrangement, Etc</u>. Neither Bear Creek nor any
of its subsidiaries has made any voluntary arrangement with any of its creditors or is insolvent or unable to pay its debts as they fall
due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Related Party Transactions</u>. Other than as disclosed
Schedule 3.1(kk) of the Bear Creek Disclosure Letter and as among Bear Creek and its subsidiaries, there are no Contracts or other transactions
currently in place between Bear Creek or any of its subsidiaries, on the one hand, and, on the other hand: (i) any Bear Creek Shareholder
of record or, to the knowledge of Bear Creek, beneficial owner of five 5% or more of the Bear Creek Shares; (ii) any officer or director
of Bear Creek or any of its subsidiaries; or (iii) to the knowledge of Bear Creek, any affiliate or associate of any such, officer, director,
Bear Creek Shareholder of record or beneficial owner.

(ll) <u>Registration Rights</u>. No Bear Creek Shareholder has any
right to compel Bear Creek to register or otherwise qualify the Bear Creek Shares (or any of them) for public sale or distribution.

(mm) <u>Restrictions on Business Activities</u>. There is no arbitral
award, judgment, injunction, order or decree binding upon Bear Creek or any of its subsidiaries that has or could reasonably be expected
to have the effect of prohibiting, restricting, or impairing in any material respect: (i) any business practice; (ii) any acquisition
or disposition of property; or (iii) the conduct of the business, as currently conducted.

(nn) <u>Shareholder Rights Plan</u>. There is no shareholder rights
plan, "poison pill", anti-takeover plan, or similar arrangement in effect to which Bear Creek or any of its subsidiaries
is subject, party to or otherwise bound.

(oo) <u>Relationships with Suppliers</u>. Bear Creek has not received
any written (or to the knowledge of Bear Creek) notice that any supplier whose services, if discontinued or withheld, would be reasonably
expected to materially affect operations or exploration activities, as applicable, relating to the Mercedes Gold-Silver Mine Project
or the Corani Project, intends to cancel, terminate or otherwise modify or not renew its relationship with Bear Creek or its subsidiaries.

(pp) <u>Brokers</u>. Other than as disclosed in Schedule 3.1(pp)
of the Bear Creek Disclosure Letter, no broker, investment banker, financial advisor or other person is entitled to any broker's,
finder's, financial advisor's or other similar fee or commission in connection with the transactions contemplated hereby
based upon arrangements made by or on behalf of Bear Creek, other than the Bear Creek Financial Advisors, the fees and expenses of which
are as set forth in their engagement letters (true and complete copies of which have been made available to Highlander in an electronic
data room).

(qq) <u>Insurance</u>. Bear Creek and its subsidiaries have in place
reasonable and prudent insurance policies appropriate for its size, nature and stage of development. All such policies of insurance as
are listed in Schedule 3.1(qq) of the Bear Creek Disclosure Letter. All insurance maintained by or in respect of Bear Creek or any of
its subsidiaries is in full force and effect and in good standing and Bear Creek will use reasonable commercial efforts to keep them
in full force and effect or renew them as appropriate through the Effective Date. Neither Bear Creek nor any of its subsidiaries is in
default, whether as to payment of premium or otherwise, under the terms of any such insurance nor has Bear Creek or any of its subsidiaries
failed to give any notice or present any material claim under any such insurance in a due and timely fashion or received notice or otherwise
become aware of any intent of an insurer to either claim any default on the part of Bear Creek or any of its subsidiaries or not to renew
any policy of insurance on its expiry or to increase any deductible or cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Corrupt Practices Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither
 Bear Creek nor any of its subsidiaries, nor, to Bear Creek's knowledge, any of their
 respective directors, officers, agents, employees, consultants or other persons acting on
 behalf of Bear Creek or any of its subsidiaries has offered or given, and Bear Creek is not
 aware of or does not have any knowledge of any person that has offered or given on its behalf,
 anything of value to any official of a Governmental Entity, any political party or official
 thereof or any candidate for political office, any customer or member of any Governmental
 Entity, or any other person (including any aboriginal or indigenous official, candidate or
 community member), in any such case while knowing or having reason to know that all or a
 portion of such money or thing of value may be offered, given or promised, directly or indirectly,
 for the purpose of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) influencing
 any action or decision of such person, in such person's official capacity, including
 a decision to fail to perform such person's official function in order to obtain or
 retain an advantage for Bear Creek or any of its subsidiaries in the course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) inducing
 such person to use such person's influence with any Governmental Entity to affect or
 influence any act or decision of such Governmental Entity to assist Bear Creek or any of
 its subsidiaries in obtaining or retaining business for, with, or directing business to,
 any person or otherwise to obtain or retain an advantage in the course of business; 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;(C) where
 such payment would constitute a bribe, rebate, payoff, influence payment, kickback or illegal
 or improper payment to assist Bear Creek or the subsidiary in obtaining or retaining business
 for, with, or directing business to, any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There
 have been no actions taken by Bear Creek, any of its subsidiaries or, to the knowledge of
 Bear Creek, by any persons on behalf of Bear Creek or any of its subsidiaries, that would
 cause Bear Creek or its subsidiaries or such persons to be in violation of the Corruption
 of Foreign Public Officials Act (Canada) or the Foreign Corrupt Practices Act of 1977 (United
 States), as amended (collectively, the "**Corruption Acts**") or any similar
 legislation in any jurisdiction in which Bear Creek or any of its subsidiaries conduct their
 business and to which Bear Creek or any of its subsidiaries may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 financial records of Bear Creek and its subsidiaries have at all times been maintained in
 compliance with the Corruption Acts, during such times and to the extent Bear Creek was subject
 to any such Corruption Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There
 are no proceedings or investigations under the Corruption Acts or any similar legislation
 in any jurisdiction in which Bear Creek and its subsidiaries conduct their business pending
 against Bear Creek or any of its subsidiaries, nor any of their respective directors, officers,
 agents, employees, consultants or other persons acting on behalf of Bear Creek or any of
 its subsidiaries, or to the knowledge of Bear Creek, threatened against or affecting, Bear
 Creek or any of its subsidiaries or any of their respective directors, officers, agents,
 employees, consultants or other persons acting on behalf of Bear Creek or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Anti-Money Laundering</u>. The operations of Bear Creek
and its subsidiaries are in material compliance with the financial record-keeping and reporting requirements of the anti-money laundering
and anti-terrorism statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any Governmental Entities to which Bear Creek or the subsidiary is subject, including
the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) (collectively, the "**Money Laundering Laws** "),
and no action, suit, proceeding, investigation or notice by, before or from any Governmental Entity involving Bear Creek or any of its
subsidiaries with respect to the Money Laundering Laws is pending.

(tt) <u>NGOs and Community Groups</u>. No material dispute (including
any dispute relating to the ownership of any Bear Creek's or its subsidiaries properties) between Bear Creek or any of its subsidiaries
and any non-governmental organization, community, community group, aboriginal or indigenous peoples or aboriginal or indigenous group
exists or, to the knowledge of Bear Creek, is threatened with respect to any of Bear Creek's or any of its subsidiaries'
properties or operations. Bear Creek has provided Highlander and Highlander's Representatives with full and complete access to
all material correspondence received by Bear Creek, its subsidiaries or their Representatives from any non-governmental organization,
community, community group, aboriginal or indigenous peoples or aboriginal or indigenous group.

(uu) <u>Competition Act.</u> Bear Creek and any entities it controls
have assets in Canada, and annual gross revenues from sales in. from or into Canada, both as calculated in accordance with section 110
of the Competition Act, including the regulations thereto, of less than $93,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>Foreign Private Issuer. Bear</u> Creek is a "foreign private issuer" within the meaning
 of Rule 405 under the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>Not an Investment Company</u>. Bear Creek is not registered
or required to be registered as an "investment company" within the meaning of the U.S. *Investment Company Act of 1940*,
as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Ownership of Highlander Shares or other Securities</u>. Neither Bear Creek nor any of its affiliates
 own any Highlander Shares or any other securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) <u>No U.S. Exchange Act Registration</u>. No class of securities
issued by Bear Creek is or is required to be registered under section 12 of the U.S. Exchange Act or that is subject to the reporting
requirements of section 13 or 15(d) of the U.S. Exchange Act.

**3.2** **Survival of Representations and Warranties** 

The representations and warranties of Bear Creek contained in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective Time and the date on which this Agreement is terminated in accordance with its terms.

**ARTICLE 4**

**REPRESENTATIONS AND WARRANTIES OF HIGHLANDER**

**4.1** **Representations and Warranties** 

Highlander hereby represents and warrants to and in favour of Bear Creek as follows, except to the extent that such representations and warranties are qualified by the Highlander Public Disclosure Record (excluding any (A) cautionary language and any disclosures set forth in any "risk factor" section or market risk section and in any section relating to forward looking statements, and (B) any disclosure relating to the representations and warranties contained in Sections 4.1(c) and 4.1(e)), and acknowledges that Bear Creek is relying upon such representations and warranties in connection with the entering into of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Board Recommendation</u>. The Highlander Board, after consultation with its financial and legal
 advisors has determined unanimously that the entering into of this Agreement is in the best
 interests of Highlander and has resolved unanimously to recommend that Highlander Shareholders
 vote in favour of the Highlander Resolution (the "**Highlander Board Recommendation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Organization and Qualification</u>. Highlander is a corporation duly incorporated or an entity duly created
 and validly existing under all applicable Laws of its jurisdiction of incorporation, continuance
 or creation and has all necessary corporate power and capacity to own its property and assets
 as now owned and to carry on its business as it is now being conducted. Highlander is duly
 qualified to carry on business and is in good standing in each jurisdiction in which the
 character of its properties and assets owned, leased, licensed or otherwise held, or the
 nature of its activities makes such qualification necessary, except where the failure to
 be so registered or in good standing would not reasonably be expected to have a Highlander
 Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authority Relative to this Agreement and the Debt Restructuring Agreements</u>. Highlander has the
 requisite corporate power and capacity to enter into this Agreement and the Debt Restructuring
 Agreements and to perform its obligations hereunder and thereunder. The execution and delivery
 of this Agreement and the Debt Restructuring Agreements by Highlander and the performance
 by Highlander of its obligations under this Agreement and the Debt Restructuring Agreements
 have been duly authorized by the Highlander Board and no other corporate proceedings
on the part of Highlander are necessary to authorize the execution and delivery of this Agreement and the Debt Restructuring Agreements
or the performance by Highlander of its obligations under this Agreement and the Debt Restructuring Agreements or the completion of the
Arrangement and the Debt Restructuring Agreements pursuant to the Plan of Arrangement. Each of this Agreement and the Debt Restructuring
Agreements has been duly executed and delivered by Highlander and constitutes a legal, valid and binding obligation of Highlander, enforceable
against Highlander in accordance with its terms, subject to the qualification that such enforceability may be limited by bankruptcy,
insolvency, reorganization or other laws of general application relating to or affecting rights of creditors and that equitable remedies,
including specific performance, may be granted only in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Violations</u>. None of the execution and delivery of this Agreement, the Debt Restructuring
 Agreements, the completion of the Arrangement pursuant to the Plan of Arrangement, or compliance
 by Highlander or any of its material subsidiaries with any of the provisions hereof will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) violate,
 conflict with, or result (with or without notice or the passage of time) in a violation or
 breach of any provision of, or require any consent, approval or notice under, or constitute
 a default (or an event which, with notice or lapse of time or both, would constitute a default)
 under, or result in a right of termination or acceleration under, or result in the creation
 of any Lien upon, any of the properties or assets of Highlander or any of its subsidiaries,
 or result in any material restriction, hindrance, impairment or limitation on the ability
 of Highlander or any of its material subsidiaries to conduct their business as and where
 it is now being conducted, or cause any payment or other obligation to be imposed on Highlander
 or its material subsidiaries, under any of the terms, conditions or provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) their
 respective notice of articles, articles or other comparable constating documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any
 note, bond, mortgage, indenture, loan agreement or deed of trust to which Highlander or any
 of its material subsidiaries is a party or any Highlander Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result
 (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provisions of any Law applicable to Highlander or any of its material
 subsidiaries or any of their respective properties or assets; 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;(D) cause
 the suspension or revocation of any Permit currently in effect in respect of Highlander or
 any of its material subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) give
 rise to any rights of first refusal or trigger any change in control provisions or any restrictions
 or limitation under any such note, bond, mortgage, indenture, loan agreement, deed of trust
 to which Highlander or any of its material subsidiaries is a party, any Highlander Material
 Contract or
under any Permit held by Highlander or any of its material subsidiaries, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result
 in the imposition of any Lien upon any property or assets of Highlander or any of its material
 subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Capitalization</u>.
 The authorized share capital of Highlander consists of an unlimited number of Highlander
 Shares. As of the close of business on the Business Day prior to the date of this Agreement,
 there are issued and outstanding 130,910,687 Highlander Shares. All outstanding Highlander
 Shares have been duly authorized and validly issued, are fully paid and non-assessable. In
 addition, as of the close of business on the Business Day prior to the date of this Agreement,
 an aggregate of 7,095,000 Highlander Shares are issuable upon the exercise of the Highlander
 Options, and 29,240,298 Highlander Shares are issuable upon the exercise of the Highlander
 Warrants. Except as disclosed above, there are no options, warrants, conversion privileges
 or other rights, shareholder rights plans, agreements, arrangements or commitments (pre-emptive,
 contingent or otherwise) of any character whatsoever requiring or which may require the issuance,
 sale or transfer by Highlander of any securities of Highlander (including Highlander Shares),
 or any securities or obligations convertible into, or exchangeable or exercisable for, or
 otherwise evidencing a right or obligation to acquire, any securities of Highlander (including
 Highlander Shares) or subsidiaries of Highlander. All outstanding Highlander Shares have
 been duly authorized and validly issued, are fully paid and non-assessable, and all Highlander
 Shares issuable upon the exercise of Highlander Options or Highlander Warrants in accordance
 with their respective terms have been duly authorized and, upon issuance, will be validly
 issued as fully paid and non-assessable. Other than Highlander Shares, there are no securities
 of Highlander or of any of its subsidiaries outstanding which have the right to vote generally
 (or, other than the Highlander Options, Highlander Warrants, are convertible into, or exchangeable
 or exercisable for, or may vest into, securities having the right to vote generally) with
 the Highlander Shareholders on any matter. There are no outstanding contractual or other
 obligations of Highlander to repurchase, redeem or otherwise acquire any of its securities
 or with respect to the voting or disposition of any outstanding securities of its material
 subsidiary. There are no outstanding bonds, debentures or other evidences of indebtedness
 of Highlander or any in its subsidiaries having the right to vote with the Highlander Shareholders
 on any matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Shareholder and Similar Agreements</u>. Highlander is not party to any shareholder, pooling, voting trust
 or other similar agreement relating to the issued and outstanding shares in the capital of
 Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Reporting Status and Securities Laws Matters</u>. Highlander is a "reporting issuer" in
 all of the provinces and territories of Canada and is not on the list of reporting issuers
 in default under applicable Securities Laws in any of the provinces or territories of Canada.
 No delisting, suspension of trading in or cease trading order with respect to any securities
 of Highlander and, to the knowledge of Highlander, no inquiry or investigation (formal or
 informal) of Highlander or the Highlander Public Disclosure Record by any Securities Authority,
 is in effect or ongoing or, to the
knowledge of Highlander, threatened or expected to be implemented or undertaken. No securities of Highlander are registered or required
to be registered under Section 12 of the U.S. Exchange Act, Highlander is not required to file reports under Section 13 or Section 15(d)
of the U.S. Exchange Act, and Highlander is not subject to any proceedings under or any order issued pursuant to section 12(j) of the
U.S. Exchange Act. The Highlander Shares are listed and posted for trading on the TSX. Highlander is in compliance with applicable requirements
of the TSX, except where non-compliance would not result in a Highlander Material Adverse Effect or prevent or materially delay the consummation
of the transactions contemplated by this Agreement or the Arrangement pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Ownership of Subsidiaries</u>. All of the issued and outstanding shares of capital stock and other
 ownership interests in each of the subsidiaries are duly authorized, validly issued, fully
 paid and non-assessable, and all such shares and other ownership interests are legally and
 beneficially owned, directly or indirectly, by Highlander free and clear of all Liens and
 there are no outstanding options, warrants, rights, entitlements, understandings or commitments
 (contingent or otherwise) regarding the right to purchase or acquire, or securities convertible
 into, or exchangeable or exercisable for, any such shares of capital stock or other ownership
 interests in or material assets or properties of a subsidiary. There are no contracts, commitments,
 agreements, understandings, arrangements or restrictions which require any of the subsidiaries
 to issue, sell or deliver any shares in its share capital or other ownership interests, or
 any securities or obligations convertible into, or exchangeable or exercisable for, any shares
 of its share capital or other ownership interests. There are no outstanding options, rights,
 entitlements, understandings or commitments (contingent or otherwise) providing to any third
 party the right to acquire any shares or other ownership interests in any of the subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Regulatory Approvals</u>. Other than filings with the Securities Authorities and the TSX, there are
 no approvals required from, or notices required to be given to, any Governmental Entity which
 would prevent or materially delay consummation by Highlander of the transactions contemplated
 by this Agreement and the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Consents</u>.
 There are no consents or waivers required from any party under any Highlander Material Contract
 to which Highlander or its subsidiaries are a party in order for Highlander to proceed with
 the completion of the transactions contemplated by this Agreement and the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Public Filings</u>. Highlander has filed or furnished, as applicable, all documents in the Highlander
 Public Disclosure Record required to be filed or furnished by it in accordance with applicable
 Securities Laws or the requirements of the TSX. All such documents and information comprising
 the Highlander Public Disclosure Record, as of their respective dates (and the dates of any
 amendments thereto): (i) did not contain any misrepresentation; and (ii) complied in all
 material respects with the requirements of applicable Securities Laws and the applicable
 policies of the TSX relating to continuous disclosure requirements. Highlander has not filed
 any confidential material change report with any Securities Authorities that at the date
of this Agreement, remains confidential. Since January 1, 2023, there has been no change in a material fact or a material change (as
those terms are defined under the Securities Act) in relation to Highlander, except for changes in material facts or material changes
that are reflected in a subsequently filed document included in the Highlander Public Disclosure Record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Highlander
 Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Highlander's
 audited financial statements as at and for the financial years ended September 30, 2024 and
 September 30, 2023 (including the notes thereto and the report of the auditors thereon) and
 Highlander's unaudited interim financial statements as at and for the three and twelve
 months ended September 30, 2025 and September 30, 2024 (including the notes thereto) (collectively
 the "**Highlander Financial Statements**") were prepared in accordance with
 IFRS consistently applied and fairly present in all material respects the consolidated financial
 position, results of operations and changes in financial position of Highlander and its subsidiaries
 as of the dates thereof and for the periods indicated therein (subject, in the case of any
 unaudited interim financial statements, to normal period end adjustments) and reflect reserves
 required by IFRS in respect of all material contingent liabilities, if any, of Highlander
 and its subsidiaries on a consolidated basis. There has been no material change in Highlander's
 accounting policies since September 30, 2024, except as disclosed in the Highlander Public
 Disclosure Record or as required by IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 management of Highlander has established and maintained a system of disclosure controls and
 procedures designed to provide reasonable assurance that information required to be disclosed
 by Highlander in its annual filings, interim filings or other reports filed or submitted
 by it under the applicable Laws imposed by Governmental Entities is recorded, processed,
 summarized and reported within the time periods specified in such Laws imposed by such Governmental
 Entities. Such disclosure controls and procedures include controls and procedures designed
 to ensure that information required to be disclosed by Highlander in its annual filings,
 interim filings or other reports filed or submitted under the applicable Laws imposed by
 Governmental Entities is accumulated and communicated to Highlander's management, including
 its chief executive officer and chief financial officer (or persons performing similar functions),
 as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Highlander
 maintains internal control over financial reporting. Such internal control over financial
 reporting is effective in providing reasonable assurance regarding the reliability of financial
 reporting and the preparation of financial statements for external purposes in accordance
 with IFRS and includes policies and procedures that: (A) pertain to the maintenance of records
 that in reasonable detail accurately and fairly reflect the transactions and dispositions
 of the assets of Highlander and its subsidiaries; (B) provide reasonable assurance that transactions
 are recorded as necessary to permit preparation of financial statements in accordance with
 IFRS, and that receipts
and expenditures of Highlander and its subsidiaries are being made only with authorizations of management and directors of Highlander
and its subsidiaries, as applicable; and (C) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the assets of Highlander or its subsidiaries that could have a material effect on its financial statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Since
 September 30, 2024, neither Highlander nor any of its subsidiaries nor, to Highlander's
 knowledge, any director, officer, employee, auditor, accountant or representative of Highlander
 or any of its subsidiaries has received or otherwise had or obtained knowledge of any complaint,
 allegation, assertion, or claim, whether written or oral, regarding the accounting or auditing
 practices, procedures, methodologies or methods of Highlander or any of its subsidiaries
 or their respective internal accounting controls, including any complaint, allegation, assertion,
 or claim that Highlander or any of its subsidiaries has engaged in questionable accounting
 or auditing practices, which has not been resolved to the satisfaction of the audit committee
 of the Highlander Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Books and Records</u>. The financial books, records and accounts of Highlander and its subsidiaries,
 in all material respects: (i) have been maintained, in the case of Highlander in accordance
 with IFRS, and in the case of its subsidiaries in accordance with generally accepted accounting
 principles of their respective governing jurisdictions; (ii) are stated in reasonable detail
 and accurately and fairly reflect the material transactions and dispositions of the assets
 of Highlander and its subsidiaries; and (iii) accurately and fairly reflect the basis for
 the Highlander Financial Statements. The corporate records and minute books for each of Highlander
 and its subsidiaries contain, in all material respects, complete and accurate minutes of
 all meetings and resolutions of the directors and shareholders of Highlander and each of
 its subsidiaries held and/or passed, as applicable, since their incorporation, amalgamation
 or acquisition by Highlander, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Undisclosed Liabilities</u>. Other than as disclosed in the most recent Highlander Financial
 Statements filed, or furnished, as applicable, on SEDAR+, as incurred in the ordinary course
 of business since the date of such financial statements, as disclosed in this Agreement,
 or inter-company indebtedness, liabilities and guarantees among Highlander and its subsidiaries,
 Highlander and its subsidiaries have no outstanding material indebtedness or material liabilities
 and are not party to or bound by any material suretyship, guarantee, indemnification or assumption agreement,
or endorsement of, or any other similar commitment with respect to the material obligations, liabilities or indebtedness of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>No Highlander Material Adverse Effect</u>. Since September 30, 2024, except as disclosed in
 the Highlander Public Disclosure Record, there has been no Highlander Material Adverse Effect
 and no effect, change, development, event or occurrence that would, individually or in the
 aggregate, reasonably be expected to cause a Highlander Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Litigation</u>.
 There are no Proceedings pending or, to the knowledge of Highlander, threatened affecting
 Highlander or any of its subsidiaries or affecting any of the Highlander Concessions, property
 or assets at law or in equity, including matters arising under Environmental Laws, which,
 if adversely determined, would, individually or in the aggregate, result in a Highlander
 Material Adverse Effect or prevent or materially delay the consummation of the transactions
 contemplated by this Agreement or the Arrangement. Neither Highlander nor any of its subsidiaries
 nor their respective assets or properties is subject to any outstanding judgement, order,
 writ, injunction or decree which, individually or in the aggregate, would result in a Highlander
 Material Adverse Effect or which would prevent or materially delay consummation of the transactions
 contemplated by this Agreement or the Arrangement pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Taxes.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 of Highlander and any of its subsidiaries, in all material respects, has duly and timely
 made or prepared all Returns required to be made or prepared by it, has duly and timely filed
 all Returns required to be filed by it with the appropriate Governmental Entity and has duly,
 completely and correctly reported all income and all other amounts and information required
 to be reported thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 of Highlander and any of its subsidiaries, in all material respects, has duly and timely
 paid all Taxes, including all instalments on account of Taxes for the current year, that
 are due and payable by it, other than those which are being or have been contested in good
 faith and in respect of which reserves have been provided in the Highlander Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) None
 of Highlander or any of its subsidiaries has requested, offered to enter into or entered
 into any agreement or other arrangement, or executed any waiver, providing for any extension
 of time within which: (i) to file any Return covering any Taxes for which Highlander or any
 of its subsidiaries is or may be liable; (ii) to file any elections, designations or similar
 filings relating to Taxes for which Highlander or any of its subsidiaries is or may be liable;
 (iii) Highlander or any of its subsidiaries is required to pay or remit any Taxes or amounts
 on account of Taxes; or (iv) any Governmental Entity may assess or collect Taxes for which
 Highlander or any of its subsidiaries is or may be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 the knowledge of Highlander, there are no proceedings, investigations, audits or claims now
 pending or threatened against Bear Creek or any of its subsidiaries in respect of any Taxes,
 that in the aggregate, would constitute Material Taxes, and there are no matters under discussion,
 audit or appeal with any Governmental Entity relating to Taxes that, in the aggregate, would
 constitute Material Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each
 of Highlander or any of its subsidiaries has complied in all material respect with the transfer
 pricing provisions of each applicable Law relating to Taxes, including the contemporaneous
 documentation and disclosure requirements thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) No
 jurisdiction or authority in which Highlander or a subsidiary, as applicable, does not file
 a Return has alleged that Highlander or such subsidiary, as applicable, is required to file
 such a Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Property.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Highlander Concessions are the only mineral tenures that Highlander or any of its subsidiaries
 have any legal or equitable interest in and that are required to conduct Highlander's
 or any of its subsidiaries' business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Highlander Lands are the only interests in real property that are required to conduct Highlander's
 or any of its subsidiaries' business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each
 of the Highlander Concessions and Highlander Lands is in good standing in all material respects
 and is held by Highlander or one of its subsidiaries free and clear of all material Liens,
 and no person has any agreement or right to acquire an interest in such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Highlander
 or its subsidiaries have the right in all material respects to enter upon the Highlander
 Lands over which the Highlander Concessions are located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There
 are no adverse claims, actions, suits or proceedings pending or, to the knowledge of Highlander,
 that are threatened, affecting or which could materially affect the title to or ownership
 by Highlander or any of its subsidiaries of, or the right to explore, the Highlander Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither
 Highlander nor any of its subsidiaries have received any notice, whether written or oral
 from any Governmental Entity or any person with jurisdiction or applicable authority of any
 revocation or intention to revoke Highlander's or any of its subsidiaries' material
 interest in the Highlander Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) No
 material dispute is pending or, to the knowledge of Highlander, threatened in connection
 with the ownership, access to or use of any Highlander
Concessions or Highlander Lands between Highlander or any of its subsidiaries and: (A) any surface landowner; (B) other mining companies;
or (C) any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Operational Matters.</u> Except as would not, individually or in the aggregate, be reasonably expected
 to result in a Highlander Material Adverse Effect, any and all operations of Highlander and
 each of its subsidiaries and, to the knowledge of Highlander, any and all operations by third
 parties, on or in respect of the assets and properties of Highlander and any of its subsidiaries,
 have been conducted in a good, workmanlike and efficient manner in accordance with sound
 mining and other applicable mining industry standards and practices and in material compliance
 with applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Mineral Reserves and Resources</u>. Highlander is in compliance in all material respects with the
 provisions of NI 43-101 and has filed all technical reports required thereby. The most recent
 estimated indicated and inferred mineral resources disclosed in the Highlander Public Disclosure
 Record prior to the date of this Agreement, have been prepared in all material respects in
 accordance with accepted mining, engineering, geoscience and other applicable industry standards
 and in all material respects in accordance with all applicable Laws, including NI 43-101.
 The information provided by Highlander to the Qualified Persons (as defined in NI 43-101)
 in connection with the preparation of the Highlander Technical Report was complete and accurate
 in all material respects at the time such information was furnished and complied in all material
 respects, with the requirements of NI 43- 101.
There has been no material reduction in the aggregate amount of the most recently estimated mineral reserves and mineral resources of
Highlander from the amounts disclosed in the Highlander Public Disclosure Record, other than depletion from ordinary course mining operations.
All material information regarding the San Luis Project, including drill results, technical reports and studies, that are required to
be disclosed by Securities Laws, have been disclosed in the Highlander Public Disclosure Record in compliance, in all material respects,
with applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Technical Report.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 San Luis Project is currently the only material property of Highlander for the purposes of
 NI 43-101 and the sole technical report concerning the San Luis Project is the technical
 report entitled "Technical Report on the San Luis Property, District of Shupluy, Yunguay
 Province, Ancash Department, Peru" with an effective date of January 15, 2025, and
 prepared by Martin Mount, MSc MCSM FGS Cgeol FIMMM CEng (the "**Highlander Technical Report** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Highlander
 or its corporate predecessors made available to the authors of the Highlander Technical Report,
 prior to the issuance thereof, for the purpose of preparing such report, all information
 requested by them, and none of such information contained any misrepresentation at the time
 such information was so provided. All of the material assumptions in the Highlander Technical
 Report are reasonable and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As of the date hereof the Highlander Technical Report remains current and since the date of the Highlander
Technical Report there is no new material scientific or technical information concerning the San Luis Project that is not included in
the Highlander Technical Report and that would require a new technical report in respect of such property to be issued under NI 43- 101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Expropriation</u>. No written notice or proceeding in respect of the taking, condemnation or expropriation
by any Governmental Entity of any material part of the property or assets of Highlander or any of its subsidiaries, including the Highlander
Concessions and Highlander Lands, has been given or commenced, nor, to the knowledge of Highlander, is any such proceeding or notice threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Permits</u>. Each of Highlander and its subsidiaries has obtained, and is in compliance with, all Permits
required by applicable Laws, other than Permits disclosed in the Highlander Public Disclosure Record or with which non-compliance with
would not result in a Highlander Material Adverse Effect, or necessary to conduct its current business as is now being conducted, other
than Permits which non- compliance with would not result in a Highlander Material Adverse Effect. To the knowledge of Highlander, there
are no facts, events or circumstances that would reasonably be expected to result in a revocation of, or failure to renew in the ordinary
course, such Permits as are necessary to conduct Highlander's or its subsidiaries' current business as is now being conducted,
except as disclosed in the Highlander Public Disclosure Record and for such revocations or failure to renew which, individually or in
the aggregate, would not result in a Highlander Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Environmental Matters</u>. To the knowledge of Highlander, each of Highlander and its subsidiaries
and their respective businesses, operations, and properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is in compliance in all respects with all Environmental Laws and all terms and conditions of all Environmental
Permits, other than where non- compliance, individually or in the aggregate, would not result in a Highlander Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has not received any order, request or notice from any person alleging a material violation of any Environmental
Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) is not a party to any material litigation or administrative proceeding, nor to Highlander's
knowledge is any material litigation or administrative proceeding threatened against it or its property or assets, which in either case:
(1) asserts or alleges that it violated any Environmental Laws; (2) asserts or alleges that it is required to clean up, remove or take
remedial or other response action due to the Release of any Hazardous Substances; or (3) asserts or
alleges that it is required to pay all or a portion of the cost of any past, present or future cleanup, removal or remedial or other
response action which arises out of or is related to the Release of any Hazardous Substances; (B) has no knowledge of any conditions
existing currently which could reasonably be expected to subject it to damages, penalties, injunctive relief or cleanup costs under
any Environmental Laws or which require or are likely to require cleanup, removal, remedial action or other response by it pursuant
to applicable Environmental Laws, except as would not individually or in the aggregate, have a Highlander Material Adverse Effect;
and (C) is not subject to any material judgment, decree, order or citation related to or arising out of applicable Environmental Law
and has not been named or listed as a potentially responsible party by any Governmental Entity in a material matter arising under
any Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is not involved in operations and does not know of any facts, circumstances or conditions, including the
Release of any Hazardous Substance that would reasonably be expected to result in any Environmental Liabilities, except as would not,
individually or in the aggregate, have a Highlander Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Health and Safety</u>. There are no material claims, investigations or inquiries pending against Highlander
or any of its subsidiaries (or naming Highlander or any of its subsidiaries as a potentially responsible party) based on non-compliance
with any applicable health and safety Laws at any of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Cultural Heritage</u>. None of the areas covered by the Highlander Lands (including any constructions,
remains or similar elements located on them) have been declared as a "Protected Archaeological Site" by any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Labour and Employment</u>. No labour strike, lock-out, slowdown
or work stoppage is pending against or directly affecting Highlander or any of its facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Compliance with Laws</u>. Highlander and its subsidiaries
have complied in all material respects with and are not in violation in any material respect of any applicable Laws, other than non-compliance
or violations which would not, individually or in the aggregate, result in a Highlander Material Adverse Effect or which would prevent
or materially delay consummation of the transactions contemplated by this Agreement or the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Winding Up</u>. No order has been made, petition presented
or meeting convened for the purpose of winding up of Highlander or any of its subsidiaries, or for the appointment of any provisional
liquidator or in relation to any other process whereby the business is terminated and the assets of Highlander or any of its subsidiaries
are distributed amongst the creditors, shareholders or other contributors, and there are no proceedings under any applicable insolvency,
bankruptcy, reorganisation or similar laws in any relevant jurisdiction, and no events have occurred which, under applicable Laws, would
be reasonably likely to justify any such cases or proceedings, that would, individually or in the aggregate, reasonably be expected to
cause a Highlander Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Administration and Receivership</u>. To the knowledge of
Highlander, no person has taken any step, legal proceeding or other procedure with a view to the appointment of an administrator, whether
out of court or otherwise, in relation to Highlander or any of its subsidiaries,
and no receiver (including any administrative receiver) has been appointed in respect of the whole or any part of any of the property,
assets or undertaking of Highlander or any of its subsidiaries nor has any such order been made (including, in any relevant jurisdiction,
any other order by which, during the period it is in force, the affairs, business and assets of the company concerned are managed by a
person appointed by any Governmental Entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Voluntary Arrangement, Etc</u>. Neither Highlander nor any
of its material subsidiaries has made any voluntary arrangement with any of its creditors or is insolvent or unable to pay its debts
as they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Related Party Transactions</u>. Other than among Highlander
and its subsidiaries, and except as disclosed in the Highlander Public Disclosure Record, there are no Contracts or other transactions
currently in place between Highlander or any of its subsidiaries, on the one hand, and, on the other hand: (i) any Highlander Shareholder
of record or, to the knowledge of Highlander, beneficial owner of 5% or more of the Highlander Shares; (ii) any officer or director of
Highlander or any of its subsidiaries; or (iii) to the knowledge of Highlander, any affiliate or associate of any such, officer, director,
Highlander Shareholder of record or beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Restrictions on Business Activities</u>. There is no arbitral
award, judgment, injunction, order or decree binding upon Highlander or any of its subsidiaries that has or could reasonably be expected
to have the effect of prohibiting, restricting, or impairing in any material respect: (i) any business practice; (ii) any acquisition
or disposition of property; or (iii) the conduct of the business, as currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Issuance of Highlander Shares</u>. The Highlander Shares
to be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as the Share Consideration will, when issued pursuant to the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon exercise of the Bear Creek Warrants by the Bear Creek Warrantholders, following the Effective Time will, when issued,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Insurance</u>. Highlander and its subsidiaries have in place reasonable and prudent insurance policies appropriate for its size,
nature and stage of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Corrupt Practices Legislation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither Highlander nor any of its subsidiaries, nor, to Highlander's knowledge, any of their respective
directors, officers, agents, employees, consultants or other persons acting on behalf of Highlander or any of its subsidiaries has offered
or given, and Highlander is not aware of or does not have any knowledge of any person that has offered or given on its behalf, anything
of value to any official of a Governmental Entity, any political party or official thereof or any candidate for political office, any
customer or member of any Governmental Entity, or any other person, in any such case while knowing or having reason to know that all or
a portion of such money or thing of value may be offered, given or promised, directly or indirectly, for the purpose of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) influencing any action or decision of such person, in such person's official capacity, including
a decision to fail to perform such person's official function in order to obtain or retain an advantage for Highlander or any of
its subsidiaries in the course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) inducing such person to use such person's influence with any Governmental Entity to affect or influence
any act or decision of such Governmental Entity to assist Highlander or any of its subsidiaries in obtaining or retaining business for,
with, or directing business to, any person or otherwise to obtain or retain an advantage in the course of business; 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;(C) where such payment would constitute a bribe, rebate, payoff, influence payment, kickback or illegal or
improper payment to assist Highlander or the subsidiary in obtaining or retaining business for, with, or directing business to, any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There have been no actions taken by Highlander, any of its subsidiaries or, to the knowledge of Highlander,
by any persons on behalf of Highlander or any of its subsidiaries, that would cause Highlander or its subsidiaries or such persons to
be in violation of the Corruption Acts or any similar legislation in any jurisdiction in which Highlander or any of its subsidiaries conduct
their business and to which Highlander or any of its subsidiaries may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The financial records of Highlander and its subsidiaries have at all times been maintained in compliance
with the Corruption Acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no proceedings or investigations under the Corruption Acts or any similar legislation in any
jurisdiction in which Highlander and its subsidiaries conduct their business pending against Highlander or any of its subsidiaries, nor
any of their respective directors, officers, agents, employees, consultants or other persons acting on behalf of Highlander or any of
its subsidiaries, or to the knowledge of Highlander, threatened against or affecting, Highlander or any of its subsidiaries or any of
their respective directors, officers, agents, employees, consultants or other persons acting on behalf of Highlander or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Anti-Money Laundering</u>. The operations of Highlander and
its subsidiaries are in material compliance with the financial record-keeping and reporting requirements of the anti-money laundering
and anti-terrorism statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any Governmental Entities to which Highlander or the subsidiary is subject, including
the Money Laundering Laws, and no action, suit, proceeding, investigation or notice by, before or from any Governmental Entity involving
Highlander or any of its subsidiaries with respect to the Money Laundering Laws is pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>NGOs and Community Groups</u>. No material dispute between
Highlander or any of its subsidiaries and any non-governmental organization, community, community group, aboriginal or indigenous peoples
or aboriginal or indigenous group exists or, to the knowledge of Highlander, is threatened with respect to any of Highlander's
or any of its subsidiaries' properties or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Ownership of Bear Creek Shares or other Bear Creek Securities</u>.
Prior to giving effect to the Private Placement, neither Highlander nor any of its affiliates own any Bear Creek Shares or any other
securities of Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Foreign Private Issuer.</u> Highlander is a "foreign
private issuer" within the meaning of Rule 405 under the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Not an Investment Company</u>. Highlander is not registered
or required to be registered as an "investment company" pursuant to the U.S. Investment Company Act of 1940, as amended.

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

4.2 Survival of Representations and Warranties

The representations and warranties of Highlander contained in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective Time and the date on which this Agreement is terminated in accordance with its terms.

**ARTICLE 5 <br> COVENANTS**

5.1 Covenants of Bear Creek Regarding the Conduct of Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bear Creek covenants and agrees that, during the period from the date of this Agreement, until the earlier
of the Effective Time and the time at which this Agreement is terminated in accordance with its terms, except: (i) as expressly required
by this Agreement or the Plan of Arrangement; (ii) as expressly set forth in the Bear Creek Disclosure Letter; (iii) as required by applicable
Law; or (iv) with the prior written consent of Highlander, such consent not to be unreasonably withheld, conditioned or delayed, Bear
Creek shall and shall cause each of its subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct their respective businesses only in, and not take any action except in, the ordinary course of
business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use commercially reasonable efforts to maintain and preserve intact its business organization, goodwill,
employees, properties, business relationships and assets in all material respects, keep available the services of its officers, employees
and contractors as a group and maintain satisfactory relationships with suppliers, customers, aboriginal or indigenous peoples or aboriginal
or indigenous groups, Governmental Entities and others having business relationships with them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) allocate and utilize proceeds of the Private Placement as set out in the Subscription Agreement and for
greater certainty shall not utilize such funds for other uses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) fully cooperate and consult through meetings with Highlander, as Highlander may reasonably request, to
allow Highlander to monitor, and provide input with respect to the direction and control of any activities relating to the development
of the Corani Project or any exploration of any properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) provide Highlander and its legal counsel with a reasonable opportunity to review and comment on any proposed
public disclosure of exploration results and any other scientific and technical information prior to such disclosure, and give due and
reasonable consideration to any comments made by Highlander and its legal counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide Highlander with weekly reporting of payables that reach the level of materiality requiring sign
off from Bear Creek's Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of Section 5.1(a), Bear Creek covenants and agrees that, during the period
from the date of this Agreement, until the earlier of the Effective Time and the time at which this Agreement is terminated in accordance
with its terms, except: (i) as expressly required by this Agreement, the Plan of Arrangement or the Subscription Agreement; (ii) as expressly
set forth in the Bear Creek Disclosure
Letter (which shall make reference to the applicable section, subsection, paragraph or subparagraph below in respect of which such qualification
is being made); (iii) as required by applicable Law; or (iv) with the prior written consent of Highlander, such consent not to be unreasonably
withheld, conditioned or delayed, Bear Creek shall not and shall cause each of its subsidiaries not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or propose to amend its notice of articles, articles or other comparable organizational or constating
documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) split, combine or reclassify any Bear Creek Shares or other securities of Bear Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) declare, set aside or pay any dividend or other distribution or payment (whether in cash, securities or
property or any combination thereof) in respect of any shares in the capital of Bear Creek owned by any person or the securities of any
of its subsidiaries, other than any dividends payable by a subsidiary to Bear Creek or any wholly-owned subsidiary of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issue, grant, award, deliver, sell, pledge, dispose of or otherwise encumber, or agree to issue, grant,
award, deliver, sell, pledge, dispose of or otherwise encumber any Bear Creek Shares or other equity or voting interests or any options
or any options, warrants, calls, appreciation rights, convertible securities or similar rights convertible into or exchangeable or exercisable
for, or otherwise evidencing a right to acquire, Bear Creek Shares or other equity or voting interests or other securities of Bear Creek
or any of its subsidiaries (including, for certainty, any Bear Creek Options, Bear Creek Warrants, Bear Creek DSUs and Bear Creek RSUs),
other than pursuant to the valid exercise or vesting of Bear Creek Options, Bear Creek Warrants, Bear Creek DSUs and Bear Creek RSUs outstanding
on the date of this Agreement in accordance with their terms, and pursuant to the Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) redeem, purchase or otherwise acquire, or offer to redeem, purchase or otherwise acquire, any Bear Creek
Shares or other securities of Bear Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) amend the terms of any of the Bear Creek Shares or other securities of Bear Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except in connection with intercompany payments among Bear Creek and its subsidiaries in the ordinary
course of business and other than as disclosed in Schedule 5.1(b)(vii) of the Bear Creek Disclosure Letter, reduce the stated capital
of any Bear Creek Shares or other securities of Bear Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) incorporate, acquire or create any new subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) adopt or propose a plan of liquidation or resolution providing for the liquidation or dissolution of Bear
Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make any changes in its accounting methods, principles, policies or practices or adopt new accounting
methods, principles, policies or practices, in each case except as required by applicable Laws or IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) sell, pledge, hypothecate, lease, license, sell and lease back, mortgage, dispose of or encumber or otherwise
transfer, any assets, securities, properties, interests or businesses of Bear Creek or any of its subsidiaries, except for: (A) sales
of mineral product from the Mercedes Gold-Silver Mine Project in the ordinary course of business; (B) sales of obsolete assets in the
ordinary course of business; and (C) other sales of tangible non- material assets in the ordinary course of business subject to a maximum *(* in terms of value of such assets or interests therein) of $1,000,000 (whether individually or in the aggregate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) reorganize, amalgamate or merge Bear Creek or any of its subsidiaries with any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) acquire (by merger, amalgamation, consolidation, acquisition of shares or assets or otherwise) or agree
(in one transaction or in a series of related transactions) to acquire, directly or indirectly, any person, or securities, interests or
business of any person, or make any investment or agree to make an investment, directly or indirectly (in one transaction or in a series
of related transactions), either by the purchase of securities of, or contributions of capital to, any other person (other than wholly-owned
subsidiaries as of the date of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) acquire or agree to acquire, directly or indirectly, any assets or properties of any person other than
in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) incur, create, assume or otherwise become liable for, any indebtedness for borrowed money or any other
liability or obligation or issue any debt securities or assume, guarantee, endorse or otherwise become responsible for the obligations
of any other person or make any loans, capital contributions, investments or advances, other than: (A) vendor credit at the Mercedes Gold-Silver
Mine Project, incurred in the ordinary course of business, not in excess of US$5,000,000, in the aggregate, and (B) interest and penalties
on indebtedness, liabilities, obligations or Taxes owing as of the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) except as required by this Agreement, applicable Law, the terms of the Bear Creek Equity Incentive Plan
or Bear Creek Benefit Plans, any collective bargaining agreement, or any written employment or consulting contract in effect as of the
date of this Agreement: (A) grant, accelerate, or increase any severance, change of control or termination pay to (or amend any existing
arrangement relating to the foregoing with) any director, officer, employee or individual contractor or consultant of Bear Creek or any
of its subsidiaries; (B) grant, accelerate, or increase any payment, award (equity or otherwise), indemnification or other benefits payable
to, or for the benefit of, any director, officer, employee or individual contractor or consultant of Bear Creek or any
of its subsidiaries; (C) increase the coverage, contributions, funding requirements or benefits available under the Bear Creek Equity
Incentive Plan or Bear Creek Benefit Plans or create any new benefit; (D) increase compensation (in any form), bonus levels or other benefits
payable to any director, officer, employee or individual contractor or consultant of Bear Creek or any of its subsidiaries or grant any
general increase in the rate of wages, salaries, bonuses or other remuneration, including under any Bear Creek Benefit Plan, except in
the ordinary course of business; (E) make any material determinations under any Bear Creek Benefit Plan that is not in the ordinary course
of business, other than determinations in furtherance of acceleration, vesting or similar determinations in connection with the transactions
described in this Agreement; or (F) take or propose to take any action to effect any of the foregoing; *provided* that nothing in
this Agreement shall be deemed to: (x) guarantee employment for any period of time for, or preclude the ability of Highlander to terminate
the employment or engagement of, any director, officer, employee or individual contractor or consultant of Bear Creek or any of its subsidiaries
after the Effective Time; (y) require Highlander to continue any benefit plan or to prevent the amendment, modification or termination
of any benefit plan after the Effective Date or prohibit Highlander from amending, modifying or terminating any benefit plan or arrangement
covering any continuing director, officer, employee or individual contractor or consultant on or after the Effective Date; or (z) constitute
an amendment to any benefit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) enter into, extend, amend or terminate any collective bargaining agreement or any Bear Creek Benefit Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) negotiate, enter into, extend, amend or terminate any employment, severance, consulting, termination or
other similar agreement with any officer, director, employee, agent or individual contractor or consultant, other than: (A) in connection
with terminating officers, directors, employees, agents or individual contractors or consultants for cause; (B) amendments required by
Law; (C) for the purposes hiring or engaging employees, agents or individual contractors or consultants (in each case, a "**New Hire**") required in the ordinary course of business to replace terminated or departed employees, agents or individual contractors
or consultants (in each case, a "**Departing Hire**") at the Mercedes Gold-Silver Mine Project, provided that such New
Hire is employed or engaged on substantially the same terms and conditions pursuant to which the Departing Hire was employed or engaged,
and provided further that the overall compensation payable to such New Hire does not exceed $150,000 annually, excluding from such overall
compensation benefits under the Bear Creek Benefits Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) make or forgive any loans or advances to any of its officers, directors, employees, agents or individual
contractors or consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) other than as disclosed in Section 5.1(b)(xvi) of the Bear Creek Disclosure Letter, make any bonus or
profit sharing distribution or similar payment of any kind to any person, including: officers, directors employees, agents or individual
contractors or consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) settle, pay, discharge, satisfy, compromise, waive, assign or release: (A) any material action, claim,
liability or proceeding; (B) any claims, liabilities or obligations in an amount in excess of US$500,000 (whether individually or in the
aggregate), except claims, liabilities or obligations reflected or reserved against in the Bear Creek Financial Statements; or (C) any
material rights, claims or benefits of Bear Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) enter into or extend any agreement or arrangement that provides for: (A) any limitation or restriction
on the ability of Bear Creek or any of its subsidiaries or, following the Effective Time, the ability of any of Bear Creek's affiliates,
to engage in any type of activity or business, (B) any limitation or restriction on the manner in which, or the localities in which, all
or any portion of the business of Bear Creek or any of its subsidiaries or, following the Effective Time, all or any portion of the business
of any of Bear Creek's affiliates, is or would be conducted, or (C) any limitation or restriction on the ability of Bear Creek or
any of its subsidiaries or, following the Effective Time, the ability of any of Bear Creek's affiliates, to solicit suppliers, customers,
employees, contractors or consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) waive, release or condition any material non-compete, non-solicitation, non-disclosure, confidentiality
or other restrictive covenant owed to Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) negotiate, enter into, extend, amend or terminate, any agreement that has the effect of creating a joint
venture, partnership, strategic alliance or similar relationship between Bear Creek or any of its subsidiaries and another person, except
in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) negotiate, enter into, extend, amend or terminate any material agreement, commitment or understanding
with any aboriginal or indigenous peoples or aboriginals or indigenous groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) other than as is necessary to comply with any applicable written contract in effect on the date of this
Agreement, the Bear Creek Equity Incentive Plans or Bear Creek Benefit Plans, engage in any transaction with any related parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) (A) enter into any agreement that if entered into prior to the date of this Agreement, would be a Bear
Creek Material Contract; (B) modify, amend in any material respect, transfer or terminate any Bear Creek Material Contract, or waive,
release or assign any material rights or claims thereto or thereunder; or (C) fail to enforce any breach or threatened breach of any Bear
Creek Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) initiate any material discussion, negotiations or filings with any Governmental Entity regarding any matter
(including with respect to the Arrangement or the transactions contemplated by this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) incur, or commit to, capital expenditures in excess of the amounts set out in Schedule 5.1(b)(xxix) to
the Bear Creek Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) enter into, extend, amend or terminate any material interest rate, currency, equity or commodity swaps,
hedges, derivatives, forward sales contracts or other similar financial instruments, other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) (A) take any action inconsistent with past practice relating to the filing of any Return or the withholding,
collecting, remitting and payment of any Tax; (B) amend any Return or change any of its methods of reporting income, deductions or accounting
for income Tax purposes from those employed in the preparation of any Return, except as may be required pursuant to applicable Law; (C)
make or revoke any material election relating to Taxes, other than any election that has yet to be made in respect of any event or circumstance
occurring prior to the date of the Agreement; (D) enter into any
Tax sharing, Tax allocation, Tax related waiver or Tax indemnification agreement; or (E) settle (or offer to settle) any Tax claim, audit,
proceeding or re- assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) (A) take any action or fail to take any action which action or failure to act would, or would reasonably
be expected to, result in the loss, expiration or surrender of, or the loss of any material benefit under, or reasonably be expected to
cause any Governmental Entities to institute proceedings for the suspension, revocation or limitation of material rights under, any Permits
necessary to conduct its businesses as now conducted; (B) or fail to prosecute in a commercially reasonable manner any pending applications
to any Governmental Entities for material Permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) take any action or fail to take any action that is intended to, or would reasonably be expected to, individually
or in the aggregate, prevent, materially delay or materially impede the ability of Bear Creek to consummate the Arrangement or the other
transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) agree, resolve or commit to do any of the foregoing.

For greater certainty, nothing in this Section 5.1 shall give Highlander, directly or indirectly, any right to control or direct the operations of Bear Creek or any of its subsidiaries.

5.2 Additional Covenants of Bear Creek

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bear Creek shall use its commercially reasonable efforts to cause the current insurance (or re-insurance) policies maintained by or
for the benefit of Bear Creek or any of its subsidiaries,
including directors' and officers' insurance, not to be cancelled or terminated or any of the coverage thereunder to lapse
prior to the Effective Time, unless simultaneously with such termination, cancellation or lapse, replacement policies underwritten by
insurance or re-insurance companies of nationally recognized standing having comparable deductions and providing coverage equal to or
greater than the coverage under the cancelled, terminated or lapsed policies for substantially similar premiums are in full force and
effect; *provided* that, subject to Section 9.2(a), none of Bear Creek or any of its subsidiaries shall obtain or renew any insurance
(or re-insurance) policy for a term exceeding 12 months. Bear Creek shall consult with Highlander on any renewals of insurance (or re-insurance)
policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear Creek shall provide Highlander with prompt written notice of any change, effect, event or occurrence
that, individually or in the aggregate, has resulted in, or would reasonably be expected to result in, a Bear Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bear Creek shall promptly notify Highlander of: (i) any material communications (whether oral or written)
from a Governmental Entity, including a copy of any written communication, and (ii) any opposition, concerns or threats raised or brought
by non-governmental organizations, communities, community groups, aboriginal or indigenous peoples or aboriginals or indigenous groups
in respect of Bear Creek's or any of its subsidiaries' current or planned operations that could reasonably be expected to
materially impact such operations or title to any of the Bear Creek Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Bear Creek shall prepare, or shall cause to be prepared, and shall file prior to the Effective Date all
sales and use Returns of Bear Creek and its subsidiaries that are required by Law to be filed on or before the Effective Date or that
have not been timely filed when due, and shall remit all sales and use Taxes that are required to be paid in respect of such Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Bear Creek shall keep Highlander reasonably informed, on a current basis, of any events, discussions,
notices or changes with respect to any Tax investigation (other than ordinary course communications which could not reasonably be expected
to be material to Bear Creek or any of its subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Bear Creek shall apply for and use its commercially reasonable efforts to obtain approval of the Private
Placement from the TSXV as soon as practicable after the date hereof, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prior to the Effective Time, the Nominating and Corporate Governance Committee of the Bear Creek Board
shall identify one director of Bear Creek (the "**Bear Creek Nominee**") to be proposed for appointment to the Highlander
Board immediately after the Effective Time and provide notice to Highlander of the Bear Creek Nominee, provided that the proposed Bear
Creek Nominee is: (i) a member of the Bear Creek Board as of the date of this Agreement; (ii) eligible to be a director of Highlander
pursuant to applicable Laws;·and (iii) "independent" with respect to both Bear Creek and Highlander, as such term is
defined in National Instrument 52- 110 - *Audit Committees*.

For greater certainty, nothing in this Section 5.2 shall give Highlander, directly or indirectly, any right to control or direct the operations of Bear Creek or any of its subsidiaries.

5.3 Covenants of Highlander Regarding the Conduct of Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Highlander covenants and agrees that, during the period from the date of this Agreement, until the earlier
of the Effective Time and the time at which this Agreement is terminated in accordance with its terms, except: (x) as expressly required
by this Agreement or the Plan of Arrangement; (y) as required by applicable Law, or (z) with the prior written consent of Bear Creek,
such consent not to be unreasonably withheld, conditioned or delayed, Highlander shall and shall cause each of its subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct their respective business only in, and not take any action except in the ordinary course of business;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use commercially reasonable efforts to maintain, and preserve intact, its business, its business organization,
goodwill, employees, properties, business relationships and assets in all material respects, keep available the services of its officers,
employees and contractors as a group and maintain satisfactory relationships with suppliers, customers, aboriginal or indigenous peoples
or aboriginals or indigenous groups, Governmental Entities and others having business relationships with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of Section 5.3(a), Highlander covenants and agrees that, during the period
from the date of this Agreement, until the earlier of the Effective Time and the time at which this Agreement is terminated in accordance
with its terms, except: (i) as expressly required by this Agreement or the Plan of Arrangement; (ii) as required by applicable Law; or
(iii) with the prior written consent of Bear Creek, such consent not to be unreasonably withheld, conditioned or delayed, Highlander shall
not and shall cause each of its subsidiaries not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or propose to amend its notice of articles, articles or its organizational or constating documents
in any manner that would adversely affect the value of the Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) split, combine, or reclassify Highlander Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reorganize, amalgamate or merge Highlander, or, to the extent prejudicial to the Arrangement or to Bear
Creek, any subsidiary of Highlander;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issue, grant, award, deliver, sell, pledge, dispose of or otherwise encumber, or agree to issue, grant,
award, deliver, sell, pledge, dispose of or otherwise encumber a material number of Highlander Shares or other equity or voting interests
or any options or any options, warrants, calls, appreciation rights, convertible securities or similar rights convertible into or exchangeable
or exercisable for, or otherwise evidencing a right to acquire, Highlander Shares or other equity or voting interests or other securities
of Bear Creek or any of its subsidiaries,
other than pursuant to: (A) one or more offerings of Highlander Shares not to exceed $100,000,000, in the aggregate, or result in the
creation of a new control person; and (B) the valid exercise or vesting of Highlander Options or Highlander Warrants outstanding on the
date of this Agreement in accordance with their terms; or (C) grants of Highlander Options or security based compensation in the ordinary
course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) adopt a plan of liquidation or resolutions providing for the liquidation or dissolution of Highlander
or any of its material subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) amend the terms of any of the Highlander Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) sell, pledge, hypothecate, lease, license, sell and lease back, mortgage, dispose of or encumber or otherwise
transfer, any material assets, securities, properties, interests or businesses of Highlander or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) reorganize, amalgamate or merge Highlander or any of its subsidiaries with any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) acquire (by merger, amalgamation, consolidation, acquisition of shares or assets or otherwise) or agree
(in one transaction or in a series of related transactions) to acquire, directly or indirectly, any person, or securities, interests or
business of any person, or make any investment or agree to make an investment, directly or indirectly (in one transaction or in a series
of related transactions), either by the purchase of securities of, or contributions of capital to, any other person (other than wholly
owned subsidiaries as of the date of this Agreement), if such acquisition is material to Highlander or its subsidiaries, taken as a whole,
and: (A) where the purchase price (excluding any contingent, earn-out or other deferred payments) in respect thereof exceeds $50,000,000
or (B) where the acquisition or agreement is not on an arm's length basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) acquire or agree to acquire, directly or indirectly, any assets or properties of any person, if such assets
or properties would be material to Highlander and its subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) incur, create, assume or otherwise become liable for, any indebtedness for borrowed money or any other
liability or obligation or issue any debt securities or assume, guarantee, endorse or otherwise become responsible for the obligations
of any other person or make any loans, capital contributions, investments or advances, if such indebtedness, liability, debt securities
or obligations would exceed $100,000,000, in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) take any action or fail to take any action that is intended to, or would reasonably be expected to, individually
on the aggregate, prevent or materially delay or materially impede the ability of Highlander to consummate the Arrangement or the other
transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) authorize, agree or resolve to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander shall provide Bear Creek with prompt written notice of any change, effect, event or occurrence
that, individually or in the aggregate, has resulted in, or would reasonably be expected to result in, a Highlander Material Adverse Effect.

5.4 Additional Covenants of Highlander

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Concurrently with the execution of this Agreement, Highlander hereby irrevocably agrees to subscribe for
and purchase 50,000,000 Bear Creek Shares (the "**Subscription Shares**") and Bear Creek hereby irrevocably agrees to sell
and issue to Highlander the Subscription Shares, for an aggregate subscription price of $18,000,000 for the
Subscription Shares (the "**Subscription Price**") on the terms and conditions set out in the subscription agreement (the
" **Subscription Agreement**") between Highlander and Bear Creek of even date herewith (the "**Private Placement** ").
Completion of the Private Placement shall occur two Business Days following conditional approval of the Private Placement by the TSXV
and shall not be conditional upon the completion of the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Bear Creek Meeting or at any postponement or adjournment thereof or in any other circumstance upon
which a vote, consent or other approval of the Bear Creek Shareholders with respect to the Bear Creek Resolution is sought, Highlander
shall: (i) cause the Subscription Shares to be counted as present for the purposes of establishing quorum, (ii) vote the Subscription
Shares in favour of the approval of the Bear Creek Resolution, and (iii) vote the Subscription Shares in favour of any other matter necessary
for the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander shall apply for and use its commercially reasonable efforts to obtain conditional approval
of the listing for trading on the TSX by the Effective Time of the Highlander Shares to be issued pursuant to the Arrangement and the
Highlander BCM Warrant Shares to be issued upon due exercise of Bear Creek Warrants, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to or contemporaneously with the Effective Time, if determined appropriate by the warrant agent
under the Bear Creek Warrant Indenture, relying on advice of counsel, Highlander shall execute and deliver a supplemental indenture in
accordance with the Bear Creek Warrant Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the Effective Time, the Highlander Board shall consider and vote on acting reasonably and in
good faith whether to appoint the Bear Creek Nominee to the Highlander Board immediately after the Effective Time, provided that the Bear
Creek Nominee is: (i) a member of the Bear Creek Board as of the date of this Agreement; (ii) eligible to be a director of Highlander
pursuant to applicable Laws; and (iii) "independent" with respect to both Bear Creek and Highlander, as such term is defined
in National Instrument 52-110 - *Audit Committees*. If the Highlander Board resolves to appoint the Bear Creek Nominee to the Highlander
Board, Highlander shall take all actions to ensure that the Highlander Board, immediately after the Effective
Time, shall include the Bear Creek Nominee as a director of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Highlander shall not, without the consent of Bear Creek, materially amend the terms and conditions of
the Debt Restructuring Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Contemporaneously with the Effective Time, or as soon as practicable thereafter, Highlander will repay
or cause to be repaid the advance and outstanding interest owing pursuant to the support agreement dated November 22, 2022, as amended,
between Bear Creek and Wheaton Precious Metals International Ltd.

5.5 Mutual Covenants of the Parties Relating to the Arrangement

Subject to Section 5.7, which shall govern in relation to Regulatory Approvals, each of the Parties covenants and agrees that, subject to the terms and conditions of this Agreement, during the period from the date of this Agreement, until the earlier of the Effective Time and the time that this Agreement is terminated in accordance with its terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall, and shall cause its subsidiaries to, use commercially reasonable efforts to satisfy (or cause
the satisfaction of) the conditions precedent to its obligations hereunder as set forth in Article 6 to the extent the same is within
its control and to take, or cause to be taken, all other action and to do, or cause to be done, all other things necessary, proper or
advisable under all applicable Laws to complete the Arrangement, including using its commercially reasonable efforts to promptly: (i)
obtain all Regulatory Approvals; (ii) obtain all necessary waivers, consents and approvals required to be obtained from parties to the
Bear Creek Material Contracts; (iii) obtain all material Permits required to be obtained by it or any of its subsidiaries under applicable
Laws; (iv) fulfill all conditions and satisfy all provisions of this Agreement, the Arrangement and the Debt Restructuring Agreements,
required to be satisfied by it; (v) effect or cause to be effected all necessary registrations, filings and submissions of information
requested by Governmental Entities required to be effected by it in connection with the Plan of Arrangement; (vi) oppose, lift or rescind
any injunction or restraining order against it or other order or action against it seeking to stop, or otherwise adversely affecting its
ability to make and complete, the Plan of Arrangement; and (vii) co-operate with the other Party in connection with the performance by
it and its subsidiaries of their obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall not take any action, shall refrain from taking any action, and shall not permit any action to
be taken or not taken, which is inconsistent with this Agreement or the Debt Restructuring Agreements or which would reasonably be expected
to materially impede or materially delay the consummation of Arrangement or the other transactions contemplated by this Agreement, the
Arrangement or the Debt Restructuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it shall use commercially reasonable efforts to: (i) defend all lawsuits or other legal, regulatory or
other proceedings against itself or any of its subsidiaries challenging or affecting this Agreement, the Debt Restructuring Agreements
or the consummation of the transactions contemplated hereby or thereby; (ii) appeal, overturn or have
lifted or rescinded any injunction or restraining order or other order, including Orders, relating to itself or any of its subsidiaries
which may materially adversely affect the ability of the Parties to consummate the Arrangement or the Debt Restructuring Agreements; and
(iii) appeal or overturn or otherwise have lifted or rendered non-applicable in respect of the Arrangement or the Debt Restructuring Agreements,
any Law that makes consummation of the Arrangement illegal or otherwise prohibits or enjoins Bear Creek or Highlander from consummating
the Arrangement or the Debt Restructuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it shall carry out the terms of the Interim Order and Final Order applicable to it and use commercially
reasonable efforts to comply promptly with all requirements which applicable Laws may impose on it or its subsidiaries or affiliates with
respect to the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly notify the other Party of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any communication from any person alleging that the consent of such person (or another person) is or may
be required in connection with the Arrangement or the Debt Restructuring Agreements (and the response thereto from such Party, its subsidiaries
or its Representatives);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any material communication from any Governmental Entity in connection with the Arrangement or the Debt
Restructuring Agreements (and the response thereto from such Party, its subsidiaries or its Representatives); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any litigation threatened or commenced against or otherwise affecting such Party or any of its subsidiaries
that is related to the Arrangement or the Debt Restructuring Agreements.

5.6 Pre-Acquisition Reorganization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bear Creek agrees to effect such reorganization of its business, operations, subsidiaries and assets or
such other transactions (each, a "**Pre-Acquisition Reorganization**") as Highlander may reasonably request prior to the
Effective Date, and the Plan of Arrangement, if required, shall be modified accordingly; provided, however, that unless otherwise agreed
by Highlander and Bear Creek (i) any Pre-Acquisition Reorganization is not, in the opinion of Bear Creek or Bear Creek's counsel,
acting reasonably, prejudicial to Bear Creek, Bear Creek Securityholders or Bear Creek Warrantholders; (ii) any Pre-Acquisition Reorganization
does not require Bear Creek to obtain the approval of Bear Creek Securityholders or Bear Creek Warrantholders; (iii) any Pre-Acquisition
Reorganization shall not, in the opinion of Bear Creek, acting reasonably, impair, prevent, impede or materially delay the consummation
of the Arrangement; (iv) any Pre-Acquisition Reorganization shall not, in the opinion of Bear Creek, acting reasonably, materially interfere
with the ongoing operations of Bear Creek or its subsidiaries; (v) any Pre-Acquisition Reorganization shall not require Bear Creek or
any of its subsidiaries to contravene any applicable Laws, their respective organizational documents or any Contract or Permit; (vi) Bear
Creek and its subsidiaries shall
not be obligated to take any action that would reasonably be expected to result in any Taxes being imposed on, or any adverse Tax or other
consequences to, any Bear Creek Securityholders or Bear Creek Warrantholders that are incrementally greater than the Taxes or other consequences
to such party in connection with the consummation of the Arrangement in the absence of any Pre-Acquisition Reorganization; (vii) any Pre-Acquisition
Reorganization is effected immediately prior to, contemporaneously with, or within two Business Days prior to the Effective Date; (viii)
any Pre-Acquisition Reorganization does not result in the withdrawal or material modification of the Bear Creek Fairness Opinions; (ix)
any Pre-Acquisition Reorganization is able to be reversed or unwound in the event the Arrangement is not consummated without materially
prejudicing Bear Creek, any of its subsidiaries, Bear Creek Securityholders or Bear Creek Warrantholders; and (x) Highlander agrees that
it will be responsible for all reasonable costs and expenses associated with any Pre-Acquisition Reorganization to be carried out at its
request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander shall provide written notice to Bear Creek of any proposed Pre- Acquisition Reorganization
in reasonable detail at least fifteen (15) Business Days prior to the date of the Bear Creek Meeting. Any step or action taken by Bear
Creek or its subsidiaries in furtherance of a proposed Pre-Acquisition Reorganization shall not be considered to be a breach of any representation,
warranty or covenant of Bear Creek contained in this Agreement. If the Arrangement is not completed, Highlander shall: (i) forthwith reimburse
Bear Creek or at Bear Creek's direction, its subsidiaries, for all reasonable fees and expenses (including any professional fees
and expenses and Taxes) incurred by Bear Creek and its subsidiaries in considering or effecting a Pre-Acquisition Reorganization; and
(ii) indemnify Bear Creek for any fees, expenses and costs (including professional fees and expenses and Taxes) of Bear Creek and its
subsidiaries in reversing or unwinding any Pre- Acquisition Reorganization that was effected prior to the Effective Date. Highlander also
hereby agrees to indemnify and save harmless Bear Creek and its subsidiaries and their respective Representatives from and against any
and all liabilities, losses, damages, claims, costs, expenses, interest, awards, Taxes, judgments and penalties suffered or incurred by
any of them in connection with or as a result of any Pre-Acquisition Reorganization (including in respect of any reversal, modification
or termination of a Pre-Acquisition Reorganization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bear Creek agrees that, upon receipt of notice from Highlander pursuant to Section 5.6(a) it shall, and
shall cause each of its subsidiaries to, cooperate with Highlander in good faith to plan, prepare and implement such Pre-Acquisition Reorganizations
as are desirable and requested by Highlander in accordance with this Section 5.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification obligations contained in this Section 5.6 shall survive indefinitely notwithstanding
the termination of this Agreement.

5.7 Regulatory Approvals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as reasonably practicable after December 31, 2025, Bear Creek shall notify Highlander
 whether based on the unaudited financial statements of Minera Mercedes Minerales S. de R.L and Mercedes Gold Holdings S. A. de C.V.
 as at and for the financial
year ended December 31, 2025, and based on the advice of legal counsel, a premerger notification filing is required in respect of the
transactions contemplated by this Agreement with the CNA pursuant to Mexican Antitrust Law. If such a premerger notification filing is
required, as soon as reasonably practicable following receipt of such notice the Parties shall each make a premerger notification filing
in respect of the transactions contemplated by this Agreement with CNA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to obtaining the Regulatory Approvals, each of Bear Creek and Highlander shall cooperate
with one another and shall provide such assistance as any other Party may reasonably request in connection with obtaining the Regulatory
Approvals. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Party shall extend or consent to any extension of any applicable waiting or review period or enter
into any agreement with a Governmental Entity to not consummate the transactions contemplated by this Agreement, except upon the prior
written consent of the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Parties shall exchange drafts of all submissions, material correspondence, filings, presentations,
applications, plans, consent agreements and other material documents made or submitted to or filed with any Governmental Entity in respect
of the transactions contemplated by this Agreement, will consider in good faith any suggestions made by the other Party and its counsel
and will provide the other Party and its counsel with final copies of all such submissions, material correspondence, filings, presentations,
applications, plans, consent agreements and other material documents, and all pre-existing business records or other documents, submitted
to or filed with any Governmental Entity in respect of the transactions contemplated by this Agreement; provided, however, that this obligation
shall not extend to (a) legally privileged information, or (b) information indicated by either Party to be competitively sensitive, in
either case, which information shall be provided on an external counsel-only basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Party will keep the other Party and their respective counsel fully apprised of all material written
(including email) and oral communications and all meetings with any Governmental Entity and their staff in respect of the Regulatory Approvals,
and will not participate in such material communications or meetings without giving the other Party and their respective counsel the opportunity
to participate therein; provided, however, that where competitively sensitive information may be discussed or communicated, in either
case the other Party's external legal counsel shall be provided with any such communications or information on an external counsel-only
basis and shall have the right to participate in any such meetings on an external counsel-only basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party shall make available its Representatives on the reasonable request of a Party and its counsel,
to assist in obtaining the Regulatory Approvals, including by (i) making
introductions to, and arranging meetings with. key stakeholders and leaders of Governmental Entities and participating in those
meetings; (ii) providing strategic input, including on any materials prepared for obtaining the Regulatory Approvals; and (iii)
responding promptly to requests for support, documents, information, comments or input where reasonably requested in connection with
the Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties shall not enter into any transaction, investment, agreement, arrangement or joint venture
or take any other action, the effect of which would reasonably be expected to make obtaining the Regulatory Approvals materially more
difficult or challenging, or reasonably be expected to materially delay the obtaining of the Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Party shall use its commercial reasonable efforts to ensure that the Section 3(a)(10) Exemption and
exemptions from applicable securities Laws of any state of the United States are available for the issuance of Highlander Shares pursuant
to the Plan of Arrangement.

5.8 Subsection 110(1.1) Election

The Parties acknowledge and covenant that (i) Bear Creek shall, and Highlander shall cause Bear Creek to elect pursuant to subsection 110(1.1) of the Tax Act and any similar legislation of a Canadian province in respect of the transfer, in accordance with the provisions of the Plan of Arrangement, of the Bear Creek Options that qualify for the deduction under paragraph 110(1)(d) of the Tax Act ("**Qualifying Options**"); (ii) neither Bear Creek nor any person who does not deal at arm's length (within the meaning of the Tax Act) with Bear Creek, will deduct in computing income for the purposes of the Tax Act any amount (other than designated amounts permitted under the Tax Act) in respect of a payment made to the holders of Bear Creek Options in consideration for the transfer of their Qualifying Options; and (iii) Bear Creek will provide such holders of Qualifying Options with evidence in writing of such election, such evidence to be provided by making the appropriate notation on the T4 slips issued to such holders or in such other manner as prescribed by the Tax Act and any similar legislation of a Canadian province.

**ARTICLE 6 <br> CONDITIONS**

6.1 Mutual Conditions Precedent

The obligations of the Parties to complete the Arrangement are subject to the fulfillment, on or before the Effective Time, of each of the following conditions precedent, each of which may only be waived with the mutual consent of the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Bear Creek Securityholder Approval shall have been approved and adopted by the Bear Creek Securityholders
at the Bear Creek Meeting in accordance with the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Interim Order and the Final Order shall each have been obtained on terms consistent with this Agreement,
and shall not have been set aside or modified in a manner unacceptable to Bear Creek and Highlander, acting reasonably, on appeal or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Highlander Resolution shall have been approved and adopted by Highlander Shareholders at the Highlander
Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Governmental Entity shall have enacted, issued, promulgated, enforced or entered any Order or Law which
is then in effect and has the effect of making the Arrangement illegal or otherwise preventing or prohibiting consummation of the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Highlander Shares to be issued to Bear Creek Shareholders in exchange for their Bear Creek Shares
pursuant to the Plan of Arrangement shall be (i) exempt from the registration requirements of the U.S. Securities Act in reliance upon
the Section 3(a)(10) Exemption and exemptions from applicable Securities Laws of any state of the United States, and (ii) shall not be
"restricted securities" within the meaning of Rule 144 of the U.S. Securities Act and shall be freely transferable under applicable
U.S. Securities Laws (other than as applicable to persons who are, have been within 90 days of the Effective Time, or, at or after the
Effective Time become, "affiliates" of Highlander, as such term is defined in Rule 144 under the U.S. Securities Act),
provided, however, that Bear Creek shall not be entitled to rely on the provisions of this Section 6.1(e) in failing to complete the transactions
contemplated by this Agreement in the event that Bear Creek fails to advise the Court prior to the hearing in respect of the Final Order,
as required by the terms of the Section 3(a)(10) Exemption; provided, further, that Highlander will rely on the Section 3(a)(10) Exemption
for the issuance of such securities, based on the Court's approval of the Arrangement, and comply with the requirements set forth
in Section 2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the CNA Approval, if required, shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the distribution of the Highlander Shares pursuant to the Arrangement shall be exempt from the prospectus
and registration requirements of applicable Securities Laws by virtue of applicable exemptions under Securities Laws and there shall be
no resale restrictions on such Highlander Shares under applicable Securities Laws, except in respect of those holders who are subject
to restrictions on resale as a result of being a "control person" under applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) this Agreement shall not have been terminated in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Debt Restructuring Agreements shall not have been terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Bear Creek and Highlander shall have provided an irrevocable direction to counsel of Bear Creek to pay
from funds held in trust pursuant to Section 2.12(b), by wire transfer, the Termination Obligations owed to each Terminated Person.

6.2 Additional Conditions Precedent to the Obligations of Highlander

The obligation of Highlander to complete the Arrangement is subject to the fulfillment of each of the following conditions precedent on or before the Effective Time (each of which is for the exclusive benefit of Highlander and may be waived by Highlander at any time, in whole or in part, in its sole discretion and without prejudice to any other rights that Highlander may have):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of Bear Creek set forth in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sections 3.1(a) [Board Recommendation], 3.1(b) [Fairness Opinions], 3.1(c) [Organization and Qualification],
3.1(d) [Authority Relative to this Agreement], 3.1(e) [No Violation], 3.1(i) [Ownership of Subsidiaries], 3.1(p) [No Bear Creek Material
Adverse Effect], and 3.1(pp) [Brokers] shall be true and correct in all respects as of the Effective Time as if made as at and as of such
time (except that any such representation and warranty that by its terms speaks specifically as of the date of this Agreement or another
date shall be true and correct in all respects as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 3.1(f) [Capitalization] shall be true and correct in all respects (except for de minimis inaccuracies)
as of the Effective Time as if made as at and as of such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the other provisions of this Agreement shall be true and correct in all respects (disregarding for purposes
of this clause (iii) any materiality qualification or the Bear Creek Material Adverse Effect qualification contained in any such representation
or warranty) as of the Effective Time as if made at and as of such time (except that any such representation and warranty that by its
terms speaks specifically as of the date of this Agreement or another date shall be true and correct in all respects as of such date),
except in the case of this clause (iii) where the failure to be so true and correct in all respects, individually or in the aggregate,
would not have a Bear Creek Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Bear Creek shall have provided to Highlander a certificate dated as of the Effective Date of two senior
officers of Bear Creek certifying (on Bear Creek's behalf and without personal liability) as to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear Creek shall have complied in all material respects with its covenants herein to be complied with
by it prior to the Effective Time and Bear Creek shall have provided to Highlander a certificate dated as of the Effective Date of two
senior officers of Bear Creek certifying (on Bear Creek's behalf and without personal liability) compliance with such covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) since the date of this Agreement, there shall not have occurred any Bear Creek Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there shall be no action or proceeding pending by a Governmental Entity that is reasonably likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enjoin or prohibit the Highlander' ability to acquire, hold, or exercise full rights of ownership
over, any Bear Creek Shares, including the right to vote Bear Creek Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Arrangement is consummated, have a Bear Creek Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dissent Rights shall not have been validly exercised by holders of more than 5% of the outstanding Bear
Creek Shares.

6.3 Additional Conditions Precedent to the Obligations of Bear Creek

The obligations of Bear Creek to complete the Arrangement is subject to the following conditions precedent on or before the Effective Time (each of which is for the exclusive benefit of Bear Creek and may be waived by Bear Creek at any time, in whole or in part, in its sole discretion and without prejudice to any other rights that Bear Creek may have):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of Highlander set forth in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 4.1(a) [Organization and Qualification], 4.1(c) [Authority Relative to this Agreement], 4.1(d)
[No Violations], 4.1(h) [Ownership of Subsidiaries], 4.1(o) [No Highlander Material Adverse Effect], and 4.1(hh) [Issuance of Highlander
Shares] shall be true and correct in all respects as of the Effective Time as if made as at and as of such time (except that any such
representation and warranty that by its terms speaks specifically as of the date of this Agreement or another date shall be true and correct
in all respects as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 4.1(e) [Capitalization] shall be true and correct in all respects (except for de minimis inaccuracies)
as of the Effective Time as if made as at and as of such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the other provisions of this Agreement shall be true and correct in all respects (disregarding for purposes
of this clause (iii) any materiality qualification or the Highlander Material Adverse Effect qualification contained in any such representation
or warranty) as of the Effective Time as if made at and as of such time (except that any such representation and warranty that by its
terms speaks specifically as of the date of this Agreement or another date shall be true and correct in all respects as of such date),
except in the case of this clause (iii) where the failure to be so true and correct in all respects, individually or in the aggregate,
would not have a Highlander Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Highlander shall have provided to Bear Creek a certificate dated as of the Effective Date of two senior
officers of Highlander certifying (on Highlander's behalf and without personal liability) as to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander shall have complied in all material respects with its covenants herein to be complied with
by it prior to the Effective Time and Highlander shall have provided to Bear Creek a certificate dated as of the Effective Date of two
senior officers of Highlander certifying (on Highlander' behalf and without personal liability) compliance with such covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) since the date of this Agreement, there shall not have been any Highlander Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Highlander shall have complied with its obligations under Section 2.12 and the Depositary shall have confirmed
receipt of Highlander Shares to satisfy the aggregate Share Consideration payable to Bear Creek Shareholders pursuant to the Arrangement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Highlander shall have delivered evidence to Bear Creek of the conditional approval of the listing and
posting for trading on the TSX of the Highlander Shares to be issued as Consideration pursuant to the Plan of Arrangement.

6.4 Satisfaction of Conditions

The conditions precedent set out in Section 6.1, Section 6.2 and Section 6.3 shall be conclusively deemed to have been satisfied, waived or released upon delivery by the Parties of written confirmation of the Effective Date. For greater certainty and notwithstanding anything else in this Agreement, the conditions set forth in this Article 6 for the benefit of a Party are the only conditions to such Party's obligations to complete the Arrangement. For greater certainty, and notwithstanding the terms of any escrow arrangement entered into between the Parties and the Depositary or counsel to Bear Creek, all Highlander Shares held in escrow by the Depositary pursuant to Section 2.12(a) and all funds held in escrow by counsel to Bear Creek pursuant to Section 2.12(b) shall be released from escrow at the Effective Time without any further act or formality required on the part of any person.

**ARTICLE 7**

**ADDITIONAL AGREEMENTS OF BEAR CREEK REGARDING BEAR CREEK ACQUISITION PROPOSALS**

7.1 Bear Creek Non-Solicitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Section 7.1 **,** Bear Creek shall not and shall cause
its subsidiaries not to, directly or indirectly, through any of its Representatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit, initiate, knowingly encourage or otherwise knowingly facilitate (including by way of furnishing
or providing copies of, access to, or disclosure of, any confidential information, properties, facilities, books or records of Bear Creek
or any of its subsidiaries other than pursuant to a confidentiality and standstill agreement permitted pursuant to Section 7.1(e)), any
inquiry, proposal or offer that constitutes or could reasonably be expected to constitute or lead to a Bear Creek Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into, engage in, continue or otherwise participate in any discussions or negotiations with any person
(other than Highlander and its subsidiaries or affiliates) in respect of any inquiry, proposal or offer that constitutes or could reasonably
be expected to lead to a Bear Creek Acquisition Proposal; provided that Bear Creek or its Representatives shall be permitted to communicate
with any person who has made a Bear Creek Acquisition Proposal (A) to
advise such person of the restrictions in this Agreement, (B) for the purpose of clarifying the terms and conditions of such Bear Creek
Acquisition Proposal and (C) that the Bear Creek Board has determined that such Bear Creek Acquisition Proposal does not constitute, or
is not reasonably expected to result in, a Bear Creek Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make a Bear Creek Change in Recommendation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) accept or enter into, or publicly propose to accept or enter into, any letter of intent, agreement in
principle, agreement, arrangement or understanding relating to any Bear Creek Acquisition Proposal (other than a confidentiality agreement
permitted pursuant to Section 7.1(e)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear Creek shall, and shall cause its subsidiaries and Representatives to immediately cease any existing
solicitation, encouragement, discussions, negotiations or other activities commenced prior to the date of this Agreement with any person
(other than Highlander and its subsidiaries or affiliates) conducted by Bear Creek or any of its subsidiaries or Representatives with
respect to any inquiry, proposal or offer that constitutes, or could reasonably be expected to constitute or lead to, a Bear Creek Acquisition
Proposal, and, in connection therewith, Bear Creek shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly discontinue access to and disclosure of its and its subsidiaries' confidential information
(and not allow access to or disclosure of any such confidential information, or any data room, virtual or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as possible request (and in any case within two Business Days), and use commercially reasonable
efforts to exercise all rights it has (or cause its subsidiaries to exercise any rights that they have) to require, the return or destruction
of all confidential information (including derivative information) regarding Bear Creek and its subsidiaries previously provided to any
person (other than Highlander and its subsidiaries or affiliates) in connection with a possible Bear Creek Acquisition Proposal to the
extent such information has not already been returned or destroyed, and shall use its commercially reasonable efforts to ensure that such
requests are fully complied with to the extent Bear Creek is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bear Creek represents and warrants that neither Bear Creek nor any of its subsidiaries has waived any
standstill, confidentiality, non-disclosure, business purpose, use or similar agreement or restriction to which Bear Creek or any of its
subsidiaries is a Party in connection with any potential Bear Creek Acquisition Proposal. Subject to Section 7.1(e), Bear Creek covenants
and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bear Creek shall take all commercially reasonable action to enforce each standstill, confidentiality,
non-disclosure, business purpose, use or similar agreement or restriction to which Bear Creek or any of its subsidiaries is a party in
connection with any Bear Creek Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither Bear Creek nor any of its subsidiaries nor any of their respective Representatives will, without
the prior written consent of Highlander, release any person from, or waive, amend, suspend or otherwise modify such person's obligations
respecting Bear Creek, or any of its subsidiaries, under any standstill, confidentiality, non-disclosure, business purpose, use or similar
agreement or restriction to which Bear Creek or any of its subsidiary is a party (it being acknowledged by Highlander that the automatic
termination or automatic release, in each case pursuant to the terms thereof, of any standstill restrictions of any such agreements as
a result of the entering into and announcement of this Agreement shall not be a violation of this Section 7.1(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Bear Creek, or any of its subsidiaries or any of their respective Representatives receives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any inquiry, proposal or offer made after the date of this Agreement that constitutes or could reasonably
be expected to constitute or lead to a Bear Creek Acquisition Proposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any request for copies of, access to, or disclosure of, confidential information relating to Bear Creek
or any of its subsidiaries in connection with any proposal that constitutes or could reasonably be expected to constitute or lead to a
Bear Creek Acquisition Proposal, including information, access or disclosure relating to the properties, facilities, books or records
of Bear Creek or any of its subsidiaries, in each case made after the date of this Agreement;

then, Bear Creek shall promptly orally notify Highlander, and then in writing within 24 hours, of such Bear Creek Acquisition Proposal, inquiry, proposal, offer or request, including the identity of the person making such Bear Creek Acquisition Proposal, inquiry, proposal, offer or request and the material terms and conditions thereof and copies of all written documents, correspondence or other material received in respect of, from or on behalf of any such person. Bear Creek shall keep Highlander promptly and reasonably informed of the status of developments and (to the extent permitted by Section 7.1(f)) discussions and negotiations with respect to such Bear Creek Acquisition Proposal, inquiry, proposal, offer or request, including any material changes, modifications or other amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Section 7.1, if at any time following the date of this Agreement
and prior to obtaining the Bear Creek Securityholder Approval, Bear Creek receives an unsolicited *bona fide* written Bear Creek
Acquisition Proposal, Bear Creek (A) may engage in or participate in discussions or negotiations with such person regarding such Bear
Creek Acquisition Proposal, and (B) may provide copies of, access to or disclosure of information, properties, facilities, books or records
of Bear Creek or its subsidiaries, if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bear Creek Board determines, in good faith after consultation with its outside financial and legal advisors,
that such Bear Creek Acquisition Proposal constitutes
or could reasonably be expected to constitute or lead to a Bear Creek Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such person is not restricted from making a Bear Creek Acquisition Proposal pursuant to an existing standstill,
confidentiality, non-disclosure, business purpose, use or similar restriction with Bear Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bear Creek has been, and continues to be, in compliance with its obligations under this Section 7.1 in
all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prior to providing any such copies, access or disclosures, Bear Creek enters into a confidentiality and
standstill agreement with such person, or confirms it has previously entered into such an agreement which remains in effect, in either
case on terms that are not less favourable in the aggregate to Bear Creek than the Bear Creek Confidentiality Agreement and which does
not contain a restriction on the ability of Bear Creek to disclose information to Highlander relating to the agreement or the status of
developments and negotiations with respect to such Bear Creek Acquisition Proposal with such person and any such copies, access or disclosure
provided to such person shall have already been (or simultaneously be) provided to Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing contained in this Agreement shall prohibit Bear Creek Board (acting in good faith and upon advice
of its outside legal and financial advisors) from making any disclosure to Bear Creek Shareholders as required by applicable Law, including
complying with section 2.17 of Multilateral Instrument 62-104 – Takeover Bids and Issuer Bids and similar provisions under Securities
Laws relating to the provision of a directors' circular in respect of a Bear Creek Acquisition Proposal; provided, however, that
neither Bear Creek nor the Bear Creek Board shall be permitted to recommend that the Bear Creek Shareholders tender any securities in
connection with any take-over bid that is a Bear Creek Acquisition Proposal or effect a Bear Creek Change in Recommendation with respect
thereto, except as permitted by this Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If Bear Creek receives a Bear Creek Acquisition Proposal that constitutes a Bear Creek Superior Proposal
prior to obtaining the Bear Creek Securityholder Approval, the Bear Creek Board may, (1) make a Bear Creek Change in Recommendation in
response to such Bear Creek Superior Proposal and/or (2) cause Bear Creek to terminate this Agreement pursuant to Section 10.2(a)(iv)(B)
and concurrently enter into a definitive agreement with respect to such Bear Creek Superior Proposal (other than a confidentiality agreement
permitted by Section 7.1(e), a "**Bear Creek Proposed Agreement** "), if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the person making such Bear Creek Superior Proposal is not restricted from making a Bear Creek Acquisition
Proposal pursuant to an existing standstill, confidentiality, non-disclosure, business purpose, use or similar restriction (other than
a confidentiality and standstill agreement permitted pursuant to Section 7.1(e));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bear Creek has been, and continues to be, in compliance with its obligations under this Section 7.1 in
all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bear Creek or its Representatives have delivered to Highlander the information required by Section 7.1(d)
and a written notice of the determination of Bear Creek Board that such Bear Creek Acquisition Proposal constitutes a Bear Creek Superior
Proposal and of the intention of Bear Creek Board to make Bear Creek Change in Recommendation and/or terminate this Agreement pursuant
to Section 10.2(a)(iv)(B) to concurrently enter into Bear Creek Proposed Agreement with respect to such Bear Creek Superior Proposal,
as applicable, together with a written notice from the Bear Creek Board regarding the value that the Bear Creek Board, in consultation
with Bear Creek Financial Advisors, has determined should be ascribed to any non-cash consideration offered under such Bear Creek Acquisition
Proposal (collectively, the "**Bear Creek Superior Proposal Notice** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of Bear Creek Board exercising its rights under clause (2) of this Section 7.1(g), Bear Creek
or its Representatives have provided Highlander a copy of Bear Creek Proposed Agreement and all supporting materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) five Business Days (the "**Highlander Response Period**") shall have elapsed from the date
on which Highlander has received the Bear Creek Superior Proposal Notice and all documentation referred to in Section 7.1(g)(iii) and
Section 7.1(g)(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) during any Highlander Response Period, Highlander has had the opportunity (but not the obligation) in
accordance with Section 7.1(h), to offer to amend this Agreement and the Plan of Arrangement in order for such Bear Creek Acquisition
Proposal to cease to be a Bear Creek Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) after the Highlander Response Period, the Bear Creek Board has determined in good faith, after consultation
with its outside legal counsel and financial advisors, that such Bear Creek Acquisition Proposal continues to constitute a Bear Creek
Superior Proposal (if applicable, compared to the terms of the Arrangement as proposed to be amended by Highlander under Section 7.1(h);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of Bear Creek Board exercising its rights under clause (2) of this Section 7.1(g), prior to
or concurrently with terminating this Agreement pursuant to Section 7.1(g), Bear Creek enters into such Bear Creek Proposed Agreement
and concurrently pays to Highlander the amounts required to be paid pursuant to Section 10.6(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) During Highlander Response Period, or such longer period as Bear Creek may approve in writing for such purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bear Creek Board shall review any offer made by Highlander under Section 7.1(g)(vi) to amend the terms
of this Agreement and the Plan of Arrangement in good faith in order to determine whether such proposal would, upon acceptance, result
in a Bear Creek Acquisition Proposal previously constituting a Bear Creek Superior Proposal ceasing to be a Bear Creek Superior Proposal;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Bear Creek Board determines that a Bear Creek Acquisition
Proposal previously constituting a Bear Creek Superior Proposal would cease to be a Bear Creek Superior Proposal, Bear Creek shall negotiate
in good faith with Highlander to make such amendments to the terms of this Agreement and the Arrangement as would enable Highlander to
proceed with the transactions contemplated by this Agreement on such amended terms. If the Bear Creek Board determines that such Bear
Creek Acquisition Proposal would cease to be a Bear Creek Superior Proposal, Bear Creek shall immediately so advise Highlander, and Bear
Creek and Highlander shall amend this Agreement to reflect such offer made by Highlander, and shall take and cause to be taken all such
actions as are necessary to give effect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each successive amendment or modification to any Bear Creek Acquisition Proposal or Bear Creek Proposed
Agreement that results in an increase in, or modification of, the consideration (or value of such consideration) to be received by Bear
Creek Shareholders or other material terms or conditions thereof shall constitute a new Bear Creek Acquisition Proposal for the purposes
of this Section 7.1 **,** and Highlander shall be afforded a new five Business Day Highlander Response Period from the date on which
Highlander has received the notice and all documentation referred to in Section 7.1(g)(iii) and Section 7.1(g)(iv) with respect to the
new Bear Creek Superior Proposal from Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Bear Creek Board shall promptly reaffirm the Bear Creek Board Recommendation by press release after
the Bear Creek Board determines that any Bear Creek Acquisition Proposal that is publicly announced is not a Bear Creek Superior Proposal
or the Bear Creek Board determines that a proposed amendment to the terms of this Agreement as contemplated under Section 7.1(h) would
result in a Bear Creek Acquisition Proposal that has been previously announced no longer being a Bear Creek Superior Proposal, and the
Agreement has been so amended, Bear Creek shall provide Highlander and its outside legal counsel with a reasonable opportunity to review
the form and content of any such press release and shall make all reasonable amendments to such press release as requested by Highlander
and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In circumstances where Bear Creek provides Highlander with notice of a Bear Creek Superior Proposal and
all documentation contemplated by Section 7.1(g)(iii) and Section 7.1(g)(iv) on a date that is less than seven (7) Business Days prior
to the scheduled date of the Bear Creek Meeting, Bear Creek may either proceed with or postpone Bear Creek Meeting to a date that is not
more than ten (10) Business Days after the scheduled date of such Bear Creek Meeting, and shall postpone the Bear Creek Meeting to a date
that is not more than ten (10) Business Days after the scheduled date of
such Bear Creek Meeting if so directed by Highlander provided, however, that in the event the Bear Creek Meeting is so adjourned, the
date for Bear Creek to convene and conduct the Bear Creek Meeting in Section 2.4(a) and the Outside Date shall be extended by the same
number of days as the Bear Creek Meeting has been adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Without limiting the generality of the foregoing, Bear Creek shall advise its subsidiaries and Representatives
of the prohibitions set out in this Section 7.1 and any violation of the restrictions set forth in this Section 7.1 by Bear Creek, its
subsidiaries or Representatives shall be deemed to be a breach of this Section 7.1 by Bear Creek.

**ARTICLE 8**

**ADDITIONAL AGREEMENTS OF HIGHLANDER REGARDING HIGHLANDER ACQUISITION PROPOSALS**

8.1 Highlander Non-Solicitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Section 8.1 **,** Highlander shall not and shall cause
its subsidiaries not to, directly or indirectly, through any of its Representatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit, initiate, knowingly encourage or otherwise knowingly facilitate (including by way of furnishing
or providing copies of, access to, or disclosure of, any confidential information, properties, facilities, books or records of Highlander
or any of its subsidiaries other than pursuant to a confidentiality and standstill agreement permitted pursuant to Section 8.1(e), any
inquiry, proposal or offer that constitutes or could reasonably be expected to constitute or lead to a Highlander Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into, engage in, continue or otherwise participate in any discussions or negotiations with any person
in respect of any inquiry, proposal or offer that constitutes or could reasonably be expected to lead to a Highlander Acquisition Proposal;
provided that Highlander or its Representatives shall be permitted to communicate with any person who has made a Highlander Acquisition
Proposal (A) to advise such person of the restrictions in this Agreement, (B) for the purpose of clarifying the terms and conditions of
such Highlander Acquisition Proposal and (C) that the Highlander Board has determined that such Acquisition Proposal does not constitute,
or is not reasonably expected to result in, a Highlander Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make a Highlander Change in Recommendation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) accept or enter into, or publicly propose to accept or enter into, any letter of intent, agreement in
principle, agreement, arrangement or understanding relating to any Highlander Acquisition Proposal (other than a confidentiality agreement
permitted pursuant to Section 7.1(e)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander shall, and shall cause its subsidiaries and Representatives to immediately cease any existing
solicitation, encouragement, discussions, negotiations or other activities commenced prior to the date of this Agreement with any person
conducted by Highlander or any of its subsidiaries or Representatives with respect to any inquiry, proposal or offer that constitutes,
or could reasonably be expected to constitute or lead to, a Highlander Acquisition Proposal, and, in connection therewith, Highlander
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly discontinue access to and disclosure of its and its subsidiaries' confidential information
(and not allow access to or disclosure of any such confidential information, or any data room, virtual or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as possible request (and in any case within two Business Days), and use commercially reasonable
efforts to exercise all rights it has (or cause its subsidiaries to exercise any rights that they have) to require, the return or destruction
of all confidential information (including derivative information) regarding Highlander and its subsidiaries previously provided to any
person in connection with a possible Highlander Acquisition Proposal to the extent such information has not already been returned or destroyed,
and shall use its commercially reasonable efforts to ensure that such requests are fully complied with to the extent Highlander is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander represents and warrants that neither Highlander nor any of its subsidiaries has waived any
standstill, confidentiality, non-disclosure, business purpose, use or similar agreement or restriction to which Highlander or any of its
subsidiaries is a Party in connection with any potential Highlander Acquisition Proposal. Subject to Section 8.1(e), Bear Creek covenants
and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Highlander shall take all commercially reasonable action to enforce each standstill, confidentiality,
non-disclosure, business purpose, use or similar agreement or restriction to which Highlander or any of its subsidiaries is a party in
connection with any Highlander Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither Highlander nor any of its subsidiaries nor any of their respective Representatives will, without
the prior written consent of Bear Creek, release any person from, or waive, amend, suspend or otherwise modify such person's obligations
respecting Highlander, or any of its subsidiaries, under any standstill, confidentiality, non-disclosure, business purpose, use or similar
agreement or restriction to which Highlander or any of its subsidiary is a party (it being acknowledged by Bear Creek that the automatic
termination or automatic release, in each case pursuant to the terms thereof, of any standstill restrictions of any such agreements as
a result of the entering into and announcement of this Agreement shall not be a violation of this Section 8.1(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Highlander, or any of its subsidiaries or any of their respective Representatives receives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any inquiry, proposal or offer made after the date of this Agreement that constitutes or could reasonably
be expected to constitute or lead to a Highlander Acquisition Proposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any request for copies of, access to, or disclosure of, confidential information relating to Highlander
or any of its subsidiaries in connection with any proposal that constitutes or could reasonably be expected to constitute or lead to a
Highlander Acquisition Proposal, including information, access or disclosure relating to the properties, facilities, books or records
of Highlander or any of its subsidiaries, in each case made after the date of this Agreement;

then, Highlander shall promptly orally notify Bear Creek, and then in writing within 24 hours, of such Highlander Acquisition Proposal, inquiry, proposal, offer or request, including the identity of the person making such Highlander Acquisition Proposal, inquiry, proposal, offer or request and the material terms and conditions thereof and copies of all written documents, correspondence or other material received in respect of, from or on behalf of any such person. Highlander shall keep Bear Creek promptly and reasonably informed of the status of developments and (to the extent permitted by Section 8.1(f)) discussions and negotiations with respect to such Highlander Acquisition Proposal, inquiry, proposal, offer or request, including any material changes, modifications or other amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Section 8.1, if at any time following the date of this Agreement
and prior to obtaining the Highlander Shareholder Approval, Highlander receives an unsolicited *bona fide* written Highlander Acquisition
Proposal, Highlander (A) may engage in or participate in discussions or negotiations with such person regarding such Highlander Acquisition
Proposal, and (B) may provide copies of, access to or disclosure of information, properties, facilities, books or records of Highlander
or its subsidiaries, if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Highlander Board determines, in good faith after consultation with its outside financial and legal advisors,
that such Highlander Acquisition Proposal constitutes or could reasonably be expected to constitute or lead to a Highlander Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such person is not restricted from making a Highlander Acquisition Proposal pursuant to an existing standstill,
confidentiality, non-disclosure, business purpose, use or similar restriction with Highlander or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Highlander has been, and continues to be, in compliance with its obligations under this Section 8.1 in
all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prior to providing any such copies, access or disclosures, Highlander enters into a confidentiality and
standstill agreement with such person, or confirms it has previously entered into such an agreement which remains in effect, in either
case on terms that are not less favourable in the aggregate to Highlander than
the Highlander Confidentiality Agreement and which does not contain a restriction on the ability of Bear Creek to disclose information
to Highlander relating to the agreement or the status of developments and negotiations with respect to such Highlander Acquisition Proposal
with such person and any such copies, access or disclosure provided to such person shall have already been (or simultaneously be) provided
to Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing contained in this Agreement shall prohibit Highlander Board (acting in good faith and upon advice
of its outside legal and financial advisors) from making any disclosure to Highlander Shareholders as required by applicable Law, including
complying with section 2.17 of Multilateral Instrument 62-104 – Takeover Bids and Issuer Bids and similar provisions under Securities
Laws relating to the provision of a directors' circular in respect of a Highlander Acquisition Proposal; provided, however, that
neither Highlander nor the Highlander Board shall be permitted to recommend that the Highlander Shareholders tender any securities in
connection with any take-over bid that is a Highlander Acquisition Proposal or effect a Highlander Change in Recommendation with respect
thereto, except as permitted by this Section 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If Highlander receives a Highlander Acquisition Proposal that constitutes a Highlander Superior Proposal
prior to obtaining the Highlander Shareholder Approval, the Highlander Board may, (1) make a Highlander Change in Recommendation in response
to such Highlander Superior Proposal and/or (2) cause Highlander to terminate this Agreement pursuant to Section 10.2(a)(iii)(B) and concurrently
enter into a definitive agreement with respect to such Highlander Superior Proposal (other than a confidentiality agreement permitted
by Section 8.1(e), a "**Highlander Proposed Agreement** "), if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the person making such Highlander Superior Proposal is not restricted from making a Highlander Acquisition
Proposal pursuant to an existing standstill, confidentiality, non-disclosure, business purpose, use or similar restriction (other than
a confidentiality and standstill agreement permitted pursuant to Section 8.1(e));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Highlander has been, and continues to be, in compliance with its obligations under this Section 8.1 in
all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Highlander or its Representatives have delivered to Bear Creek the information required by Section
 8.1(d) and a written notice of the determination of Highlander Board that such Highlander Acquisition Proposal constitutes a
 Highlander Superior Proposal and of the intention of Highlander Board to make Highlander Change in Recommendation and/or terminate
 this Agreement pursuant to Section 10.2(a)(iii)(B) to concurrently enter into Highlander Proposed Agreement with respect to such
 Highlander Superior Proposal, as applicable, together with a written notice from the Highlander Board regarding the value that the
 Highlander Board, in consultation with its legal and financial advisors, has determined should be ascribed to any non-cash
 consideration offered under such Highlander Acquisition Proposal (collectively, the "**Highlander Superior Proposal Notice** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of Highlander Board exercising its rights under clause (2) of this Section 8.1(g), Highlander
or its Representatives have provided Bear Creek a copy of Highlander Proposed Agreement and all supporting materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) five (5) Business Days (the "**Bear Creek Response Period**") shall have elapsed from the
date on which Bear Creek has received the Highlander Superior Proposal Notice and all documentation referred to in Section 8.1(g)(iii)
and Section 8.1(g)(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) during any Bear Creek Response Period, Bear Creek has had the opportunity (but not the obligation) in
accordance with Section 8.1(h), to offer to amend this Agreement and the Plan of Arrangement in order for such Highlander Acquisition
Proposal to cease to be a Highlander Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) after the Bear Creek Response Period, the Highlander Board has determined in good faith, after consultation
with its outside legal counsel and financial advisors, that such Highlander Acquisition Proposal continues to constitute a Highlander
Superior Proposal (if applicable, compared to the terms of this Agreement and the Plan of Arrangement as proposed to be amended by Bear
Creek under Section 8.1(h)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of Highlander Board exercising its rights under clause (2) of this Section 8.1(g) prior to
or concurrently with terminating this Agreement pursuant to Section 8.1(g), Highlander enters into such Highlander Proposed Agreement
and concurrently pays to Bear Creek the amounts required to be paid pursuant to Section 10.6(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) During Bear Creek Response Period, or such longer period as Highlander may approve in writing for such purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Highlander Board shall review any offer made by Bear Creek under Section 8.1(g)(vi) to amend the terms
of this Agreement and the Plan of Arrangement in good faith in order to determine whether such proposal would, upon acceptance, result
in a Highlander Acquisition Proposal previously constituting a Highlander Superior Proposal ceasing to be a Highlander Superior Proposal;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Highlander Board determines that a Highlander Acquisition
Proposal previously constituting a Highlander Superior Proposal would cease to be a Highlander Superior Proposal, Highlander shall negotiate
in good faith with Bear Creek to make such amendments to the terms of this Agreement and the Plan of Arrangement as would enable Highlander
to proceed with the transactions contemplated by this Agreement on such amended terms. If the Highlander Board determines that such Highlander
Acquisition Proposal would cease to be a Highlander Superior Proposal, Highlander shall immediately so advise
Bear Creek, and Highlander and Bear Creek shall amend this Agreement to reflect such offer made by Bear Creek, and shall take and cause
to be taken all such actions as are necessary to give effect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each successive amendment or modification to any Highlander Acquisition Proposal or Highlander Proposed
Agreement that results in an increase in, or modification of, the consideration (or value of such consideration) to be received by Highlander
Shareholders or other material terms or conditions thereof shall constitute a new Highlander Acquisition Proposal for the purposes of
this Section 8.1 **,** and Highlander shall be afforded a new five Business Day Highlander Response Period from the date on which Highlander
has received the notice and all documentation referred to in Section 8.1(g)(iii) and Section 8.1(g)(iv) with respect to the new Highlander
Superior Proposal from Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Highlander Board shall promptly reaffirm the Highlander Board Recommendation by press release after
the Highlander Board determines that any Highlander Acquisition Proposal that is publicly announced is not a Highlander Superior Proposal
or the Highlander Board determines that a proposed amendment to the terms of this Agreement as contemplated under Section 8.1(h) would
result in a Highlander Acquisition Proposal that has been previously announced no longer being a Highlander Superior Proposal, and the
Agreement has been so amended, Highlander shall provide Bear Creek and its outside legal counsel with a reasonable opportunity to review
the form and content of any such press release and shall make all reasonable amendments to such press release as requested by Highlander
and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In circumstances where Highlander provides Bear Creek with notice of a Highlander Superior Proposal and
all documentation contemplated by Section 8.1(g)(iii) and Section 8.1(g)(iv) on a date that is less than seven (7) Business Days prior
to the scheduled date of the Highlander Meeting, Highlander may either proceed with or postpone Highlander Meeting to a date that is not
more than ten (10) Business Days
after the scheduled date of such Highlander Meeting, and shall postpone the Highlander Meeting to a date that is not more than ten (10)
Business Days after the scheduled date of such Highlander Meeting if so directed by Bear Creek provided, however, that in the event the
Highlander Meeting is so adjourned, the date for Highlander to convene and conduct the Highlander Meeting in Section 2.5(a) and the Outside
Date shall be extended by the same number of days as the Highlander Meeting has been adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Without limiting the generality of the foregoing, Highlander shall advise its subsidiaries and Representatives
of the prohibitions set out in this Section 8.1 and any violation of the restrictions set forth in this Section 8.1 by Highlander, its
subsidiaries or Representatives shall be deemed to be a breach of this Section 8.1 by Highlander.

**ARTICLE 9 <br> CONFIDENTIALITY; MISCELLANEOUS**

9.1 Access to Information; Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the date hereof until the earlier of the Effective Time and the termination of this Agreement pursuant
to its terms, subject to compliance with applicable Laws and the terms of any existing Contracts, such Party shall, and shall cause its
Representatives to, afford to the other Party and its Representatives, upon reasonable notice, such access as the other Party may reasonably
require for the purpose of facilitating integration business planning, to its officers, employees, agents, properties, books, records,
payroll, bank accounts and Contracts, and Bear Creek shall furnish Highlander on a timely basis with all data and information relating
to ongoing development programs at Mercedes Gold-Silver Mine Project and the Corani Project or as Highlander may reasonably request from
time to time, including, if so requested by Highlander and at the expense of Highlander, allowing a Representative or Secondee of Highlander
to be present at the Mercedes Gold- Silver Mine Project and the Corani Project. Neither Party nor any of its Representatives will contact
directors, officers, employees, customers, suppliers or other business partners of the other Party or any of its subsidiaries except after
receiving the prior written consent of the Chief Executive Officer or Chief Financial Officer of the other Party; provided, however, that
the foregoing shall not restrict either Party from ordinary course business communications or dealings that are unrelated to the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander and Bear Creek acknowledge and agree that information furnished pursuant to this Section 9.1
shall be subject to the terms and conditions of the applicable Confidentiality Agreement. Any such investigation by a Party and its Representatives
under this Section 9.1 or otherwise shall not mitigate, diminish or affect the representations and warranties of the other Party contained
in this Agreement or any document or certificate delivered pursuant hereto.

9.2 Insurance and Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Effective Time, Bear Creek may purchase customary "tail" policies of directors'
and officers' liability, products and completed operations liability or employment practices liability insurance from a reputable
and financially sound insurance carrier and containing terms and conditions no less favourable in the aggregate to the protection provided
by the policies maintained by Bear Creek and its subsidiaries which are in effect immediately prior to the Effective Date and providing
protection in respect of claims arising from facts or events which occurred on or prior to the Effective Time and Bear Creek will, and
will cause its subsidiaries to, maintain such tail policies in effect without any reduction in scope or coverage for six years from the
Effective Time; provided, that Bear Creek and its subsidiaries shall not be required to pay any amounts in respect of such coverage prior
to the Effective Time and provided further that the cost of such policies shall not exceed 350% of Bear Creek's current annual aggregate
premium for policies currently maintained by Bear Creek or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear Creek will, and will cause its subsidiaries to, honour all rights to indemnification or exculpation
now existing in favour of present and former employees, officers and directors of Bear Creek and its subsidiaries under Law and under
the articles or other constating documents of Bear Creek and/or its subsidiaries or, to the extent that they are disclosed in Bear Creek
Disclosure Letter, under any agreement or contract of any indemnified person with Bear Creek or with any of its subsidiaries, and acknowledges
that such rights shall survive the completion of the Plan of Arrangement, and, to the extent within the control of Bear Creek, Bear Creek
shall ensure that the same shall not be amended, repealed or otherwise modified in any manner that would adversely affect any right thereunder
of any such indemnified person and shall continue in full force and effect in accordance with their terms for a period of not less than
six years from the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and following the Effective Time, Highlander will cause Bear Creek to comply with its obligations
under Section 9.2(a) and Section 9.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Bear Creek, its subsidiaries or Highlander or any of their successors or assigns shall (i) amalgamate,
consolidate with or merge or wind-up into any other person and shall not be the continuing or surviving corporation or entity; or (ii)
transfer all or substantially all of its properties and assets to any person, then, and in each such case, proper provisions shall be
made so that the successors and assigns and transferees of Bear Creek, its subsidiaries or Highlander, as the case may be, shall assume
all of the obligations of Bear Creek, its subsidiaries or Highlander, as applicable, set forth in this Section 9.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of this Section 9.2 are intended for the benefit of, and shall be enforceable by, each
insured or indemnified person, his or her heirs and his or her legal representatives and, for such purpose, Bear Creek hereby confirms
that it is acting as trustee on their behalf, and agrees to enforce the provisions of this Section 9.2 on their behalf.
Furthermore, this Section 9.2 shall survive the termination of this Agreement as a result of the occurrence of the Effective Date for
a period of six years.

**ARTICLE 10**

**TERM, TERMINATION, AMENDMENT AND WAIVER**

10.1 Term

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

10.2 Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by mutual written agreement of Bear Creek and Highlander; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by either Bear Creek or Highlander, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Effective Time shall not have occurred on or before the Outside Date, except that the right to terminate
this Agreement under this Section 10.2(a)(ii)(A) shall not be available to any Party whose failure to fulfill any of its covenants or
agreements or breach of any of its representations and warranties under this Agreement has been the cause of, or resulted in, the failure
of the Effective Time to occur by such Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after the date of this Agreement, there shall be enacted or made any applicable Law or Order that makes
consummation of the Arrangement illegal or otherwise prohibits or enjoins Bear Creek or Highlander from consummating the Arrangement and
such applicable Law, Order or enjoinment shall have become final and non-appealable; provided that the Party seeking to terminate this
Agreement under this Section 10.2(a)(ii)(B) has complied with Section 5.5(c) in all material respects; 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;(C) the Bear Creek Securityholder Approval shall have not been obtained at the Bear Creek Meeting (including
any adjournment or postponement thereof) in accordance with the Interim Order, provided that a Party may not terminate this Agreement
pursuant to this Section 10.2(a)(ii)(C) if the failure to obtain the Bear Creek Securityholder Approval has been caused by, or is a result
of, a breach by such Party of any of its representations or warranties or the failure of such Party to perform any of its covenants or
agreements under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Highlander Shareholder Approval shall have not been obtained at the Highlander Meeting (including
any adjournment or postponement thereof), provided that a Party may not terminate this Agreement pursuant to this Section 10.2(a)(ii)(D)
if the failure to obtain the Highlander Shareholder Approval has been caused by, or is a result of, a breach by such Party of any of its
representations or warranties or the failure of such Party to perform any of its covenants or agreements under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by Highlander, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Bear Creek Board (A) fails to make the Bear Creek Board Recommendation, (B) withdraws, withholds,
amends, modifies or qualifies, or proposes publicly to withdraw, withhold, amend, modify or qualify the Bear Creek Board Recommendation,
(C) approves, accepts, endorses, or recommends or proposes publicly to approve, accept, endorse or recommend, any Bear Creek Acquisition
Proposal or takes no position or a neutral position with respect to a Bear Creek Acquisition Proposal for more than five (5) Business
Days after the public announcement of such Bear Creek Acquisition Proposal (or beyond the third Business Day prior to the date of the
Bear Creek Meeting), (D) accepts or enters into (other than a confidentiality
agreement permitted by and in accordance with Section 7.1(e)) or publicly proposes to accept or enter into any agreement, understanding
or arrangement in respect of a Bear Creek Acquisition Proposal, or (E) fails to reaffirm the Bear Creek Board Recommendation within five
(5) Business Days (and in any case prior to the Bear Creek Meeting) after having been requested in writing by Highlander to do so (it
being understood that the taking of a neutral position or no position with respect to a Bear Creek Acquisition Proposal beyond a period
of three Business Days (or beyond the time of the Bear Creek Meeting, if sooner) shall be considered a failure of the Bear Creek Board
to reaffirm its recommendation within the requisite time period), or (2) the Bear Creek Board resolves or proposes to take any of the
foregoing actions (each of the foregoing clauses (1) and (2) being referred to as a "**Bear Creek Change in Recommendation** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) prior to obtaining the Highlander Shareholder Approval, the Highlander Board authorizes Highlander, subject
to complying with the terms of this Agreement, to enter into a binding written agreement relating to a Highlander Superior Proposal; provided
that concurrent with such termination, Highlander pays, or causes to be paid, the Highlander Termination Fee payable pursuant to Section
10.6(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any of the conditions set forth in Section 6.1 or Section 6.2 is not satisfied, and such condition is
incapable of being satisfied by the Outside 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;(D) a breach of any representation or warranty or failure to perform any covenant or agreement on the part
of Bear Creek set forth in this Agreement shall have occurred that would cause the conditions set forth in Section 6.1 or Section 6.2
not to be satisfied, and such conditions are incapable of being satisfied by the Outside Date; provided that Highlander is not then in
breach of this Agreement so as to cause any of the conditions set forth in Section 6.1 or Section 6.3 not to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) without limiting the provisions of subparagraph (C) above, Bear Creek materially breaches any of its obligations
or covenants set forth in Section 7.1; 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;(F) there has occurred a Bear Creek Material Adverse Effect, which is incapable of being cured by the Outside
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by Bear Creek, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Highlander Board (A) fails to make the Highlander Board Recommendation, (B) withdraws, withholds,
amends, modifies or qualifies, or proposes publicly to withdraw, withhold, amend, modify or qualify
the Highlander Board Recommendation, (C) approves, accepts, endorses, or recommends or proposes publicly to approve, accept, endorse or
recommend, any Highlander Acquisition Proposal or takes no position or a neutral position with respect to a Highlander Acquisition Proposal
for more than five (5) Business Days after the public announcement of such Highlander Acquisition Proposal (or beyond the third Business
Day prior to the date of the Highlander Meeting), (D) accepts or enters into (other than a confidentiality agreement permitted by and
in accordance with Section 8.1(e)) or publicly proposes to accept or enter into any agreement, understanding or arrangement in respect
of a Highlander Acquisition Proposal, or (E) fails to reaffirm the Highlander Board Recommendation within five (5) Business Days (and
in any case prior to the Highlander Meeting) after having been requested in writing by Bear Creek to do so (it being understood that the
taking of a neutral position or no position with respect to a Highlander Acquisition Proposal beyond a period of three (3) Business Days
(or beyond the time of the Highlander Meeting, if sooner) shall be considered a failure of the Highlander Board to reaffirm its recommendation
within the requisite time period), or (2) the Highlander Board resolves or proposes to take any of the foregoing actions (each of the
foregoing clauses (1) and (2) being referred to as a "**Highlander Change in Recommendation** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) prior to obtaining the Bear Creek Securityholder Approval, the Bear Creek Board authorizes Bear Creek,
subject to complying with the terms of this Agreement, to enter into a binding written agreement relating to a Bear Creek Superior Proposal; *provided that* concurrent with such termination, Bear Creek pays, or causes to be paid, the Bear Creek Termination Fee payable pursuant
to Section 10.6(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any of the conditions set forth in Section 6.1 or Section 6.3 is not satisfied, and such condition is
incapable of being satisfied by the Outside 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;(D) a breach of any representation or warranty or failure to perform any covenant or agreement on the part
of Highlander set forth in this Agreement shall have occurred that would cause the conditions set forth in Section 6.1 or Section 6.3
not to be satisfied, and such conditions are incapable of being satisfied by the Outside Date; *provided* that Bear Creek is not
then in breach of this Agreement so as to cause any of the conditions set forth in Section 6.1 or Section

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 not to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) without limiting the provisions of subparagraph (C) above, Highlander materially breaches any of its obligations
or covenants set forth in Section 8.1; 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;(F) there has occurred a Highlander Material Adverse Effect, which is incapable of being cured by the Outside Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Party desiring to terminate this Agreement pursuant to this Section 10.2 (other than pursuant to Section
10.2(a)(i)) shall give written notice of such termination to the other Party, specifying in reasonable detail the basis for such Party's
exercise of its termination right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement is terminated pursuant to this Section 10.2, this Agreement shall become void and of
no effect without liability of any Party (or any shareholder, director, officer, employee, agent, consultant or representative of such
Party) to any other Party hereto, except as otherwise expressly contemplated hereby, and provided that the provisions of this Section
10.2(c) and Sections 7.1, 8.1, 9.2, 11.2, 11.4, 11.6, 11.7, as well as the confidentiality provisions of Section 9.1 and the provisions
of the Confidentiality Agreements (other than any standstill provisions contained therein) and the indemnification obligations of Highlander
in Section 5.6(a), shall survive any termination hereof pursuant to Section 10.2(a); provided further that neither the termination of
this Agreement nor anything contained in this Section 10.2 shall relieve a Party from any liability arising prior to such termination.

10.3 Amendment

This Agreement and the Plan of Arrangement may, at any time and from time to time before or after the holding of the Bear Creek Meeting but not later than the Effective Time, be amended by mutual written agreement of the Parties and any such amendment may, subject to the Interim Order and the Final Order and applicable Law, without limitation:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waive any inaccuracies or modify any representation or warranty contained herein or in any document delivered
pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waive compliance with or modify any of the covenants herein contained and waive or modify performance
of any of the obligations of the Parties; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) waive compliance with or modify any mutual conditions precedent herein contained.

10.4 Waiver

Either Party may (a) extend the time for the performance of any of the obligations or acts of the other Party, (b) waive compliance, except as provided herein, with any of the other Party's agreements, covenants or obligations, or the fulfilment of any conditions to its own obligations contained herein, or (c) waive inaccuracies in any of the other Party's representations or warranties contained herein or in any document delivered by the other Party; *provided, however,* that any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party and, unless otherwise provided in the written waiver, will be limited to the specific breach or condition waived. A Party's failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a Party from any other or further exercise of that right or the exercise of any other right.

10.5 Notice of Breach

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party shall give prompt notice to the other of the occurrence, or failure to occur, at any time from
the date of this Agreement, until the earlier to occur of the termination of this Agreement and the Effective Time of any event or state
of facts which occurrence or failure would, or would be likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cause any of the representations or warranties of such Party contained herein to be untrue or inaccurate
in any respect on the date of this Agreement, or at the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) result in the failure to comply with or satisfy any covenant, condition or agreement to be complied with
or satisfied by any Party hereunder prior to the Effective Time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result in the failure to satisfy any of the conditions precedent in favour of the other Party contained
in Section 6.1, Section 6.2 or Section 6.3, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notification provided under this Section 10.5 will not affect the representations, warranties, covenants,
agreements or obligations of the Parties (or remedies with respect thereto) or the conditions to the obligations of the Parties under
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander may not exercise its right to terminate this Agreement pursuant to Section 10.2(a)(iii)(D)
and Bear Creek may not exercise its right to terminate this Agreement pursuant to Section 10.2(a)(iv)(D) unless the Party intending to
rely thereon has delivered a written notice to the other Party specifying in reasonable detail all breaches of covenants, representations
and warranties or other matters which the Party delivering such notice is asserting as the basis for the nonfulfillment or the applicable
condition or termination right, as the case may be. If any such notice is delivered, provided that a Party is proceeding diligently to
cure such matter and such matter is capable of being cured, no Party may terminate this Agreement, except pursuant to Section 10.2(a)(ii)(A)
[Effective Time has not occurred before Outside Date], until the expiration of a period of fifteen (15) Business Days from such notice,
and then only if such matter has not been cured by such date. If such written notice has been delivered prior to the making of the application
for the Final Order, such application shall be postponed until the expiry of such period. For greater certainty, in the event that such
matter is cured within the time period referred to herein without a Bear Creek Material Adverse Effect or a Highlander Material Adverse
Effect, as applicable, this Agreement may not be terminated as a result of the cured breach.

10.6 Expenses and Termination Fees

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Agreement, "**Bear Creek Termination Fee Event**" means the termination
of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by Highlander, pursuant to Section 10.2(a)(iii)(A) [Bear Creek Change in Recommendation] or Section 10.2(a)(iii)(E)
[Breach of Non-Solicitation];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by Bear Creek, pursuant to Section 10.2(a)(iv)(B) [Bear Creek Superior Proposal]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by either Party, pursuant to Section 10.2(a)(ii)(A) [Effective Time has not occurred before Outside Date]
or Section 10.2(a)(ii)(C) [Bear Creek Resolution not approved at Bear Creek Meeting] or by Highlander pursuant to Section 10.2(a)(iii)(D)
(due to negligence, wilful breach or fraud) [Breach of Bear Creek Representations, Warranties or Covenants], but only if, in the case
of this paragraph 10.6(b)(iii), prior to the termination of this Agreement, a Bear Creek Acquisition Proposal, or the intention to make
a Bear Creek Acquisition Proposal, with respect to Bear Creek shall have been made or publicly announced by any person (other than Highlander
or any of its affiliates) and such Bear Creek Acquisition Proposal or intention to make a Bear Creek Acquisition Proposal (as it may be
modified or amended) has not expired or been withdrawn prior to the Bear Creek Meeting; 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;(A) within 12 months following the date of such termination Bear Creek enters into a definitive agreement
in respect of such Bear Creek Acquisition Proposal (as it may be modified or amended) and such Bear Creek Acquisition Proposal is later
consummated (whether or not within such 12 month period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) within 12 months following the date of such termination, such Bear Creek Acquisition Proposal is consummated
(as it may be modified or amended);

provided that, for purposes of this Section 10.6(b)(iii), the term "**Bear Creek Acquisition Proposal**" shall have the meaning ascribed to such term in Section 1.1 of this Agreement except that each reference to "20%" therein shall be deemed to be a reference to "50%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Bear Creek Termination Fee Event occurs, Bear Creek shall pay, or cause to be paid, to Highlander
or as Highlander shall direct (by wire transfer of immediately available funds), as consideration for Highlander's disposition of
rights under this Agreement resulting from the Bear Creek Termination Fee Event, the Bear Creek Termination Fee in accordance with Section
10.6(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Bear Creek Termination Fee Event occurs pursuant to Section 10.6(b)(i), the Bear Creek Termination
Fee shall be payable by Bear Creek to Highlander within two (2) Business Days following such Bear Creek Termination Fee Event. If a Bear
Creek Termination Fee Event occurs pursuant to Section 10.6(b)(ii), the Bear Creek Termination Fee shall be paid by Bear Creek to Highlander
prior to or concurrently with such termination. If a Bear Creek Termination Fee Event occurs in the circumstances set out in 10.6(b)(iii),
the Termination Fee shall be payable by Bear Creek to Highlander within two (2) Business Days following the closing of the Bear Creek
Acquisition Proposal referred to therein. Any Bear Creek Termination Fee payable pursuant to this Section 10.6(d) shall be paid by wire
transfer of immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purposes of this Agreement, "**Highlander Termination Fee Event**" means the termination
of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by Bear Creek, pursuant to Section 10.2(a)(iv)(A) [Highlander Change in Recommendation] or Section 10.2(a)(iv)(E)
[Breach of Non-Solicitation];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by Highlander, pursuant to Section 10.2(a)(iii)(B) [Highlander Superior Proposal]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by either Party, pursuant to Section 10.2(a)(ii)(A) [Effective Time has not occurred before Outside Date]
or Section 10.2(a)(ii)(D) [Highlander Resolution not approved at Highlander Meeting] or by Bear Creek pursuant to Section 10.2(a)(iv)(D)
(due to negligence, wilful breach or fraud) [Breach of Highlander Representations, Warranties or Covenants], but only if, in the case
of this paragraph 10.6(e)(iii), prior to the termination of this Agreement, a Highlander Acquisition Proposal, or the intention to make
a Highlander Acquisition Proposal, with respect to Bear Creek shall have been made or publicly announced by any person (other than Highlander
or any of its affiliates) and such Highlander Acquisition Proposal or intention to make a Highlander Acquisition Proposal (as it may be
modified or amended) has not expired or been withdrawn prior to the Bear Creek Meeting; 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;(A) within 12 months following the date of such termination Bear Creek enters into a definitive agreement
in respect of such Highlander Acquisition Proposal (as it may be modified or amended) and such Highlander Acquisition Proposal is later
consummated (whether or not within such 12 month period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) within 12 months following the date of such termination, such Highlander Acquisition Proposal is consummated
(as it may be modified or amended);

provided that, for purposes of this 10.6(e)(iii), the term "**Highlander Acquisition Proposal**" shall have the meaning ascribed to such term in Section 1.1 of this Agreement except that each reference to "20%" therein shall be deemed to be a reference to "50%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a Highlander Termination Fee Event occurs, Highlander shall pay, or cause to be paid, to Bear Creek
or as Bear Creek shall direct (by wire transfer of immediately available funds), as consideration for Bear Creek's disposition of
rights under this Agreement resulting from the Highlander Termination Fee Event, the Highlander Termination Fee in accordance with Section
10.6(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If a Highlander Termination Fee Event occurs pursuant to Section 10.6(e)(i), the Highlander Termination
Fee shall be payable by Highlander to Bear Creek within two (2) Business Days following such Highlander Termination Fee Event. If a Highlander
Termination Fee Event occurs pursuant to Section 10.6(e)(ii), the Highlander Termination Fee shall be paid by Highlander to Bear Creek
prior to or concurrently with such termination. If a Highlander Termination Fee Event occurs in the circumstances set out in 10.6(e)(iii),
the Highlander Termination Fee shall be payable by Highlander to Bear Creek within two (2) Business Days following the closing of the
Highlander Acquisition Proposal referred to therein. Any Highlander Termination Fee payable pursuant to this Section 10.6(g) shall be
paid by wire transfer of immediately available funds.

10.7 Statement as to Damages and Remedies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Parties acknowledges that the agreements contained in Section 10.6(c) and (f) are an integral
part of the transactions contemplated in this Agreement and that, without those agreements, the Parties would not enter into this Agreement.
Each Party acknowledges that all of the payment amounts set out in Section 10.6(c) and (f) are payments of liquidated damages which are
a genuine pre-estimate of the damages which the Party entitled to such damages will suffer or incur as a result of the event giving rise
to such damages and the resultant termination of this Agreement and are not penalties. Each of the Parties irrevocably waives any right
it may have to raise as a defense that any such liquidated damages are excessive or punitive. For greater certainty, each Party agrees
that, upon any termination of this Agreement under circumstances where a Party is entitled to a Termination Fee and such Termination Fee
is paid in full, the Party receiving the Termination Fee shall be precluded from any other remedy against the other Party at law or in
equity or otherwise (including an order for specific performance), and shall not seek to obtain any recovery, judgment, or damages of
any kind, including consequential, indirect, or punitive damages, against the other Party or any of its subsidiaries or any of their respective
directors, officers, employees, partners, managers, members, shareholders or affiliates in connection with this Agreement or the transactions
contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this Section 10.7 shall relieve or have the effect of relieving any Party in any way from liability
for damages incurred or suffered by a Party as a result of an intentional or wilful breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Section 10.7 shall preclude a Party from seeking injunctive relief to restrain any breach
or threatened breach of the covenants or agreements set forth in this Agreement or otherwise to obtain specific performance of any such
covenants or agreements, without the necessity of posting bond or security in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For greater certainty, except as provided in Section 10.7(b), a Party shall not be obligated to pay to
the other Party an amount in respect of the termination of this Agreement that is, in aggregate, in excess of the Termination Fee and
shall not be obligated to make more than one payment pursuant to Section 10.6(c) and (f).

**ARTICLE 11 <br> GENERAL PROVISIONS**

11.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the Parties at the following addresses (or at such other addresses as shall be specified by any Party by notice to the other given in accordance with these provisions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Highlander:

Highlander Silver Corp. <br> 2500 – 100 King Street West

Toronto, Ontario, Canada M5K 2A1

Attention: Daniel Earle

E-mail: [*personal information redacted*]

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

Osler, Hoskin & Harcourt LLP

Bentall Four, 1055 Dunsmuir Street, Suite 3000<br> Vancouver, British Columbia, Canada V7X 1K8

Attention: Alan Hutchison

E-mail: [*personal information redacted*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Bear Creek:

Bear Creek Mining Corporation <br> Suite 3200, 733 Seymour Street

Vancouver, British Columbia, Canada V6B 0S6

Attention: Eric Caba

E-mail: [*personal information redacted*]

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

Borden Ladner Gervais LLP

1200 Waterfront Centre, 200 Burrard Street.

P.O. Box 4600

Vancouver, British Columbia, Canada V7X 1T2

Attention: Fred R. Pletcher

E-mail: [*personal information redacted*]

11.2 Governing Law

This Agreement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of British Columbia and the laws of Canada applicable therein. Each of the Parties hereby irrevocably attorns to the exclusive jurisdiction of the Courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and the Arrangement and waives any defences to the maintenance of an action in the Courts of the Province of British Columbia.

11.3 Injunctive Relief

Subject to Section 10.7, the Parties agree that irreparable harm would occur for which money damages would not be an adequate remedy at Law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the Parties agree that, in the event of any breach or threatened breach of this Agreement by a Party, the non-breaching Party will be entitled, without the requirement of posting a bond or other security, to equitable relief, including injunctive relief and specific performance, and the Parties shall not object to the granting of injunctive or other equitable relief on the basis that there exists an adequate remedy at law. Subject to Section 10.7, such remedies will not be the exclusive remedies for any breach of this Agreement but will be in addition to all other remedies available at Law or equity to each of the Parties.

11.4 Time of Essence

Time shall be of the essence in this Agreement.

11.5 Entire Agreement, Binding Effect and Assignment

Highlander may assign all or any part of its rights under this Agreement to, and its obligations under this Agreement may be assumed by, an affiliate of Highlander, provided that if such assignment and/or assumption takes place, Highlander shall continue to be liable jointly and severally with such affiliate for all of its obligations hereunder. Highlander shall provide Bear Creek with written notice of such assignment on or before 5:00 p.m. (Vancouver time) on the Business Day following such assignment. This Agreement shall be binding on and shall enure to the benefit of the Parties and their respective successors and permitted assigns.

This Agreement (including the exhibits and schedules hereto and the Bear Creek Disclosure Letter) and the Confidentiality Agreements constitute the entire agreement, and supersede all other prior agreements and understandings, both written and oral, between the Parties, or any of them, with respect to the subject matter hereof and thereof and, except as expressly provided herein, this Agreement is not intended to and shall not confer upon any person other than the Parties any rights or remedies hereunder. Except as expressly permitted by the terms hereof, neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by either of the Parties without the prior written consent of the other Party.

11.6 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

11.7 Further Assurances

Each Party shall use all commercially reasonable efforts do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Agreement, and each Party shall provide such further documents or instruments as reasonably required by any other Party as necessary or desirable to effect the purpose of this Agreement and carry out its provisions, whether before or after the Effective Date.

11.8 No Third Party Beneficiaries

Except as provided in Section 9.2(e) this Agreement is not intended to confer any rights or remedies upon any person other than the Parties to this Agreement.

11.9 Mutual Interest

Notwithstanding the fact that any part of this Agreement has been drafted or prepared by or on behalf of one of the Parties, the Parties confirm that they and their respective counsel have reviewed and negotiated this Agreement and that the Parties have adopted this Agreement as the joint agreement and understanding of the Parties, and the language used in this Agreement will be deemed to be the language chosen by the Parties to express their mutual intent, and the Parties waive the application of any Laws or rule or construction providing that ambiguities in any agreement or other document will be construed against the Party drafting such agreement or other document and agree that no rule of construction providing that a provision is to be interpreted in favour of the person who contracted the obligation and against the person who stipulated it will be applied against any Party.

11.10 Counterparts, Execution

This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed electronic copy of this Agreement, and such executed electronic copy shall be legally effective to create a valid and binding agreement between the Parties.

**IN WITNESS WHEREOF** the Parties have executed this Agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |
| By: | (signed) "*Daniel Earle*" | (signed) "*Daniel Earle*" |
|  | Name: | Daniel Earle |
|  | Title: | President, CEO & Director |
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | (signed) "*Eric Caba*"  | (signed) "*Eric Caba*"  |
|  | Name: | Eric Caba |
|  | Title: | President and CEO |

---

**SCHEDULE A**

**PLAN OF ARRANGEMENT**

**PLAN OF ARRANGEMENT UNDER SECTION 288 OF THE**

***BUSINESS CORPORATIONS ACT* (BRITISH COLUMBIA)**

**(see attached)**

**SCHEDULE "A" <br> PLAN OF ARRANGEMENT**

**PLAN OF ARRANGEMENT UNDER SECTION 288 OF THE**

***BUSINESS CORPORATIONS ACT* (BRITISH COLUMBIA)**

**ARTICLE 1 <br> DEFINITIONS AND INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions** 

In this Plan of Arrangement, unless the context otherwise requires, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Arrangement**" means the arrangement pursuant to Division 5 of Part 9 of the BCBCA with
respect to, among others, Bear Creek, Bear Creek Securityholders and Highlander on the terms and subject to the conditions set out in
this Plan of Arrangement, subject to any amendments or variations thereto made in accordance with Section 10.3 of the Arrangement Agreement
or this Plan of Arrangement or made at the direction of the Court in the Interim Order or Final Order with the consent of Highlander and
Bear Creek, each acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Arrangement Agreement**" means the arrangement agreement dated December 18, 2025, between
Highlander and Bear Creek, including (unless the context otherwise requires) the Schedules thereto, together with the Bear Creek Disclosure
Letter, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**BCBCA**" means the *Business Corporations Act* (British Columbia).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Bear Creek**" means Bear Creek Mining Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Bear Creek Board**" means the board of directors of Bear Creek as the same is constituted
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Bear Creek Circular**" means the notice of the Bear Creek Meeting and accompanying management
information circular, including all schedules, appendices and exhibits thereto, to be sent to Bear Creek Securityholders in connection
with the Bear Creek Meeting, as amended, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Bear Creek Disclosure Letter**" means the disclosure letter executed by Bear Creek and
delivered to Highlander concurrently with the execution of the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Bear Creek DSU**" means a deferred share unit issued pursuant to the Bear Creek LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Bear Creek DSU Holder**" means a holder of one or more Bear Creek DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Bear Creek In-The-Money Option**" means a Bear Creek Option in respect of which the
Bear Creek Option In-The-Money Amount is greater than zero, as determined based on the Bear Creek Share Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Bear Creek LTIP**" means the long term incentive plan of Bear Creek, as approved by
the Bear Creek Board on March 22, 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Bear Creek Meeting**" means the special meeting of Bear Creek Securityholders, including
any adjournment or postponement thereof, to be called and held in accordance with the Interim Order to consider the Bear Creek Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Bear Creek Option**" means a right and option to purchase one or more Bear Creek Shares
granted pursuant to the Bear Creek Stock Option Plans or otherwise enforceable against Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Bear Creek Optionholders**" means, collectively, the holders of one or more Bear Creek
Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Bear Creek Option In-The-Money Amount**" means, with respect to a Bear Creek Option,
the amount (if any) by which (i) the product of the Bear Creek Share Value, and the total number of Bear Creek Shares that the holder
is entitled to acquire upon exercising such Bear Creek Option as at December 18, 2025, exceeds (ii) the aggregate exercise
price payable to acquire such Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Bear Creek Out-of-the-Money Option**" means a Bear Creek Option other than a Bear Creek
In-The-Money Option, determined based on the Bear Creek Share Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Bear Creek Resolution**" means the special resolution of Bear Creek Shareholders and
the Bear Creek Securityholders approving the Arrangement, which is to be considered at the Bear Creek Meeting, substantially in the form
of Schedule "B" to the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Bear Creek RSU**" means a restricted share unit issued pursuant to the Bear Creek LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Bear Creek RSU Holder**" means a holder of one or more Bear Creek RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Bear Creek Securities**" means the Bear Creek Shares, Bear Creek Options, Bear Creek
DSUs or Bear Creek RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Bear Creek Securityholder**" means a holder one or more of Bear Creek Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **"Bear Creek Share**" means a common share in the authorized capital of Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Bear Creek Shareholder**" means a holder of one or more Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Bear Creek Share Value**" $0.48 per Bear Creek Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Bear Creek Stock Option Plans**" means the rolling stock option plans of Bear Creek:
(i) known as the "2022 Stock Option Plan" as approved by the Bear Creek Board on April 26, 2022, and as amended on April 17,
2023 and April 16, 2025 by approval of the Bear Creek Board; and (ii) known as the "Rolling Stock Option Plan" as approved
by the Bear Creek Board on March 19, 2008.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Bear Creek Warrant Indenture**" means the warrant indenture dated as of October 5, 2023,
providing for the issue of the Bear Creek Warrants between Bear Creek and Computershare Trust Company of Canada, as warrant agent thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Bear Creek Warrants**" means the 26,423,570
share purchase warrants conferring upon the holders thereof the right to purchase one (1) Bear Creek Share for each Bear Creek Warrant
held at an exercise price of $0.42 prior to October 5, 2028, issued pursuant to the Bear Creek Warrant Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Business Day**" means any day, other than
a Saturday, a Sunday or any other day on which the banks located in Vancouver, British Columbia, are closed or authorized to be closed.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Depositary**" means Endeavor Trust Corporation,
in its capacity as depositary for the Arrangement, or any other depositary or trust company, bank or financial institution as Highlander
may appoint to act as depositary with the approval of Bear Creek, acting reasonably, for the purposes of carrying out the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Dissent Rights**" has the meaning ascribed
thereto in Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Dissent Share**" means a Bear Creek Share
in respect of which a Dissenting Shareholder has duly and validly exercised Dissent Rights in strict compliance with Article 5 of this
Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Dissenting Shareholder**" means a registered
Bear Creek Shareholder as of the record date of the Bear Creek Meeting that duly and validly exercises Dissent Rights in respect of all
Bear Creek Shares held and has not withdrawn or been deemed to have withdrawn such exercise of Dissent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**DRS Advice**" means a direct registration
statement (DRS) advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**DSU Consideration**" has the meaning ascribed
thereto in Section 3.1(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Effective Date**" means the date upon which
the Arrangement becomes effective as set out in Section 2.10(a) of the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Effective Time**" means 12:01 a.m. (Vancouver
time) on the Effective Date, or such other time as Highlander and Bear Creek may agree upon in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Final Order**" means the final order of the
Court in a form acceptable to both Highlander and Bear Creek, each acting reasonably, pursuant to subsection 291(4) of the BCBCA, after
being informed of the intention of the Parties to rely upon the Section 3(a)(10) Exemption from the registration requirements of the
U.S Securities Act with respect to the Highlander Shares issued pursuant to the Arrangement, approving the Arrangement, as such order
may be amended, modified, supplemented or varied by the Court (with the consent of both Highlander and Bear Creek, each acting reasonably)
at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended on
appeal (provided that any such amendment is acceptable to both Highlander and Bear Creek, each acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Highlander**" means Highlander Silver Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Highlander Shares**" means the common share
in the authorized capital of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Interim Order**" means the interim order of
the Court contemplated by Section 2.2 of the Arrangement Agreement and made pursuant to subsection 291(2) of the BCBCA, after being informed
of the intention of the Parties to rely upon the Section 3(a)(l0) Exemption from the registration requirements of the U.S. Securities
Act with respect to the Highlander Shares issued pursuant to the Arrangement, in form and substance acceptable to both Highlander and
Bear Creek, each acting reasonably, providing for, among other things, the calling and holding of the Bear Creek Meeting, as the same
may be amended, modified, supplemented or varied by the Court (with the consent of both Highlander and Bear Creek, each acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Letter of Transmittal**" means the Letter
of Transmittal enclosed with the Bear Creek Circular sent in connection with the Bear Creek Meeting pursuant to which, among other things,
registered Bear Creek Shareholders are required to deliver certificates representing Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Liens**" means any hypothec, mortgage, pledge,
assignment, lien, charge, security interest, adverse right or claim, other third person interest or encumbrance of any kind, whether
contingent or absolute, and any agreement, option, right or privilege (whether by law, contract or otherwise) capable of becoming any
of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Option Consideration**" means, in respect
of each Bear Creek In-The-Money Option, such number of Bear Creek Shares obtained by dividing: (i) the Bear Creek Option In-The-Money
Amount in respect of such Bear Creek In-The-Money Option, by (ii) the Bear Creek Share Value, with the aggregate result for each Bear
Creek Optionholder rounded down to the nearest whole number of Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Parties** "
means Highlander and Bear Creek, and "**Party**" means any one of them.

(tt) "**Plan of Arrangement**" means this Plan of Arrangement as
amended or supplemented from time to time in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**RSU Consideration**" has the meaning ascribed
thereto in Section 3.1(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Service Obligations**" means collectively,
the amounts listed in Schedule 2.12(b)(ii) of the Bear Creek Disclosure Letter, such amounts representing the financial obligations owed
to the Bear Creek Financial Advisors and to each Service Provider, as applicable, in connection with the Arrangement by Bear Creek or
its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Service Provider**" means each of the persons
listed in Schedule 2.12(b)(ii) of the Bear Creek Disclosure Letter and "Service Providers" means all such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Share Consideration**" means for each Bear
Creek Share, 0.1175 Highlander Shares, being the consideration payable under this Plan of Arrangement to a person who is a Bear Creek
Shareholder other than Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Termination Obligations**" means collectively,
the amounts listed in Schedule 2.12(b)(i) of the Bear Creek Disclosure Letter, such amounts representing the financial obligations owed
to Terminated Persons as a result of the change of control provisions of such Terminated Person's employment or independent contractor
agreements, as applicable, between such Terminated Persons and Bear Creek or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Terminated Person**" means each of the persons
listed in Schedule 2.12(b)(i) of the Bear Creek Disclosure Letter and "Terminated Persons" means all such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**U.S. Securities Act**" means the United States *Securities Act of 1933* as the same has been and hereinafter from time to time may be amended and the rules and regulations promulgated
thereunder.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Interpretation Not Affected by Headings** 

The division of this Plan of Arrangement into articles, sections, paragraphs and subparagraphs and the insertion of headings in this Plan of Arrangement are for convenience of reference only and shall not affect the construction or interpretation of this Plan of Arrangement. The terms "this Plan of Arrangement", "hereof", "herein", "hereto", "hereunder" and similar expressions refer to this Plan of Arrangement and not to any particular article, section or other portion hereof and include any instrument supplementary or ancillary hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Number and Gender** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Date for any Action** 

If the date on which any action is required to be taken hereunder is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Statutory References** 

Any reference in this Plan of Arrangement to a statute includes all rules and regulations made thereunder, all amendments to such statute, rule or regulation in force from time to time and any statute, rule or regulation that supplements or supersedes such statute, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Currency** 

Unless otherwise stated, all references in this Plan of Arrangement to sums of money are expressed in lawful money of Canada and "$" refers to Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Governing Law** 

This Plan of Arrangement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of British Columbia and the laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Time** 

Time shall be of the essence in every matter or action contemplated hereunder.

**ARTICLE 2**

**ARRANGEMENT AGREEMENT AND EFFECT OF ARRANGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Arrangement Agreement** 

The Plan of Arrangement is made pursuant to, and is subject to the provisions of, the Arrangement Agreement. If there is any inconsistency or conflict between the provisions of this Plan of Arrangement and the provisions of the Arrangement Agreement, the provisions of this Plan of Arrangement shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Effect of the Arrangement** 

This Plan of Arrangement and the Arrangement shall be binding upon Bear Creek, Highlander, the Bear Creek Securityholders (including Dissenting Shareholders), the Depositary, the registrar and transfer agent of Bear Creek as and from the Effective Time, without any further act or formality required on the part of any person except as expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Bear Creek Warrants** 

The Bear Creek Warrants shall be treated in accordance with their terms under the Bear Creek Warrant Indenture.

**ARTICLE 3**

**ARRANGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Arrangement** 

Commencing at the Effective Time, the following shall occur and shall be deemed to occur sequentially in the following order without any further act or formality:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each independent contractor agreement or employment agreement between the Company or any of its subsidiaries
and each of the Terminated Persons, as applicable, shall terminate (and for greater certainty, without limiting the generality of the
foregoing, the positions of each employee or individual that provided the services of such Terminated Person under an independent contractor
agreements, as applicable, shall also terminate), and Highlander shall deliver or arrange to be delivered in accordance with the terms
of the Arrangement Agreement to each Terminated Person the portion of the Termination Obligations to which they are entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander shall deliver or arrange to be delivered in accordance with the terms of the Arrangement Agreement
to each Bear Creek Financial Advisor and to each Service Provider the portion of the Service Obligations to which they are entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Bear Creek Out-of-the-Money Option outstanding immediately prior to the Effective Time shall, without
any further action by or on behalf of any Bear Creek Optionholder, be cancelled without any payment in respect thereof, and thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each holder of a Bear Creek Out-of-the-Money Option shall cease to be a holder of such Bear Creek Out-of-the-Money
Option and to have any rights as a Bear Creek Optionholder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all agreements relating to the Bear Creek Out-of-the-Money Options shall be terminated and shall be of
no force and effect, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the name of each holder of a Bear Creek Out-of-the-Money Option shall be removed from the register of
Bear Creek Options maintained by or on behalf of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Bear Creek In-the-Money Option outstanding immediately prior to the Effective Time (whether vested
or unvested) shall immediately and unconditionally vest, notwithstanding the terms of the Bear Creek Stock Option Plan or any agreement
in respect thereof, and shall, without any further action by or on behalf of any Bear Creek Optionholder, be deemed to be assigned and
transferred by such Bear Creek Optionholder (free and clear of all Liens) to Bear Creek for cancellation in exchange for the Option Consideration
(net of any withholding of Bear Creek Shares made under Section 4.4), and thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each holder of a Bear Creek In-the-Money Option shall cease to be a holder of such Bear Creek In-the-Money
Options and to have any rights as a Bear Creek Optionholder and
such Bear Creek -In-the-Money Options shall be immediately cancelled,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all agreements relating to the Bear Creek In-the-Money Options shall be terminated and shall be of no
force and effect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the name of each holder of a Bear Creek In-the-Money Option shall be removed from the register of Bear
Creek Options maintained by or on behalf of Bear Creek, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each such former holder of the Bear Creek In-the-Money Options shall be deemed to be the holder of the
Bear Creek Shares comprising the Option Consideration, net of any withholding pursuant to Section 4.4 (notwithstanding that no certificates
or DRS Advice shall be issued with respect to such Bear Creek Shares) and the name of such former holder of such Bear Creek In-the-Money
Options shall be entered into the register of Bear Creek Shares maintained by or on behalf of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each Bear Creek DSU outstanding immediately prior to the Effective Time shall immediately and unconditionally
vest, notwithstanding the terms of the Bear Creek LTIP or any agreement in respect of such Bear Creek DSUs, and shall, without any further
action by or on behalf of the Bear Creek DSU Holder thereof, be deemed to be assigned and transferred by such Bear Creek DSU Holder to
Bear Creek (free and clear of all Liens) in exchange for the number of Bear Creek Shares equal to the number of Bear Creek Shares such
Bear Creek DSU Holder is entitled to under each Bear Creek DSU (the "**DSU Consideration**") (net of any withholding of
Bear Creek Shares made under Section 4.4), the Bear Creek Shares comprising the DSU Consideration will be issued to such Bear Creek DSU
Holder as fully paid and non- assessable shares in the capital of Bear Creek and thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Bear Creek DSU Holder shall cease to be a holder of any Bear Creek DSUs and to have any rights as
a Bear Creek DSU Holder and such Bear Creek DSUs shall be immediately cancelled,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all agreements relating to such Bear Creek DSUs shall be terminated and shall be of no further force and
effect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each such Bear Creek DSU Holder's name shall be removed from the register of Bear Creek DSUs maintained
by or on behalf of Bear Creek, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each such former holder of such Bear Creek DSUs shall be deemed to be the holder of the Bear Creek Shares
comprising the DSU Consideration, net of any withholding pursuant to Section 4.4 (notwithstanding that no certificates or direct registration
system advices shall be issued with respect to such Bear Creek Shares) and the name of such former holder of such Bear Creek DSUs shall
be entered into the register of Bear Creek Shares maintained by or on behalf of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) each Bear Creek RSU outstanding immediately prior to the Effective Time, shall immediately and unconditionally
vest, notwithstanding the terms of the Bear Creek LTIP or any agreement in respect of such Bear Creek RSUs, and shall, without any further
action by or on behalf of the Bear Creek RSU Holder thereof, be deemed to be assigned and transferred by such Bear Creek RSU Holder to
Bear Creek (free and clear of all Liens) in exchange for the number of Bear Creek Shares equal to the number of Bear Creek Shares a holder
is entitled to under each Bear Creek RSU (the "**RSU Consideration**") (net of any withholding of Bear Creek Shares made
under Section 4.4) the Bear Creek Shares comprising the RSU Consideration will be issued to such Bear Creek RSU Holder as fully paid and
non-assessable shares in the capital of Bear Creek, and thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Bear Creek RSU Holder shall cease to be a holder of any Bear Creek RSUs and to have any rights as
a Bear Creek RSU Holder and such Bear Creek RSUs shall be immediately cancelled,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all agreements relating to the Bear Creek RSUs shall be terminated and shall be of no further force and
effect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each such Bear Creek RSU Holder's name shall be removed from the register of Bear Creek RSUs maintained
by or on behalf of Bear Creek, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each such former holder of such Bear Creek RSUs shall be deemed to be the holder of the Bear Creek Shares
comprising the RSU Consideration, net of any withholding pursuant to Section 4.4 (notwithstanding that no certificates or direct registration
system advices shall be issued with respect to such Bear Creek Shares) and the name of such former holder of such Bear Creek RSUs shall
be entered into the register of Bear Creek Shares maintained by or on behalf of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each Dissent Share in respect of which Dissent Rights have been validly exercised by Dissenting Shareholders
shall be deemed to have been transferred to Highlander (free and clear of all Liens) without any further act or formality on its part,
in exchange for a debt claim against Highlander to be paid the aggregate fair value in respect of the Dissent Shares as determined pursuant
to Section 5.1, and in respect of the Dissent Shares so transferred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Dissenting Shareholders shall cease to be holders of the Dissent Shares and to have any rights as
holders of such Dissent Shares other than the right to be paid the fair value for such Dissent Shares pursuant to Section 5.1,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the names of the Dissenting Shareholders shall be removed from the register maintained by or on behalf
of Bear Creek in respect of the Bear Creek Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Dissenting Shareholders shall be deemed to have executed and delivered all consents, releases, assignments
and waivers, statutory or otherwise, required to effect the transfer thereof, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Highlander shall be and shall be deemed to be the holder of all of the outstanding Dissent Shares (free
and clear of all Liens), and Highlander shall be added to the register of Bear Creek Shares maintained by or on behalf of Bear Creek in
respect of the Bear Creek Shares as the holder of such Dissent Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each Bear Creek Shareholder shall transfer to Highlander (free and clear of all Liens) each whole Bear
Creek Share held (other than any Bear Creek Shares held by Highlander immediately before the Effective Time or acquired by Highlander
from a Dissenting Shareholder under Section 3.1(g)), including the Bear Creek Shares issued pursuant to Section 3.1(e) or Section 3.1(f)
in exchange for the Share Consideration for each Bear Creek Share held, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Bear Creek Shareholders shall cease to be the holders of the Bear Creek Shares and to have any rights
as holders of such Bear Creek Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the names of such Bear Creek Shareholders shall be removed from the register maintained by or on behalf
of Bear Creek in respect of the Bear Creek Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Bear Creek Shareholders shall be deemed to have executed and delivered all consents, releases, assignments
and waivers, statutory or otherwise, required to effect the transfer thereof, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Highlander shall be and shall be deemed to be the holder of all of the outstanding Bear Creek Shares and
Highlander shall be added to the register of Bear Creek Shares maintained by or on behalf of Bear Creek in respect of the Bear Creek Shares,

it being expressly provided that the events provided for in this Section 3.1 will be deemed to occur on the Effective Date, notwithstanding that certain procedures related thereto may not be completed until after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Deemed Fully Paid and Non-Assessable Shares** 

All Bear Creek Shares and Highlander Shares issued pursuant to this Plan of Arrangement shall be deemed to be validly issued and outstanding as fully paid and non-assessable shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **No Fractional Consideration** 

No fractional Highlander Shares shall be issued Bear Creek Shareholders pursuant to this Plan of Arrangement. The total number of Highlander Shares to be issued to any Bear Creek Shareholder shall, without additional compensation, be rounded down to the nearest whole Highlander Share, in the event that a Bear Creek Shareholder is entitled to a fractional share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Calculations** 

All calculations and determinations made by Highlander, Bear Creek or the Depositary, as applicable, for the purposes of this Plan of Arrangement shall be conclusive, final, and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Adjustments to Consideration** 

The Share Consideration payable to a Bear Creek Shareholder pursuant to Section 3.1(h) will be adjusted to reflect fully the effect of any stock split, reverse split, dividend (including any dividend or distribution of securities convertible into Bear Creek Shares), consolidation, reorganization, recapitalization or other like change with respect to Bear Creek Shares effected in accordance with the terms of the Arrangement Agreement occurring after the date of the Arrangement Agreement and prior to the Effective Time.

**ARTICLE 4 <br> CERTIFICATES AND PAYMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Payment of Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Highlander shall, no later than one Business Day prior to the Effective Date, deliver or cause to be delivered
to the Depositary, the Highlander Shares necessary to satisfy the aggregate number of Highlander Shares payable to Bear Creek Shareholders
pursuant to the Plan of Arrangement, which Highlander Shares shall be held by the Depositary in escrow as agent and nominee for such former
Bear Creek Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon surrender to the Depositary for cancellation of a certificate or DRS Advice of a Bear Creek Share
which immediately prior to the Effective Time represented one or more Bear Creek Shares that were transferred pursuant to the Plan of
Arrangement, together with a duly completed and executed Letter of Transmittal and any such additional documents and instruments as the
Depositary or Highlander may reasonably require, the registered holder of the Bear Creek Shares represented by such surrendered certificate
or DRS Advice shall be entitled to receive in exchange therefor, and the Depositary shall deliver to such Bear Creek Shareholder, as soon
as practicable, the Share Consideration that such Bear Creek Share has the right to receive, less any amounts withheld pursuant to Section
4.4, and any certificate or DRS Advice so surrendered shall forthwith be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Effective Time and until surrendered as contemplated by Section 4.1(b), each certificate or
DRS Advice that immediately prior to the Effective Time represented one or more Bear Creek Shares, other than the Dissent Shares, shall
be deemed at all times to represent only the right to receive, upon such surrender, the Share Consideration to which the holder thereof
is entitled in lieu of such certificate or DRS Advice as contemplated by Section 3.1, less any amounts withheld pursuant to Section 4.4
(if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any such certificate or DRS Advice formerly representing Bear Creek Shares not duly surrendered on or
before the sixth anniversary of the Effective Date shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cease to represent a claim by, or interest of, any former holder of Bear Creek Shares of any kind or nature
against or in Bear Creek or Highlander (or any successor to any of the foregoing); 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) be deemed to have been surrendered to Highlander and shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each former Bear Creek DSU Holder deemed to be the holder of Bear Creek Shares comprising the DSU Consideration
pursuant to Section 3.1(e) and each former Bear Creek RSU Holder deemed to be the holder of Bear Creek Shares comprising the RSU Consideration
pursuant to Section 3.1(f) shall be entitled to receive in exchange for such Bear Creek Shares (notwithstanding that no certificates or
direct registration system advices have been issued with respect to such Bear Creek Shares), and the Depositary shall deliver to such
Bear Creek Shareholder, as soon as practicable, the Share Consideration that such Bear Creek Share has the right to receive, less any
amounts withheld pursuant to Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Bear Creek Securityholder shall be entitled to receive any consideration with respect to any Bear Creek
Securities so held, other than the consideration to which such holder is entitled in accordance with Section 3.1 and, for greater certainty,
no such Bear Creek Securityholder will be entitled to receive any interest, dividends, premium or other payment in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither Bear Creek nor Highlander, or any of their respective successors, will be liable to any person
in respect of any of the Share Consideration or dividends, distributions and interests in respect thereof, and including any consideration
previously held by the Depositary in trust for any such former holder, which is forfeited to Bear Creek or Highlander or delivered to
any public official pursuant to any applicable abandoned property, escheat or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Lost Certificates** 

In the event any certificate which immediately prior to the Effective Time represented one or more outstanding Bear Creek Shares which were exchanged in accordance with Section 3.1(h) shall have been lost, stolen or destroyed, upon the making of an affidavit or statutory declaration of that fact by the person claiming such certificate to be lost, stolen or destroyed and who was listed immediately prior to the Effective Time as the registered holder thereof on the securities registers maintained by or on behalf of Bear Creek, the Depositary will deliver in exchange for such lost, stolen or destroyed certificate, a certificate representing the Share Consideration that such holder is entitled to receive in exchange for such lost, stolen or destroyed certificate, provided the holder to whom the Share Consideration is to be delivered shall, as a condition precedent to the delivery, give a bond satisfactory to Highlander and the Depositary, acting reasonably, in such sum as Highlander and the Depositary may direct (each acting reasonably), or otherwise indemnify Highlander and the Depositary in a manner satisfactory to Highlander and the Depositary (each acting reasonably) against any claim that may be made against Highlander or the Depositary and/or any of their respective representatives or agents with respect to the certificate alleged to have been lost, stolen or destroyed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Distributions with Respect to Unsurrendered Certificates** 

No dividend or other distribution declared or paid after the Effective Time with respect to Highlander Shares shall be delivered to the holder of any certificate formerly representing Bear Creek Shares unless and until the holder of such certificate shall have complied with the provisions of Section 4.1. Subject to applicable law and to Section 4.1 at the time of such compliance, there shall, in addition to the delivery of the Share Consideration to which such holder is thereby entitled, be delivered to such holder, without interest, the amount of any dividend or other distribution declared or made after the Effective Time with respect to the Highlander Shares to which such holder is entitled in respect of such holder's Share Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Withholding Rights** 

Highlander, Bear Creek and the Depositary (in this section, the "**payor**"), shall each be entitled to deduct and withhold from any consideration or other amount payable (whether in cash or in kind, including Bear Creek Shares issued under Sections 3.1(d), 3.1(e) or 3.1(f)) or otherwise deliverable to any holder or former holder of Bear Creek Securities such amounts as the payor may be required to deduct and withhold therefrom under any applicable law in respect of taxes. To the extent that any amounts are so deducted, withheld and remitted to the appropriate governmental entity when required by law, such amounts shall be treated for all purposes under this Plan of Arrangement as having been paid to the person to whom such amounts would otherwise have been paid.

**ARTICLE 5 <br> DISSENT RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Dissent Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to the Interim Order, registered holders of Bear Creek Shares as of the record date for the Bear
Creek Meeting may exercise rights of dissent with respect to all Bear Creek Shares held by such holder as registered holder thereof as
of such date in connection with the Arrangement pursuant to and in strict compliance with the procedures set forth in Section 237 to 247
of the BCBCA, as modified by this Section 5.1, the Interim Order and the Final Order ()"**Dissent Rights** "); provided that,
notwithstanding subsection 242(1) of the BCBCA, the written objection to the Bear Creek Resolution referred to in subsection 242(1) of
the BCBCA must be received by Bear Creek not later than 5:00 p.m. (Vancouver time) on the Business Day that is two Business Days before
the date of the Bear Creek Meeting or any date to which the Bear Creek Meeting may be postponed or adjourned and provided further that
Dissenting Shareholders who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are ultimately entitled to be paid fair value for their Bear Creek Shares, which fair value shall be the
fair value of such shares immediately before the approval of the Bear Creek Resolution, shall be paid only an amount equal to such fair
value by Highlander, which fair value shall be determined in accordance with the procedures applicable to the payout value set out in
sections 244 and 245 of the BCBCA except that Highlander may enter into the agreement with registered holders who exercise such Dissent
Rights or apply to the Court, all as contemplated under sections 244 and 245 of the BCBCA in lieu of Bear Creek, and such Dissenting Shareholder
will not be entitled to any other payment or consideration, including any payment that would be payable under the Arrangement had such
Dissenting Shareholders not exercised their Dissent Rights in respect of their Bear Creek Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are ultimately not entitled, for any reason, to be paid fair value for their Bear Creek Shares in respect
of which they purported to exercise Dissent Rights shall be deemed to have participated in the Arrangement, as of the Effective Time,
on the same basis as a non-dissenting holder of Bear Creek Shares and shall be entitled
to receive only the consideration contemplated in Section 3.1(h) hereof that such holder would have received pursuant to the Arrangement
if such holder had not exercised Dissent Rights,

but in no case shall Highlander or Bear Creek or any other person be required to recognize any holder of Bear Creek Shares who exercises Dissent Rights as a holder of Bear Creek Shares after the time that is immediately prior to the Effective Time, and the names of all such holders of Bear Creek Shares who exercise Dissent Rights (and have not withdrawn such exercise of Dissent Rights prior to the Effective Time) shall be deleted from the register maintained by or on behalf of Bear Creek in respect of the Bear Creek Shares as holders of Bear Creek Shares at the Effective Time and Highlander shall be recorded as the registered holder of such Bear Creek Shares and shall be deemed to be the legal owner of such Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, (a) no beneficial holder of Bear Creek Shares shall be entitled to Dissent Rights
in respect of such Bear Creek Shares and no holder of Bear Creek Options, Bear Creek DSUs or Bear Creek RSUs shall be entitled to Dissent
Rights in respect of such holder's Bear Creek Options, Bear Creek DSUs or Bear Creek RSUs, as applicable, and (b) in addition to
any other restrictions in Section 238 of the BCBCA, no person who has voted Bear Creek Shares, or instructed a proxyholder to vote such
persons Bear Creek Shares, in favour of the Bear Creek Resolution shall be entitled to exercise Dissent Rights with respect to the Arrangement.

**ARTICLE 6 <br> AMENDMENTS AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Amendments to the Plan of Arrangement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bear Creek and Highlander may amend, modify and/or supplement this Plan of Arrangement at any time and
from time to time prior to the Effective Time, provided that each such amendment, modification and/or supplement must (i) be set out in
writing, (ii) be approved by the Bear Creek and Highlander, each acting reasonably, (iii) filed with the Court and, if made following
the Bear Creek Meeting, approved by the Court, and (iv) communicated to the Bear Creek Securityholders if and as required by the Court.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment, modification or supplement to this Plan of Arrangement that is approved or directed by
the Court following the Bear Creek Meeting shall be effective only if (i) it is consented to in writing by each of the Bear Creek and
the Highlander (in each case, acting reasonably), and (ii) if required by the Court, it is consented to by some
or all of the Bear Creek Shareholders voting in the manner directed by the Court. Any amendment, modification or supplement to this Plan
of Arrangement may be made following the granting of the Final Order without filing such amendment, modification or supplement with the
Court or seeking Court approval, provided that it concerns a matter which, in the reasonable opinion of the Parties, is of an administrative
nature required to better give effect to the implementation of this Plan of Arrangement and is not materially adverse to the interest
of any holders of Bear Creek Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Withdrawal of Plan of Arrangement** 

This Plan of Arrangement may be withdrawn prior to the Effective Time in accordance with the terms of the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Effect of Termination** 

Upon the termination of this Plan of Arrangement pursuant to Section 10.2 of the Arrangement Agreement, no Party shall have any liability or further obligation to any other Party hereunder other than as set out in the Arrangement Agreement.

**ARTICLE 7 <br> FURTHER ASSURANCES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Further Assurances** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Paramountcy** 

From and after the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Plan of Arrangement shall take precedence and priority over any and all rights related to Bear Creek
Securities issued prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights and obligations of the holders of Bear Creek Securities and any trustee and transfer agent
therefor, shall be solely as provided for in this Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all actions, causes of actions, claims or proceedings (actual or contingent, and whether or not previously
asserted) based on or in any way relating to Bear Creek Securities shall be deemed to have been settled, compromised, released and determined
without liability except as set forth herein.

**ARTICLE 8**

**U.S. SECURITIES LAW EXEMPTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **U.S. Securities Law Exemption.** 

Notwithstanding any provision herein to the contrary, the Parties each agree that the Plan of Arrangement will be carried out with the intention that all Highlander Shares to be issued to Bear Creek Shareholders in exchange for their Bear Creek Shares pursuant to the Plan of Arrangement, as applicable, will be issued and exchanged in reliance on the exemption from the registration requirements of the U.S. Securities Act as provided by Section 3(a)(10) thereof and applicable securities laws of any state of the United States in reliance upon similar exemptions under any applicable securities laws of any state of the United States, and pursuant to the terms, conditions and procedures set forth in the Arrangement Agreement.

**SCHEDULE B**

**BEAR CREEK RESOLUTION**

**BE IT RESOLVED THAT**:

1. The arrangement (the "**Arrangement**") under Section 288 of the *Business Corporations Act* (British Columbia) involving Bear Creek Mining Corporation (the "**Company** "), pursuant to the arrangement agreement between the Company and Highlander Silver Corp. ()"**Highlander**") dated December 18, 2025, as it may be modified, supplemented or amended from time to time in accordance with its terms (the "**Arrangement Agreement** "), as more particularly described and set forth in the management information circular of the Company dated ●, 2026 (the "**Circular** "), and all transactions contemplated thereby, are hereby authorized, approved and adopted.

2. The plan of arrangement of the Company, as it has been or may be modified, supplemented or amended in accordance with the Arrangement Agreement and its terms (the "**Plan of Arrangement** "), the full text of which is set out as Appendix ● to the Circular, is hereby authorized, approved and adopted.

3. The: (i) Arrangement Agreement and all the transactions contemplated therein; (ii) actions of the directors
of the Company in approving the Arrangement and the Arrangement Agreement; and (iii) actions of the directors and officers of the Company
in executing and delivering the Arrangement Agreement and any modifications, supplements or amendments thereto, and causing the performance
by the Company of its obligations thereunder, are hereby ratified and approved.

4. The Company is hereby authorized to apply for a final order from the Supreme Court of British Columbia
(the "**Court**") to approve the *Arrangement* on the terms set forth in the Arrangement Agreement and the Plan of
Arrangement (as they may be, or may have been, modified, supplemented or amended).

5. Notwithstanding that this resolution has been passed (and the Arrangement adopted) by the securityholders
of the Company (the "**Company Securityholders**") entitled to vote thereon or that the *Arrangement* has been approved
by the Court, the directors of the Company are hereby authorized and empowered, without further notice to or approval of the Company Securityholders:
(i) to amend, modify or supplement the Arrangement Agreement or the Plan of Arrangement to the extent permitted by their terms; and (ii)
subject to the terms of the Arrangement Agreement, not to proceed with the Arrangement and any related transactions.

6. Any officer or director of the Company is hereby authorized and directed, for and on behalf of the Company,
to *execute* or cause to be executed and to deliver or cause to be delivered, whether under the corporate seal of the Company or
otherwise, all such other documents and instruments and to perform or cause to be performed all such other acts and things as, in such
person's opinion, may be necessary or desirable to give full force and effect to the foregoing resolutions and the matters authorized
thereby, such determination to be conclusively evidenced by the execution and delivery of any such other document or instrument or the
doing of any such other act or thing

**SCHEDULE C**

**HIGHLANDER RESOLUTION**

**WHEREAS** Highlander Silver Corp. ("**Highlander**") has entered into an arrangement agreement dated December 18, 2025 (the "**Arrangement Agreement**") with Bear Creek Mining Corporation ("**Bear Creek**") to complete a transaction (the "**Arrangement**") pursuant to a plan of arrangement under the provisions of Division 5 of Part 9 of the *Business Corporations Act* (British Columbia) (the "**Plan of Arrangement**") whereby Highlander would acquire all of the issued and outstanding common shares of Bear Creek (the "**Bear Creek Shares**") in exchange for common shares of Highlander ("**Highlander Shares**") on the basis of 0.1175 of an Highlander Share (the "**Arrangement Consideration**") for each Bear Creek Share and pursuant to which the outstanding share purchase warrants of Bear Creek (the "**Bear Creek Warrants**") issued pursuant to the warrant indenture dated as of October 5, 2023, between Bear Creek and Computershare Trust Company of Canada, as warrant agent thereunder (the "**Bear Creek Warrant Indenture**"), will on the effective date of the Arrangement will be dealt with in accordance with their terms under the Bear Creek Warrant Indenture, and will becoming exercisable for such number of Highlander Shares to which holders of such Bear Creek Warrants are entitled on the effective date of the Arrangement (the "**Highlander Warrant Shares**");

**AND WHEREAS** the foregoing is all as more fully described in the management information circular of Highlander dated ●, 2026 (the "**Circular**"); and

**AND WHEREAS** Highlander, in accordance with Section 611(c) of the Toronto Stock Exchange Company Manual, wishes to obtain the requisite shareholder approval of the issuance of the Highlander Shares comprising the Arrangement Consideration and the Highlander Shares issuable upon exercise of the Bear Creek Warrants in accordance with their terms following the effective of the Arrangement.

**NOW THEREFORE BE IT RESOLVED BY ORDINARY RESOLUTION THAT**:

1. The issuance of the Highlander Shares comprising the Arrangement Consideration pursuant to the Arrangement
Agreement and the Plan of Arrangement as described in the Circular, is hereby approved.

2. The issuance of the Highlander Shares upon the due exercise of Bear Creek Warrants following the effective
time of the Arrangement, as described in the Circular is hereby approved;

3. Any officer or director of Highlander is hereby authorized and directed for and on behalf of Highlander
to execute or cause to be executed, under the corporate seal of Argonaut or otherwise, and to deliver or cause to be delivered all such
other documents and instruments and to perform or cause to be performed all such other acts and things as, in such person's opinion,
may be necessary or desirable to give full force and effect to the foregoing resolutions and the matters authorized thereby, such determination
to be conclusively evidenced by the execution and delivery of such other document or instrument or the doing of any other such act or
thing; and

4. The board of directors of Highlander be, and it is authorized, to abandon all or any part of these resolutions
at any time prior to giving effect thereto.

## Exhibit 99.71

**Exhibit 99.71**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Tom Whelan**, an individual resident in Vancouver, BC (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the <br> Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 40,000 Highlander Shares (the "**Subject Shares**"), 350,000 Highlander Options and 0 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Tom Whelan | Tom Whelan |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

---

| |
|:---|
| / signed / "*Tom Whelan*" |
| **Tom Whelan** |

---

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / *"Eric Caba"* | / signed / *"Eric Caba"* |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Tom Whelan** | 40,000 | Highlander Shares |
| | | 350,000 | Highlander Options |
| | | 0 | Highlander Warrants |

---

## Exhibit 99.72

**Exhibit 99.72**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Tom Ladner**, an individual resident in Vancouver, BC (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the <br> Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 65,820 Highlander Shares (the "**Subject Shares**"), 300,000 Highlander Options and 50,000 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Tom Ladner | Tom Ladner |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

---

| |
|:---|
| / signed / "*Tom Ladner*" |
| **Tom Ladner** |

---

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / *"Eric Caba"* | / signed / *"Eric Caba"* |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Tom Ladner** | 65,820 | Highlander Shares |
| | | 300,000 | Highlander Options |
| | | 50,000 | Highlander Warrants |

---

## Exhibit 99.73

**Exhibit 99.73**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Sunny Lowe**, an individual resident in Toronto, ON (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the <br> Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 86,000 Highlander Shares (the "**Subject Shares**"), 650,000 Highlander Options and 50,000 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Sunny Lowe | Sunny Lowe |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

---

| |
|:---|
| / signed / "*Sunny Lowe*" |
| **Sunny Lowe** |

---

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / *"Eric Caba"* | / signed / *"Eric Caba"* |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Sunny Lowe** | 86,000 | Highlander Shares |
| | | 650,000 | Highlander Options |
| | | 50,000 | Highlander Warrants |

---

## Exhibit 99.74

**Exhibit 99.74**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Sergio Gelcich**, an individual resident in Toronto, ON (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the <br> Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 0 Highlander Shares (the "**Subject Shares**"), 350,000 Highlander Options and 0 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Sergio Gelcich | Sergio Gelcich |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

---

| |
|:---|
| / signed / "*Sergio Gelcich*" |
| **Sergio Gelcich** |

---

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / *"Eric Caba"* | / signed / *"Eric Caba"* |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Sergio Gelcich** | 0 | Highlander Shares |
| | | 350,000 | Highlander Options |
| | | 0 | Highlander Warrants |

---

## Exhibit 99.75

**Exhibit 99.75**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**RICHARD W. WARKE**, an individual resident in Vancouver, BC (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the <br> Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 31,945,834 Highlander Shares (the "**Subject Shares**"), 500,000 Highlander Options and 15,000,000 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Richard W. Warke | Richard W. Warke |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

---

| |
|:---|
| / signed / "*Richard W. Warke"* |
| **RICHARD W. WARKE** |

---

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / *"Eric Caba"* | / signed / *"Eric Caba"* |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Richard Warke** | 0 | Highlander Shares |
| | | 500,000 | Highlander Options |
| | | 0 | Highlander Warrants |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Augusta Investments Inc.** | 5,029,167 | Highlander Shares |
| | | 0 | Highlander Options |
| | | 0 | Highlander Warrants |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Augusta Ozama<br> Investment Limited Partnership** | 26,916,667 | Highlander Shares |
| | | 0 | Highlander Options |
| | | 15,000,000 | Highlander Warrants |

---

## Exhibit 99.76

**Exhibit 99.76**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Purni Parikh**, an individual resident in Vancouver, BC (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the <br> Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 161,000 Highlander Shares (the "**Subject Shares**"), 300,000 Highlander Options and 125,000 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Purni Parikh | Purni Parikh |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

---

| |
|:---|
| / signed / "*Purni Parikh*" |
| **Purni Parikh** |

---

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / *"Eric Caba"* | / signed / *"Eric Caba"* |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Purni Parikh** | 125,000 | Highlander Shares |
| | | 300,000 | Highlander Options |
| | | 125,000 | Highlander Warrants |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Lions Gate Capital Corp.** | 36,000 | Highlander Shares |
| | | 0 | Highlander Options |
| | | 0 | Highlander Warrants |

---

## Exhibit 99.77

**Exhibit 99.77**

**<u>VOTING SUPPORT AGREEMENT</u>**

**THIS AGREEMENT** is made as of December 18, 2025

**BETWEEN:**

**Javier Toro**, an individual resident in Tucson, AZ (the "**Shareholder**")

- and -

**BEAR CREEK MINING CORPORATION**, a corporation existing under the laws of the <br> Province of British Columbia ("**Bear Creek**")

**WHEREAS** the Shareholder is the beneficial owner of 50,000 Highlander Shares (the "**Subject Shares**"), 350,000 Highlander Options and 0 Highlander Warrants (together with the Subject Shares, the "**Subject Securities**") in the issued and outstanding share capital of Highlander Silver Corp. ("**Highlander**"), as more particularly set forth in Schedule "A" attached hereto;

**AND WHEREAS** Highlander and Bear Creek have entered into an arrangement agreement (the "**Arrangement Agreement**") concurrently with the entering into of this voting support agreement (the "**Agreement**");

**AND WHEREAS** the Arrangement Agreement provides for Highlander to acquire all of the issued and outstanding shares of Bear Creek (the "**Bear Creek Shares**") pursuant to a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**Arrangement**");

**AND WHEREAS** it is a requirement of Bear Creek that the Shareholder enter into this Agreement in connection with the entering into of the Arrangement Agreement and the Shareholder has agreed to enter into this Agreement, subject to the terms and conditions hereof,

**NOW THEREFORE** in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the parties hereto agree as follows:

**ARTICLE 1<br> INTERPRETATION**

1.1 Definitions in Arrangement Agreement

All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement shall have the respective meanings ascribed to them in the Arrangement Agreement.

**ARTICLE 2<br> COVENANTS**

**2.1** **Covenants of the Shareholder** 

The Shareholder hereby covenants and agrees in favour of Bear Creek that, from the date hereof until the termination of this Agreement in accordance with Article 5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Highlander Meeting (including in connection with any separate vote of any sub-group of securityholders
of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any postponement or adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting)
of the Highlander Shareholders with respect to the Highlander Resolution is sought, the Shareholder shall cause all of their Subject Shares
to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander
Resolution, and (ii) in favour of any other matter necessary for the consummation of transactions contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any meeting of securityholders of Highlander (including in connection with any separate vote of any
sub-group of securityholders of Highlander that may be required to be held and of which sub-group the Shareholder forms part) or at any
postponement or adjournment thereof or in any other circumstances upon which a vote, consent or other approval of all or some of Highlander
Shareholders is sought (including by written consent in lieu of a meeting), the Shareholder shall cause all of their Subject Shares to
be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) all of the Subject Securities (which have
a right to vote on a resolution at such meeting) against any (i) Acquisition Proposal and/or any matter that could reasonably be expected
to delay, prevent or frustrate the successful completion of the Arrangement, or (ii) action or agreement (including, without limitation,
any amendment of any agreement) that would result in a breach of any representation, warranty, covenant, agreement or other obligation
of the Shareholder in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as promptly as practicable following the mailing of the Highlander Circular and in any event no later
than five (5) Business Days prior to the date of the Highlander Meeting, the Shareholder shall deliver or cause to be delivered to Highlander,
with a copy (by email) to Bear Creek concurrently, duly executed proxies or voting instruction forms voting the Subject Securities (which
have a right to vote on a resolution at the Highlander Meeting) (i) in favour of the approval of the Highlander Resolution, and (ii) in
favour of any other matter necessary or desirable for the consummation of the transactions contemplated by the Arrangement Agreement,
and each such proxy or proxies shall not be revoked without the prior written consent of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except in their capacity as a director or officer to the extent permitted by the Arrangement Agreement,
the Shareholder shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) join in the requisition of any meeting of the securityholders of Highlander for the purpose of considering
any resolution related to any Acquisition Proposal and/or any matter that could reasonably be expected to delay, prevent or frustrate
the successful completion of the Arrangement or any of the transactions contemplated by the Arrangement Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take any other action of any kind, including without limitation voting or causing to be voted any Subject
Securities in respect of any proposed action by Highlander or any Highlander Shareholders or any other person in a manner, which would
reasonably be expected to delay or interfere with the successful completion of the Arrangement and the other transactions contemplated
by the Arrangement Agreement and this Agreement, including without limitation voting in favour of or causing to be voted in favour of
any adjournment or postponement of the Highlander Meeting, unless such adjournment or postponement is requested by Bear Creek or required
or specifically contemplated by the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shareholder shall not directly or indirectly, without the prior written consent of Bear Creek (such
consent not to be unreasonably withheld or delayed): (i) sell, transfer, tender, gift, assign, grant a participation interest in, option,
pledge, hypothecate, grant a security or voting interest in or otherwise convey or encumber (each, a "**Transfer** "), or
enter into any agreement, option or other arrangement having the same economic effect as a Transfer of, any of its Subject Securities
to any person, other than (A) to another Shareholder party to this Agreement, (B) to exercise the Subject Securities for Highlander Shares,
(C) to a person controlled by a Shareholder who, prior to any such Transfer, executes an Agreement in favour of Bear Creek in the same
form as this Agreement, or (D) if the Shareholder is an individual, to any immediate family members, a trust established for the benefit
of the Shareholder and/or for the benefit of one or more members of the Shareholder's immediate family, or to charitable organizations,
including a donor-advised fund; provided that, as a condition to any such Transfer pursuant to this clause (D), the recipient agrees to
be bound by this Agreement by executing and delivering to Bear Creek a joinder to this Agreement, in a form reasonably acceptable to Bear
Creek, prior to such Transfer; (ii) grant any proxies or power of attorney, deposit any of the Subject Securities into any voting trust
or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Subject Securities, other than
pursuant to this Agreement; or (iii) agree to take any of the actions prohibited by the foregoing clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Shareholder shall not exercise any rights of appraisal or rights of dissent provided under any applicable
Laws, pursuant to the Interim Order, the Plan of Arrangement or otherwise in connection with the Arrangement or the transactions contemplated
by the Arrangement Agreement considered at the Highlander Meeting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholder shall promptly notify Bear Creek of the amount of any equity or debt securities of Highlander
acquired by the Shareholder after the date hereof. Any securities or other interests acquired by the Shareholder after the date hereof
shall be subject to the terms of this Agreement as though owned by the Shareholder on the date hereof and shall be included in the definition
of "Subject Securities" and, to the extent such securities are Highlander Shares, the definition of "Subject Shares";
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if, after entering into this Agreement, Highlander and Bear Creek mutually conclude that it is necessary
or desirable to proceed with a form of transaction other than pursuant to the Arrangement Agreement, whereby Highlander or its affiliates
would effectively acquire all of the Bear Creek Shares on economic terms and conditions that are equivalent to or better for the Shareholder
than those contemplated by the Arrangement Agreement (any such transaction is referred to as an "**Alternative Transaction** "),
and Highlander and Bear Creek enter into a definitive agreement to undertake or support such Alternative Transaction, then the Shareholder
shall vote the Subject Securities in favour of such Alternative Transaction and reasonably cooperate to facilitate the objectives of Highlander
and Bear Creek in respect of such Alternative Transaction.

**ARTICLE 3 <br> FIDUCIARY DUTIES**

Notwithstanding any provision of this Agreement to the contrary, Bear Creek hereby agrees and acknowledges that the Shareholder is entering into this Agreement in his or her capacity as holder of the Subject Securities and not as a director or officer of Highlander. Nothing contained in this Agreement shall limit or restrict any actions the Shareholder may take in their capacity as a director or officer of Highlander or limit or restrict the exercise of their fiduciary duties as director or officer of Highlander, including in connection with matters contemplated in or otherwise permitted by the Arrangement Agreement, such as an Acquisition Proposal.

**ARTICLE 4 <br> REPRESENTATIONS AND WARRANTIES**

4.1 Representations and Warranties of the Shareholder

The Shareholder represents and warrants to Bear Creek as follows, and acknowledges that Bear Creek is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** The Shareholder has the power and capacity to execute and deliver this Agreement and
to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** If applicable, all necessary action has been taken to authorize the execution, delivery
and performance of this Agreement by the Shareholder and no other approvals or proceedings on their part are necessary to authorize this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** This Agreement has been duly executed and delivered by the Shareholder and constitutes
its legal, valid and binding obligation, enforceable against the Shareholder in accordance with its terms, subject to bankruptcy, insolvency
and other similar Laws affecting creditors' rights generally, and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Ownership of Securities.** The Shareholder is the sole beneficial owner of the Subject Securities
identified beside their name in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Exercise of Control or Direction.** Other than the Subject Securities, the Shareholder does not own
of record or beneficially, or exercise control or direction over, or hold any right to acquire, any securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of the Shareholder, threatened against the Shareholder or any judgment, decree or order against the Shareholder
that would adversely affect in any manner their ability to enter into this Agreement and to perform their obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **No Agreements.** No person has any agreement or option, or any right or privilege (whether by law,
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or transfer of any of the Subject
Securities, or any interest therein or right thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Voting.** The Shareholder has the sole and exclusive right to enter into this Agreement and to vote
(or cause to be voted) the Subject Securities set out next to their name in Schedule "A" and as contemplated herein. Other
than this Agreement, none of the Subject Securities is subject to any proxy, power of attorney, attorney-in-fact, voting trust, vote
pooling or other agreement, arrangement or understanding with respect to the right to vote, call meetings of shareholders or give consents
or approvals of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Independent Legal Advice**. The Shareholder has either: (i) obtained independent legal advice in
respect of the Arrangement and the Shareholder's rights and obligations hereunder and under the Arrangement Agreement and the Plan
of Arrangement; or (ii) if the Shareholder has not obtained independent legal advice, the Shareholder acknowledges having reviewed this
Agreement and the Arrangement Agreement, including the form of the proposed Plan of Arrangement, and understands such agreements, prior
to executing this Agreement and, to the extent the Shareholder has failed to obtain such independent legal advice, the Shareholder acknowledges
and agrees that the Shareholder shall not in any way use or rely upon such failure as a basis for claiming that this Agreement or the
obligations and liabilities of the Shareholder under the Arrangement Agreement and the Plan of Arrangement, as contemplated herein, are
unenforceable or, alternatively, as a defense to the enforcement of this Agreement, the Arrangement Agreement, the Plan of Arrangement
or any of the other agreements contemplated by the Arrangement Agreement.

4.2 Representations and Warranties of Bear Creek

Bear Creek hereby represents and warrants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations and warranties in entering into this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Capacity.** Bear Creek has the requisite corporate power and capacity to execute and deliver this
Agreement and the Arrangement Agreement and to perform its respective obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Authorization.** The execution, delivery and performance of this Agreement and the Arrangement Agreement
by Bear Creek has been duly authorized by its board of directors and no other internal proceedings on its part are necessary to authorize
this Agreement or the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Enforceability.** Each of this Agreement and the Arrangement Agreement has been duly executed and
delivered by Bear Creek and constitutes its legal, valid and binding obligations, enforceable against Bear Creek in accordance with its
terms, subject to bankruptcy, insolvency and other similar Laws affecting creditors' rights generally, and to general principles
of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Breach.** Neither the execution and delivery of this Agreement or the Arrangement Agreement by
Bear Creek nor the compliance by it with any of the provisions hereof or thereof will result in a violation or breach of, require any
consent to be obtained under or give rise to any termination rights or payment obligation under any provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its respective notice of articles or articles (or other constating documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any resolution of its respective board of directors (or any committee thereof) or of its respective shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legal Proceedings.** There are no legal proceedings in progress or pending before any Governmental
Entity, or, to the knowledge of Bear Creek, threatened against Bear Creek or any judgement, decree or order against Bear Creek that would
adversely affect in any manner its ability to enter into this Agreement and to perform its obligations hereunder.

**ARTICLE 5 <br> TERMINATION**

5.1 Automatic Termination

This Agreement shall automatically terminate upon the earlier of (i) the termination of the Arrangement Agreement in accordance with its terms, and (ii) the Effective Time.

5.2 Termination by the Shareholder or Bear Creek

This Agreement may be terminated by notice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time prior to the Effective Time, by the mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Bear Creek if (i) the Shareholder breaches or is in default of any of the covenants or obligations
of such Shareholder under this Agreement, or (ii) any of the representations or warranties of the Shareholder under this Agreement shall
have been at the date hereof, or subsequently become, untrue or incorrect in any material respect; provided in each case that Bear Creek
has notified the Shareholder in writing of any of the foregoing events and the same has not been cured by the Shareholder within five
(5) Business Days of the date such notice was received by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the Shareholder or Bear Creek if the Effective Date has not occurred by the Outside Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the Shareholder if, without the Shareholder's prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed), the Arrangement Agreement is amended in any manner that would result in a materially prejudice the
economic interest of the Shareholder (provided that an increase in the market price of the Highlander Shares or a decrease in the market
price of the Bear Creek Shares will not constitute a prejudice of the Shareholder's economic interests).

5.3 Effect of Termination

If this Agreement is terminated in accordance with this Article 5, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of this Agreement that occurred prior to such termination. The Shareholder shall be entitled to withdraw any form of proxy in respect of the Highlander Resolution in the event this Agreement is duly terminated in accordance with this Article 5.

**ARTICLE 6 <br> GENERAL**

6.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the parties at the following addresses (or at such other addresses as shall be specified by any party by notice to the other given in accordance with these provisions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to Bear Creek:

---

| | | |
|:---|:---|:---|
|  | Bear Creek Mining Corporation. | Bear Creek Mining Corporation. |
|  | Suite 3200, 733 Seymour Street | Suite 3200, 733 Seymour Street |
|  | Vancouver, British Columbia V6B 0S6 | Vancouver, British Columbia V6B 0S6 |
|  | Attention: | Eric Caba |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Borden Ladner Gervais LLP | Borden Ladner Gervais LLP |
|  | 1200 Waterfront Centre, 200 Burrard Street | 1200 Waterfront Centre, 200 Burrard Street |
|  | P.O. Box 4600 | P.O. Box 4600 |
|  | Vancouver, British Columbia V7X 1T2 | Vancouver, British Columbia V7X 1T2 |
|  | Attention: | Fred R. Pletcher |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
| (ii) | if to the Shareholder: | if to the Shareholder: |
|  | Javier Toro | Javier Toro |
|  | c/o Highlander: | c/o Highlander: |
|  | Highlander Silver Corp. | Highlander Silver Corp. |
|  | 2500-100 King Street West | 2500-100 King Street West |
|  | Toronto, Ontario, Canada, M5X 1A9 | Toronto, Ontario, Canada, M5X 1A9 |
|  | Attention: | Daniel Earle |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |
|  | with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
|  | Osler, Hoskin & Harcourt LLP | Osler, Hoskin & Harcourt LLP |
|  | 1055 Dunsmuir St., Suite 3000 | 1055 Dunsmuir St., Suite 3000 |
|  | Vancouver, British Columbia V7X 1K8 | Vancouver, British Columbia V7X 1K8 |
|  | Attention: | Alan Hutchison |
|  | E-mail: | REDACTED - PERSONAL INFORMATION |

---

**6.2** **Governing Law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed, including as to validity, interpretation and effect,
by the Laws of the Province of British Columbia and the Laws of Canada applicable therein.

(b) Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of
the courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and waives any
defences to the maintenance of an action in such court.

6.3 Time of Essence

Time shall be of the essence in this Agreement.

6.4 Interpretation Not Affected by Headings

The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

6.5 Entire Agreement

This Agreement and the provisions of the Arrangement Agreement incorporated herein by reference constitute the entire agreement and understanding between and among the parties hereto with respect to the subject matter hereof and supersede any prior agreement, representation or understanding with respect thereto.

6.6 Assignment

The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns, legal personal representatives, heirs, administrators and executors, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other parties hereto, except that Bear Creek may assign, delegate or otherwise transfer any of their respective rights, interests or obligations under this Agreement to an affiliate, without reducing their own respective obligations hereunder.

6.7 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

6.8 Further Assurances

The Shareholder and Bear Creek will, from time to time, execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement.

6.9 Disclosure

Except as required by applicable Laws or regulations or by any Governmental Entity or in accordance with the requirements of any stock exchange, no party shall make any public announcement or statement with respect to this Agreement without the approval of the other, which shall not be unreasonably withheld or delayed. Moreover, the parties agree to consult with each other prior to issuing each public announcement or statement with respect to this Agreement, subject to the overriding obligations of applicable Laws. The Shareholder consents to the details of this Agreement being described in any information circular or press release prepared by Bear Creek or Highlander in connection with the Arrangement and in any material change report prepared by Highlander or Bear Creek in connection with the execution and delivery of this Agreement and the Arrangement Agreement, and this Agreement being made publicly available, including by filing on the System for Electronic Document Analysis Retrieval (SEDAR+).

6.10 Amendments and Waivers

Each party hereto agrees and confirms that any provision of this Agreement may be amended modified, altered, supplemented or waived if, and only if, such amendment, modification, alteration, supplement or waiver is in writing and signed, in the case of an amendment, by all of the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective, and no failure or delay by any party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any of the provisions of this Agreement will be deemed to constitute a waiver of any other provision (whether or not similar).

6.11 Specific Performance and other Equitable Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby agree that irreparable damage would occur in the event that any provision of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that money damages or other legal remedies would
not be an adequate remedy for any such damages. Accordingly, the parties acknowledge and hereby agree that in the event of any breach
or threatened breach by any of the Shareholder, on the one hand, or Bear Creek, on the other hand, of any of their respective covenants
or obligations set forth in this Agreement, Bear Creek, on the one hand, or the Shareholder, on the other hand, shall be entitled to an
injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other, and to specifically enforce
the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants
and obligations of the other under this Agreement, without any requirement to prove actual damages and without any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunction. Each of the parties hereby agrees not to raise
any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches
of this Agreement by it, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches
of, or to enforce compliance with, the covenants and obligations of the other parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto further agree that (i) by seeking the remedies provided for in this Section 6.11, a
party shall not in any respect waive its right to seek any other form of relief that may be available to a party under this Agreement
in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 6.11 are not available
or otherwise are not granted, and (ii) nothing set forth in this Section 6.11 shall require any party hereto to institute any proceeding
for (or limit any party's right to institute any proceeding for) specific performance under this Section 6.11 prior or as a condition
to exercising any termination right under Section 5.1 or Section 5.2 (and pursuing damages after such termination), nor shall the commencement
of any legal proceeding restrict or limit any party's right to terminate this Agreement in accordance with the terms of Section
5.1 or Section 5.2 or pursue any other remedies under this Agreement that may be available then or thereafter.

6.12 Expenses

Each of the parties shall pay its respective legal, financial advisory and accounting costs and expenses incurred in connection with the preparation, execution and delivery of this Agreement and all documents and instruments executed or prepared pursuant hereto and any other costs and expenses whatsoever and howsoever incurred.

6.13 Counterparts, Execution

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the parties.

 **

***[Signature page follows.]***

 **

 ****

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

<u>/ signed / "*Javier Toro*"</u> <br> Javier Toro

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | / signed / *"Eric Caba"* | / signed / *"Eric Caba"* |
|  | Name: | Eric Caba |
|  | Title: | Chief Executive Officer |

---

**SCHEDULE "A"**

**LIST OF SUBJECT SECURITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shareholder** | **Number of Subject Securities** | **Number of Subject Securities** |
| **NAME** | **Javier Toro** | 50,000 | Highlander Shares |
| | | 350,000 | Highlander Options |
| | | 0 | Highlander Warrants |

---

## Exhibit 99.78

**Exhibit 99.78**

![](ex99-78_001.jpg)

**Highlander Silver Announces Planned NYSE American Listing in Q1/26**

**Toronto, Ontario, December 31, 2025 – Highlander Silver Corp. (TSX: HSLV;** "**Highlander Silver**" or the "**Company**") is pleased to announce plans to pursue a listing on the NYSE American LLC ("NYSE American") as part of its U.S. growth strategy.

The Company intends to list on the NYSE American to satisfy the appetite of U.S. retail and institutional investors seeking to add exposure to Highlander Silver. In advance of listing on the NYSE American, Highlander Silver will file a Form 40-F Registration Statement with the United States Securities and Exchange Commission. Subject to the review and approval of the listing application and satisfaction of all applicable listing and regulatory requirements, the Company expects its common shares to commence trading on the NYSE American in Q1/26.

**On behalf of Highlander Silver**

"Daniel Earle"

President & CEO, Director

**Information contact**

Arun Lamba, Vice President Corporate Development

<u>alamba@highlandersilver.com</u>

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> The Company's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

The mineral resource estimate disclosed herein is derived from Highlander Silver's technical report titled "Technical Report on the San Luis Property" with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on SEDAR+ at www.sedarplus.ca.

**Forward-looking statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, the Company intends to list its common shares on the NYSE American stock exchange in Q1/26 and filing a Form 40-F Registration Statement with the United States Securities and Exchange Commission. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, delays in obtaining governmental or stock exchange approvals or financing, and uncertainties related to the review and approval of the listing application and satisfaction of all applicable listing and regulatory requirements to list on the NYSE American. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

## Exhibit 99.79

**Exhibit 99.79**

---

| | |
|:---|:---|
| ![](ex99-79_001.jpg) | ![](ex99-79_002.jpg) |

---

**HIGHLANDER SILVER AND BEAR CREEK MINING ENTER INTO AN AMENDED AND <br> RESTATED ARRANGEMENT AGREEMENT TO REMOVE HIGHLANDER SILVER <br> SHAREHOLDER APPROVAL REQUIREMENT**

*All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.*

 

**Toronto, Ontario, January 9, 2026 –** Highlander Silver Corp. (TSX: HSLV) ("Highlander Silver") and Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek") announce today that they have entered into an amended and restated arrangement agreement dated January 9, 2026 (the "A&R Arrangement Agreement") amending and restating the arrangement agreement dated December 18, 2025 (the "Original Agreement") pursuant to which Highlander Silver will acquire all of the issued and outstanding common shares of Bear Creek (the "Bear Creek Shares") (that it does not already own) by way of statutory plan of arrangement under the *Business Corporations Act* (British Columbia) (the "Arrangement").

The Original Agreement provided for a special meeting of Highlander Silver's shareholders (the "Highlander Meeting") to be held for the purposes of approving the issuance of the common shares of Highlander (the "Highlander Shares") issuable pursuant to the Arrangement and pursuant to the exercise of the share purchase warrants of Bear Creek (the "Bear Creek Warrants") in accordance with their terms following the Arrangement, such special meeting to be held in accordance with the policies of the Toronto Stock Exchange (the "TSX"). At the time of entering into the Original Agreement, the maximum number of Highlander Shares issuable pursuant to: (i) the Arrangement – assuming the exercise, conversion or exchange for Bear Creek Shares of all of Bear Creek's outstanding stock options, restricted share units and deferred share units as of the date of the Original Agreement being ultimately exchanged for Highlander Shares pursuant to the Arrangement – and (ii) upon exercise of the Bear Creek Warrants in accordance with their terms following the Arrangement, in the aggregate, was expected to be in excess of 25% of Highlander Silver's issued and outstanding share capital at the effective time of the Arrangement, such that the Highlander Meeting would be required in order to comply with the policies of the TSX. Since entering into the Original Agreement, however, a sufficient number of share purchase warrants of Highlander Silver have been exercised for Highlander Shares in accordance with their terms to the effect that the Highlander Meeting is no longer required.

Accordingly, the A&R Arrangement Agreement amends and restates the Original Agreement to remove the requirement for the Highlander Meeting and all related matters. The A&R Arrangement Agreement also now contemplates that a special meeting of Bear Creek's securityholders to approve the Arrangement and certain other matters will be held on or before February 19, 2026, with the related meeting materials to be mailed in connection with such meeting on or about January 21, 2026. All other principal terms of the Arrangement remain in effect.

For more information on the Arrangement, please refer to the initial press release dated December 19, 2025. A copy of the A&R Arrangement Agreement will be available under Highlander Silver's and Bear Creek's profiles at www.sedarplus.ca.

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> Highlander Silver's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

**About Bear Creek**

Bear Creek is a precious metals producer with a world-class development asset. The Corani Project in Puno, Peru is one of the largest fully permitted silver deposits in the world and is highlighted by its substantial reserves and resources, low estimated operating costs and overwhelming community support. The Mercedes mine in Sonora, Mexico is a cash flow generating gold mine with operational upside and exciting exploration potential.

**Information contact**

*Highlander Silver*

 

Arun Lamba, Vice President Corporate Development

Email: alamba@highlandersilver.com

*Bear Creek* 

Barbara Henderson, Vice President Corporate Communications

Direct: 604-628-1111

E-mail: barb@bearcreekmining.com

www.bearcreekmining.com

**Scientific and Technical Information**

Scientific and technical information in the news release relating to the San Luis Project are taken from the technical report entitled, "Technical Report on the San Luis Property" dated January 15, 2025, prepared by independent "qualified person" (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects), Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on Highlander Silver's SEDAR+ profile at www.sedarplus.ca.

**Forward-looking statements**

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release.

In this news release, forward-looking statements relate to, among other things, statements regarding the proposed acquisition by Highlander Silver of all of the shares in the capital of Bear Creek pursuant to the Arrangement and the terms thereof and the projections as at the date of this news release and the date of the Original Agreement; the number of Highlander Shares issuable pursuant to the Arrangement and pursuant to the exercise of the Bear Creek Warrants in accordance with their terms following the Arrangement, and the timing of the meeting of Bear Creek's securityholders. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are no guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements.

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

Risks and uncertainties that may cause such differences include but are not limited to: the risk that the Arrangement may not be completed on a timely basis, if at all; the conditions to the consummation of the Arrangement may not be satisfied; the risk that the Arrangement may involve unexpected costs, liabilities or delays; the possibility that legal proceedings may be instituted against Highlander Silver, Bear Creek, and/or others relating to the Arrangement and the outcome of such proceedings; the possible occurrence of an event, change or other circumstance that could result in termination of the Arrangement; risks relating to the failure to obtain necessary shareholder, court and stock exchange approvals; other risks inherent in the mining industry. Failure to obtain the requisite approvals, or the failure of the parties to otherwise satisfy the conditions to or complete the Arrangement, may result in the Arrangement not being completed on the proposed terms, or at all. In addition, if the Arrangement is not completed, the announcement of the Arrangement and the dedication of substantial resources of Highlander Silver and Bear Creek to complete the Arrangement could have a material adverse impact on each of Highlander Silver's and Bear Creek's share price, its current business relationships and on the current and future operations, financial condition, and prospects of each of Highlander Silver and Bear Creek.

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.*

## Exhibit 99.80

**Exhibit 99.80**

**HIGHLANDER SILVER CORP.** 

<br> **AND**

**BEAR CREEK MINING CORPORATION**

**AMENDED AND RESTATED ARRANGEMENT AGREEMENT**

**Dated January 9, 2026**

---

| | | |
|:---|:---|:---|
| **ARTICLE 1 INTERPRETATION** | **ARTICLE 1 INTERPRETATION** | **2** |
| 1.1 | Definitions | 2 |
| 1.2 | Interpretation Not Affected by Headings | 18 |
| 1.3 | Number and Gender | 19 |
| 1.4 | Date for Any Action | 19 |
| 1.5 | Statutory References | 19 |
| 1.6 | Currency | 19 |
| 1.7 | Accounting Matters | 19 |
| 1.8 | Knowledge | 19 |
| 1.9 | Disclosure Letter | 19 |
| 1.10 | Schedules | 20 |
| **ARTICLE 2 THE ARRANGEMENT AND BEAR CREEK MEETING** | **ARTICLE 2 THE ARRANGEMENT AND BEAR CREEK MEETING** | **20** |
| 2.1 | Arrangement | 20 |
| 2.2 | Interim Order | 20 |
| 2.3 | U.S. Securities Law Matters | 22 |
| 2.4 | Bear Creek Meeting | 22 |
| 2.5 | [Intentionally Deleted] | 24 |
| 2.6 | Bear Creek Circular | 24 |
| 2.7 | [Intentionally Deleted] | 26 |
| 2.8 | Final Order | 26 |
| 2.9 | Court Proceedings | 26 |
| 2.10 | Arrangement and Effective Date | 27 |
| 2.11 | Incentive Plan Matters | 27 |
| 2.12 | Payment of Consideration | 27 |
| 2.13 | Announcement and Shareholder Communications | 28 |
| 2.14 | Withholding Taxes | 28 |
| 2.15 | Interim Secondment | 29 |
| **ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF BEAR CREEK** | **ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF BEAR CREEK** | **29** |
| 3.1 | Representations and Warranties | 29 |
| 3.2 | Survival of Representations and Warranties | 51 |
| **ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF HIGHLANDER** | **ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF HIGHLANDER** | **51** |
| 4.1 | Representations and Warranties | 51 |
| 4.2 | Survival of Representations and Warranties | 64 |

---

- i -

---

| | | |
|:---|:---|:---|
| **ARTICLE 5 COVENANTS** | **ARTICLE 5 COVENANTS** | **65** |
| 5.1 | Covenants of Bear Creek Regarding the Conduct of Business | 65 |
| 5.2 | Additional Covenants of Bear Creek | 69 |
| 5.3 | Covenants of Highlander Regarding the Conduct of Business | 71 |
| 5.4 | Additional Covenants of Highlander | 73 |
| 5.5 | Mutual Covenants of the Parties Relating to the Arrangement | 74 |
| 5.6 | Pre-Acquisition Reorganization | 75 |
| 5.7 | Regulatory Approvals | 76 |
| 5.8 | Subsection 110(1.1) Election | 78 |
| **ARTICLE 6 CONDITIONS** | **ARTICLE 6 CONDITIONS** | **78** |
| 6.1 | Mutual Conditions Precedent | 78 |
| 6.2 | Additional Conditions Precedent to the Obligations of Highlander | 80 |
| 6.3 | Additional Conditions Precedent to the Obligations of Bear Creek | 81 |
| 6.4 | Satisfaction of Conditions | 82 |
| **ARTICLE 7 ADDITIONAL AGREEMENTS OF BEAR CREEK REGARDING BEAR CREEK ACQUISITION PROPOSALS** | **ARTICLE 7 ADDITIONAL AGREEMENTS OF BEAR CREEK REGARDING BEAR CREEK ACQUISITION PROPOSALS** | **82** |
| 7.1 | Bear Creek Non-Solicitation | 82 |
| **ARTICLE 8 [INTENTIONALLY DELETED]** | **ARTICLE 8 [INTENTIONALLY DELETED]** | **88** |
| **ARTICLE 9 CONFIDENTIALITY; MISCELLANEOUS** | **ARTICLE 9 CONFIDENTIALITY; MISCELLANEOUS** | **88** |
| 9.1 | Access to Information; Confidentiality | 88 |
| 9.2 | Insurance and Indemnification | 88 |
| **ARTICLE 10 TERM, TERMINATION, AMENDMENT AND WAIVER** | **ARTICLE 10 TERM, TERMINATION, AMENDMENT AND WAIVER** | **90** |
| 10.1 | Term | 90 |
| 10.2 | Termination | 90 |
| 10.3 | Amendment | 92 |
| 10.4 | Waiver | 92 |
| 10.5 | Notice of Breach | 92 |
| 10.6 | Expenses and Termination Fees | 93 |
| 10.7 | Statement as to Damages and Remedies | 94 |
| **ARTICLE 11 GENERAL PROVISIONS** | **ARTICLE 11 GENERAL PROVISIONS** | **95** |
| 11.1 | Notices | 95 |
| 11.2 | Governing Law | 96 |
| 11.3 | Injunctive Relief | 96 |
| 11.4 | Time of Essence | 97 |
| 11.5 | Entire Agreement, Binding Effect and Assignment | 97 |
| 11.6 | Severability | 97 |
| 11.7 | Further Assurances | 97 |
| 11.8 | No Third Party Beneficiaries | 98 |
| 11.9 | Mutual Interest | 98 |
| 11.10 | Counterparts, Execution | 98 |
| **SCHEDULE A PLAN OF ARRANGEMENT** | **SCHEDULE A PLAN OF ARRANGEMENT** | **A-1** |
| **SCHEDULE B BEAR CREEK RESOLUTION** | **SCHEDULE B BEAR CREEK RESOLUTION** | **B-1** |
| **SCHEDULE C [INTENTIONALLY DELETED]** | **SCHEDULE C [INTENTIONALLY DELETED]** | **C-1** |

---

- ii -

**AMENDED AND RESTATED ARRANGEMENT AGREEMENT**

**THIS AMENDED AND RESTATED ARRANGEMENT AGREEMENT** dated January 9, 2026

**BETWEEN**:

**Highlander Silver Corp.**, a corporation existing under the laws of the Province of British Columbia ("**Highlander**")

- and -

**Bear Creek Mining Corporation**, a corporation existing under the laws of the Province of British Columbia ("**Bear Creek**")

**RECITALS**:

A. Highlander and Bear Creek wish to enter into a transaction providing for the acquisition
by Highlander of all of the Bear Creek Shares (as defined herein).

B. Highlander and Bear Creek intend to carry out the transactions contemplated by
this Agreement by way of a plan of arrangement under the provisions of the *Business Corporations Act* (British Columbia) (the "**BCBCA** ").

C. Highlander has entered into the Bear Creek Voting Agreements (as defined herein)
with all of the Bear Creek Locked-Up Shareholders (as defined herein) pursuant to which each of the Bear Creek Locked-Up Shareholders
(as defined herein) have agreed to vote their Bear Creek Shares in favour of the Bear Creek Resolution (as defined herein) on the terms
and subject to the conditions set forth in the Bear Creek Voting Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Highlander has entered into (i) a Debt Settlement and Stream Termination Agreement
with International Royalty Corporation (as successor to Sandstorm Gold Ltd.) and 1368445 B.C. Ltd.; and (ii) a Debt Settlement Agreement
with Equinox Gold Corp. (collectively, the "**Debt Restructuring Agreements** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Parties (as defined herein) entered into an arrangement agreement dated December
18, 2025 (the "**Original Agreement**") providing for the matters referred to in the foregoing recitals and providing for
a special meeting of Highlander's shareholders (the "**Highlander Meeting**") to be held for the purposes of approving
the issuance of the Highlander Shares (as defined herein) pursuant to the Arrangement (as defined herein) and pursuant to the Bear Creek
Warrant Indenture (as defined herein) in accordance with the policies of the TSX (as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A sufficient number of Highlander Warrants (as defined herein) have been exercised
such that the Highlander Meeting is no longer required in accordance with the policies of the TSX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Parties (as defined herein) wish to enter into this amended and restated arrangement
agreement to provide for certain amendments to remove the requirement for the Highlander Meeting and all related matters.

<br> **NOW THEREFORE**, in consideration of the covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties (as defined herein) agree as follows:

**ARTICLE 1**

**INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Definitions

In this Agreement, unless the context otherwise requires:

"**affiliate**" means an "**affiliated entity**" within the meaning of MI 61-101.

"**Agreement**" means this amended and restated arrangement agreement, including the Schedules hereto, together with the Bear Creek Disclosure Letter, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

"**Agreement Date**" means December 18, 2025.

"**Arrangement**" means the arrangement pursuant to Division 5 of Part 9 of the BCBCA with respect to, *among others*, Bear Creek, Bear Creek Securityholders and Highlander on the terms and subject to the conditions set out in the Plan of Arrangement, subject to any amendments or variations thereto made in accordance with Section 10.3 or the Plan of Arrangement or made at the direction of the Court in the Interim Order or Final Order with the consent of Highlander and Bear Creek, each acting reasonably.

"**BCBCA**" means the *Business Corporations Act* (British Columbia).

"**BCSC"** means the British Columbia Securities Commission.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a plan of arrangement, merger, amalgamation, consolidation, share exchange, share
issuance, business combination, reorganization, recapitalization, liquidation, dissolution, share reclassification, winding-up or other
similar transaction or series of transactions involving Bear Creek or any of its subsidiaries; or

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

"**Bear Creek Benefit Plans**" has the meaning ascribed thereto in Section 3.1(dd)(i).

"**Bear Creek Board**" means the board of directors of Bear Creek as the same is constituted from time to time.

"**Bear Creek Board Recommendation**" has the meaning ascribed thereto in Section 3.1(a).

"**Bear Creek Change in Recommendation**" has the meaning ascribed thereto in Section 10.2(a)(iii)(A).

"**Bear Creek Circular**" means the notice of the Bear Creek Meeting and accompanying management information circular, including all schedules, appendices and exhibits thereto, to be sent to Bear Creek Securityholders in connection with the Bear Creek Meeting, as amended, supplemented or otherwise modified from time to time.

"**Bear Creek Confidentiality Agreement**" means the non-disclosure agreement dated as of August 11, 2025, by and between Bear Creek and Highlander as supplemented, amended, restated or otherwise modified from time to time.

"**Bear Creek Concessions**" means any mining, mineral or exploration concession, claim, lease, license, or other right to explore for, exploit, develop, mine or produce Minerals or any interest therein which Bear Creek or any of its subsidiaries owns or has a right or option to acquire or use.

"**Bear Creek Disclosure Letter**" means the disclosure letter dated December 18, 2025, executed by Bear Creek and delivered to Highlander concurrently with the execution of the Original Agreement.

"**Bear Creek DSU**" means a deferred share unit issued of Bear Creek pursuant to the Bear Creek LTIP.

"**Bear Creek Equity Incentive Plans**" means, together, the Bear Creek Stock Option Plans and the Bear Creek LTIP.

"**Bear Creek Fairness Opinions**" has the meaning ascribed thereto in Section 3.1(b).

"**Bear Creek Financial Advisors**" means BMO Nesbitt Burns Inc. and Stifel Nicolaus Canada Inc.

"**Bear Creek Financial Statements**" has the meaning ascribed thereto in Section 3.1(m).

"**Bear Creek Interest Deferral Agreements**" means the agreements between Bear Creek and each of Royal Gold Inc. and Equinox Gold Corp. dated December 18, 2025 pursuant to which Royal Gold Inc. and Equinox Gold Corp. agreed to extend the interest accrual period on Bear Creek's convertible debt owing to both parties from December 31, 2025 to the earlier of (i) the closing date of the Arrangement and (ii) the termination of this Agreement in accordance with the provisions set out herein.

"**Bear Creek Interest Deferral Resolution**" means the resolution of Bear Creek Shareholders approving the Bear Creek Interest Deferral Agreements, which is to be considered at the Bear Creek Meeting.

"**Bear Creek Lands**" means any interests and rights in real and immoveable property interests, including property rights, fee lands, possession rights, licenses, leases, rights of way, rights to use, surface rights or easements which Bear Creek or any of its subsidiaries have a right in or interest in or has an option or other right to acquire or use.

"**Bear Creek Locked-Up Shareholders**" means all directors and officers of Bear Creek, Equinox Gold Corp. and Royal Gold Inc., all of whom have entered into the Bear Creek Voting Agreements.

"**Bear Creek LTIP**" means the long term incentive plan of Bear Creek, as approved by the Bear Creek Board on March 22, 2016.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change or proposed change in any applicable Laws or the interpretation, application
or non-application of any applicable Laws by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any generally applicable changes in IFRS or changes in applicable regulatory accounting
requirements applicable to the industries in which Bear Creek conducts business, or that result from any action taken for the purpose
of complying with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any natural disaster, armed hostilities, declared or undeclared war, act of terrorism,
civil unrest or declaration of a state of emergency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any epidemic, pandemic or outbreak of illness or health crisis or public health
event, or any worsening of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) conditions generally affecting the mining industry;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any change in the market price of gold or silver; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any change in the market price or any change in the trading volume of Bear Creek
Shares on the TSXV or the OTCQX (it being understood that any cause underlying such change in market price or trading volume may be taken
into account in determining whether a Bear Creek Material Adverse Effect has occurred),

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

"**Bear Creek Material Contract**" means any Contract of Bear Creek or any of its subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) involving current and future aggregate actual or contingent obligations to pay
(including advances) to or by Bear Creek or any of its subsidiaries of more than US$500,000 in any one year or US$1,000,000 during the
remaining term of such Contract (including, if applicable, any renewals thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) relating to current or future indebtedness for borrowed money of US$1,000,000
or more, or pursuant to which any property or asset of Bear Creek or any of its subsidiaries is subject to a Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) restricting the incurrence of indebtedness by Bear Creek or any of its subsidiaries
or (including by requiring the granting of an equal and rateable Lien) the incurrence of any Liens on any properties or assets of Bear
Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) relating to litigation or settlement thereof which gives rise to or could give
rise to any actual or contingent obligations or entitlements of Bear Creek or any of its subsidiaries which have not been fully satisfied
prior to the Agreement Date, other than obligations or entitlements, individually or together, of not more than US$500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) which creates an exclusive dealing arrangement or right of first offer or limits
or purports to limit the ability of Bear Creek or any of its subsidiaries to engage in any line of business, compete with any person or
in any geographic area or during any period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) which relates to any pending lease, acquisition or disposition, directly or indirectly,
of property, including Bear Creek Concessions or Bear Creek Lands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) providing for any indemnification or any guarantee by Bear Creek or any of its
subsidiaries in excess of US$1,000,000 or which is not expressly capped or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of any joint venture, partnership, strategic alliance or similar arrangement
or any shareholders' agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) involving a sharing of profits, losses, costs or liabilities by Bear Creek or
any of its subsidiaries with any third party that would result in one or more third parties being entitled to more than US$500,000 in
the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the termination of which would reasonably be expected to have a Bear Creek Material
Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) for a royalty, metals streaming, long term offtake or similar economic arrangement
in respect of any Bear Creek Concession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any standstill or similar Contract currently restricting the ability of Bear Creek
or any of its subsidiaries to offer to purchase or purchase the assets or equity securities of another person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) with a term or commitment to or by a Bear Creek or any of its subsidiaries that
may reasonably extend beyond one year and which cannot be terminated without cost or penalty in excess of US$1,000,000 on less than 60
days' notice.

"**Bear Creek Meeting**" means the special meeting of Bear Creek Securityholders, including any adjournment or postponement thereof, to be called and held in accordance with the Interim Order to consider (i) the Bear Creek Resolution; and (ii) the Bear Creek Interest Deferral Resolution.

"**Bear Creek Nominee**" has the meaning ascribed thereto in Section 5.2(g).

"**Bear Creek Office Leases**" means the office leases listed in Schedule 3.1(u)(ii) of the Bear Creek Disclosure Letter.

"**Bear Creek Option**" means a right and option to purchase one or more Bear Creek Shares granted pursuant to the Bear Creek Stock Option Plans or otherwise enforceable against Bear Creek.

"**Bear Creek Optionholder**" means a holder of one or more Bear Creek Options.

"**Bear Creek Proposed Agreement**" has the meaning ascribed thereto in Section 7.1(g).

"**Bear Creek Public Disclosure Record**" means all documents and information filed by Bear Creek under applicable Securities Laws since January 1, 2023 and publicly available on the System for Electronic Document Analysis Retrieval (SEDAR+) website.

"**Bear Creek Resolution**" means the special resolution of Bear Creek Shareholders and the Bear Creek Securityholders approving the Arrangement, which are to be considered at the Bear Creek Meeting, substantially in the form of Schedule B to this Agreement.

"**Bear Creek RSU**" means a restricted share unit issued pursuant to the Bear Creek LTIP.

"**Bear Creek Securities**" means the Bear Creek Shares, Bear Creek Options, Bear Creek DSUs, Bear Creek RSUs.

"**Bear Creek Securityholder**" means a holder of one or more Bear Creek Securities.

"**Bear Creek Securityholder Approval**" means the approval of the Bear Creek Resolution by the Bear Creek Shareholders and the Bear Creek Securityholders at the Bear Creek Meeting in accordance with Section 2.2(c).

"**Bear Creek Share**" means a common share in the authorized share structure of Bear Creek.

"**Bear Creek Shareholder**" means a holder of one or more Bear Creek Shares.

"**Bear Creek Special Committee**" means the special committee of independent directors of the Bear Creek Board formed to review, assess and examine, and to advise the Bear Creek Board on, strategic alternatives, including any proposals or offers to acquire control of Bear Creek.

"**Bear Creek Superior Proposal**" means an unsolicited *bona fide* written Bear Creek Acquisition Proposal from an arm's length third party that is made after the Agreement Date (and is not obtained in violation of this Agreement) to acquire all of the outstanding Bear Creek Shares (other than Bear Creek Shares beneficially owned by the person or persons making such Bear Creek Acquisition Proposal) or all or substantially all of the assets of Bear Creek and its subsidiaries on a consolidated basis, and (a) that did not result from or involve a breach of this Agreement; (b) that is reasonably capable of being completed without undue delay, taking into account all financial, legal, regulatory and other aspects of such Bear Creek Acquisition Proposal and the person or persons making such Bear Creek Acquisition Proposal; (c) that, if it relates to the acquisition of Bear Creek Shares, is made to all Bear Creek Shareholders on the same terms and conditions; (d) that is not subject to any financing condition and in respect of which it has been demonstrated to the satisfaction of the Bear Creek Board, acting in good faith (and after receiving the advice of its outside legal advisors and a Bear Creek Financial Advisor), that adequate arrangements have been made in respect of any required financing required to complete such Bear Creek Acquisition Proposal; (e) that is not subject to any due diligence or access condition (but, for greater certainty, may include a customary access covenant); (f) that complies with Securities Laws; (g) in respect of which the Bear Creek Board unanimously determines, in its good faith judgment, after receiving the advice of its outside legal advisors and a Bear Creek Financial Advisor, that having regard for all of the terms and conditions of the Bear Creek Acquisition Proposal, including all financial, legal, regulatory and other aspects of such proposal and the person making such proposal, such Bear Creek Acquisition Proposal, will, if consummated in accordance with its terms (but not assuming away any risk of non-completion), result in a transaction more favourable to the Bear Creek Shareholders from a financial point of view than the transactions contemplated by this Agreement, after taking into account any amendment to the terms of this Agreement and the Plan of Arrangement proposed by Highlander pursuant to Section 10.3.

"**Bear Creek Superior Proposal Notice**" has the meaning ascribed thereto in Section 7.1(g)(iii).

"**Bear Creek Stock Option Plans**" means the stock option plans of Bear Creek: (a) known as the "2022 Stock Option Plan" as approved by the Bear Creek Board on April 26, 2022, and as amended on April 17, 2023 and April 16, 2025 by approval of the Bear Creek Board; and (b) known as the "Rolling Stock Option Plan" as approved by the Bear Creek Board on March 19, 2008.

"**Bear Creek Technical Report**" has the meaning ascribed thereto in Section 3.1(x)(ii).

"**Bear Creek Termination Fee**" means $8,000,000.

"**Bear Creek Voting Agreements**" mean the voting support agreements (including all amendments thereto) between Highlander and the Bear Creek Locked-Up Shareholders.

"**Bear Creek Warrantholder**" means a holder of one or more Bear Creek Warrants.

"**Bear Creek Warrant Indenture**" means the warrant indenture dated as of October 5, 2023, between Bear Creek and Computershare Trust Company of Canada, as warrant agent thereunder.

"**Bear Creek Warrants**" means the 26,423,570 share purchase warrants issued pursuant to the Bear Creek Warrant Indenture and conferring upon the holders thereof the right to purchase one (1) Bear Creek Share for each Bear Creek Warrant held at an exercise price of $0.42 prior to October 5, 2028.

"**Business Day**" means any day, other than a Saturday, a Sunday or any other day on which the banks located in Vancouver, British Columbia, are closed or authorized to be closed.

"**BVL**" means the Lima Stock Exchange (Bolsa de Valores de Lima).

"**CNA**" means the National Antitrust Commission of Mexico (Comisión Nacional Antimonopolio) or the Mexican authority that replaces it.

"**CNA Approval**" means the unconditional approval or clearance of the transactions contemplated in this Agreement issued by CNA, or its tacit approval, due to the statutory term for the purposes of issuing such approval or clearance elapsing, pursuant to the provisions set forth in Mexican Antitrust Law, having not been modified or withdrawn prior to the Effective Time.

"**Competition Act**" means the *Competition Act* (Canada).

"**Confidentiality Agreements**" means the Bear Creek Confidentiality Agreement and the Highlander Confidentiality Agreement, each as supplemented, amended, restated or otherwise modified from time to time.

"**Consideration**" means the consideration payable pursuant to the Plan of Arrangement to a person who is a Bear Creek Securityholder other than Highlander or its affiliates.

"**Contract**" means any written or oral contract, agreement, license, franchise, lease, arrangement, commitment, understanding, joint venture, partnership or other right or obligation to which Bear Creek or Highlander, respectively, or any of their respective subsidiaries is a party or by which Bear Creek or Highlander, respectively, or any of their respective subsidiaries is bound or affected or to which any of their respective properties or assets is subject.

"**Corani Project**" means the Corani project located in Puno, Peru.

"**Corani Technical Report**" has the meaning ascribed thereto in Section 3.1(x)(ii).

"**Corruption Acts**" has the meaning ascribed thereto in Section 3.1(rr)(ii).

"**Court**" means the Supreme Court of British Columbia.

"**Debt Restructuring Agreements**" has the meaning ascribed thereto in the recitals hereto.

"**Departing Hire**" has the meaning ascribed to thereto in Section 5.1(b)(xviii).

"**Depositary**" means Endeavor Trust Corporation, in its capacity as depositary for the Arrangement, or any other depositary or trust company, bank or financial institution as Highlander may appoint to act as depositary with the approval of Bear Creek, acting reasonably, for the purposes of carrying out the Arrangement.

"**Dissent Rights**" means the rights of dissent in respect of the Arrangement described in the Plan of Arrangement.

"**Dissenting Shareholder**" means a registered Bear Creek Shareholder as of the record date of the Bear Creek Meeting that duly and that validly exercises Dissent Rights in respect of all Bear Creek Shares held by such Bear Creek Shareholder and has not withdrawn or deemed or been deemed to have withdrawn such Dissent Rights.

"**Effective Date**" means the date upon which the Arrangement becomes effective, as set out in Section 2.10(a).

"**Effective Time**" means the time on the Effective Date that the Arrangement becomes effective, as set out in the Plan of Arrangement.

"**Environmental Laws**" means all applicable federal, provincial, regional, municipal, local or other Laws, imposing liability or standards of conduct for or relating to the regulation of activities, materials, substances or wastes in connection with or for or to the protection of human health, safety, the environment or natural resources (including ambient air, surface water, groundwater, wetlands, land surface or subsurface strata, wildlife, aquatic species and vegetation).

"**Environmental Liabilities**" means, with respect to any person, all liabilities, obligations, responsibilities, remedial and removal costs, investigation costs, capital costs, operation and maintenance costs, losses, damages, punitive damages, property damages, consequential damages, treble damages, costs and expenses, fines, penalties and sanctions incurred as a result of or related to any Hazardous Substance or any claim, suit, action, administrative order, investigation, proceeding or demand by any person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law, relating to any environmental matter arising under or related to any Environmental Laws, Environmental Permits, or in connection with any Release or threatened Release or presence of a Hazardous Substance whether on, at, in, under, from or about or in the vicinity of any real or personal property.

"**Environmental Permits**" means all Permits under any Environmental Laws.

"**Final Order**" means the final order of the Court in a form acceptable to both Highlander and Bear Creek, each acting reasonably, pursuant to subsection 291(4) of the BCBCA, after being informed of the intention of the Parties to rely upon the Section 3(a)(10) Exemption from the registration requirements of the U.S Securities Act with respect to the Highlander Shares issued pursuant to the Arrangement, approving the Arrangement, as such order may be amended, modified, supplemented or varied by the Court (with the consent of both Highlander and Bear Creek, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended on appeal (provided that any such amendment is acceptable to both Highlander and Bear Creek, each acting reasonably).

"**Governmental Entity**" means (a) any multinational, federal, national, provincial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, commissioner, board, minister, ministry, bureau, agency or instrumentality, domestic or foreign, (b) any subdivision, agent, commission, board or authority of any of the foregoing, (c) any quasi-governmental or private body, including any tribunal, commission, regulatory agency or self-regulatory organization, exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing, or (d) any stock exchange or other market for trading securities, including the TSX, TSXV, OTCQX or the BVL.

"**Hazardous Substance**" means any pollutant, contaminant, waste or chemical or any toxic, radioactive, ignitable, corrosive, reactive or otherwise hazardous or deleterious substance, waste or material, including metals, petroleum, polychlorinated biphenyls, asbestos and urea- formaldehyde insulation, and any other material or contaminant, that is regulated or defined pursuant to any Environmental Law.

"**Highlander BCM Warrant Shares**" means the Highlander Shares issuable upon exercise of the Bear Creek Warrants following the Effective Time of the Arrangement pursuant to the Bear Creek Warrant Indenture, as supplemented.

"**Highlander Board**" means the board of directors of Highlander as the same is constituted from time to time.

"**Highlander Concessions**" means those mining, mineral or exploration concession, claim, lease, license, or other right to explore for, exploit, develop, mine or produce Minerals or any interest therein which Highlander or any of its subsidiaries, owns or has a right or option to acquire or use.

"**Highlander Confidentiality Agreement**" means the non-disclosure agreement dated as of November 28, 2025, by and between Bear Creek and Highlander, in respect of Highlander's confidentiality information.

"**Highlander Financial Statements**" has the meaning ascribed thereto in Section 4.1(l).

"**Highlander Lands**" means any interests and rights in real and immoveable property interests, including property rights, fee lands, possession rights, licenses, leases, rights of way, rights to use, surface rights or easements which Highlander or any of its subsidiaries has a right in or interest in or has an option or other right to acquire or use.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change or proposed change in any applicable Laws or the interpretation, application
or non-application of any applicable Laws by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any generally applicable changes in IFRS or changes in applicable regulatory accounting
requirements applicable to the industries in which Highlander conducts business, or that
results from any action taken for the purpose of complying with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any natural disaster, armed hostilities, declared or undeclared war, act of terrorism,
civil unrest or declaration of a state of emergency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any epidemic, pandemic or outbreak of illness or health crisis or public health
event, or any worsening of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) conditions generally affecting the mining industry;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any change in the market price of gold or silver; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any change in the market price or any change in the trading volume of Highlander
Shares on the TSX (it being understood that any cause underlying such change in market price or trading volume may be taken into account
in determining whether a Highlander Material Adverse Effect has occurred),

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

"**Highlander Material Contract**" means any Contract of which Highlander or any of its materials subsidiaries is a party or by which it or they or any of Highlander or its material subsidiaries' assets, rights or properties are bound that, if terminated or modified would have a Highlander Material Adverse Effect.

"**Highlander Meeting**" has the meaning ascribed thereto in the recitals hereto.

"**Highlander Option**" means a stock option issued under the Highlander Stock Option Plan.

"**Highlander Public Disclosure Record**" means all documents and information filed by Highlander under applicable Securities Laws since January 1, 2023 and publicly available on the System for Electronic Document Analysis Retrieval (SEDAR+).

"**Highlander Response Period**" has the meaning ascribed thereto in Section 7.1(g)(v).

"**Highlander Share**" means a common share in the authorized capital of Highlander.

"**Highlander Shareholder**" means a holder of one or more Highlander Shares.

"**Highlander Stock Option Plan**" means the stock option plan of Highlander as approved by the Highlander Board on April 7, 2025.

"**Highlander Technical Report**" has the meaning ascribed thereto in Section 4.1(u)(i).

"**Highlander Warrants**" means the 29,240,298 share purchase warrants conferring upon the holders thereof the right to purchase one Highlander Share for each Highlander Warrant held at an exercise price of $0.15 prior to October 19, 2026.

"**IFRS**" means generally accepted accounting principles in Canada from time to time including, for the avoidance of doubt, the standards prescribed in Part I of the CPA Canada Handbook - Accounting (International Financial Reporting Standards) as the same may be amended, supplemented or replaced from time to time.

"**including**", "**includes**" or similar expressions are not intended to be limiting and are deemed to be followed by the expression "without limitation".

"**Intellectual Property**" means all intellectual property and other similar proprietary rights in any jurisdiction worldwide, whether registered or unregistered, including such rights in and to: (a) patents (including all reissues, divisions, provisionals, continuations and continuations-in-part, re-examinations, renewals and extensions thereof), patent applications, patent disclosures or other patent rights; (b) copyrights, design, design registration, and all registrations, applications for registration, and renewals for any of the foregoing, and any "moral" rights; (c) trademarks, service marks, trade names, business names, logos, trade dress, certification marks and other indicia of commercial source or origin together with all goodwill associated with the foregoing, and all registrations, applications and renewals for any of the foregoing; (d) trade secrets and business, technical and know-how information, databases (including assay), data collections, and drawings; (e) software, including data files, source code, object code, application programming interfaces, architecture, files, records, schematics, computerized databases and other software-related specifications and documentation; and (f) Internet domain name registrations.

"**Interim Order**" means the interim order of the Court contemplated by Section 2.2 of this Agreement and made pursuant to subsection 291(2) of the BCBCA, after being informed of the intention of the Parties to rely upon the Section 3(a)(l0) Exemption from the registration requirements of the U.S. Securities Act with respect to the Highlander issued pursuant to the Arrangement, in a form acceptable to both Highlander and Bear Creek, each acting reasonably, providing for, among other things, the calling and holding of the Bear Creek Meeting, as the same may be amended, modified, supplemented or varied by the Court (with the consent of both Highlander and Bear Creek, each acting reasonably).

"**Interim Period**" has the meaning ascribed thereto in Section 2.15(a).

"**Investment Canada Act**" means the *Investment Canada Act* (Canada) and the regulations enacted thereunder.

"**Law**" or "**Laws**" means all laws (including common law), codes, by-laws, statutes, rules, regulations, Mexican official norms, principles of law and equity, orders, rulings, ordinances, judgements, injunctions, determinations, awards, decrees or other requirements having force of law, whether domestic or foreign, and the terms and conditions of any grant of approval, permission, authority or license of any Governmental Entity or self-regulatory authority (including, where applicable, any stock exchange or other market for trading securities), and the term "**applicable**" with respect to such Laws and in a context that refers to one or more persons, means such Laws as are applicable to such person or its business, undertaking, assets, property or securities and emanate from a person having jurisdiction over the person or persons or its or their business, undertaking, assets, property or securities.

"**Liens**" means any hypothec, mortgage, pledge, assignment, lien, charge, security interest, adverse right or claim, other third person interest or encumbrance of any kind, whether contingent or absolute, and any agreement, option, right or privilege (whether by Law, contract or otherwise) capable of becoming any of the foregoing.

"**Mailing Deadline**" means January 21, 2026, or such other date as may be agreed between the Parties.

"**material fact**" has the meaning ascribed thereto in the Securities Act.

"**Material Taxes**" means an amount of Taxes in excess of US$500,000 that have not been paid or otherwise provided for in the Bear Creek Financial Statements or the Highlander Financial Statements, as applicable.

"**Mercedes Gold-Silver Mine Project**" means the Mercedes gold-silver mine located in Sonora, Mexico.

"**Mercedes Technical Report**" has the meaning ascribed thereto in Section 3.1(x)(ii).

"**Mexican Governmental Royalties**" means mining Taxes payable in accordance with Articles 268 and 270 of the Mexican Federal Duties Law (*Ley Federal de Derechos*), stating: (i) a mining duty payable on a yearly basis of 8.5% of the income of the sale of the minerals extracted from a mining concession minus the authorized deductions (*Derecho Especial Sobre Minería*) and (ii) a mining duty payable on a yearly basis of 1% of the income for the sale of gold, silver or platinum minerals (*Derecho Extraordinario Sobre Minería*).

"**MI 61-101**" means Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions*.

"**Minerals**" means all ores, and ores and concentrates derived therefrom, of precious, base and industrial minerals, including diamonds, which may be lawfully explored for, mined and sold.

"**misrepresentation**" has the meaning ascribed thereto in the *Securities Act*.

"**Money Laundering Laws**" has the meaning ascribed thereto in Section 3.1(ss).

"**New Hire**" has the meaning ascribed thereto in Section 5.1(b)(xviii).

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

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

"**Order**" means all judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, injunctions, orders, decisions, rulings, determinations, awards, or decrees of any Governmental Entity (in each case, whether temporary, preliminary or permanent).

"**ordinary course of business**" means, with respect to an action taken by a person, that such action is consistent with the past practices of such person and is taken in the ordinary course of the normal day-to-day business and operations of such person.

"**Original Agreement**" has the meaning ascribed thereto in the recitals hereto.

"**OTCQX**" means the top tier of the over-the-counter markets of OTC Markets Group Inc. known as the "OTCQX".

"**Outside Date**" means April 17, 2026, or such later date as may be agreed to in writing by the Parties; provided, however, that any Party shall have the right to extend the Outside Date for up to an additional 120 days (in 30-day increments) if the CNA Approval is required and has not been obtained and has not been denied by a non-appealable decision of CNA, by giving written notice to the other Party to such effect no later than 5:00 p.m. (Vancouver time) on the date that is not less than five days prior to the original Outside Date (and any subsequent Outside Date); provided further that, notwithstanding the foregoing, a Party shall not be permitted to extend the Outside Date if the failure to obtain the CNA Approval is primarily the result of such Party's failure to comply with its covenants herein; and, provided further that, in the aggregate, such extensions shall not extend beyond August 17, 2026.

"**Parties**" means Highlander and Bear Creek, and "**Party**" means either of them.

"**payor"** has the meaning ascribed thereto in Section 2.14.

"**Permit**" means any license, permit, certificate, consent, Order, grant, approval, classification, waiver, writ, consent, registration or other authorization of or from any Governmental Entity.

"**person**" includes an individual, sole proprietorship, partnership, association, body corporate, trust, natural person in his or her capacity as trustee, executor, administrator or other legal representative, Governmental Entity or any other entity, whether or not having legal status.

"**Plan of Arrangement**" means the plan of arrangement of Bear Creek, substantially in the form of Schedule A hereto, and any amendments or variations thereto made in accordance with this Agreement and the Plan of Arrangement or upon the direction of the Court (with the prior written consent of Highlander and Bear Creek, each acting reasonably) in the Final Order.

"**Pre-Acquisition Reorganization**" has the meaning ascribed thereto in Section 5.6.

"**Private Placement**" has the meaning ascribed thereto in Section 5.4.

"**Proceeding**" means any suit, claim, action, charge, complaint, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, audit, examination or investigation commenced, brought, conducted or heard by or before, any court or other Governmental Entity.

"**Qualifying Options**" has the meaning ascribed thereto in Section 5.8.

"**Regulatory Approvals**" means those sanctions, rulings, consents, orders, exemptions, permits and other approvals (including the lapse, without objection, of a prescribed time under a statute or regulation that states that a transaction may be implemented if a prescribed time lapses following the giving of notice without an objection being made) of Governmental Entities required in relation to the transactions contemplated hereby, and including, if required, the CNA Approval.

"**Release**" means any release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of a Hazardous Substance in the indoor or outdoor environment, including the movement of a Hazardous Substance through or in the air, soil, surface water, ground water or property.

"**Representatives**" means, with respect to any person, its and its subsidiaries' officers, directors, employees, representatives (including any financial and other advisors) and agents.

"**Returns**" means all reports, forms, elections, statements, declarations, designations, notices, filings, returns and other documents (whether in tangible, electronic or other form) and including any amendments, schedules, attachments, supplements, appendices and exhibits thereto relating to, made, filed or required to be filed or prepared by Law in connection with any Taxes.

"**San Luis Project**" means the mining and exploration project of Highlander located within the District of Shupluy, Yungay Province, Ancash Department, Peru.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Secondee**" has the meaning ascribed thereto in Section 2.15(a).

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

"**Securities Act**" means the *Securities Act* (British Columbia).

"**Securities Authorities**" means, collectively, the BCSC and the applicable securities commissions and other securities regulatory authorities in each of the other provinces and territories of Canada.

"**Securities Laws**" means the Securities Act and the securities legislation of each other province and territory of Canada and the rules, regulations, forms, published instruments, policies, bulletins and notices of the Securities Authorities made thereunder, as now in effect and as they may be promulgated or amended from time to time, applicable U.S. Securities Laws and with respect to Bear Creek, includes the rules and policies of each stock exchange or market on the Bear Creek Shares or the Bear Creek Warrants are listed or posted for trading, and with respect to Highlander, includes the rules and policies of the TSX.

"**Service Obligations**" means collectively, the amounts listed in Schedule 2.12(b) of the Bear Creek Disclosure Letter, such amounts representing the financial obligations owed to the Bear Creek Financial Advisors and to each Service Provider, as applicable, by Bear Creek or its subsidiaries.

"**Service Provider**" means each of the persons listed in Schedule 2.12(b) of the Bear Creek Disclosure Letter and "**Service Providers**" means all such persons.

"**Share Consideration**" means for each Bear Creek Share, the number of Highlander Shares payable under the Plan of Arrangement to a person that is a Bear Creek Shareholder, other than Highlander.

"**Subscription Agreement**" has the meaning ascribed hereto in Section 5.4(a).

"**Subscription Price**" has the meaning ascribed hereto in Section 5.4(a).

"**Subscription Shares**" has the meaning ascribed thereto in Section 5.4(a).

"**subsidiary**" has the meaning ascribed to it in National Instrument 45-106 – *Prospectus Exemptions*, in force as of the Agreement Date.

"**Tax Act**" means the *Income Tax Act* (Canada).

"**Taxes**" means (a) any and all taxes, imposts, levies, withholdings, duties, fees, premiums, Mexican Governmental Royalties, assessments and other charges of any kind, however denominated and instalments or advance payments in respect thereof, including any interest, penalties, fines or other additions that have been, are or will become payable in respect thereof, imposed by any Governmental Entity, including for greater certainty all income, gains or profits taxes (including Canadian federal, provincial and territorial income taxes), payroll and employee withholding taxes, employment or payroll taxes, employment insurance, disability taxes, social insurance taxes, social security contributions, sales and use taxes, consumption taxes, customs taxes, ad valorem taxes, excise taxes, goods and services taxes, harmonized sales taxes, franchise taxes, gross receipts taxes, capital taxes, business license taxes, alternative minimum taxes, estimated taxes, abandoned or unclaimed (escheat) taxes, occupation taxes, real and personal property taxes, stamp taxes, environmental taxes, transfer taxes, severance taxes, workers' compensation, Canada and other government pension plan premiums or contributions and other governmental charges, and other obligations of the same or of a similar nature to any of the foregoing, together with any interest, penalties or other additions to tax that may become payable in respect of such taxes, and any interest in respect of such interest, penalties and additions whether disputed or not, and (b) any liability for the payment of any amount described in clause (a) of this definition as a result of being a member of an affiliated, consolidated, combined or unitary group for any period, as a result of any tax sharing or tax allocation agreement, arrangement or understanding, or as a result of being liable for another person's taxes by contract or otherwise.

"**Termination Obligations**" means collectively, the amounts listed in Schedule 2.12(b) of the Bear Creek Disclosure Letter, such amounts representing the financial obligations owed to Terminated Persons as a result of the change of control provisions of such Terminated Person's employment or independent contractor agreements, as applicable, between such Terminated Persons and Bear Creek or its subsidiaries.

"**Terminated Person**" means each of the persons listed in Schedule 2.12(b) of the Bear Creek Disclosure Letter and "**Terminated Persons**" means all such persons.

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

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

"**U.S. Exchange Act**" means the United States *Securities Exchange Act of 1934* as the same has been and hereinafter from time to time may be amended and the rules and regulations promulgated thereunder.

"**U.S. Securities Act**" means the United States *Securities Act of 1933* as the same has been and hereinafter from time to time may be amended and the rules and regulations promulgated thereunder.

"**U.S. Securities Laws**" means the U.S. federal securities laws, including without limitation, the U.S. Securities Act, the U.S. Exchange Act and applicable securities laws of any state of the United States.

"**United States**" or "**U.S.**" means the United States of America, its territories and possessions, any state of the United States and the District of Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Interpretation Not Affected by Headings

The division of this Agreement into articles, sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement. The terms "**this Agreement**", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not any particular article, section, subsection, paragraph or other portion hereof and include any instrument supplementary or ancillary hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Number and Gender

In this Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa, and words importing gender include all genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Date for Any Action

If the date on which any action is required to be taken hereunder by a Party is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Statutory References

Any reference in this Agreement to a statute includes all rules and regulations made thereunder, all amendments to such statute, rule or regulation in force from time to time and any statute, rule or regulation that supplements or supersedes such statute, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Currency

Unless otherwise stated, all references in this Agreement to sums of money are expressed in lawful money of Canada and "**$**" refers to Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 Accounting Matters

Unless otherwise stated, all accounting terms used in this Agreement shall have the meanings attributable thereto under IFRS and all determinations of an accounting nature in required to be made shall be made in accordance with IFRS consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 Knowledge

In this Agreement, (a) references to "**the knowledge of Bear Creek**" mean the knowledge of Eric Caba (President and Chief Executive Officer), Zoya Shashkova (Chief Financial Officer) and Brian Peer (Chief Operating Officer) after due enquiry, and (b) references to "**the knowledge of Highlander**" means the knowledge of Daniel Earle (President and Chief Executive Officer), Sunny Lowe (Chief Financial Officer), Federico Velasquez (President Peru) and Purni Parikh (Senior Vice President, Corporate Affairs and Corporate Secretary) after due enquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 Disclosure Letter

The Bear Creek Disclosure Letter and all information contained in the Bear Creek Disclosure Letter is confidential information and subject to the terms and conditions of the Bear Creek Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 Schedules

The following Schedules are annexed to this Agreement and are incorporated by reference into this Agreement and form a part hereof:

---

| | |
|:---|:---|
| Schedule A | Plan of Arrangement |
| Schedule B | Bear Creek Resolution |
| Schedule C | [**Intentionally Deleted]** |

---

**ARTICLE 2<br> THE ARRANGEMENT AND BEAR CREEK MEETING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Arrangement

Bear Creek and Highlander agree that the Arrangement shall be implemented in accordance with the terms and subject to the conditions contained in this Agreement and the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Interim Order

Bear Creek shall, as soon as reasonably practicable following the Agreement Date, and in any event in sufficient time to file, furnish and mail the Bear Creek Circular in accordance with Section 2.6, apply to the Court in a manner acceptable to Highlander, acting reasonably, pursuant to subsection 291 of the BCBCA and, in cooperation with Highlander, prepare, file and diligently pursue an application to the Court for the Interim Order, which shall provide, among other things:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for confirmation of the record date for the Bear Creek Meeting (which date shall
be fixed and filed by Bear Creek in consultation with Highlander, acting reasonably) for the purpose of determining the Bear Creek Securityholders
entitled to receive notice of. and to vote at, the Bear Creek Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that the requisite approval for the Bear Creek Resolution shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 66⅔% of the votes cast on the Bear Creek Resolution by Bear Creek Shareholders
present in person or represented by proxy at the Bear Creek Meeting, with each Bear Creek Share entitling a Bear Creek Shareholder to
one vote;

&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) 66⅔% of the votes cast on the Bear Creek Resolution by Bear Creek Securityholders
present in person or represented by proxy at the Bear Creek Meeting, voting together as a single class, with a Bear Creek Shareholder,
a holder of Bear Creek Options, a holder of Bear Creek RSUs and a holder of Bear Creek DSUs being entitled to one vote for each Bear Creek
Share, Bear Creek Option,
Bear Creek RSU and Bear Creek DSU held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a simple majority of the votes cast on the Bear Creek Resolution by Bear Creek
Shareholders present in person or represented by proxy at the Bear Creek Meeting (excluding the votes cast by any Bear Creek Shareholders
required to be excluded pursuant to MI 61-101, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, in all other respects, other than as ordered by the Court, the terms, restrictions
and conditions of Bear Creek's constating documents, including quorum requirements and all other matters, shall apply in respect
of the Bear Creek Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for the grant of Dissent Rights to the Bear Creek Shareholders who are registered
holders of Bear Creek Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that the Bear Creek Meeting may be adjourned or postponed from time to time by
the Bear Creek Board subject to the terms of this Agreement without the need for additional approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that the record date for Bear Creek Securityholders entitled to receive notice
of and vote at the Bear Creek Meeting will not change in respect of any adjourned or postponed Bear Creek Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for the notice requirement with respect to the application to the Court for the
Final Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) that the deadline for the submission of proxies by Bear Creek Securityholders for
the Bear Creek Meeting shall be 48 hours (excluding Saturdays, Sundays and statutory holidays in Vancouver, British Columbia) prior to
the Bear Creek Meeting, subject to waiver by Bear Creek in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) that it is the Parties' intention to rely on the Section 3(a)(10) Exemption
and similar exemptions from applicable Securities Laws of any state of the United States with respect to the issuance of Highlander Shares
to Bear Creek Shareholders pursuant to the Arrangement, subject to and conditioned on the Court's determination that the Arrangement
is substantively and procedurally fair to Bear Creek Shareholders and based on the Court's approval of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) that each Bear Creek Securityholder will have the right to appear before the Court
at the hearing of the Court to give approval of the Arrangement so long as they enter an appearance within a reasonable time in accordance
with the procedures set out in the Interim Order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) for such other matters as Highlander may reasonably require subject to obtaining
the prior written consent of Bear Creek, such consent not to be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 U.S. Securities Law Matters

The Parties agree that the Arrangement will be carried out with the intention that all Highlander Shares to be issued to Bear Creek Shareholders in exchange for their Bear Creek Shares to be issued pursuant to the Plan of Arrangement will be issued in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) of the U.S. Securities Act (the "**Section 3(a)(10) Exemption**") and pursuant to exemptions from applicable Securities Laws of any state of the United States. In order to ensure the availability of the Section 3(a)(10) Exemption, the Parties agree that the Arrangement will be carried out in accordance with the SEC's Staff Legal Bulletin (SLB) No. 3A (June 18, 2008), including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the procedural and substantive fairness of the terms and conditions of the Arrangement
will be subject to the approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Court will be advised as to the intention of the Parties to rely on the Section
3(a)(10) Exemption prior to the hearing required to approve the procedural and substantive fairness of the terms and conditions of the
Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Court will be required to satisfy itself as to the procedural and substantive
fairness of the terms and conditions of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Bear Creek will ensure that each Bear Creek Shareholder will be given adequate
notice advising them of their right to attend the hearing of the Court to approve the procedural and substantive fairness of the terms
and conditions of the Arrangement and providing them with sufficient information necessary for them to exercise that right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Bear Creek Shareholders will be advised that the Highlander Shares issued pursuant
to the Arrangement have not been registered under the U.S. Securities Act and will be issued by Highlander in reliance on the Section
3(a)(10) Exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Interim Order will specify that each Bear Creek Shareholder will have the right
to appear before the Court at the hearing of the Court to give approval of the Arrangement so long as they enter an appearance within
a reasonable time in accordance with the procedures set out in the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Court will hold a hearing before approving the procedural and substantive fairness
of the terms and conditions of the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Final Order will expressly state that the Arrangement is approved by the Court
as being procedurally and substantively fair to the Bear Creek Shareholders, and the Final Order shall include a statement to substantially
the following effect:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Bear Creek Meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of this Agreement, Bear Creek shall convene and conduct the
Bear Creek Meeting in accordance with the Interim Order, Bear Creek's notice of articles and articles and applicable Law as soon
as reasonably practicable, and in any event on or
before February 19, 2026 (and, in that regard, Bear Creek shall abridge, as necessary, any time periods that may be abridged under NI
54-101). Except as required by applicable Law, or with the prior written consent of Highlander, which shall not be unreasonably withheld
or delayed, the Bear Creek Resolution and the Bear Creek Interest Deferral Resolution shall be the only matters of business transacted
at the Bear Creek Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms of this Agreement, Bear Creek shall use its commercially reasonable
efforts to solicit proxies (i) in favour of the approval of the Bear Creek Resolution and take all other action necessary or desirable
to secure the approval of the Bear Creek Resolution and all other matters to be brought before the Bear Creek Meeting intended to facilitate
and complete the transactions contemplated by this Agreement, and (ii) against any resolution submitted by any Bear Creek Shareholder
that is inconsistent with the Bear Creek Resolution and the completion of the transactions contemplated by this Agreement, including,
if so requested by Highlander, using proxy solicitation services; *provided* that such solicitor shall be determined by Highlander
in consultation with Bear Creek, acting reasonably, and the costs of such solicitor shall be borne by Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bear Creek shall provide Highlander with copies of or access to any material information
regarding the Bear Creek Meeting generated by any proxy solicitation services firm engaged by Bear Creek, as requested from time to time
by Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Bear Creek shall give notice to Highlander of the Bear Creek Meeting and allow
Highlander' Representatives and legal counsel to attend the Bear Creek Meeting.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Bear Creek will promptly advise Highlander of any communication (orally or in writing)
from any Bear Creek Securityholder in opposition to the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Bear Creek will promptly advise Highlander of any written notice of dissent or
purported exercise by any Bear Creek Shareholder of Dissent Rights received by Bear Creek in relation to the Bear Creek Resolution and
any withdrawal of Dissent Rights received by Bear Creek. Bear Creek shall provide Highlander with an opportunity to review and comment
on any written communications sent by or on behalf of Bear Creek to any Bear Creek Shareholder who is exercising or purporting to exercise
Dissent Rights in relation to the Bear Creek Resolution and shall not make any payment or settlement offer, or agree to any payment or
settlement prior to the Effective Time with respect to Dissent Rights without the prior written consent of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Bear Creek shall, upon the request from time to time by Highlander, promptly deliver
to Highlander (i) lists of all registered Bear Creek Shareholders and other security holders of Bear Creek, showing the name and address
of each holder and the number of Bear
Creek Shares or other securities of Bear Creek held by each such holder, and securities positions, and (ii) from time to time, at the
request of Highlander, updated or supplemental lists setting out any changes from the list(s) referred to in clause (i) of this Section
2.4(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bear Creek shall not, except as required for quorum purposes, as required by Law
or as otherwise permitted under this Agreement, adjourn, postpone or cancel (or propose for adjournment, postponement or cancellation),
or fail to call, the Bear Creek Meeting without Highlander's prior written consent, which consent shall not be unreasonably withheld,
conditioned or delayed, other than as expressly required or permitted in accordance with Section 7.1(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Bear Creek shall not, without the prior written consent of Highlander, waive the
deadline for the submission of proxies by Bear Creek Shareholders for the Bear Creek Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Bear Creek shall promptly advise Highlander of any communication (written or oral)
received by Bear Creek from any stock exchange or other market on which the Bear Creek Shares or Bear Creek Warrants are listed or posted
for trading, any of the Securities Authorities or any other Governmental Entity in connection with the Bear Creek Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 [Intentionally Deleted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Bear Creek Circular

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bear Creek shall (i) as promptly as reasonably practicable following the Agreement
Date, prepare the Bear Creek Circular (together with any other documents required by applicable Laws in connection with the Bear Creek
Meeting) in compliance with all applicable Laws, and (ii) as promptly as reasonably practicable after obtaining the Interim Order file
or furnish, as applicable, the Bear Creek Circular with respect to the Bear Creek Meeting in all jurisdictions where the same is required
to be filed or furnished and mail the same as required by the Interim Order and in accordance with all applicable Laws in all jurisdictions
where the same is required to be mailed (it being understood that Bear Creek will file, furnish and mail the Bear Creek Circular by no
later than the close of business on the Mailing Deadline). If necessary, Bear Creek shall, in consultation with Highlander abridge the
timing contemplated by NI 54-101, as provided in section 2.2 thereof (provided, however, that for greater certainty, the foregoing obligation
shall not extend to the making of an application for a waiver or exemption from the requirements of NI 54-101).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear Creek shall ensure that the Bear Creek Circular complies in all material respects
with all applicable Laws and the Interim Order, and, without limiting the generality of the foregoing, that the Bear Creek Circular shall
not contain any misrepresentation (except that Bear Creek shall not be responsible for any information included in the Bear Creek Circular
relating to Highlander and its affiliates that was provided by Highlander expressly for inclusion in the Bear Creek Circular pursuant
to Section 2.6(c)) and shall provide Bear Creek Securityholders with information in sufficient detail to permit them to form a reasoned
judgment concerning the
matters to be placed before them at the Bear Creek Meeting. The Bear Creek Circular shall include (a) the Bear Creek Board Recommendation,
(b) a statement that each of the Bear Creek Locked-Up Shareholders has signed a Bear Creek Voting Agreement, pursuant to which they have
agreed to, among other things, vote all of their Bear Creek Securities in favour of the Bear Creek Resolution and any other resolution
presented at the Bear Creek Meeting required to give effect to the Arrangement, (c) a summary and copy of the Bear Creek Fairness Opinions,
and (d) a description of the Interest Deferral Agreements and a recommendation of the Bear Creek Board that the Bear Creek Shareholders
vote in favour of the Bear Creek Interest Deferral Resolution. The Bear Creek Circular shall also include such information as may be required
to allow Bear Creek and Highlander to rely upon the Section 3(a)(10) Exemption with respect to the issuance of Highlander Shares pursuant
to the Arrangement. The content of the Bear Creek Circular shall comply with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander shall furnish to Bear Creek on a timely basis such information regarding
Highlander as may be required by Law or reasonably required by Bear Creek in the preparation of the Bear Creek Circular, and Highlander
shall ensure that such information does not contain any misrepresentation concerning Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Highlander shall use commercially reasonable efforts to obtain any necessary consents
from its auditor and any other advisors to the use of any financial, technical or other expert information required to be included in
the Bear Creek Circular and to the identification in the Bear Creek Circular of each such advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Highlander and its legal counsel shall be given a reasonable opportunity to review
and comment on drafts of the Bear Creek Circular, prior to the Bear Creek Circular being printed, mailed to Bear Creek Securityholders
and filed with any Governmental Entity, and reasonable consideration shall be given to any comments made by Highlander and its legal counsel,
provided that all information relating solely to Highlander included in the Bear Creek Circular, and any information describing the terms
and conditions of this Agreement, the Bear Creek Voting Agreements or the Plan of Arrangement, shall be in form and content approved in
writing by Highlander, acting reasonably. Highlander and its legal counsel shall provide any comments with respect to the Bear Creek Circular
in a timely manner. Bear Creek shall provide Highlander with final copies of the Bear Creek Circular prior to its mailing to the Bear
Creek Securityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of the Parties shall each promptly notify the other if at any time before
the Effective Date it becomes aware (in the case of Highlander, only in respect of information relating to Highlander) that the Bear Creek
Circular contains a misrepresentation, or otherwise requires an amendment or supplement to the Bear Creek Circular, and the Parties shall
co-operate in the preparation of any amendment or supplement to the Bear Creek Circular, as required or appropriate, and Bear Creek shall
promptly mail or otherwise publicly disseminate any amendment or supplement to the Bear Creek Circular to Bear Creek Securityholders and,
if required by the Court or applicable Laws, file the same with any Governmental Entity and as otherwise required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Bear Creek shall promptly advise Highlander of any communication (written or oral)
received by Bear Creek from any stock exchange or other market on which the Bear Creek Shares or Bear Creek Warrants are listed or posted
for trading, any of the Securities Authorities or any other Governmental Entity in connection with the Bear Creek Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 [Intentionally Deleted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Final Order

If (a) the Interim Order is obtained and (b) the Bear Creek Resolution is passed at the Bear Creek Meeting by Bear Creek Shareholders, as provided for in the Interim Order and as required by applicable Law, Bear Creek shall as soon as reasonably practicable thereafter and in any event within three (3) Business Days thereafter take all steps necessary or desirable to submit the Arrangement to the Court and diligently pursue an application for the Final Order pursuant to Section 291 of the BCBCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Court Proceedings

Subject to the terms of this Agreement, Highlander will cooperate with, assist and consent to Bear Creek seeking the Interim Order and the Final Order, including by providing Bear Creek on a timely basis any information required to be supplied by Highlander in connection therewith. Bear Creek will provide legal counsel to Highlander with reasonable opportunity to review and comment upon drafts of all material to be filed with the Court in connection with the Arrangement, and will give reasonable consideration to all such comments. Bear Creek will also provide legal counsel to Highlander on a timely basis with copies of any notice of appearance or notice of intent to oppose and any evidence or other Court documents served on Bear Creek or its legal counsel in respect of the application for the Interim Order or the Final Order or any appeal therefrom. Bear Creek shall ensure that all materials filed with the Court in connection with the Arrangement are consistent with the terms of this Agreement and the Plan of Arrangement. Subject to applicable Law, Bear Creek will not file any material with the Court in connection with the Arrangement or serve any such material, and will not agree to modify or amend materials so filed or served, except with Highlander's prior written consent, such consent not to be unreasonably withheld, conditioned or delayed; *provided* that nothing herein shall require Highlander to agree or consent to any increase in or variation in the form of Consideration or other modification or amendment to such filed or served materials that expands or increases Highlander's obligations, or diminishes or limits Highlander' rights, set forth in any such filed or served materials or under this Agreement or the Arrangement. In addition, Bear Creek will not object to legal counsel to Highlander making such submissions on the hearing of the motion for the Interim Order and the application for the Final Order as such counsel considers appropriate; *provided*, that Bear Creek is advised of the nature of any submissions with reasonably sufficient time prior to such hearing and such submissions are consistent with this Agreement and the Plan of Arrangement. Bear Creek will also oppose any appearance, proposal or motion from any party on the hearing of the motion for the Interim Order and the application for the Final Order which is inconsistent with this Agreement or the Plan of Arrangement. If at any time after the issuance of the Final Order and prior to the Effective Date, Bear Creek is required by the terms of the Final Order or by Law to return to the Court with respect to the Final Order, it shall do so after notice to, and in consultation and cooperation with Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Arrangement and Effective Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Closing of the Arrangement shall occur, and the Arrangement shall become effective,
on the third Business Day following the satisfaction or waiver of all conditions to completion of the Arrangement set out in Article 6
(excluding any conditions that, by their terms, cannot be satisfied until the Effective Date, but subject to the satisfaction or, where
not prohibited, waiver of those conditions as of the Effective Date by the applicable Party or Parties for whose benefit such conditions
exist) or on such other time and date as may be agreed upon by the Parties in writing, and the Arrangement shall be effective at the Effective
Time on the Effective Date and will have all of the effects provided by applicable Laws. From and after the Effective Time, the Plan of
Arrangement shall have effect as provided by applicable Law, including the BCBCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The closing of the Arrangement will take place (i) by the exchange of documents
by PDF or other electronic means, or (ii) at such other place as may be agreed to by the Parties, in each case on the Effective Date at
such time as may be agreed to by the Parties, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Incentive Plan Matters

The Parties acknowledge and agree that, subject to approval by the TSXV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all outstanding Bear Creek Options (whether vested or unvested) that are not converted
or exercised, whether conditionally or otherwise, prior to the Effective Time, shall be treated in accordance with the provisions of the
Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all outstanding Bear Creek DSUs and Bear Creek RSUs prior to the Effective Time
shall be treated in accordance with the provisions of the Plan of Arrangement,

and the Parties shall take all such steps as may be necessary or desirable to give effect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Payment of Consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Highlander shall, no later than one Business Day prior to the Effective Date, deliver
or cause to be delivered to the Depositary, the number of Highlander Shares in escrow (the terms and conditions of such escrow to be satisfactory
to the Parties, acting reasonably) to satisfy the aggregate Share Consideration payable to the Bear Creek Shareholders pursuant to the
Arrangement. For greater certainty, Highlander shall not be required pursuant to this Section 2.12 to provide or deposit in escrow with
the Depositary prior to the Effective Date, any Highlander Shares as consideration for the Bear Creek Shares held by Bear Creek Shareholders
exercising Dissent Rights and who have not withdrawn their notice of objection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander shall, no later than one Business Day prior to the Effective Date, deposit
or cause to be deposited in escrow with counsel to Bear Creek sufficient funds, which shall for all purposes shall be deemed to be a loan
to Bear Creek, to satisfy the
aggregate: (i) Termination Obligations payable to the Terminated Persons, and (iii) the Service Obligations to the Bear Creek
Financial Advisors and the Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Announcement and Shareholder Communications

Bear Creek and Highlander shall mutually agree on the form of press release to be issued by each of them to announce the transactions contemplated hereby promptly following the execution of the Original Agreement by the Parties. Highlander and Bear Creek agree to co-operate in the preparation of presentations, if any, to Bear Creek Securityholders and Highlander Shareholders, respectively, regarding the Plan of Arrangement, and prior to the Effective Time no Party shall:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any filing with any Governmental Entity with respect to this Agreement or
the Plan of Arrangement without the consent of the other Party (which consent shall not be unreasonably, withheld, conditioned or delayed).

Each Party shall enable the other Party to review and comment on all such press releases prior to the release thereof, shall enable the other Party to review and comment on such filings prior to the filing thereof (other than with respect to confidential information contained in such filing) and shall consider whether to incorporate the comments of the other Party in good faith; provided, however, that the foregoing shall be subject to each Party's overriding obligation to make any disclosure or filing in accordance with applicable Laws, including Securities Laws, and if such disclosure or filing is required and the other Party has not reviewed or commented on the disclosure or filing, the Party making such disclosure or filing shall use commercially reasonable efforts to give prior oral or written notice to the other Party, and if such prior notice is not possible, to give such notice immediately following the making of such disclosure or filing. For the avoidance of doubt, the foregoing shall not prevent the Parties from making internal announcements to employees and having discussions with shareholders and financial analysts and other stakeholders so long as the content of such announcements and discussions are consistent with and limited in all material respects to the content contained in the most recent press releases, public disclosures or public announcements made by the Parties. Notwithstanding the foregoing, the provisions of this Section 2.13 related to the approval or contents of filings with Governmental Entities will not apply with respect to filings in connection with the Regulatory Approvals, the Bear Creek Circular. the Interim Order or the Final Order which are governed by other sections of this Agreement. The restrictions set forth in this Section 2.13 shall not apply to any release or public announcement in connection with any dispute regarding this Agreement or the transactions contemplated hereby; or a Bear Creek Change in Recommendation or any action taken pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 Withholding Taxes

Highlander, Bear Creek and the Depositary (in this section, the "**payor**"), shall each be entitled to deduct and withhold from any Consideration or other amount payable (whether in cash or in kind, including for certainty, Bear Creek Shares) or otherwise deliverable to any holder or former holder of Bear Creek Securities such amounts as the payor may be required to deduct and withhold therefrom under any applicable Law in respect of Taxes. To the extent that any amounts are so deducted, withheld and remitted to the appropriate Governmental Entity when required by Law, such amounts shall be treated for all purposes under this Agreement as having been paid to the person to whom such amounts would otherwise have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Interim Secondment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the Agreement Date until the earlier of the Effective Date and the termination
of this Agreement in accordance with its terms (the "**Interim Period** "), subject to applicable Law and the Bear Creek
Confidentiality Agreement, Highlander shall have the right, but not the obligation to second a representative (a "**Secondee** ")
of Highlander or its subsidiaries to Bear Creek or its subsidiaries at Bear Creek's and its subsidiaries' Lima office in an
observer and advisory role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The salary, wages, withholdings, benefits or other costs and expenses relating
to such Secondee shall be paid directly by Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Secondee shall at all times remain an employee of Highlander or its subsidiaries,
as applicable, and nothing herein shall create any employment, agency, joint venture or partnership relationship between the Secondee
and Bear Creek or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Secondee shall, and Highlander shall cause the Secondee to, comply with all:

&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) site, workplace and employee policies and procedures established Bear Creek or its subsidiaries; and (ii) applicable Laws of the jurisdictions in which the Secondee is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Secondee shall not have authority to enter into contracts or negotiate on
behalf of Bear Creek or any of its subsidiaries.

**ARTICLE 3<br> REPRESENTATIONS AND WARRANTIES OF BEAR CREEK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Representations and Warranties

Bear Creek hereby represents and warrants to and in favour of Highlander as follows, except to the extent that such representations and warranties are qualified by the Bear Creek Disclosure Letter or the Bear Creek Public Disclosure Record (excluding any (A) cautionary language and any disclosures set forth in any "risk factor" section or market risk section and in any section relating to forward looking statements, and (B) disclosure relating to the representations and warranties contained in Sections 3.1(a), 3.1(b), 3.1(d) and 3.1(f)), and acknowledges that Highlander is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Board Recommendation</u>. The Bear Creek Board, after consultation with its
financial and legal advisors, and after receiving the unanimous recommendation of the Bear Creek Special Committee, has determined unanimously
that the Plan of Arrangement is
fair to the Bear Creek Shareholders and is in the best interests of Bear Creek and has resolved unanimously to recommend to the Bear Creek
Securityholders that they vote in favour of the Bear Creek Resolution (such determination and recommendation, the "**Bear Creek Board Recommendation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Fairness Opinions</u>. The Bear Creek Board has received the oral opinions of
the Bear Creek Financial Advisors, which opinion have not been modified, amended, qualified or withdrawn, to the effect that, as of the
Agreement Date, and subject to the assumptions, limitations and qualifications set forth therein, the Consideration to be received pursuant
to the Plan of Arrangement by the Bear Creek Shareholders is fair, from a financial point of view, to such Bear Creek Shareholders (the
" **Bear Creek Fairness Opinions** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Organization and Qualification</u>. Bear Creek and each of its subsidiaries
is a corporation duly incorporated or an entity duly created and validly existing under all applicable Laws of its jurisdiction of incorporation,
continuance or creation and has all necessary corporate power and capacity to own its property and assets as now owned and to carry on
its business as it is now being conducted. Bear Creek and each of its subsidiaries is duly qualified to carry on business and is in good
standing in each jurisdiction in which the character of its properties and assets owned, leased, licensed or otherwise held, or the nature
of its activities makes such qualification necessary, except where the failure to be so registered or in good standing would not reasonably
be expected to have a Bear Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Authority Relative to this Agreement</u>. Bear Creek has the requisite corporate
power and capacity to enter into this Agreement and (subject to obtaining the Interim Order, the Final Order and the Bear Creek Securityholder
Approval) to perform its obligations hereunder. The execution and delivery of this Agreement by Bear Creek and the performance by Bear
Creek of its obligations under this Agreement have been duly authorized by the Bear Creek Board and no other corporate proceedings on
the part of Bear Creek are necessary to authorize the execution and delivery of this Agreement or the performance by Bear Creek of its
obligations under this Agreement or the completion of the Arrangement pursuant to the Plan of Arrangement, other than the Interim Order,
the Final Order, approval of the Bear Creek Circular by the Bear Creek Board and the Bear Creek Securityholder Approval. This Agreement
has been duly executed and delivered by Bear Creek and constitutes a legal, valid and binding obligation of Bear Creek, enforceable against
Bear Creek in accordance with its terms, subject to the qualification that such enforceability may be limited by bankruptcy, insolvency,
reorganization or other laws of general application relating to or affecting rights of creditors and that equitable remedies, including
specific performance, may be generated only in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation</u>. None of the execution and delivery of this Agreement by Bear
Creek, the performance by Bear Creek of its obligations hereunder or the completion of the Arrangement pursuant to the Plan of Arrangement,
or compliance by Bear Creek or any of its subsidiaries with any of the provisions hereof will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except as disclosed in Schedule 3.1(e) of the Bear Creek Disclosure Letter, violate,
conflict with, or result (with or without notice or the passage of time) in a violation or breach of any provision of, or require any
consent, approval or notice under, or constitute a default (or an event which, with notice or lapse of time or both, would constitute
a default) under, or result in a right of termination or acceleration under, or result in the creation of any Lien upon, any of the properties
or assets of Bear Creek or any of its subsidiaries, or result in any material restriction, hindrance, impairment or limitation on the
ability of Bear Creek or any of its subsidiaries to conduct their business as and where it is now being conducted or cause any payment
or other obligation to be imposed on Bear Creek or any of its subsidiaries under any of the terms, conditions or provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) their respective notice of articles, articles or other comparable constating documents;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any note, bond, mortgage, indenture, loan agreement or deed of trust to which
Bear Creek or any of its subsidiaries is a party or any Bear Creek Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result (with or without notice or the passage of time) in a violation or breach
of, or constitute a default under, any provisions of any Law applicable to Bear Creek or any of its subsidiaries or any of their respective
properties or assets; 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;(D) cause the suspension or revocation of any Permit currently in effect in respect
of Bear Creek, any of its subsidiaries or the Bear Creek Concessions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as disclosed in Schedule 3.1(e) of the Bear Creek Disclosure Letter, give
rise to any rights of first refusal or trigger any change in control provisions or any restrictions or limitation under any note, bond,
mortgage, indenture, loan agreement or deed of trust to which Bear Creek or any of its subsidiaries is a party or any Bear Creek Material
Contract or under any Permit held by Bear Creek or any of its subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result in the imposition of any Lien upon any property or assets of Bear Creek
or any of its subsidiaries,

except for such violations, conflicts, breaches, defaults, terminations, accelerations, rights of first refusal, change in control provisions, restrictions, limitations or Liens, or any consents, approvals or notices, which if not given or received, would not, individually or in the aggregate, result in a Bear Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Capitalization</u>. The authorized share capital of Bear Creek consists of an
unlimited number of Bear Creek Shares, without par value. As of the close of business on the Business Day prior to the Agreement Date,
there are issued and outstanding 293,197,215 Bear Creek Shares. In addition, as of the close of business on the Business Day prior to
the Agreement Date, an aggregate of 8,262,500 Bear Creek Shares are
issuable upon the exercise of Bear Creek Options, 500,000 Bear Creek Shares are issuable upon the vesting of outstanding Bear Creek DSUs,
1,605,588 Bear Creek Shares are issuable upon the vesting of Bear Creek RSUs and 26,423,570 Bear Creek Shares are issuable upon the exercise
of the Bear Creek Warrants. Except as disclosed above and as disclosed in Schedule 3.1(f) of the Bear Creek Disclosure Letter, there are
no options, warrants, conversion privileges or other rights, agreements, arrangements or commitments (pre-emptive, contingent or otherwise)
of any character whatsoever requiring or which may require the issuance, sale or transfer by Bear Creek of any securities of Bear Creek
(including Bear Creek Shares), or any securities or obligations convertible into, or exchangeable or exercisable for, or otherwise evidencing
a right or obligation to acquire, any securities of Bear Creek (including Bear Creek Shares) or any of its subsidiaries. All outstanding
Bear Creek Shares have been duly authorized and validly issued, are fully paid and non-assessable, and all Bear Creek Shares issuable
upon the exercise of the Bear Creek Options, Bear Creek Warrants or vesting of Bear Creek DSUs and Bear Creek RSUs in accordance with
their respective terms have been duly authorized and, upon issuance, will be validly issued as fully paid and non-assessable. Schedule
3.1(f) to the Bear Creek Disclosure Letter sets forth, as of the Agreement Date, the holders of all Bear Creek Options, Bear Creek Warrants,
Bear Creek DSUs, and Bear Creek RSUs and the number, exercise prices, and expiration dates of each grant to such holders. There are no
securities of Bear Creek or of any of its subsidiaries outstanding which have the right to vote generally (or, other than the Bear Creek
Options, Bear Creek Warrants, Bear Creek DSUs and Bear Creek RSUs, are convertible into, or exchangeable or exercisable for, or may vest
into, securities having the right to vote generally) with the Bear Creek Shareholders on any matter. There are no outstanding contractual
or other obligations of Bear Creek to repurchase, redeem or otherwise acquire any of its securities or with respect to the voting or disposition
of any outstanding securities of its subsidiaries. There are no outstanding bonds, debentures or other evidences of indebtedness of Bear
Creek or any of its subsidiaries having the right to vote with the Bear Creek Shareholders on any matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Shareholder and Similar Agreements</u>. Except as disclosed in Schedule 3.1(g)
of the Bear Creek Disclosure Letter, Bear Creek is not party to any shareholder, pooling, voting trust or other similar agreement relating
to the issued and outstanding shares in the capital of Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reporting Status and Securities Laws Matters</u>. Bear Creek is a "reporting
issuer" in all of the provinces and territories of Canada, except Québec, and is not on the list of reporting issuers in
default under applicable Securities Laws in any such province or territory. No delisting, suspension of trading in or cease trading order
with respect to any securities of Bear Creek and, to the knowledge of Bear Creek, no inquiry or investigation (formal or informal) of
Bear Creek or the Bear Creek Public Disclosure Record by any Securities Authority is in effect or ongoing or, to the knowledge of Bear
Creek, threatened or expected to be implemented or undertaken. No securities of Bear Creek are registered or required to be registered
under Section 12 of the U.S. Exchange Act, Bear Creek is not required to file reports under Section 13 or Section 15(d) of the U.S. Exchange
Act, and Bear Creek is not subject to
any proceedings under or any order issued pursuant to section 12(j) of the U.S. Exchange Act. The Bear Creek Shares are listed and posted
for trading on the TSXV and the BVL under the symbol "BCM" and posted for trading in the United States on the OTCQX under
the symbol "BCEKF" and on the Frankfurt Stock Exchange under the symbol "OU6". The Bear Creek Warrants are listed
and posted for trading on the TSXV under the symbol "BCM.WT". Bear Creek is in compliance with the applicable requirements
of each stock exchange or other market on which the Bear Creek Shares or the Bear Creek Warrants are listed or posted for trading, except
where non-compliance would not result in a Bear Creek Material Adverse Effect or prevent or materially delay the consummation of the transactions
contemplated by this Agreement or the completion of the Arrangement pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Ownership of Subsidiaries</u>. All of the issued and outstanding shares of capital
stock and other ownership interests in each of the subsidiaries are duly authorized, validly issued, fully paid and non-assessable, and
all such shares and other ownership interests are legally and beneficially owned, directly or indirectly, by Bear Creek free and clear
of all Liens and there are no outstanding options, warrants, rights, entitlements, understandings or commitments (contingent or otherwise)
regarding the right to purchase or acquire, or securities convertible into, or exchangeable or exercisable for, any such shares of capital
stock or other ownership interests in or material assets or properties of a subsidiary. Except as disclosed in Schedule 3.1(i) of the
Bear Creek Disclosure Letter, there are no contracts, commitments, agreements, understandings, arrangements or restrictions which require
any of the subsidiaries to issue, sell or deliver any shares in its share capital or other ownership interests, or any securities or obligations
convertible into, or exchangeable or exercisable for, any shares of its share capital or other ownership interests. There are no outstanding
options, rights, entitlements, understandings or commitments (contingent or otherwise) providing to any third party the right to acquire
any shares or other ownership interests in any of the subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Regulatory Approvals</u>. Other than, the CNA Approval, if required, any approvals
required by the Interim Order or Final Order and any filings with the Securities Authorities and the TSXV, there are no approvals required
from, or notices required to be given to, any Governmental Entity which would prevent or materially delay consummation by Bear Creek of
the transactions contemplated by this Agreement or the completion of the Arrangement pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Consents</u>. Other than as disclosed in Section 3.1(k) of the Bear Creek Disclosure
Letter, there are no consents or waivers required from any party under any Bear Creek Material Contract to which Bear Creek or its subsidiaries
are a party in order for Bear Creek to proceed with the completion of the transactions contemplated by this Agreement or the Arrangement
pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Public Filings</u>. Bear Creek has filed or furnished, as applicable, all documents
in the Bear Creek Public Disclosure Record required to be filed or furnished by it in accordance with applicable Securities Laws and the
requirements each stock exchange or other market on which the Bear Creek Shares or Bear Creek Warrants are listed or posted for trading.
All such documents and information comprising the Bear Creek Public
Disclosure Record, as of their respective dates (and the dates of any amendments thereto): (i) did not contain any misrepresentation;
and (ii) complied
in all material respects with the requirements of applicable Securities Laws and the applicable policies of each stock exchange or other
market on which the Bear Creek Shares or Bear Creek Warrants are listed or posted for trading relating to continuous disclosure requirements.
Bear Creek has not filed any confidential material change report with any Securities Authorities that as at the Agreement Date, remains
confidential. Since January 1, 2023, there has been no change in a material fact or a material change (as those terms are defined under
the Securities Act) in relation to Bear Creek, except for: (A) changes in material facts or material changes that are reflected in a document
included in the Bear Creek Public Disclosure Record and (B) the Original Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Bear Creek Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bear Creek's audited financial statements as at and for the financial years
ended December 31, 2024 and December 31, 2023 (including the notes thereto and the report of the auditors thereon) and Bear Creek's
unaudited interim financial statements as at and for the three and nine months ended September 30, 2025 and September 30, 2024 (including
the notes thereto) (collectively, the "**Bear Creek Financial Statements**") were prepared in accordance with IFRS consistently
applied and fairly present in all material respects the consolidated financial position, results of operations and changes in financial
position of Bear Creek and its subsidiaries as of the dates thereof and for the periods indicated therein (subject, in the case of any
unaudited interim financial statements, to normal period-end adjustments) and reflect reserves required by IFRS in respect of all material
contingent liabilities, if any, of Bear Creek and its subsidiaries on a consolidated basis. There has been no material change in Bear
Creek's accounting policies since December 31, 2024, except as disclosed in the Bear Creek Public Disclosure Record or as required
by IFRS.

&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 management of Bear Creek has established and maintained a system of disclosure
controls and procedures designed to provide reasonable assurance that information required to be disclosed by Bear Creek in its annual
filings, interim filings or other reports filed or submitted by it under the applicable Laws imposed by Governmental Entities is recorded,
processed, summarized and reported within the time periods specified in such Laws imposed by such Governmental Entities. Such disclosure
controls and procedures include controls and procedures designed to ensure that information required to be disclosed by Bear Creek in
its annual filings, interim filings or other reports filed or submitted under the applicable Laws imposed by Governmental Entities is
accumulated and communicated to Bear Creek's management, including its chief executive officer and chief financial officer (or persons
performing similar functions), as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bear Creek maintains internal control over financial reporting. Such internal
control over financial reporting is effective in providing reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with IFRS and includes policies and procedures that: (A) pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of Bear Creek and its subsidiaries; (B) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with IFRS, and that receipts and expenditures of Bear Creek and its subsidiaries are being made
only with authorizations of management and directors of Bear Creek and its subsidiaries, as applicable; and (C) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of Bear Creek or its subsidiaries
that could have a material effect on its financial statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except as disclosed in Schedule 3.1(m)(v) of the Bear Creek Disclosure Letter,
since December 31, 2024, neither Bear Creek nor any of its subsidiaries nor, to Bear Creek's knowledge, any director, officer, employee,
auditor, accountant or Representative of Bear Creek or any of its subsidiaries has received or otherwise had or obtained knowledge of
any complaint, allegation, assertion, or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies
or methods of Bear Creek or any of its subsidiaries or their respective internal accounting controls, including any complaint, allegation,
assertion, or claim that Bear Creek or any of its subsidiaries has engaged in questionable accounting or auditing practices, which has
not been resolved to the satisfaction of the audit committee of the Bear Creek Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Books and Records</u>. The financial books, records and accounts of Bear Creek
and its subsidiaries, in all material respects: (i) have been maintained, in the case of Bear Creek in accordance with IFRS, and in the
case of its subsidiaries in accordance with generally accepted accounting principles of their respective governing jurisdictions; (ii)
are stated in reasonable detail and accurately and fairly reflect the material transactions and dispositions of the assets of Bear Creek
and its subsidiaries; and (iii) accurately and fairly reflect the basis for the Bear Creek Financial Statements. The corporate records
and minute books for each of Bear Creek and its subsidiaries contain, in all material respects, complete and accurate minutes of all meetings
and resolutions of the directors and shareholders of Bear Creek and each of its subsidiaries
held and/or passed, as applicable, since their incorporation or amalgamation, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>No Undisclosed Liabilities</u>. Other than as disclosed in the most recent Bear
Creek Financial Statements filed, or furnished, as applicable, on SEDAR+, as incurred in the ordinary course of business since the date
of such financial statements, as disclosed in Schedule 3.1(o) of the Bear Creek Disclosure Letter or as disclosed in this Agreement, Bear
Creek and its subsidiaries have no outstanding indebtedness or liabilities in excess of US$1,000,000 and are not party to or bound by
any material suretyship, guarantee, indemnification or assumption agreement, or endorsement of, or any other similar commitment with respect
to the material obligations, liabilities or indebtedness of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>No Bear Creek Material Adverse Effect</u>. Since December 31, 2024, except
as disclosed in the Bear Creek Public Disclosure Record and Schedule 3.1(p) of the Bear Creek Disclosure Letter, prior to the Agreement
Date, there has been no Bear Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>No Dividend or Distribution</u>. Since December 31, 2024, there has been no
dividend or distribution of any kind declared, paid or made by Bear Creek on any Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Contracts</u>. Schedule 3.1(r) of the Bear Creek Disclosure Letter includes
a complete and accurate list of all Bear Creek Material Contracts. All Bear Creek Material Contracts are in full force and effect, and
Bear Creek or its subsidiaries are entitled to all rights and benefits thereunder in accordance with the terms thereof. Bear Creek has
made available to Highlander in an electronic data room true and complete copies of all Bear Creek Material Contracts. All of the Bear
Creek Material Contracts are valid and binding obligations of Bear Creek enforceable in accordance with their respective terms, except
as may be limited by bankruptcy, insolvency and other laws affecting the enforcement of creditors' rights generally and subject
to the qualification that equitable remedies may only be granted in the discretion of a court of competent jurisdiction. Bear Creek and
its subsidiaries have complied in all material respects with all terms of such Bear Creek Material Contracts, have paid all amounts due
thereunder, have not waived any rights thereunder and no material default or breach exists in respect thereof on the part of Bear Creek
or any of its subsidiaries or, to the knowledge of Bear Creek or any of its subsidiaries, on the part of any other party thereto, and
no event has occurred which, after the giving of notice or the lapse of time or both, would constitute such a material default or breach
or trigger a right of termination of any of the Bear Creek Material Contracts. As at the Agreement Date, neither Bear Creek nor any of
its subsidiaries has received written notice that any party to a Bear Creek Material Contract intends to cancel, terminate or otherwise
modify or not renew such Bear Creek Material Contract, and to the knowledge of Bear Creek or any of its subsidiaries, no such action has
been threatened. Neither Bear Creek nor any of its subsidiaries is a party to any Bear Creek Material Contract that contains any non-competition obligation or otherwise restricts in any material way the business of Bear Creek or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Litigation</u>. Except as disclosed in Schedule 3.1(s) of the Bear Creek Disclosure
Letter, there are no claims, actions, suits, grievances, complaints or proceedings pending or, to the knowledge of Bear Creek, threatened
affecting Bear Creek or any of its subsidiaries or affecting any of the Bear Creek Concessions, property or assets at law or in equity
before or by any Governmental Entity, including matters arising under Environmental Laws, which, if adversely determined, would, individually
or in the aggregate, result in a Bear Creek Material Adverse Effect or prevent or materially delay the consummation of the transactions
contemplated by this Agreement or the Arrangement pursuant to the Plan of Arrangement. Neither Bear Creek nor any of its subsidiaries
nor their respective assets or properties is subject to any outstanding judgement, order, writ, injunction or decree which, individually
or in the aggregate, would result in a Bear Creek Material Adverse Effect or which would prevent or materially delay consummation of the
transactions contemplated by this Agreement or the Arrangement pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Taxes.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of Bear Creek and its subsidiaries, in all material respects, has duly and
timely made or prepared all Returns required to be made or prepared by it, has duly and timely filed all Returns required to be filed
by it with the appropriate Governmental Entity and has duly, completely and correctly reported all income and all other amounts and information
required to be reported thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in Schedule 3.1(t)(ii) of the Bear Creek Disclosure Letter,
each of Bear Creek and its subsidiaries, in all material respects, has duly and timely paid all Taxes, including all instalments on account
of Taxes for the current year, that are due and payable by it, other than those which are being or have been contested in good faith and
in respect of which reserves have been provided in the Bear Creek Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as disclosed in Schedule 3.1(t)(iii) of the Bear Creek Disclosure Letter,
none of Bear Creek or any of its subsidiaries has requested, offered to enter into or entered into any agreement or other arrangement,
or executed any waiver, providing for any extension of time within which: (i) to file any Return covering any Taxes for which Bear Creek
or any of its subsidiaries is or may be liable; (ii) to file any elections, designations or similar filings relating to Taxes for which
Bear Creek or any of its subsidiaries is or may be liable; (iii) Bear Creek or any of its subsidiaries is required to pay or remit any
Taxes or amounts on account of Taxes; or (iv) any Governmental Entity may assess or collect Taxes for which Bear Creek or any of its subsidiaries
is or may be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except as disclosed in Schedule 3.1(t)(iv) of the Bear Creek Disclosure Letter,
to the knowledge of Bear Creek, there are no proceedings, investigations, audits or claims now pending or threatened against Bear Creek
or any of its subsidiaries in respect of any Taxes, that in aggregate would constitute Material Taxes, and there are no matters under
discussion, audit or appeal
with any Governmental Entity relating to Taxes that, in the aggregate would constitute Material Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each of Bear Creek and its subsidiaries, in all material respects, has duly and
timely withheld all Taxes and other amounts required by Law to be withheld by it (including Taxes and other amounts required to be withheld
by it in respect of any amount paid or credited or deemed to be paid or credited by it to or for the account or benefit of any person,
including any employees, officers or directors and any non-resident person), and has duly and timely remitted to the appropriate Governmental
Entity such Taxes and other amounts required by Law to be remitted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each of Bear Creek and its subsidiaries, in all material respects, has duly and
timely collected all amounts on account of any sales or transfer taxes, including goods and services, harmonized sales and provincial
or territorial sales taxes, required by Law to be collected by it and has duly and timely remitted to the appropriate Governmental Entity
any such amounts required by Law to be remitted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Each of Bear Creek and its subsidiaries, if legally required to do so, is duly
registered under subdivision (d) of Division V of Part IX of the Excise Tax Act (Canada) with respect to the goods and services tax and
harmonized sales tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except pursuant to this Agreement or as specifically disclosed in Schedule 3.1(t)
of the Bear Creek Disclosure Letter, for purposes of the Tax Act or any other applicable Tax statute, no person or group of persons has
ever acquired or had the right to acquire control of Bear Creek or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) None of Bear Creek or any of its subsidiaries has acquired property from a non-arm's
length person, within the meaning of the Tax Act, for consideration, the value of which is less than the fair market value of the property
acquired in circumstances which could subject it to a liability under section 160 of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Each of Bear Creek and its subsidiaries has complied in all material respect with
the transfer pricing provisions of each applicable Law relating to Taxes, including the contemporaneous documents and disclosure requirements
thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) No jurisdiction or authority in which Bear Creek or a subsidiary, as applicable,
does not file a Return has alleged that Bear Creek or such subsidiary, as applicable, is required to file such a Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Property.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All of the Bear Creek Concessions are listed in Schedule 3.1(u)(i) of the Bear
Creek Disclosure Letter. The Bear Creek Concessions are the only mineral tenures
that Bear Creek or any of its subsidiaries have any legal or equitable interest in and that are required to conduct Bear Creek's
or any of its subsidiaries business as now conducted.

&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 Bear Creek Lands are the only interests in real property (other than the Bear
Creek Concessions and the Bear Creek Office Leases listed in Schedule 3.1(u)(ii) of the Bear Creek Disclosure Letter) that are required
to conduct Bear Creek's or any of its subsidiaries business as now conducted.

&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) Except as disclosed in Schedule 3.1(u)(iii) of the Bear Creek Disclosure Letter,
each of the Bear Creek Concessions and Bear Creek Lands is in good standing in all material respects and is held by Bear Creek free and
clear of all material Liens, other than as disclosed in Schedule 3.1(u)(iii) of the Bear Creek Disclosure Letter, and no person has any
agreement or right to acquire an interest in the Bear Creek Concessions or the Bear Creek Lands, other than as disclosed in Schedule 3.1(u)(iii)
of the Bear Creek Disclosure Letter.

&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) Except as disclosed in Schedule 3.1(u)(iv) of the Bear Creek Disclosure Letter,
Bear Creek has exclusive possession of, and the exclusive right to deal with, the Bear Creek Concessions and Bear Creek Lands.

&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) Other than as required by Law or disclosed in Schedule 3.1(u)(v) of the Bear Creek
Disclosure Letter, there are no mineral royalty obligations, metals streaming obligations or similar obligations affecting the Bear Creek
Concessions or the Bear Creek Lands or the production or revenues or profits therefrom and no other person has any right to acquire any
interest in such obligations.

&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) Each Bear Creek Concession has been properly filed, located, granted and recorded
in compliance with applicable Laws in all material respects and are comprised of valid and subsisting mining, mineral or exploration rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any and all assessment work required to have been performed and filed in respect
of the Bear Creek Concessions as of Agreement Date has been performed and filed in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) All material mining fees, Taxes and other payments required to have been paid in
respect of the Bear Creek Concessions as of the Agreement Date have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any and all material filings required to have been filed in respect of the Bear
Creek Concessions as of Agreement Date have been filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Bear Creek and its subsidiaries have all licenses of occupation and surface access
rights from landowners or Governmental Entities permitting the entry and unfettered use of land by Bear Creek and its subsidiaries over
which the Bear Creek Concessions are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) To the knowledge of Bear Creek, there is no illegal occupation of such Bear Creek
Lands by any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Other than as disclosed in Schedule 3.1(u)(xii) of the Bear Creek Disclosure Letter,
no other person has any material interest in the Bear Creek Concessions or the Bear Creek Lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Except as disclosed in Schedule 3.1(u)(xiii) of the Bear Creek Disclosure Letter,
there are no back-in rights, earn-in rights, rights of first refusal, rights of first offer, option rights, royalty rights, rights of
participation or similar provisions which would materially affect Bear Creek's or its subsidiaries' interests in the Bear
Creek Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) There are no adverse claims, actions, suits or proceedings pending or, to the knowledge
of Bear Creek, that are threatened, affecting the Bear Creek Concessions or the Bear Creek Lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Neither Bear Creek nor its subsidiaries have received any notice, whether written
or oral from any Governmental Entity or any person with jurisdiction or applicable authority of any revocation or intention to revoke
Bear Creek's or its subsidiaries' interests in the Bear Creek Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) No material dispute is pending or, to the knowledge of Bear Creek, threatened
in connection with the ownership, access to or use of any Bear Creek Concessions or Bear Creek Lands between Bear Creek or any of its
subsidiaries and: (A) any surface landowner; (B) other mining companies; (C) a concessionaire
of hydrocarbon rights; or (D) any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Schedule 3.1(u)(xvii) of the Bear Creek Disclosure Letter sets out all material
costs, expenses, obligations and liabilities incurred or reasonably expected to be incurred in connection with the closure, decommissioning,
rehabilitation, remediation, reclamation or post-closure monitoring of the Mercedes Gold-Silver Mine Project or any related facilities,
including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the removal of equipment, infrastructure or materials from the Bear Creek Lands
associated with the Mercedes Gold-Silver Mine Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the recontouring, stabilization, or restoration of land, water bodies and waster
storage areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any environmental monitoring, water treatment, or other compliance activities
required by applicable Law, Permits or any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the preparation of any mine closure or reclamation 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;(E) any financial assurance, bonds, letters of credit or other security requirements related
to such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Operational Matters</u>. Except as would not, individually or in the aggregate,
have a Bear Creek Material Adverse Effect:

&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) except as disclosed in Schedule 3.1(v)(i) of the Bear Creek Disclosure Letter,
all rentals, royalties, overriding royalty interests, production payments, net profits, interest burdens, payments and obligations due
and payable, or performable, as the case may be, on or prior to the Agreement Date under, with respect to, or on account of, any direct
or indirect property or asset of Bear Creek or any of its subsidiaries, including the Bear Creek Concessions and Bear Creek Lands, have
been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) duly paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) duly performed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) provided for prior to the Agreement 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;(ii) except as disclosed in Schedule 3.1(v)(ii) of the Bear Creek Disclosure Letter,
all costs, expenses and liabilities payable on or prior to the Agreement Date under the terms of any contracts and agreements to which
Bear Creek or any of its subsidiaries is directly or indirectly bound, have been properly and timely paid, except for such expenses that
are being currently paid prior to delinquency in the ordinary course of business;

&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 and all operations of Bear Creek and each of its subsidiaries and, to the knowledge
of Bear Creek, any and all operations by third parties, on or in respect of the assets and properties of Bear Creek or any of its subsidiaries,
have been conducted in a good, workmanlike and efficient manner in accordance with sound mining and other applicable mining industry standards
and practices and in material compliance with applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except as disclosed in Schedule 3.1(v)(iv) of the Bear Creek Disclosure Letter,
to the knowledge of Bear Creek, there are no operational, geotechnical or structural issues relating to the operations on the Bear Creek
Concessions or Bear Creek Lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Mineral Reserves and Resources</u>. Bear Creek is in compliance in all material
respects with the provisions of NI 43-101 and has filed all technical reports required thereby. The most recent estimated proven and probable
mineral reserves and indicated, measured and inferred mineral resources disclosed in the Bear Creek Public Disclosure Record prior to
Agreement Date, have been prepared in all material respects in accordance with accepted mining, engineering, geoscience and other applicable
industry standards and accordance with all applicable Laws, including NI 43-101. The information provided by Bear Creek to the Qualified
Persons (as defined in NI 43-101) in connection with the preparation of the Bear Creek Technical
Reports was complete and accurate in all material respects at the time such information was furnished and complied in all material respects,
with the requirements of NI 43-101. There has been no material reduction in the aggregate amount of the most recently estimated mineral
reserves and mineral resources of Bear Creek from the amounts disclosed in the Bear Creek Public Disclosure Record, other than depletion
from ordinary course mining operations. All material information regarding the Mercedes Gold-Silver Mine Project and the Corani Project,
including drill results, technical reports and studies, that are required to be disclosed by Securities Laws, have been disclosed in the
Bear Creek Public Disclosure Record in compliance, in all material respects, with applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Technical Reports.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Mercedes Gold-Silver Mine Project and the Corani Project are the only material
properties of Bear Creek for the purposes of NI 43-101.

&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 technical report concerning the Mercedes Gold-Silver Mine Project is the technical
report entitled "NI 43-101 Technical Report Mercedes Gold-Silver Mine Sonora State, Mexico" with an effective date of September
30, 2024, and prepared by Global Resource Engineering Ltd. (the "**Mercedes Technical Report** "). The technical report
concerning the Corani Project is the technical report entitled "Bear Creek Mining Corani Project NI 43-101 Technical Report"
with an effective date of December 17, 2019, and prepared by Ausenco Services Pty Ltd. (the "**Corani Technical Report** ",
and together with the Mercedes Technical Report, the "**Bear Creek Technical Reports** ").

&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) Bear Creek or its corporate predecessors made available to the authors of the
Bear Creek Technical Reports, prior to the issuance thereof, for the purpose of preparing such report, all information requested by them,
and none of such information contained any misrepresentation at the time such information was so provided. All of the material assumptions
in the Bear Creek Technical Reports are reasonable and appropriate.

&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) As of the Agreement Date, the Bear Creek Technical Reports remain current and since
the date of the Bear Creek Technical Reports there is no new material scientific or technical information concerning the Mercedes Gold-Silver Mine Project that is not included in the Mercedes Technical Report or the Corani Project that is not included in the Corani Technical
Report and that would require a new technical report in respect of each such property to be issued under NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Health and Safety</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither Bear Creek nor any of its subsidiaries has received any demand or notice
with respect to a material breach of any applicable health and safety Laws, the effect of which would be reasonably expected to materially
affect its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There are no claims, investigations or inquiries pending against Bear Creek or
any of its subsidiaries (or naming Bear Creek or any of its subsidiaries as a potentially responsible party) based on material non-compliance
with any applicable health and safety Laws at any of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Cultural Heritage</u>. None of the areas covered by the Bear Creek Lands (including
any constructions, remains or similar elements located on them) have been declared as a "Protected Archaeological Site" by
any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Expropriation</u>. No written notice or proceeding in
respect of the taking, condemnation or expropriation by any Governmental Entity of any material part of the property or assets of Bear
Creek or any of its subsidiaries, including the Bear Creek Concessions and Bear Creek Lands has been given or commenced, nor, to the
knowledge of Bear Creek, is any such proceeding or notice threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Permits</u>. Bear Creek and each of its subsidiaries has
obtained, and is in compliance with, all Permits required by applicable Laws or necessary to conduct its current business as is now being
conducted, other than where non-compliance would not result in a Bear Creek Material Adverse Effect. To the knowledge of Bear Creek,
there are no facts, events or circumstances that would reasonably be expected to result in a revocation of, or failure to renew in the
ordinary course, such Permits as are necessary to conduct Bear Creek's or any of its subsidiaries' current business as is
now being conducted, except for such revocations or failure to renew which, individually or in the aggregate, would not result in a Bear
Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Environmental Matters</u>. Each of Bear Creek and its
subsidiaries and their respective businesses, operations, and properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is in compliance in all respects with all Environmental Laws and all terms and
conditions of all Environmental Permits, other than where non-compliance, individually or in the aggregate. would not result in a Bear
Creek Material Adverse Effect;

&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) has not received any order, request or notice from any person alleging a material
violation of any Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) is not a party to any material litigation or administrative proceeding, nor
to Bear Creek's knowledge is any material litigation or administrative proceeding threatened against it or its property or assets,
which in either case: (1) asserts or alleges that it violated any Environmental Laws; (2) asserts or alleges that it is required to clean
up, remove or take remedial or other response action due to the Release of any Hazardous Substances; or (3) asserts
or alleges that it is required to pay all or a portion of the cost of any past, present or future cleanup, removal or remedial or other
response action which arises out of or is related to the Release of any Hazardous Substances; (B) has no knowledge of any conditions existing
currently which could reasonably be expected to subject it to damages, penalties, injunctive relief or cleanup costs under any Environmental
Laws or which require or are
likely to require cleanup, removal, remedial action or other response by it pursuant to applicable Environmental Laws except as would
not, individually or in the aggregate, have a Bear Creek Material Adverse Effect; and (C) is not subject to any material judgment, decree,
order or citation related to or arising out of applicable Environmental Law and has not been named or listed as a potentially responsible
party by any Governmental Entity in a material matter arising under any Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is not involved in operations and does not know of any facts, circumstances or
conditions, including the Release of any Hazardous Substance that would reasonably be expected to result in any Environmental Liabilities,
except as would not individually or in the aggregate, have a Bear Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Employee Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule 3.1(dd)(i) of the Bear Creek Disclosure Letter sets forth a complete
and correct list of all plans, agreements, programs, policies or practices which provide any employee benefit, fringe benefit, health,
life insurance, welfare, supplemental unemployment benefit, bonus, incentive, profit sharing, deferred compensation, stock purchase, stock
compensation, stock option, share appreciation rights, disability, pension, supplemental pension or other retirement savings, and any
other employee or independent contractor compensation or benefit plans, policies, arrangements, practices or undertakings, whether oral
or written, formal or informal, funded or unfunded, insured or uninsured, in each case which are maintained by or binding upon Bear Creek
or any of its subsidiaries or in respect of which Bear Creek or any of its subsidiaries has any actual or potential liability, except
for plans. agreements. programs. policies or practices required by Law (collectively, the "**Bear Creek Benefit Plans** ").

&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) Except as disclosed in Schedule 3.1(dd)(ii) of the Bear Creek Disclosure Letter,
since August 12, 2025, Bear Creek has not implemented any new or amended any existing compensation arrangements or change of control provisions
applicable to any director or officer of Bear Creek.

&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) Current and complete copies of all written Bear Creek Benefit Plans as amended
to date, or where oral, written summaries of the terms thereof, have been provided to Highlander and their counsel, together with copies
of all material documents relating to each Bear Creek Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Bear Creek Benefit Plan has, in all material respects, been established, registered,
funded, administered and invested in compliance with the terms of such Bear Creek Benefit Plan and all applicable Laws and collective
bargaining agreements relating thereto. All employer and employee payments, contributions and premiums required to be remitted, paid to
or in respect of each Bear Creek Benefit Plan have, in all material respects, been paid or remitted in a timely fashion in accordance
with its terms and all applicable Laws.
There is no investigation or audit by a Governmental Entity or claim (other than routine claims for payment of benefits) pending or, to
the knowledge of Bear Creek, threatened involving any Bear Creek Benefit Plan or its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) None of the Bear Creek Benefit Plans is a "registered pension plan"
or a "retirement compensation arrangement" as such terms are defined in the Tax Act, or any other plan organized and administered
to provide pension or superannuation benefits to any current or former employees of Bear Creek or any of its subsidiaries. None of the
Bear Creek Benefit Plans provide health, life insurance or any other welfare benefits beyond retirement or other termination of service
to any current or former employees of Bear Creek (or any spouses, dependents, survivors or beneficiaries of such persons). None of the
Bear Creek Benefit Plans applies to, or permits participation by, employers that are not affiliates of Bear Creek or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither Bear Creek nor any of its subsidiaries has made any promise or commitment
to create any additional benefit plans which would be considered to be a Bear Creek Benefit Plan once created or to improve or change
the benefits provided under any Bear Creek Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Labour and Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule 3.1(ee)(i) of the Bear Creek Disclosure Letter sets out a complete and
accurate list of all employees and contractors of Bear Creek, as well as their title, date of hire, salary, wage rate, fee, vacation entitlement
and total accrual, eligibility for overtime, bonus, and other material compensation. Other than as set out in Schedule 3.1(ee)(i), no
employee is on leave or otherwise absent from work. Except for those: (A) employment contracts with salaried employees of Bear Creek or
any of its subsidiaries; and (B) contracts with contractors of Bear Creek and any of its subsidiaries identified in Schedule 3.1(ee)(i)
of the Bear Creek Disclosure Letter, there are no written or oral contracts of employment entered into with any such employees or contractors.
Except as identified in Schedule 3.1(ee)(i) of the Bear Creek Disclosure Letter, no employee, contractor, officer or director of Bear
Creek or any of its subsidiaries is party to a change of control, severance, termination, golden parachute or similar agreement or provision
or would receive under such agreement or provision as a result of the Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any payment (including severance, unemployment compensation, "golden parachute",
bonus or otherwise) or increase any benefits otherwise payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any increase in the rate of, or acceleration of the time of payment or vesting
of, wages, salaries, commissions, bonuses, incentive compensation or other remuneration, severance entitlement, or benefits otherwise
payable; 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;(C) an acceleration in the time of payment or vesting of any benefits or entitlements
otherwise available pursuant to any Bear Creek Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in Schedule 3.1(ee)(ii) of the Bear Creek Disclosure Letter,
neither Bear Creek nor any of its subsidiaries is subject to any collective agreement, either directly or by operation of law, with any
trade union or association which may qualify as a trade union, nor does any trade union or association which may qualify as a trade union
hold bargaining rights relating to Bear Creek or any of its subsidiaries or their employees. There are no outstanding labour tribunal
(administrative or judicial) proceedings of any kind related to any labour or employment obligation under any applicable Laws, including
unfair labour practice proceedings or any proceedings which could result in certification of a trade union as bargaining agent for any
employees of Bear Creek or any of its subsidiaries. No material claim relating to termination of employment with Bear Creek or its subsidiaries
is pending or, to the knowledge of Bear Creek, threatened. To the knowledge of Bear Creek, there are no threatened or apparent union organizing
activities involving employees of Bear Creek or any of its subsidiaries nor is Bear Creek or any of its subsidiaries currently negotiating
any collective agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No labour strike, lock-out, slowdown or work stoppage is pending against or directly
affecting Bear Creek or any of its facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All amounts due or accrued for all salary, wages, commissions, bonuses, vacation
pay, other compensation and benefits under the Bear Creek Benefit Plans to the employees and contractors of Bear Creek and its subsidiaries
for the period up to September 30, 2025 have either been paid or are accurately reflected in Bear Creek's financial books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except as disclosed in Schedule 3.1(ee)(v) of the Bear Creek Disclosure Letter,
each of Bear Creek and its subsidiaries is in material compliance with all terms and conditions of employment and all Laws respecting
employment, including pay equity, accessibility, employment standard, wages, hours of work, overtime, occupational health and safety,
workers compensation, human rights and privacy. To the knowledge of Bear Creek, neither Bear Creek nor any of its subsidiaries is subject
to any outstanding or pending grievance, complaint, investigation, order, claim of wrongful dismissal, constructive dismissal, unfair
labour practice, human rights violation or any other similar dispute relating to employment or termination of employment or relationships
with employees, consultants or independent contractors and there is no basis for such grievance, complaint, investigation, order or claim.
No event has occurred that, with notice or lapse of time or both, would constitute a material breach, violation or default of such terms
and conditions of employment and Laws by Bear Creek or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Bear Creek and its subsidiaries have, in all material respects, withheld from each
payment made to any of its present or former employees, contractors, officers or directors, or to other persons, all amounts required
by Law to be withheld by it on account of income taxes, pension plan contributions, employment insurance premiums, employer health taxes,
workers compensation and similar taxes and levies, and has remitted such withheld amounts within the required time to the appropriate
Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) All independent contractors retained or used by Bear Creek have been properly
classified and Bear Creek has not received any notice challenging such classification from any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Intellectual Property.</u> Schedule 3.1(ff) of the Bear
Creek Disclosure Letter sets forth a true, correct, and complete list of all Intellectual Property owned by Bear Creek or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Compliance with Laws</u>. Bear Creek and its subsidiaries
have complied in all material respects with and are not in violation in any material respect of any applicable Laws, other than non-compliance
or violations which would not, individually or in the aggregate, result in a Bear Creek Material Adverse Effect or which would prevent
or materially delay consummation of the transactions contemplated by this Agreement or the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Winding Up</u>. No order has been made, petition presented
or meeting convened for the purpose of winding up of Bear Creek or any of its subsidiaries, or for the appointment of any provisional
liquidator or in relation to any other process whereby the business is terminated and the assets of Bear Creek or any of its subsidiaries
are distributed amongst the creditors, shareholders or other contributors, and there are no proceedings under any applicable insolvency,
bankruptcy, reorganisation or similar laws in any relevant jurisdiction, and no events have occurred which, under applicable Laws, would
be reasonably likely to justify any such cases or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Administration and Receivership</u>. To the knowledge
of Bear Creek, no person has taken any step, legal proceeding or other procedure with a view to the appointment of an administrator,
whether out of court or otherwise, in relation to Bear Creek or any of its subsidiaries, and no receiver (including any administrative
receiver) has been appointed in respect of the whole or any part of any of the property, assets or undertaking of Bear Creek or any of
its subsidiaries nor has any such order been made (including, in any relevant jurisdiction, any other order by which, during the period
it is in force, the affairs, business and assets of the company concerned are managed by a person appointed by any Governmental Entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Voluntary Arrangement, Etc</u>. Neither Bear Creek nor
any of its subsidiaries has made any voluntary arrangement with any of its creditors or is insolvent or unable to pay its debts as they
fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Related Party Transactions</u>. Other than as disclosed
Schedule 3.1(kk) of the Bear Creek Disclosure Letter and as among Bear Creek and its subsidiaries, there are no Contracts or other
transactions currently in place between Bear Creek or any of its subsidiaries, on the one hand, and, on the other hand: (i) any Bear Creek
Shareholder of record or, to the knowledge of Bear Creek, beneficial owner of five 5% or more of the Bear Creek Shares; (ii) any officer
or director of Bear Creek or any of its subsidiaries; or (iii) to the knowledge of Bear Creek, any affiliate or associate of any such,
officer, director, Bear Creek Shareholder of record or beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Registration Rights</u>. No Bear Creek Shareholder has
any right to compel Bear Creek to register or otherwise qualify the Bear Creek Shares (or any of them) for public sale or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Restrictions on Business Activities</u>. There is no arbitral
award, judgment, injunction, order or decree binding upon Bear Creek or any of its subsidiaries that has or could reasonably be expected
to have the effect of prohibiting, restricting, or impairing in any material respect: (i) any business practice; (ii) any acquisition
or disposition of property; or (iii) the conduct of the business, as currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Shareholder Rights Plan</u>. There is no shareholder rights
plan, "poison pill", anti- takeover plan, or similar arrangement in effect to which Bear Creek or any of its subsidiaries
is subject, party to or otherwise bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Relationships with Suppliers</u>. Bear Creek has not received
any written (or to the knowledge of Bear Creek) notice that any supplier whose services, if discontinued or withheld, would be reasonably
expected to materially affect operations or exploration activities, as applicable, relating to the Mercedes Gold-Silver Mine Project
or the Corani Project, intends to cancel, terminate or otherwise modify or not renew its relationship with Bear Creek or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Brokers</u>. Other than as disclosed in Schedule 3.1(pp)
of the Bear Creek Disclosure Letter, no broker, investment banker, financial advisor or other person is entitled to any broker's,
finder's, financial advisor's or other similar fee or commission in connection with the transactions contemplated hereby
based upon arrangements made by or on behalf of Bear Creek, other than the Bear Creek Financial Advisors, the fees and expenses of which
are as set forth in their engagement letters (true and complete copies of which have been made available to Highlander in an electronic
data room).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Insurance</u>. Bear Creek and its subsidiaries have in
place reasonable and prudent insurance policies appropriate for its size, nature and stage of development. All such policies of insurance
as are listed in Schedule 3.1(qq) of the Bear Creek Disclosure Letter. All insurance maintained by or in respect of Bear Creek or any
of its subsidiaries is in full force and effect and in good standing and Bear Creek will use reasonable commercial efforts to keep them
in full force and effect or renew them as appropriate through the Effective Date. Neither Bear Creek nor any of its subsidiaries is in
default, whether as to payment of premium or otherwise, under the terms of any such insurance nor has Bear Creek or any of its subsidiaries
failed to give any notice or present any material claim under any such insurance in a due and timely fashion or received notice or otherwise
become aware of any intent of an insurer to either
claim any default on the part of Bear Creek or any of its subsidiaries or not to renew any policy of insurance on its expiry or to increase
any deductible or cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>Corrupt Practices Legislation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither Bear Creek nor any of its subsidiaries, nor, to Bear Creek's knowledge,
any of their respective directors, officers, agents, employees, consultants or other persons acting on behalf of Bear Creek or any of
its subsidiaries has offered or given, and Bear Creek is not aware of or does not have any knowledge of any person that has offered or
given on its behalf, anything of value to any official of a Governmental Entity, any political party or official thereof or any candidate
for political office, any customer or member of any Governmental Entity, or any other person (including any aboriginal or indigenous official,
candidate or community member), in any such case while knowing or having reason to know that all or a portion of such money or thing of
value may be offered, given or promised, directly or indirectly, for the purpose of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) influencing any action or decision of such person, in such person's official
capacity, including a decision to fail to perform such person's official function in order to obtain or retain an advantage for
Bear Creek or any of its subsidiaries in the course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) inducing such person to use such person's influence with any Governmental
Entity to affect or influence any act or decision of such Governmental Entity to assist Bear Creek or any of its subsidiaries in obtaining
or retaining business for, with, or directing business to, any person or otherwise to obtain or retain an advantage in the course of business;
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;(C) where such payment would constitute a bribe, rebate, payoff, influence payment,
kickback or illegal or improper payment to assist Bear Creek or the subsidiary in obtaining or retaining business for, with, or directing
business to, any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There have been no actions taken by Bear Creek, any of its subsidiaries or, to
the knowledge of Bear Creek, by any persons on behalf of Bear Creek or any of its subsidiaries, that would cause Bear Creek or its subsidiaries
or such persons to be in violation of the Corruption of Foreign Public Officials Act (Canada) or the Foreign Corrupt Practices Act of
1977 (United States), as amended (collectively, the "**Corruption Acts**") or any similar legislation in any jurisdiction
in which Bear Creek or any of its subsidiaries conduct their business and to which Bear Creek or any of its subsidiaries may be subject.

&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 financial records of Bear Creek and its subsidiaries have at all times been
maintained in compliance with the Corruption Acts, during such times and to the extent Bear Creek was subject to any such Corruption Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no proceedings or investigations under the Corruption Acts or any similar
legislation in any jurisdiction in which Bear Creek and its subsidiaries conduct their business pending against Bear Creek or any of its
subsidiaries, nor any of their respective directors, officers, agents, employees, consultants or other persons acting on behalf of Bear
Creek or any of its subsidiaries, or to the knowledge of Bear Creek, threatened against or affecting, Bear Creek or any of its subsidiaries
or any of their respective directors, officers, agents, employees, consultants or other persons acting on behalf of Bear Creek or any
of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Anti-Money Laundering</u>. The operations of Bear Creek
and its subsidiaries are in material compliance with the financial record-keeping and reporting requirements of the anti-money laundering
and anti-terrorism statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any Governmental Entities to which Bear Creek or the subsidiary is subject, including
the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) (collectively, the "**Money Laundering Laws** "),
and no action, suit, proceeding, investigation or notice by, before or from any Governmental Entity involving Bear Creek or any of its
subsidiaries with respect to the Money Laundering Laws is pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>NGOs and Community Groups</u>. No material dispute (including
any dispute relating to the ownership of any Bear Creek's or its subsidiaries properties) between Bear Creek or any of its subsidiaries
and any non-governmental organization, community, community group, aboriginal or indigenous peoples or aboriginal or indigenous group
exists or, to the knowledge of Bear Creek, is threatened with respect to any of Bear Creek's or any of its subsidiaries'
properties or operations. Bear Creek has provided Highlander and Highlander's Representatives with full and complete access to
all material correspondence received by Bear Creek, its subsidiaries or their Representatives from any non-governmental organization,
community, community group, aboriginal or indigenous peoples or aboriginal or indigenous group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>Competition Act.</u> Bear Creek and any entities it controls
have assets in Canada, and annual gross revenues from sales in. from or into Canada, both as calculated in accordance with section 110
of the Competition Act, including the regulations thereto, of less than $93,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>Foreign Private Issuer. Bear</u> Creek is a "foreign private issuer"
within the meaning of Rule 405 under the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>Not an Investment Company</u>. Bear Creek is not registered
or required to be registered as an "investment company" within the meaning of the U.S. *Investment Company Act of 1940*,
as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Ownership of Highlander Shares or other Securities</u>. Neither Bear Creek nor
any of its affiliates own any Highlander Shares or any other securities of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) <u>No U.S. Exchange Act Registration</u>. No class of securities
issued by Bear Creek is or is required to be registered under section 12 of the U.S. Exchange Act or that is subject to the reporting
requirements of section 13 or 15(d) of the U.S. Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Survival of Representations and Warranties

The representations and warranties of Bear Creek contained in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective Time and the date on which this Agreement is terminated in accordance with its terms.

**ARTICLE 4**

**REPRESENTATIONS AND WARRANTIES OF HIGHLANDER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Representations and Warranties

Highlander hereby represents and warrants to and in favour of Bear Creek as follows, except to the extent that such representations and warranties are qualified by the Highlander Public Disclosure Record (excluding any (A) cautionary language and any disclosures set forth in any "risk factor" section or market risk section and in any section relating to forward looking statements, and (B) any disclosure relating to the representations and warranties contained in Sections 4.1(c) and 4.1(e)), and acknowledges that Bear Creek is relying upon such representations and warranties in connection with the entering into of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **[Intentionally Deleted]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Organization and Qualification</u>. Highlander is a corporation duly incorporated
or an entity duly created and validly existing under all applicable Laws of its jurisdiction of incorporation, continuance or creation
and has all necessary corporate power and capacity to own its property and assets as now owned and to carry on its business as it is now
being conducted. Highlander is duly qualified to carry on business and is in good standing in each jurisdiction in which the character
of its properties and assets owned, leased, licensed or otherwise held, or the nature of its activities makes such qualification necessary,
except where the failure to be so registered or in good standing would not reasonably be expected to have a Highlander Material Adverse
Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authority Relative to this Agreement and the Debt Restructuring Agreements</u>.
Highlander has the requisite corporate power and capacity to enter into this Agreement and the Debt Restructuring Agreements and to perform
its obligations hereunder and thereunder. The execution and delivery of this Agreement and the Debt Restructuring Agreements by Highlander
and the performance by Highlander of its obligations under this Agreement and the Debt Restructuring Agreements have been duly authorized
by the Highlander Board and no other corporate proceedings on the part of Highlander are necessary to authorize the execution and delivery
of this Agreement and the Debt Restructuring Agreements or the performance by Highlander of its obligations under this Agreement and the
Debt Restructuring Agreements or the completion of the Arrangement and the Debt Restructuring Agreements
pursuant to the Plan of Arrangement. Each of this Agreement and the Debt Restructuring Agreements has been duly executed and delivered
by Highlander and constitutes a legal, valid and binding obligation of Highlander, enforceable against Highlander in accordance with its
terms, subject to the qualification that such enforceability may be limited by bankruptcy, insolvency, reorganization or other laws of
general application relating to or affecting rights of creditors and that equitable remedies, including specific performance, may be granted
only in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Violations</u>. None of the execution and delivery of this Agreement, the
Debt Restructuring Agreements, the completion of the Arrangement pursuant to the Plan of Arrangement, or compliance by Highlander or any
of its material subsidiaries with any of the provisions hereof will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) violate, conflict with, or result (with or without notice or the passage of time)
in a violation or breach of any provision of, or require any consent, approval or notice under, or constitute a default (or an event which,
with notice or lapse of time or both, would constitute a default) under, or result in a right of termination or acceleration under, or
result in the creation of any Lien upon, any of the properties or assets of Highlander or any of its subsidiaries, or result in any material
restriction, hindrance, impairment or limitation on the ability of Highlander or any of its material subsidiaries to conduct their business
as and where it is now being conducted, or cause any payment or other obligation to be imposed on Highlander or its material subsidiaries,
under any of the terms, conditions or provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) their respective notice of articles, articles or other comparable constating documents;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any note, bond, mortgage, indenture, loan agreement or deed of trust to which
Highlander or any of its material subsidiaries is a party or any Highlander Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result (with or without notice or the passage of time) in a violation or breach
of or constitute a default under any provisions of any Law applicable to Highlander or any of its material subsidiaries or any of their
respective properties or assets; 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;(D) cause the suspension or revocation of any Permit currently in effect in respect
of Highlander or any of its material subsidiaries;

&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) give rise to any rights of first refusal or trigger any change in control provisions
or any restrictions or limitation under any such note, bond, mortgage, indenture, loan agreement, deed of trust to which Highlander or
any of its material subsidiaries is a party, any Highlander Material Contract or under any Permit held by Highlander or any of its material
subsidiaries, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) result in the imposition of any Lien upon any property or assets of Highlander or
any of its material subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Capitalization</u>. The authorized share capital of Highlander consists of an
unlimited number of Highlander Shares. As of the close of business on the Business Day prior to the date of this Agreement, there are
issued and outstanding 155,910,687 Highlander Shares. All outstanding Highlander Shares have been duly authorized and validly issued,
are fully paid and non-assessable. In addition, as of the close of business on the Business Day prior to the date of this Agreement, an
aggregate of 7,095,000 Highlander Shares are issuable upon the exercise of the Highlander Options, and 4,240,298 Highlander Shares are
issuable upon the exercise of the Highlander Warrants. Except as disclosed above, there are no options, warrants, conversion privileges
or other rights, shareholder rights plans, agreements, arrangements or commitments (pre-emptive, contingent or otherwise) of any character
whatsoever requiring or which may require the issuance, sale or transfer by Highlander of any securities of Highlander (including Highlander
Shares), or any securities or obligations convertible into, or exchangeable or exercisable for, or otherwise evidencing a right or obligation
to acquire, any securities of Highlander (including Highlander Shares) or subsidiaries of Highlander. All outstanding Highlander Shares
have been duly authorized and validly issued, are fully paid and non-assessable, and all Highlander Shares issuable upon the exercise
of Highlander Options or Highlander Warrants in accordance with their respective terms have been duly authorized and, upon issuance, will
be validly issued as fully paid and non-assessable. Other than Highlander Shares, there are no securities of Highlander or of any of its
subsidiaries outstanding which have the right to vote generally (or, other than the Highlander Options, Highlander Warrants, are convertible
into, or exchangeable or exercisable for, or may vest into, securities having the right to vote generally) with the Highlander Shareholders
on any matter. There are no outstanding contractual or other obligations of Highlander to repurchase, redeem or otherwise acquire any
of its securities or with respect to the voting or disposition of any outstanding securities of its material subsidiary. There are no
outstanding bonds, debentures or other evidences of indebtedness of Highlander or any in its subsidiaries having the right to vote with
the Highlander Shareholders on any matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Shareholder and Similar Agreements</u>. Highlander is not party to any shareholder,
pooling, voting trust or other similar agreement relating to the issued and outstanding shares in the capital of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Reporting Status and Securities Laws Matters</u>. Highlander is a "reporting issuer"
 in all of the provinces and territories of Canada and is not on the list of reporting issuers in default under applicable Securities
 Laws in any of the provinces or territories of Canada. No delisting, suspension of trading in or cease trading order with respect to
 any securities of Highlander and, to the knowledge of Highlander, no inquiry or investigation (formal or informal) of Highlander or
 the Highlander Public Disclosure Record by any Securities Authority, is in effect or ongoing or, to the knowledge of Highlander,
 threatened or expected to be implemented or undertaken. No securities of Highlander are registered or required to be registered under Section 12
of the U.S. Exchange Act, Highlander is not required to file reports under Section 13 or Section 15(d) of the U.S. Exchange Act, and Highlander
is not subject to any proceedings under or any order issued pursuant to section 12(j) of the U.S. Exchange Act. The Highlander Shares
are listed and posted for trading on the TSX. Highlander is in compliance with applicable requirements of the TSX, except where non-compliance
would not result in a Highlander Material Adverse Effect or prevent or materially delay the consummation of the transactions contemplated
by this Agreement or the Arrangement pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Ownership of Subsidiaries</u>. All of the issued and outstanding shares of capital
stock and other ownership interests in each of the subsidiaries are duly authorized, validly issued, fully paid and non-assessable, and
all such shares and other ownership interests are legally and beneficially owned, directly or indirectly, by Highlander free and clear
of all Liens and there are no outstanding options, warrants, rights, entitlements, understandings or commitments (contingent or otherwise)
regarding the right to purchase or acquire, or securities convertible into, or exchangeable or exercisable for, any such shares of capital
stock or other ownership interests in or material assets or properties of a subsidiary. There are no contracts, commitments, agreements,
understandings, arrangements or restrictions which require any of the subsidiaries to issue, sell or deliver any shares in its share capital
or other ownership interests, or any securities or obligations convertible into, or exchangeable or exercisable for, any shares of its
share capital or other ownership interests. There are no outstanding options, rights, entitlements, understandings or commitments (contingent
or otherwise) providing to any third party the right to acquire any shares or other ownership interests in any of the subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Regulatory Approvals</u>. Other than filings with the Securities Authorities
and the TSX, there are no approvals required from, or notices required to be given to, any Governmental Entity which would prevent or
materially delay consummation by Highlander of the transactions contemplated by this Agreement and the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Consents</u>. There are no consents or waivers required from any party under
any Highlander Material Contract to which Highlander or its subsidiaries are a party in order for Highlander to proceed with the completion
of the transactions contemplated by this Agreement and the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Public Filings</u>. Highlander has filed or furnished, as applicable, all documents in the
 Highlander Public Disclosure Record required to be filed or furnished by it in accordance with applicable Securities Laws or the
 requirements of the TSX. All such documents and information comprising the Highlander Public Disclosure Record, as of their
 respective dates (and the dates of any amendments thereto): (i) did not contain any misrepresentation; and (ii) complied in all
 material respects with the requirements of applicable Securities Laws and the applicable policies of the TSX relating to continuous
 disclosure requirements. Highlander has not filed any confidential material change report with any Securities Authorities that at
 the Agreement Date, remains confidential. Since January 1, 2023, there has been no change in a material fact or a material change
 (as those terms are defined under the Securities Act)
in relation to Highlander, except for changes in material facts or material changes that are reflected in a subsequently filed document
included in the Highlander Public Disclosure Record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Highlander Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Highlander's audited financial statements as at and for the financial years
ended September 30, 2024 and September 30, 2023 (including the notes thereto and the report of the auditors thereon) and Highlander's
unaudited interim financial statements as at and for the three and twelve months ended September 30, 2025 and September 30, 2024 (including
the notes thereto) (collectively the "**Highlander Financial Statements**") were prepared in accordance with IFRS consistently
applied and fairly present in all material respects the consolidated financial position, results of operations and changes in financial
position of Highlander and its subsidiaries as of the dates thereof and for the periods indicated therein (subject, in the case of any
unaudited interim financial statements, to normal period end adjustments) and reflect reserves required by IFRS in respect of all material
contingent liabilities, if any, of Highlander and its subsidiaries on a consolidated basis. There has been no material change in Highlander's
accounting policies since September 30, 2024, except as disclosed in the Highlander Public Disclosure Record or as required by IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The management of Highlander has established and maintained a system of disclosure
controls and procedures designed to provide reasonable assurance that information required to be disclosed by Highlander in its annual
filings, interim filings or other reports filed or submitted by it under the applicable Laws imposed by Governmental Entities is recorded,
processed, summarized and reported within the time periods specified in such Laws imposed by such Governmental Entities. Such disclosure
controls and procedures include controls and procedures designed to ensure that information required to be disclosed by Highlander in
its annual filings, interim filings or other reports filed or submitted under the applicable Laws imposed by Governmental Entities is
accumulated and communicated to Highlander's management, including its chief executive officer and chief financial officer (or persons
performing similar functions), as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Highlander maintains internal control over financial reporting. Such internal
control over financial reporting is effective in providing reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with IFRS and includes policies and procedures that: (A) pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of Highlander and its subsidiaries; (B) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with IFRS, and that receipts and expenditures of Highlander and its subsidiaries are being made
only with authorizations of management and directors of Highlander and its subsidiaries,
as applicable; and (C) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of the assets of Highlander or its subsidiaries that could have a material effect on its financial statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Since September 30, 2024, neither Highlander nor any of its subsidiaries nor, to
Highlander's knowledge, any director, officer, employee, auditor, accountant or representative of Highlander or any of its subsidiaries
has received or otherwise had or obtained knowledge of any complaint, allegation, assertion, or claim, whether written or oral, regarding
the accounting or auditing practices, procedures, methodologies or methods of Highlander or any of its subsidiaries or their respective
internal accounting controls, including any complaint, allegation, assertion, or claim that Highlander or any of its subsidiaries has
engaged in questionable accounting or auditing practices, which has not been resolved to the satisfaction of the audit committee of the
Highlander Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Books and Records</u>. The financial books, records and accounts of Highlander
and its subsidiaries, in all material respects: (i) have been maintained, in the case of Highlander in accordance with IFRS, and in the
case of its subsidiaries in accordance with generally accepted accounting principles of their respective governing jurisdictions; (ii)
are stated in reasonable detail and accurately and fairly reflect the material transactions and dispositions of the assets of Highlander
and its subsidiaries; and (iii) accurately and fairly reflect the basis for the Highlander Financial Statements. The corporate records
and minute books for each of Highlander and its subsidiaries contain, in all material respects, complete and accurate minutes of all meetings
and resolutions of the directors and shareholders of Highlander and each of its subsidiaries held and/or passed, as applicable, since
their incorporation, amalgamation or acquisition by Highlander, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Undisclosed Liabilities</u>. Other than as disclosed in the most recent Highlander
Financial Statements filed, or furnished, as applicable, on SEDAR+, as incurred in the ordinary course of business since the date of such
financial statements, as disclosed in this Agreement, or inter-company indebtedness, liabilities and guarantees among Highlander and its
subsidiaries, Highlander and its subsidiaries have no outstanding material indebtedness or material liabilities and are not party to or
bound by any material suretyship, guarantee, indemnification or assumption agreement, or endorsement of, or any other similar commitment
with respect to the material obligations, liabilities or indebtedness of any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>No Highlander Material Adverse Effect</u>. Since September 30, 2024, except
as disclosed in the Highlander Public Disclosure Record, there has been no Highlander Material Adverse Effect and no effect, change, development,
event or occurrence that would, individually or in the aggregate, reasonably be expected to cause a Highlander Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Litigation</u>. There are no Proceedings pending or, to the knowledge of Highlander,
threatened affecting Highlander or any of its subsidiaries or affecting any of the Highlander Concessions, property or assets at law or
in equity, including matters arising under Environmental Laws, which, if adversely determined, would, individually or in the aggregate,
result in a Highlander Material Adverse Effect or prevent or materially delay the consummation of the transactions contemplated by this
Agreement or the Arrangement. Neither Highlander nor any of its subsidiaries nor their respective assets or properties is subject to any
outstanding judgement, order, writ, injunction or decree which, individually or in the aggregate, would result in a Highlander Material
Adverse Effect or which would prevent or materially delay consummation of the transactions contemplated by this Agreement or the Arrangement
pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Taxes.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of Highlander and any of its subsidiaries, in all material respects, has
duly and timely made or prepared all Returns required to be made or prepared by it, has duly and timely filed all Returns required to
be filed by it with the appropriate Governmental Entity and has duly, completely and correctly reported all income and all other amounts
and information required to be reported thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of Highlander and any of its subsidiaries, in all material respects, has
duly and timely paid all Taxes, including all instalments on account of Taxes for the current year, that are due and payable by it, other
than those which are being or have been contested in good faith and in respect of which reserves have been provided in the Highlander
Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) None of Highlander or any of its subsidiaries has requested, offered to enter into
or entered into any agreement or other arrangement, or executed any waiver, providing for any extension of time within which: (i) to file
any Return covering any Taxes for which Highlander or any of its subsidiaries is or may be liable; (ii) to file any elections, designations
or similar filings relating to Taxes for which Highlander or any of its subsidiaries is or may be liable; (iii) Highlander or any of its
subsidiaries is required to pay or remit any Taxes or amounts on account of Taxes; or (iv) any Governmental Entity may assess or collect
Taxes for which Highlander or any of its subsidiaries is or may be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the knowledge of Highlander, there are no proceedings, investigations, audits
or claims now pending or threatened against Bear Creek or any of its subsidiaries in respect of any Taxes, that in the aggregate, would
constitute Material Taxes, and there are no matters under discussion, audit or appeal with any Governmental
Entity relating to Taxes that, in the aggregate, would constitute Material Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each of Highlander or any of its subsidiaries has complied in all material respect
with the transfer pricing provisions of each applicable Law relating to Taxes, including the contemporaneous documentation and disclosure
requirements thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) No jurisdiction or authority in which Highlander or a subsidiary, as applicable,
does not file a Return has alleged that Highlander or such subsidiary, as applicable, is required to file such a Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Property.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Highlander Concessions are the only mineral tenures that Highlander or any
of its subsidiaries have any legal or equitable interest in and that are required to conduct Highlander's or any of its subsidiaries'
business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Highlander Lands are the only interests in real property that are required
to conduct Highlander's or any of its subsidiaries' business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each of the Highlander Concessions and Highlander Lands is in good standing in
all material respects and is held by Highlander or one of its subsidiaries free and clear of all material Liens, and no person has any
agreement or right to acquire an interest in such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Highlander or its subsidiaries have the right in all material respects to enter
upon the Highlander Lands over which the Highlander Concessions are located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There are no adverse claims, actions, suits or proceedings pending or, to the knowledge
of Highlander, that are threatened, affecting or which could materially affect the title to or ownership by Highlander or any of its subsidiaries
of, or the right to explore, the Highlander Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither Highlander nor any of its subsidiaries have received any notice, whether
written or oral from any Governmental Entity or any person with jurisdiction or applicable authority of any revocation or intention to
revoke Highlander's or any of its subsidiaries' material interest in the Highlander Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) No material dispute is pending or, to the knowledge of Highlander, threatened
in connection with the ownership, access to or use of any Highlander Concessions or Highlander Lands between Highlander or any of its
subsidiaries and: (A) any surface landowner; (B) other mining companies; or (C) any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Operational Matters</u>. <u> </u> Except
 as would not, individually or in the aggregate, be reasonably expected to result in a Highlander
 Material Adverse Effect, any and all operations of Highlander and each of its subsidiaries
 and, to the knowledge of Highlander, any and all operations by third parties, on or in respect
 of the assets and properties of Highlander and any of its subsidiaries, have been conducted
 in a good, workmanlike and efficient manner in accordance with sound mining and other applicable
 mining industry standards and practices and in material compliance with applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Mineral Reserves and Resources</u>. Highlander is in compliance in all material respects with
 the provisions of NI 43-101 and has filed all technical reports required thereby. The most recent estimated indicated and inferred
 mineral resources disclosed in the Highlander Public Disclosure Record prior to the Agreement Date, have been prepared in all
 material respects in accordance with accepted mining, engineering, geoscience and other applicable industry standards and in all
 material respects in accordance with all applicable Laws, including NI 43-101. The information provided by Highlander to the
 Qualified Persons (as defined in NI 43-101) in connection with the preparation of the Highlander Technical Report was complete and
 accurate in all material respects at the time such information was furnished and complied in all material respects, with the
 requirements of NI 43-101. There
has been no material reduction in the aggregate amount of the most recently estimated mineral reserves and mineral resources of Highlander
from the amounts disclosed in the Highlander Public Disclosure Record, other than depletion from ordinary course mining operations. All
material information regarding the San Luis Project, including drill results, technical reports and studies, that are required to be disclosed
by Securities Laws, have been disclosed in the Highlander Public Disclosure Record in compliance, in all material respects, with applicable
Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Technical Report.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The San Luis Project is currently the only material property of Highlander for
the purposes of NI 43-101 and the sole technical report concerning the San Luis Project is the technical report entitled "Technical
Report on the San Luis Property, District of Shupluy, Yunguay Province, Ancash Department, Peru" with an effective date of January
15, 2025, and prepared by Martin Mount, MSc MCSM FGS Cgeol FIMMM CEng (the "**Highlander Technical Report** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Highlander or its corporate predecessors made available to the authors of the
Highlander Technical Report, prior to the issuance thereof, for the purpose of preparing such report, all information requested by them,
and none of such information contained any misrepresentation at the time such information was so provided. All of the material assumptions
in the Highlander Technical Report are reasonable and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As of the Agreement Date, the Highlander Technical Report remains current and since the date of
 the Highlander Technical Report there is no new material scientific or technical information concerning the San Luis Project that
is not included in the Highlander Technical Report and that would require a new technical report in respect of such property to be issued
under NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Expropriation</u>. No written notice or proceeding in respect of the taking,
condemnation or expropriation by any Governmental Entity of any material part of the property or assets of Highlander or any of its subsidiaries,
including the Highlander Concessions and Highlander Lands, has been given or commenced, nor, to the knowledge of Highlander, is any such
proceeding or notice threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Permits</u>. Each of Highlander and its subsidiaries has obtained, and is in
compliance with, all Permits required by applicable Laws, other than Permits disclosed in the Highlander Public Disclosure Record or with
which non-compliance with would not result in a Highlander Material Adverse Effect, or necessary to conduct its current business as is
now being conducted, other than Permits which non-compliance with would not result in a Highlander Material Adverse Effect. To the knowledge
of Highlander, there are no facts, events or circumstances that would reasonably be expected to result in a revocation of, or failure
to renew in the ordinary course, such Permits as are necessary to conduct Highlander's or its subsidiaries' current business
as is now being conducted, except as disclosed in the Highlander Public Disclosure Record and for such revocations or failure to renew
which, individually or in the aggregate, would not result in a Highlander Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Environmental Matters</u>. To the knowledge of Highlander, each of Highlander
and its subsidiaries and their respective businesses, operations, and properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is in compliance in all respects with all Environmental Laws and all terms and
conditions of all Environmental Permits, other than where non-compliance, individually or in the aggregate, would not result in a Highlander
Material Adverse Effect;

&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) has not received any order, request or notice from any person alleging a material
violation of any Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) is not a party to any material litigation or administrative proceeding, nor
to Highlander's knowledge is any material litigation or administrative proceeding threatened against it or its property or assets,
which in either case: (1) asserts or alleges that it violated any Environmental Laws; (2) asserts or alleges that it is required to clean
up, remove or take remedial or other response action due to the Release of any Hazardous Substances; or (3) asserts
or alleges that it is required to pay all or a portion of the cost of any past, present or future cleanup, removal or remedial or other
response action which arises out of or is related to the Release of any Hazardous Substances; (B) has no knowledge of any conditions existing
currently which could reasonably be expected to subject it to damages, penalties, injunctive relief or cleanup costs under any Environmental
Laws or which require or are likely to require cleanup, removal, remedial action or other response by it pursuant to applicable Environmental
Laws, except as would not individually
or in the aggregate, have a Highlander Material Adverse Effect; and (C) is not subject to any material judgment, decree, order or citation
related to or arising out of applicable Environmental Law and has not been named or listed as a potentially responsible party by any Governmental
Entity in a material matter arising under any Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is not involved in operations and does not know of any facts, circumstances or
conditions, including the Release of any Hazardous Substance that would reasonably be expected to result in any Environmental Liabilities,
except as would not, individually or in the aggregate, have a Highlander Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Health and Safety</u>. There are no material claims, investigations or inquiries
pending against Highlander or any of its subsidiaries (or naming Highlander or any of its subsidiaries as a potentially responsible party)
based on non-compliance with any applicable health and safety Laws at any of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Cultural Heritage</u>. None of the areas covered by the Highlander Lands (including
any constructions, remains or similar elements located on them) have been declared as a "Protected Archaeological Site" by
any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Labour and Employment</u>. No labour strike, lock-out,
slowdown or work stoppage is pending against or directly affecting Highlander or any of its facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Compliance with Laws</u>. Highlander and its subsidiaries
have complied in all material respects with and are not in violation in any material respect of any applicable Laws, other than non-compliance
or violations which would not, individually or in the aggregate, result in a Highlander Material Adverse Effect or which would prevent
or materially delay consummation of the transactions contemplated by this Agreement or the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Winding Up</u>. No order has been made, petition presented
or meeting convened for the purpose of winding up of Highlander or any of its subsidiaries, or for the appointment of any provisional
liquidator or in relation to any other process whereby the business is terminated and the assets of Highlander or any of its subsidiaries
are distributed amongst the creditors, shareholders or other contributors, and there are no proceedings under any applicable insolvency,
bankruptcy, reorganisation or similar laws in any relevant jurisdiction, and no events have occurred which, under applicable Laws, would
be reasonably likely to justify any such cases or proceedings, that would, individually or in the aggregate, reasonably be expected to
cause a Highlander Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Administration and Receivership</u>. To the knowledge of
Highlander, no person has taken any step, legal proceeding or other procedure with a view to the appointment of an administrator, whether
out of court or otherwise, in relation to Highlander or any of its subsidiaries, and no receiver (including any administrative receiver)
has been appointed in respect of the whole or any part of any of the property, assets or undertaking of Highlander or any of its subsidiaries
nor has any such order been made (including,
in any relevant jurisdiction, any other order by which, during the period it is in force, the affairs, business and assets of the company
concerned are managed by a person appointed by any Governmental Entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Voluntary Arrangement, Etc</u>. Neither Highlander nor any of its material subsidiaries has made any
voluntary arrangement with any of its creditors or is insolvent or unable to pay its debts as they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Related Party Transactions</u>. Other than among Highlander and its subsidiaries, and except as disclosed
in the Highlander Public Disclosure Record, there are no Contracts or other transactions currently in place between Highlander or any
of its subsidiaries, on the one hand, and, on the other hand: (i) any Highlander Shareholder of record or, to the knowledge of Highlander,
beneficial owner of 5% or more of the Highlander Shares; (ii) any officer or director of Highlander or any of its subsidiaries; or (iii)
to the knowledge of Highlander, any affiliate or associate of any such, officer, director, Highlander Shareholder of record or beneficial
owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Restrictions on Business Activities</u>. There is no arbitral award, judgment, injunction, order or decree binding upon Highlander or any of its subsidiaries
that has or could reasonably be expected to have the effect of prohibiting, restricting, or impairing in any material respect: (i) any
business practice; (ii) any acquisition or disposition of property; or (iii) the conduct of the business, as currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Issuance of Highlander Shares</u>. The Highlander Shares
to be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as the Share Consideration will, when issued pursuant to the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon exercise of the Bear Creek Warrants by the Bear Creek Warrantholders, following
the Effective Time will, when issued,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Insurance</u>. Highlander and its subsidiaries have in place reasonable and prudent
insurance policies appropriate for its size, nature and stage of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Corrupt Practices Legislation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither Highlander nor any of its subsidiaries, nor, to Highlander's knowledge,
any of their respective directors, officers, agents, employees, consultants or other persons acting on behalf of Highlander or any of
its subsidiaries has offered or given, and Highlander is not aware of or does not have any knowledge of any person that has offered or
given on its behalf, anything of value to any official of a Governmental Entity, any political party or official thereof or any candidate
for political office, any customer or member of any Governmental Entity, or any other person, in any such case while knowing or having
reason to know that all or a portion of such money or thing of value may be offered, given or promised, directly or indirectly, for the
purpose of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) influencing any action or decision of such person, in such person's official
capacity, including a decision to fail to perform such person's official function in order to obtain or retain an advantage for
Highlander or any of its subsidiaries in the course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) inducing such person to use such person's influence with any Governmental
Entity to affect or influence any act or decision of such Governmental Entity to assist Highlander or any of its subsidiaries in obtaining
or retaining business for, with, or directing business to, any person or otherwise to obtain or retain an advantage in the course of business;
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;(C) where such payment would constitute a bribe, rebate, payoff, influence payment,
kickback or illegal or improper payment to assist Highlander or the subsidiary in obtaining or retaining business for, with, or directing
business to, any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There have been no actions taken by Highlander, any of its subsidiaries or, to
the knowledge of Highlander, by any persons on behalf of Highlander or any of its subsidiaries, that would cause Highlander or its subsidiaries
or such persons to be in violation of the Corruption Acts or any similar legislation in any jurisdiction in which Highlander or any of
its subsidiaries conduct their business and to which Highlander or any of its subsidiaries may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The financial records of Highlander and its subsidiaries have at all times been
maintained in compliance with the Corruption Acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no proceedings or investigations under the Corruption Acts or any similar
legislation in any jurisdiction in which Highlander and its subsidiaries conduct their business pending against Highlander or any of its
subsidiaries, nor any of their respective directors, officers, agents, employees, consultants or other persons acting on behalf of Highlander
or any of its subsidiaries, or to the knowledge of Highlander, threatened against or affecting, Highlander or any of its subsidiaries
or any of their respective directors, officers, agents, employees, consultants or other persons acting on behalf of Highlander or any
of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Anti-Money Laundering</u>. The operations of Highlander
and its subsidiaries are in material compliance with the financial record-keeping and reporting requirements of the anti-money laundering
and anti-terrorism statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any Governmental Entities to which Highlander or the subsidiary is subject, including
the Money Laundering Laws, and no action, suit, proceeding, investigation or notice by, before or from any Governmental Entity involving
Highlander or any of its subsidiaries with respect to the Money Laundering Laws is pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>NGOs and Community Groups</u>. No material dispute between
Highlander or any of its subsidiaries and any non-governmental organization, community, community group, aboriginal or indigenous peoples
or aboriginal or indigenous group exists or, to the knowledge of Highlander, is threatened with respect to any of Highlander's
or any of its subsidiaries' properties or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Ownership of Bear Creek Shares or other Bear Creek Securities</u>.
Prior to giving effect to the Private Placement, neither Highlander nor any of its affiliates own any Bear Creek Shares or any other
securities of Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Foreign Private Issuer.</u> Highlander is a "foreign
private issuer" within the meaning of Rule 405 under the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Not an Investment Company</u>. Highlander is not registered
or required to be registered as an "investment company" pursuant to the U.S. Investment Company Act of 1940, as amended.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Survival of Representations and Warranties

The representations and warranties of Highlander contained in this Agreement shall not survive the completion of the Arrangement and shall expire and be terminated on the earlier of the Effective Time and the date on which this Agreement is terminated in accordance with its terms.

**ARTICLE 5 <br> COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Covenants of Bear Creek Regarding the Conduct of Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bear Creek covenants and agrees that, during the period from Agreement Date, until
the earlier of the Effective Time and the time at which this Agreement is terminated in accordance with its terms, except: (i) as expressly
required by this Agreement or the Plan of Arrangement; (ii) as expressly set forth in the Bear Creek Disclosure Letter; (iii) as required
by applicable Law; or (iv) with the prior written consent of Highlander, such consent not to be unreasonably withheld, conditioned or
delayed, Bear Creek shall and shall cause each of its subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct their respective businesses only in, and not take any action except in,
the ordinary course of business;

&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) use commercially reasonable efforts to maintain and preserve intact its business
organization, goodwill, employees, properties, business relationships and assets in all material respects, keep available the services
of its officers, employees and contractors as a group and maintain satisfactory relationships with suppliers, customers, aboriginal or
indigenous peoples or aboriginal or indigenous groups, Governmental Entities and others having business relationships with them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) allocate and utilize proceeds of the Private Placement as set out in the Subscription
Agreement and for greater certainty shall not utilize such funds for other uses;

&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) fully cooperate and consult through meetings with Highlander, as Highlander may
reasonably request, to allow Highlander to monitor, and provide input with respect to the direction and control of any activities relating
to the development of the Corani Project or any exploration of any properties;

&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) provide Highlander and its legal counsel with a reasonable opportunity to review
and comment on any proposed public disclosure of exploration results and any other scientific and technical information prior to such
disclosure, and give due and reasonable consideration to any comments made by Highlander and its legal counsel; 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) provide Highlander with weekly reporting of payables that reach the level of materiality
requiring sign off from Bear Creek's Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of Section 5.1(a), Bear Creek covenants and agrees that, during the period from the Agreement Date, until the earlier of the Effective Time and the time at which this Agreement is terminated in accordance with its terms, except: (i) as expressly required by this Agreement, the Plan of Arrangement or the Subscription Agreement; (ii) as expressly set forth in the Bear Creek Disclosure Letter (which shall make reference to the applicable section, subsection, paragraph or subparagraph below in respect of which such qualification is being made); (iii) as required by applicable Law; or (iv) with the prior written consent of Highlander, such consent not to be unreasonably withheld, conditioned or delayed, Bear Creek shall not and shall cause each of its subsidiaries not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or propose to amend its notice of articles, articles or other comparable
organizational or constating documents;

&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) split, combine or reclassify any Bear Creek Shares or other securities of Bear
Creek or any of its subsidiaries;

&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) declare, set aside or pay any dividend or other distribution or payment (whether
in cash, securities or property or any combination thereof) in respect of any shares in the capital of Bear Creek owned by any person
or the securities of any of its subsidiaries, other than any dividends payable by a subsidiary to Bear Creek or any wholly-owned subsidiary
of Bear Creek;

&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) issue, grant, award, deliver, sell, pledge, dispose of or otherwise encumber, or
agree to issue, grant, award, deliver, sell, pledge, dispose of or otherwise encumber any Bear Creek Shares or other equity or voting
interests or any options or any options, warrants, calls, appreciation rights, convertible securities or similar rights convertible into
or exchangeable or exercisable for, or otherwise evidencing a right to acquire, Bear Creek Shares or other equity or voting interests
or other securities of Bear Creek or any of its subsidiaries (including, for certainty, any Bear Creek Options, Bear Creek Warrants, Bear
Creek DSUs and Bear Creek RSUs), other than pursuant to the valid exercise or vesting of Bear Creek Options, Bear Creek Warrants, Bear
Creek DSUs and Bear Creek RSUs outstanding on the Agreement Date in accordance with their terms, and pursuant to the Private Placement;

&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) redeem, purchase or otherwise acquire, or offer to redeem, purchase or otherwise
acquire, any Bear Creek Shares or other securities of Bear Creek or any of its subsidiaries;

&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) amend the terms of any of the Bear Creek Shares or other securities of Bear Creek
or any of its subsidiaries;

&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) except in connection with intercompany payments among Bear Creek and its subsidiaries
in the ordinary course of business and other than as disclosed in Schedule 5.1(b)(vii) of the Bear Creek Disclosure Letter, reduce the
stated capital of any Bear Creek Shares or other securities of Bear Creek or any of its subsidiaries;

&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) incorporate, acquire or create any new 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;(ix) adopt or propose a plan of liquidation or resolution providing for the liquidation
or dissolution of Bear Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make any changes in its accounting methods, principles, policies or practices or
adopt new accounting methods, principles, policies or practices, in each case except as required by applicable Laws or IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) sell, pledge, hypothecate, lease, license, sell and lease back, mortgage, dispose
of or encumber or otherwise transfer, any assets, securities, properties, interests or businesses of Bear Creek or any of its subsidiaries,
except for: (A) sales of mineral product from the Mercedes Gold-Silver Mine Project in the ordinary course of business; (B) sales of obsolete
assets in the ordinary course of business; and (C) other sales of tangible non-material assets in the ordinary course of business subject
to a maximum *(* in terms of value of such assets or interests therein) of $1,000,000 (whether individually or in the aggregate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) reorganize, amalgamate or merge Bear Creek or any of its subsidiaries with any
other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) acquire (by merger, amalgamation, consolidation, acquisition of shares or assets
or otherwise) or agree (in one transaction or in a series of related transactions) to acquire, directly or indirectly, any person, or
securities, interests or business of any person, or make any investment or agree to make an investment, directly or indirectly (in one
transaction or in a series of related transactions), either by the purchase of securities of, or contributions of capital to, any other
person (other than wholly-owned subsidiaries as of the Agreement Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) acquire or agree to acquire, directly or indirectly, any assets or properties
of any person other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) incur, create, assume or otherwise become liable for, any indebtedness for borrowed
money or any other liability or obligation or issue any debt securities or assume, guarantee, endorse or otherwise become responsible
for the obligations of any other person or make any loans, capital contributions, investments or advances, other than: (A) vendor credit
at the Mercedes Gold-Silver Mine Project, incurred in the ordinary course of business, not in excess of US$5,000,000, in the aggregate,
and (B) interest and penalties on indebtedness, liabilities, obligations or Taxes owing as of the Agreement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) except as required by this Agreement, applicable Law, the terms of the Bear
 Creek Equity Incentive Plan or Bear Creek Benefit Plans, any collective bargaining agreement, or any written employment or
 consulting contract in effect as of the Agreement Date: (A) grant, accelerate, or increase any severance, change of control or
 termination pay to (or amend any existing arrangement relating to the foregoing with) any director, officer, employee or individual
 contractor or consultant of Bear Creek or any of its subsidiaries; (B) grant, accelerate, or increase any payment, award (equity or
 otherwise), indemnification or other benefits payable to, or for the benefit of, any director, officer, employee or individual
 contractor or consultant of Bear Creek
or any of its subsidiaries; (C) increase the coverage, contributions, funding requirements or benefits available under the Bear Creek
Equity Incentive Plan or Bear Creek Benefit Plans or create any new benefit; (D) increase compensation (in any form), bonus levels or
other benefits payable to any director, officer, employee or individual contractor or consultant of Bear Creek or any of its subsidiaries
or grant any general increase in the rate of wages, salaries, bonuses or other remuneration, including under any Bear Creek Benefit Plan,
except in the ordinary course of business; (E) make any material determinations under any Bear Creek Benefit Plan that is not in the ordinary
course of business, other than determinations in furtherance of acceleration, vesting or similar determinations in connection with the
transactions described in this Agreement; or (F) take or propose to take any action to effect any of the foregoing; *provided* that
nothing in this Agreement shall be deemed to: (x) guarantee employment for any period of time for, or preclude the ability of Highlander
to terminate the employment or engagement of, any director, officer, employee or individual contractor or consultant of Bear Creek or
any of its subsidiaries after the Effective Time; (y) require Highlander to continue any benefit plan or to prevent the amendment, modification
or termination of any benefit plan after the Effective Date or prohibit Highlander from amending, modifying or terminating any benefit
plan or arrangement covering any continuing director, officer, employee or individual contractor or consultant on or after the Effective
Date; or (z) constitute an amendment to any benefit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) enter into, extend, amend or terminate any collective bargaining agreement or any
Bear Creek Benefit Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) negotiate, enter into, extend, amend or terminate any employment, severance, consulting,
termination or other similar agreement with any officer, director, employee, agent or individual contractor or consultant, other than:
(A) in connection with terminating officers, directors, employees, agents or individual contractors or consultants for cause; (B) amendments
required by Law; (C) for the purposes hiring or engaging employees, agents or individual contractors or consultants (in each case, a "**New Hire**") required in the ordinary course of business to replace terminated or departed employees, agents or individual contractors
or consultants (in each case, a "**Departing Hire**") at the Mercedes Gold-Silver Mine Project, provided that such New
Hire is employed or engaged on substantially the same terms and conditions pursuant to which the Departing Hire was employed or engaged,
and provided further that the overall compensation payable to such New Hire does not exceed $150,000 annually, excluding from such overall
compensation benefits under the Bear Creek Benefits Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) make or forgive any loans or advances to any of its officers, directors, employees,
agents or individual contractors or consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) other than as disclosed in Section 5.1(b)(xvi) of the Bear Creek Disclosure Letter,
make any bonus or profit sharing distribution or similar payment of any kind to any person, including: officers, directors employees,
agents or individual contractors or consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) settle, pay, discharge, satisfy, compromise, waive, assign or release: (A) any
material action, claim, liability or proceeding; (B) any claims, liabilities or obligations in an amount in excess of US$500,000 (whether
individually or in the aggregate), except claims, liabilities or obligations reflected or reserved against in the Bear Creek Financial
Statements; or (C) any material rights, claims or benefits of Bear Creek or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) enter into or extend any agreement or arrangement that provides for: (A) any limitation
or restriction on the ability of Bear Creek or any of its subsidiaries or, following the Effective Time, the ability of any of Bear Creek's
affiliates, to engage in any type of activity or business, (B) any limitation or restriction on the manner in which, or the localities
in which, all or any portion of the business of Bear Creek or any of its subsidiaries or, following the Effective Time, all or any portion
of the business of any of Bear Creek's affiliates, is or would be conducted, or (C) any limitation or restriction on the ability
of Bear Creek or any of its subsidiaries or, following the Effective Time, the ability of any of Bear Creek's affiliates, to solicit
suppliers, customers, employees, contractors or consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) waive, release or condition any material non-compete, non-solicitation, non-disclosure,
confidentiality or other restrictive covenant owed to Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) negotiate, enter into, extend, amend or terminate, any agreement that has the
effect of creating a joint venture, partnership, strategic alliance or similar relationship between Bear Creek or any of its subsidiaries
and another person, except in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) negotiate, enter into, extend, amend or terminate any material agreement, commitment
or understanding with any aboriginal or indigenous peoples or aboriginals or indigenous groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) other than as is necessary to comply with any applicable written contract in effect
on the Agreement Date, the Bear Creek Equity Incentive Plans or Bear Creek Benefit Plans, engage in any transaction with any related parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) (A) enter into any agreement that if entered into prior to the Agreement Date,
would be a Bear Creek Material Contract; (B) modify, amend in any material respect, transfer or terminate any Bear Creek Material Contract,
or waive, release or assign any material rights or claims thereto or thereunder; or (C) fail to enforce any breach or threatened breach
of any Bear Creek Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) initiate any material discussion, negotiations or filings with any Governmental
Entity regarding any matter (including with respect to the Arrangement or the transactions contemplated by this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) incur, or commit to, capital expenditures in excess of the amounts set out in Schedule
5.1(b)(xxix) to the Bear Creek Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) enter into, extend, amend or terminate any material interest rate, currency, equity
or commodity swaps, hedges, derivatives, forward sales contracts or other similar financial instruments, other than in the ordinary course
of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) (A) take any action inconsistent with past practice relating to the filing of
any Return or the withholding, collecting, remitting and payment of any Tax; (B) amend any Return or change any of its methods of reporting
income, deductions or accounting for income Tax purposes from those employed in the preparation of any Return, except as may be required
pursuant to applicable Law; (C) make or revoke any material election relating to Taxes, other than any election that has yet to be made
in respect of any event or circumstance occurring prior to the Agreement Date; (D) enter into any Tax sharing, Tax allocation, Tax related
waiver or Tax indemnification agreement; or (E) settle (or offer to settle) any Tax claim, audit, proceeding or re- assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) (A) take any action or fail to take any action which action or failure to act would,
or would reasonably be expected to, result in the loss, expiration or surrender of, or the loss of any material benefit under, or reasonably
be expected to cause any Governmental Entities to institute proceedings for the suspension, revocation or limitation of material rights
under, any Permits necessary to conduct its businesses as now conducted; (B) or fail to prosecute in a commercially reasonable manner
any pending applications to any Governmental Entities for material Permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) take any action or fail to take any action that is intended to, or would reasonably
be expected to, individually or in the aggregate, prevent, materially delay or materially impede the ability of Bear Creek to consummate
the Arrangement or the other transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) agree, resolve or commit to do any of the foregoing.

For greater certainty, nothing in this Section 5.1 shall give Highlander, directly or indirectly, any right to control or direct the operations of Bear Creek or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Additional Covenants of Bear Creek

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bear Creek shall use its commercially reasonable efforts to cause the current insurance
(or re-insurance) policies maintained by or for the benefit of Bear Creek or any of its
subsidiaries, including directors' and officers' insurance, not to be cancelled or terminated or any of the coverage thereunder
to lapse prior to the Effective Time, unless simultaneously with such termination, cancellation or lapse, replacement policies underwritten
by insurance or re-insurance companies of nationally recognized standing having comparable deductions and providing coverage equal to
or greater than the coverage under the cancelled, terminated or lapsed policies for substantially similar premiums are in full force and
effect; *provided* that, subject to Section 9.2(a), none of Bear Creek or any of its subsidiaries shall obtain or renew any insurance
(or re-insurance) policy for a term exceeding 12 months. Bear Creek shall consult with Highlander on any renewals of insurance (or re-insurance)
policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear Creek shall provide Highlander with prompt written notice of any change,
effect, event or occurrence that, individually or in the aggregate, has resulted in, or would reasonably be expected to result in, a Bear
Creek Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bear Creek shall promptly notify Highlander of: (i) any material communications
(whether oral or written) from a Governmental Entity, including a copy of any written communication, and (ii) any opposition, concerns
or threats raised or brought by non-governmental organizations, communities, community groups, aboriginal or indigenous peoples or aboriginals
or indigenous groups in respect of Bear Creek's or any of its subsidiaries' current or planned operations that could reasonably
be expected to materially impact such operations or title to any of the Bear Creek Concessions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Bear Creek shall prepare, or shall cause to be prepared, and shall file prior to
the Effective Date all sales and use Returns of Bear Creek and its subsidiaries that are required by Law to be filed on or before the
Effective Date or that have not been timely filed when due, and shall remit all sales and use Taxes that are required to be paid in respect
of such Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Bear Creek shall keep Highlander reasonably informed, on a current basis, of any
events, discussions, notices or changes with respect to any Tax investigation (other than ordinary course communications which could not
reasonably be expected to be material to Bear Creek or any of its subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Bear Creek shall apply for and use its commercially reasonable efforts to obtain
approval of the Private Placement from the TSXV as soon as practicable after the Agreement Date, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prior to the Effective Time, the Nominating and Corporate Governance Committee
of the Bear Creek Board shall identify one director of Bear Creek (the "**Bear Creek Nominee**") to be proposed for appointment
to the Highlander Board immediately after the Effective Time and provide notice to Highlander of the Bear Creek Nominee, provided that
the proposed Bear Creek Nominee is: (i) a member of the Bear Creek Board as of the Agreement Date; (ii) eligible to be a director of Highlander
pursuant to applicable Laws;·and (iii) "independent" with respect to both Bear Creek and Highlander, as such term is
defined in National Instrument 52-110 - *Audit Committees*.

For greater certainty, nothing in this Section 5.2 shall give Highlander, directly or indirectly, any right to control or direct the operations of Bear Creek or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Covenants of Highlander Regarding the Conduct of Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Highlander covenants and agrees that, during the period from the Agreement Date,
until the earlier of the Effective Time and the time at which this Agreement is terminated in accordance with its terms, except: (x) as
expressly required by this Agreement or the Plan of Arrangement; (y) as required by applicable Law, or (z) with the prior written consent of
Bear Creek, such consent not to be unreasonably withheld, conditioned or delayed, Highlander shall and shall cause each of its subsidiaries
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct their respective business only in, and not take any action except in the
ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use commercially reasonable efforts to maintain, and preserve intact, its business,
its business organization, goodwill, employees, properties, business relationships and assets in all material respects, keep available
the services of its officers, employees and contractors as a group and maintain satisfactory relationships with suppliers, customers,
aboriginal or indigenous peoples or aboriginals or indigenous groups, Governmental Entities and others having business relationships with
them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of Section 5.3(a), Highlander covenants and agrees
that, during the period from the Agreement Date, until the earlier of the Effective Time and the time at which this Agreement is terminated
in accordance with its terms, except: (i) as expressly required by this Agreement or the Plan of Arrangement; (ii) as required by applicable
Law; or (iii) with the prior written consent of Bear Creek, such consent not to be unreasonably withheld, conditioned or delayed, Highlander
shall not and shall cause each of its subsidiaries not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend or propose to amend its notice of articles, articles or its organizational
or constating documents in any manner that would adversely affect the value of the Consideration;

&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) split, combine, or reclassify Highlander Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reorganize, amalgamate or merge Highlander, or, to the extent prejudicial to the
Arrangement or to Bear Creek, any subsidiary of Highlander;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issue, grant, award, deliver, sell, pledge, dispose of or otherwise encumber, or
agree to issue, grant, award, deliver, sell, pledge, dispose of or otherwise encumber a material number of Highlander Shares or other
equity or voting interests or any options or any options, warrants, calls, appreciation rights, convertible securities or similar rights
convertible into or exchangeable or exercisable for, or otherwise evidencing a right to acquire, Highlander Shares or other equity or
voting interests or other securities of Bear Creek or any of
its subsidiaries, other than pursuant to: (A) one or more offerings of Highlander Shares not to exceed $100,000,000, in the aggregate,
or result in the creation of a new control person; and (B) the valid exercise or vesting of Highlander Options or Highlander Warrants
outstanding on the Agreement Date in accordance with their terms; or (C) grants of Highlander Options or security based compensation in
the ordinary course of business;

&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) adopt a plan of liquidation or resolutions providing for the liquidation or dissolution
of Highlander or any of its material subsidiaries;

&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) amend the terms of any of the Highlander Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) sell, pledge, hypothecate, lease, license, sell and lease back, mortgage, dispose
of or encumber or otherwise transfer, any material assets, securities, properties, interests or businesses of Highlander or any of its
subsidiaries;

&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) reorganize, amalgamate or merge Highlander or any of its subsidiaries with any
other 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;(ix) acquire (by merger, amalgamation, consolidation, acquisition of shares or assets
or otherwise) or agree (in one transaction or in a series of related transactions) to acquire, directly or indirectly, any person, or
securities, interests or business of any person, or make any investment or agree to make an investment, directly or indirectly (in one
transaction or in a series of related transactions), either by the purchase of securities of, or contributions of capital to, any other
person (other than wholly owned subsidiaries as of the Agreement Date), if such acquisition is material to Highlander or its subsidiaries,
taken as a whole, and: (A) where the purchase price (excluding any contingent, earn-out or other deferred payments) in respect thereof
exceeds $50,000,000 or (B) where the acquisition or agreement is not on an arm's length basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) acquire or agree to acquire, directly or indirectly, any assets or properties
of any person, if such assets or properties would be material to Highlander and its subsidiaries, taken as a whole;

&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) incur, create, assume or otherwise become liable for, any indebtedness for borrowed
money or any other liability or obligation or issue any debt securities or assume, guarantee, endorse or otherwise become responsible
for the obligations of any other person or make any loans, capital contributions, investments or advances, if such indebtedness, liability,
debt securities or obligations would exceed $100,000,000, in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) take any action or fail to take any action that is intended to, or would reasonably
be expected to, individually on the aggregate, prevent or materially delay or materially impede the ability of Highlander to consummate
the Arrangement or the other transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) authorize, agree or resolve to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander shall provide Bear Creek with prompt written notice of any change,
effect, event or occurrence that, individually or in the aggregate, has resulted in, or would reasonably be expected to result in, a Highlander
Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Additional Covenants of Highlander

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Concurrently with the execution of the Original Agreement, Highlander hereby irrevocably agrees to
 subscribe for and purchase 50,000,000 Bear Creek Shares (the "**Subscription Shares**") and Bear Creek hereby
 irrevocably agrees to sell and issue to Highlander the Subscription Shares, for an aggregate subscription price of $18,000,000 for
the Subscription Shares (the "**Subscription Price**") on the terms and conditions set out in the subscription agreement
(the "**Subscription Agreement**") between Highlander and Bear Creek of even date herewith (the "**Private Placement** ").
Completion of the Private Placement shall occur two Business Days following conditional approval of the Private Placement by the TSXV
and shall not be conditional upon the completion of the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Bear Creek Meeting or at any postponement or adjournment thereof or in any
other circumstance upon which a vote, consent or other approval of the Bear Creek Shareholders with respect to the Bear Creek Resolution
and the Bear Creek Interest Deferral Resolution is sought, Highlander shall: (i) cause the Subscription Shares to be counted as present
for the purposes of establishing quorum, (ii) vote the Subscription Shares in favour of the approval of the Bear Creek Resolution and
the Bear Creek Interest Deferral Resolution, and (iii) vote the Subscription Shares in favour of any other matter necessary for the consummation
of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander shall apply for and use its commercially reasonable efforts to obtain
conditional approval of the listing for trading on the TSX by the Effective Time of the Highlander Shares to be issued pursuant to the
Arrangement and the Highlander BCM Warrant Shares to be issued upon due exercise of Bear Creek Warrants, subject to official notice of
issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to or contemporaneously with the Effective Time, if determined appropriate
by the warrant agent under the Bear Creek Warrant Indenture, relying on advice of counsel, Highlander shall execute and deliver a supplemental
indenture in accordance with the Bear Creek Warrant Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the Effective Time, the Highlander Board shall consider and vote on acting reasonably and
 in good faith whether to appoint the Bear Creek Nominee to the Highlander Board immediately after the Effective Time, provided that
 the Bear Creek Nominee is: (i) a member of the Bear Creek Board as of the Agreement Date; (ii) eligible to be a director of
 Highlander pursuant to applicable Laws; and (iii) "independent" with respect to both Bear Creek and Highlander, as such
 term is defined in National Instrument 52-110 - *Audit Committees*. If the Highlander Board resolves to appoint the Bear Creek
 Nominee to the Highlander Board, Highlander shall take all actions to ensure that the Highlander Board, immediately after the
 Effective Time, shall include the Bear Creek Nominee as a director of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Highlander shall not, without the consent of Bear Creek, materially amend the
terms and conditions of the Debt Restructuring Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Contemporaneously with the Effective Time, or as soon as practicable thereafter,
Highlander will repay or cause to be repaid the advance and outstanding interest owing pursuant to the support agreement dated November
22, 2022, as amended, between Bear Creek and Wheaton Precious Metals International Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Mutual Covenants of the Parties Relating to the Arrangement

Subject to Section 5.7, which shall govern in relation to Regulatory Approvals, each of the Parties covenants and agrees that, subject to the terms and conditions of this Agreement, during the period from Agreement Date, until the earlier of the Effective Time and the time that this Agreement is terminated in accordance with its terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall, and shall cause its subsidiaries to, use commercially reasonable efforts
to satisfy (or cause the satisfaction of) the conditions precedent to its obligations hereunder as set forth in Article 6 to the extent
the same is within its control and to take, or cause to be taken, all other action and to do, or cause to be done, all other things necessary,
proper or advisable under all applicable Laws to complete the Arrangement, including using its commercially reasonable efforts to promptly:
(i) obtain all Regulatory Approvals; (ii) obtain all necessary waivers, consents and approvals required to be obtained from parties to
the Bear Creek Material Contracts; (iii) obtain all material Permits required to be obtained by it or any of its subsidiaries under applicable
Laws; (iv) fulfill all conditions and satisfy all provisions of this Agreement, the Arrangement and the Debt Restructuring Agreements,
required to be satisfied by it; (v) effect or cause to be effected all necessary registrations, filings and submissions of information
requested by Governmental Entities required to be effected by it in connection with the Plan of Arrangement; (vi) oppose, lift or rescind
any injunction or restraining order against it or other order or action against it seeking to stop, or otherwise adversely affecting its
ability to make and complete, the Plan of Arrangement; and (vii) co-operate with the other Party in connection with the performance by
it and its subsidiaries of their obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall not take any action, shall refrain from taking any action, and shall
not permit any action to be taken or not taken, which is inconsistent with this Agreement or the Debt Restructuring Agreements or which
would reasonably be expected to materially impede or materially delay the consummation of Arrangement or the other transactions contemplated
by this Agreement, the Arrangement or the Debt Restructuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it shall use commercially reasonable efforts to: (i) defend all lawsuits or other
legal, regulatory or other proceedings against itself or any of its subsidiaries challenging or affecting this Agreement, the Debt Restructuring
Agreements or the consummation of the transactions contemplated hereby or thereby; (ii) appeal, overturn or
have lifted or rescinded any injunction or restraining order or other order, including Orders, relating to itself or any of its subsidiaries
which may materially adversely affect the ability of the Parties to consummate the Arrangement or the Debt Restructuring Agreements; and
(iii) appeal or overturn or otherwise have lifted or rendered non-applicable in respect of the Arrangement or the Debt Restructuring Agreements,
any Law that makes consummation of the Arrangement illegal or otherwise prohibits or enjoins Bear Creek or Highlander from consummating
the Arrangement or the Debt Restructuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it shall carry out the terms of the Interim Order and Final Order applicable to
it and use commercially reasonable efforts to comply promptly with all requirements which applicable Laws may impose on it or its subsidiaries
or affiliates with respect to the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly notify the other Party of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any communication from any person alleging that the consent of such person (or
another person) is or may be required in connection with the Arrangement or the Debt Restructuring Agreements (and the response thereto
from such Party, its subsidiaries or its Representatives);

&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 material communication from any Governmental Entity in connection with the
Arrangement or the Debt Restructuring Agreements (and the response thereto from such Party, its subsidiaries or its Representatives);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any litigation threatened or commenced against or otherwise affecting such Party
or any of its subsidiaries that is related to the Arrangement or the Debt Restructuring Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Pre-Acquisition Reorganization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bear Creek agrees to effect such reorganization of its business, operations, subsidiaries
and assets or such other transactions (each, a "**Pre-Acquisition Reorganization**") as Highlander may reasonably request
prior to the Effective Date, and the Plan of Arrangement, if required, shall be modified accordingly; provided, however, that unless otherwise
agreed by Highlander and Bear Creek (i) any Pre-Acquisition Reorganization is not, in the opinion of Bear Creek or Bear Creek's
counsel, acting reasonably, prejudicial to Bear Creek, Bear Creek Securityholders or Bear Creek Warrantholders; (ii) any Pre-Acquisition
Reorganization does not require Bear Creek to obtain the approval of Bear Creek Securityholders or Bear Creek Warrantholders; (iii) any
Pre-Acquisition Reorganization shall not, in the opinion of Bear Creek, acting reasonably, impair, prevent, impede or materially delay
the consummation of the Arrangement; (iv) any Pre-Acquisition Reorganization shall not, in the opinion of Bear Creek, acting reasonably,
materially interfere with the ongoing operations of Bear Creek or its subsidiaries; (v) any Pre-Acquisition Reorganization shall not require
Bear Creek or any of its subsidiaries to contravene any applicable Laws, their respective organizational documents or any Contract or
Permit; (vi) Bear Creek and its subsidiaries shall
not be obligated to take any action that would reasonably be expected to result in any Taxes being imposed on, or any adverse Tax or other
consequences to, any Bear Creek Securityholders or Bear Creek Warrantholders that are incrementally greater than the Taxes or other consequences
to such party in connection with the consummation of the Arrangement in the absence of any Pre-Acquisition Reorganization; (vii) any Pre-Acquisition
Reorganization is effected immediately prior to, contemporaneously with, or within two Business Days prior to the Effective Date; (viii)
any Pre-Acquisition Reorganization does not result in the withdrawal or material modification of the Bear Creek Fairness Opinions; (ix)
any Pre-Acquisition Reorganization is able to be reversed or unwound in the event the Arrangement is not consummated without materially
prejudicing Bear Creek, any of its subsidiaries, Bear Creek Securityholders or Bear Creek Warrantholders; and (x) Highlander agrees that
it will be responsible for all reasonable costs and expenses associated with any Pre-Acquisition Reorganization to be carried out at its
request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander shall provide written notice to Bear Creek of any proposed Pre-Acquisition
Reorganization in reasonable detail at least fifteen (15) Business Days prior to the date of the Bear Creek Meeting. Any step or action
taken by Bear Creek or its subsidiaries in furtherance of a proposed Pre-Acquisition Reorganization shall not be considered to be a breach
of any representation, warranty or covenant of Bear Creek contained in this Agreement. If the Arrangement is not completed, Highlander
shall: (i) forthwith reimburse Bear Creek or at Bear Creek's direction, its subsidiaries, for all reasonable fees and expenses (including
any professional fees and expenses and Taxes) incurred by Bear Creek and its subsidiaries in considering or effecting a Pre-Acquisition
Reorganization; and (ii) indemnify Bear Creek for any fees, expenses and costs (including professional fees and expenses and Taxes) of
Bear Creek and its subsidiaries in reversing or unwinding any Pre-Acquisition Reorganization that was effected prior to the Effective
Date. Highlander also hereby agrees to indemnify and save harmless Bear Creek and its subsidiaries and their respective Representatives
from and against any and all liabilities, losses, damages, claims, costs, expenses, interest, awards, Taxes, judgments and penalties suffered
or incurred by any of them in connection with or as a result of any Pre-Acquisition Reorganization (including in respect of any reversal,
modification or termination of a Pre-Acquisition Reorganization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bear Creek agrees that, upon receipt of notice from Highlander pursuant to Section
5.6(a) it shall, and shall cause each of its subsidiaries to, cooperate with Highlander in good faith to plan, prepare and implement such
Pre-Acquisition Reorganizations as are desirable and requested by Highlander in accordance with this Section 5.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification obligations contained in this Section 5.6 shall survive indefinitely
notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Regulatory Approvals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as reasonably practicable after December 31, 2025, Bear Creek shall notify
Highlander whether based on the unaudited financial statements of Minera Mercedes Minerales S. de R.L and Mercedes Gold Holdings S. A.
de C.V. as at and for the financial
year ended December 31, 2025, and based on the advice of legal counsel, a premerger notification filing is required in respect of the
transactions contemplated by this Agreement with the CNA pursuant to Mexican Antitrust Law. If such a premerger notification filing is
required, as soon as reasonably practicable following receipt of such notice the Parties shall each make a premerger notification filing
in respect of the transactions contemplated by this Agreement with CNA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to obtaining the Regulatory Approvals, each of Bear Creek and Highlander
shall cooperate with one another and shall provide such assistance as any other Party may reasonably request in connection with obtaining
the Regulatory Approvals. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Party shall extend or consent to any extension of any applicable waiting or
review period or enter into any agreement with a Governmental Entity to not consummate the transactions contemplated by this Agreement,
except upon the prior written consent of the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Parties shall exchange drafts of all submissions, material correspondence,
filings, presentations, applications, plans, consent agreements and other material documents made or submitted to or filed with any Governmental
Entity in respect of the transactions contemplated by this Agreement, will consider in good faith any suggestions made by the other Party
and its counsel and will provide the other Party and its counsel with final copies of all such submissions, material correspondence, filings,
presentations, applications, plans, consent agreements and other material documents, and all pre-existing business records or other documents,
submitted to or filed with any Governmental Entity in respect of the transactions contemplated by this Agreement; provided, however, that
this obligation shall not extend to (a) legally privileged information, or (b) information indicated by either Party to be competitively
sensitive, in either case, which information shall be provided on an external counsel-only basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Party will keep the other Party and their respective counsel fully apprised
of all material written (including email) and oral communications and all meetings with any Governmental Entity and their staff in respect
of the Regulatory Approvals, and will not participate in such material communications or meetings without giving the other Party and their
respective counsel the opportunity to participate therein; provided, however, that where competitively sensitive information may be discussed
or communicated, in either case the other Party's external legal counsel shall be provided with any such communications or information
on an external counsel-only basis and shall have the right to participate in any such meetings on an external counsel-only basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party shall make available its Representatives on the reasonable request of a Party and its
 counsel, to assist in obtaining the Regulatory Approvals, including by (i) making introductions to, and arranging meetings with. key
 stakeholders and leaders of Governmental Entities and participating in those meetings; (ii) providing strategic input,
including on any materials prepared for obtaining the Regulatory Approvals; and (iii) responding promptly to requests for support, documents,
information, comments or input where reasonably requested in connection with the Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties shall not enter into any transaction, investment, agreement, arrangement
or joint venture or take any other action, the effect of which would reasonably be expected to make obtaining the Regulatory Approvals
materially more difficult or challenging, or reasonably be expected to materially delay the obtaining of the Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Party shall use its commercial reasonable efforts to ensure that the Section
3(a)(10) Exemption and exemptions from applicable securities Laws of any state of the United States are available for the issuance of
Highlander Shares pursuant to the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 Subsection 110(1.1) Election

The Parties acknowledge and covenant that (i) Bear Creek shall, and Highlander shall cause Bear Creek to elect pursuant to subsection 110(1.1) of the Tax Act and any similar legislation of a Canadian province in respect of the transfer, in accordance with the provisions of the Plan of Arrangement, of the Bear Creek Options that qualify for the deduction under paragraph 110(1)(d) of the Tax Act ("**Qualifying Options**"); (ii) neither Bear Creek nor any person who does not deal at arm's length (within the meaning of the Tax Act) with Bear Creek, will deduct in computing income for the purposes of the Tax Act any amount (other than designated amounts permitted under the Tax Act) in respect of a payment made to the holders of Bear Creek Options in consideration for the transfer of their Qualifying Options; and (iii) Bear Creek will provide such holders of Qualifying Options with evidence in writing of such election, such evidence to be provided by making the appropriate notation on the T4 slips issued to such holders or in such other manner as prescribed by the Tax Act and any similar legislation of a Canadian province.

**ARTICLE 6 <br> CONDITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Mutual Conditions Precedent

The obligations of the Parties to complete the Arrangement are subject to the fulfillment, on or before the Effective Time, of each of the following conditions precedent, each of which may only be waived with the mutual consent of the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Bear Creek Securityholder Approval shall have been approved and adopted by
the Bear Creek Securityholders at the Bear Creek Meeting in accordance with the Interim Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Interim Order and the Final Order shall each have been obtained on terms consistent
with this Agreement, and shall not have been set aside or modified in a manner unacceptable to Bear Creek and Highlander, acting reasonably,
on appeal or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **[Intentionally Deleted]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Governmental Entity shall have enacted, issued, promulgated, enforced or entered
any Order or Law which is then in effect and has the effect of making the Arrangement illegal or otherwise preventing or prohibiting consummation
of the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Highlander Shares to be issued to Bear Creek Shareholders in exchange for their Bear Creek
 Shares pursuant to the Plan of Arrangement shall be (i) exempt from the registration requirements of the U.S. Securities Act in
 reliance upon the Section 3(a)(10) Exemption and exemptions from applicable Securities Laws of any state of the United States, and
 (ii) shall not be "restricted securities" within the meaning of Rule 144 of the U.S. Securities Act and shall be freely
 transferable under applicable U.S. Securities Laws (other than as applicable to persons who are, have been within 90 days of the
 Effective Time, or, at or after the Effective Time become, "affiliates" of Highlander, as such term is defined in Rule
 144 under the U.S. Securities
Act), provided, however, that Bear Creek shall not be entitled to rely on the provisions of this Section 6.1(e) in failing to complete
the transactions contemplated by this Agreement in the event that Bear Creek fails to advise the Court prior to the hearing in respect
of the Final Order, as required by the terms of the Section 3(a)(10) Exemption; provided, further, that Highlander will rely on the Section
3(a)(10) Exemption for the issuance of such securities, based on the Court's approval of the Arrangement, and comply with the requirements
set forth in Section 2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the CNA Approval, if required, shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the distribution of the Highlander Shares pursuant to the Arrangement shall be
exempt from the prospectus and registration requirements of applicable Securities Laws by virtue of applicable exemptions under Securities
Laws and there shall be no resale restrictions on such Highlander Shares under applicable Securities Laws, except in respect of those
holders who are subject to restrictions on resale as a result of being a "control person" under applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) this Agreement shall not have been terminated in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Debt Restructuring Agreements shall not have been terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Bear Creek and Highlander shall have provided an irrevocable direction to counsel
of Bear Creek to pay from funds held in trust pursuant to Section 2.12(b), by wire transfer, the Termination Obligations owed to each
Terminated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Additional Conditions Precedent to the Obligations of Highlander

The obligation of Highlander to complete the Arrangement is subject to the fulfillment of each of the following conditions precedent on or before the Effective Time (each of which is for the exclusive benefit of Highlander and may be waived by Highlander at any time, in whole or in part, in its sole discretion and without prejudice to any other rights that Highlander may have):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of Bear Creek set forth in:

&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) Sections 3.1(a) [Board Recommendation], 3.1(b) [Fairness Opinions], 3.1(c) [Organization
and Qualification], 3.1(d) [Authority Relative to this Agreement], 3.1(e) [No Violation], 3.1(i) [Ownership of Subsidiaries], 3.1(p) [No
Bear Creek Material Adverse Effect], and 3.1(pp) [Brokers] shall be true and correct in all respects as of the Effective Time as if made
as at and as of such time (except that any such representation and warranty that by its terms speaks specifically as of the date of this
Agreement, the Agreement Date or another date shall be true and correct in all respects as of such 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;(ii) Section 3.1(f) [Capitalization] shall be true and correct in all respects (except
for de minimis inaccuracies) as of the Effective Time as if made as at and as of such time;

&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 other provisions of this Agreement shall be true and correct in all respects
(disregarding for purposes of this clause (iii) any materiality qualification or the Bear Creek Material Adverse Effect qualification
contained in any such representation or warranty) as of the Effective Time as if made at and as of such time (except that any such representation
and warranty that by its terms speaks specifically as of the date of this Agreement, the Agreement Date or another date shall be true
and correct in all respects as of such date), except in the case of this clause (iii) where the failure to be so true and correct in all
respects, individually or in the aggregate, would not have a Bear Creek Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Bear Creek shall have provided to Highlander a certificate dated as of the Effective
Date of two senior officers of Bear Creek certifying (on Bear Creek's behalf and without personal liability) as to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear Creek shall have complied in all material respects with its covenants herein
to be complied with by it prior to the Effective Time and Bear Creek shall have provided to Highlander a certificate dated as of the Effective
Date of two senior officers of Bear Creek certifying (on Bear Creek's behalf and without personal liability) compliance with such
covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) since the Agreement Date, there shall not have occurred any Bear Creek Material
Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there shall be no action or proceeding pending by a Governmental Entity that is
reasonably likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enjoin or prohibit the Highlander' ability to acquire, hold, or exercise
full rights of ownership over, any Bear Creek Shares, including the right to vote Bear Creek Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Arrangement is consummated, have a Bear Creek Material Adverse Effect;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dissent Rights shall not have been validly exercised by holders of more than 5%
of the outstanding Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Additional Conditions Precedent to the Obligations of Bear Creek

The obligations of Bear Creek to complete the Arrangement is subject to the following conditions precedent on or before the Effective Time (each of which is for the exclusive benefit of Bear Creek and may be waived by Bear Creek at any time, in whole or in part, in its sole discretion and without prejudice to any other rights that Bear Creek may have):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties of Highlander set forth in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 4.1(a) [Organization and Qualification], 4.1(c) [Authority Relative to
this Agreement], 4.1(d) [No Violations], 4.1(h) [Ownership of Subsidiaries], 4.1(o) [No Highlander Material Adverse Effect], and 4.1(hh)
[Issuance of Highlander Shares] shall be true and correct in all respects as of the Effective Time as if made as at and as of such time
(except that any such representation and warranty that by its terms speaks specifically as of the date of this Agreement, the Agreement
Date or another date shall be true and correct in all respects as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 4.1(e) [Capitalization] shall be true and correct in all respects (except
for de minimis inaccuracies) as of the Effective Time as if made as at and as of such time;

&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 other provisions of this Agreement shall be true and correct in all respects
(disregarding for purposes of this clause (iii) any materiality qualification or the Highlander Material Adverse Effect qualification
contained in any such representation or warranty) as of the Effective Time as if made at and as of such time (except that any such representation
and warranty that by its terms speaks specifically as of the date of this Agreement, the Agreement Date or another date shall be true
and correct in all respects as of such date), except in the case of this clause (iii) where the failure to be so true and correct in all
respects, individually or in the aggregate, would not have a Highlander Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Highlander shall have provided to Bear Creek a certificate dated as of the Effective
Date of two senior officers of Highlander certifying (on Highlander's behalf and without personal liability) as to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander shall have complied in all material respects with its covenants herein
to be complied with by it prior to the Effective Time and Highlander shall have provided to Bear Creek a certificate dated as of the Effective
Date of two senior officers of Highlander certifying (on Highlander' behalf and without personal liability) compliance with such
covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) since the Agreement Date, there shall not have been any Highlander Material Adverse
Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Highlander shall have complied with its obligations under Section 2.12 and the
Depositary shall have confirmed receipt of Highlander Shares to satisfy the aggregate Share Consideration payable to Bear Creek Shareholders
pursuant to the Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Highlander shall have delivered evidence to Bear Creek of the conditional approval
of the listing and posting for trading on the TSX of the Highlander Shares to be issued as Share Consideration pursuant to the Plan of
Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Satisfaction of Conditions

The conditions precedent set out in Section 6.1, Section 6.2 and Section 6.3 shall be conclusively deemed to have been satisfied, waived or released upon delivery by the Parties of written confirmation of the Effective Date. For greater certainty and notwithstanding anything else in this Agreement, the conditions set forth in this Article 6 for the benefit of a Party are the only conditions to such Party's obligations to complete the Arrangement. For greater certainty, and notwithstanding the terms of any escrow arrangement entered into between the Parties and the Depositary or counsel to Bear Creek, all Highlander Shares held in escrow by the Depositary pursuant to Section 2.12(a) and all funds held in escrow by counsel to Bear Creek pursuant to Section 2.12(b) shall be released from escrow at the Effective Time without any further act or formality required on the part of any person.

**ARTICLE 7**

**ADDITIONAL AGREEMENTS OF BEAR CREEK REGARDING BEAR CREEK <br> ACQUISITION PROPOSALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Bear Creek Non-Solicitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Section 7.1 **,** Bear Creek shall
not and shall cause its subsidiaries not to, directly or indirectly, through any of its Representatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) solicit, initiate, knowingly encourage or otherwise knowingly facilitate (including
by way of furnishing or providing copies of, access to, or disclosure of, any confidential information, properties, facilities, books
or records of Bear Creek or any of its subsidiaries other than pursuant to a confidentiality and standstill agreement permitted pursuant
to Section 7.1(e)), any inquiry, proposal or offer that constitutes or could reasonably be expected to constitute or lead to a Bear Creek
Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into, engage in, continue or otherwise participate in any discussions or
negotiations with any person (other than Highlander and its subsidiaries or affiliates) in respect of any inquiry, proposal or offer that
constitutes or could reasonably be expected to lead to a Bear Creek Acquisition Proposal; provided that Bear Creek or its Representatives
shall be permitted to communicate with any person who has made a Bear Creek Acquisition Proposal (A) to advise such person of the restrictions
in this Agreement, (B) for the purpose of clarifying the terms and conditions of such Bear Creek Acquisition Proposal and (C) that the
Bear Creek Board has determined that such Bear Creek Acquisition
Proposal does not constitute, or is not reasonably expected to result in, a Bear Creek Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make a Bear Creek Change in Recommendation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) accept or enter into, or publicly propose to accept or enter into, any letter of
intent, agreement in principle, agreement, arrangement or understanding relating to any Bear Creek Acquisition Proposal (other than a
confidentiality agreement permitted pursuant to Section 7.1(e)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear Creek shall, and shall cause its subsidiaries and Representatives to immediately
cease any existing solicitation, encouragement, discussions, negotiations or other activities commenced prior to the Agreement Date with
any person (other than Highlander and its subsidiaries or affiliates) conducted by Bear Creek or any of its subsidiaries or Representatives
with respect to any inquiry, proposal or offer that constitutes, or could reasonably be expected to constitute or lead to, a Bear Creek
Acquisition Proposal, and, in connection therewith, Bear Creek shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly discontinue access to and disclosure of its and its subsidiaries'
confidential information (and not allow access to or disclosure of any such confidential information, or any data room, virtual or otherwise);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as possible request (and in any case within two Business Days), and use
commercially reasonable efforts to exercise all rights it has (or cause its subsidiaries to exercise any rights that they have) to require,
the return or destruction of all confidential information (including derivative information) regarding Bear Creek and its subsidiaries
previously provided to any person (other than Highlander and its subsidiaries or affiliates) in connection with a possible Bear Creek
Acquisition Proposal to the extent such information has not already been returned or destroyed, and shall use its commercially reasonable
efforts to ensure that such requests are fully complied with to the extent Bear Creek is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bear Creek represents and warrants that neither Bear Creek nor any of its subsidiaries
has waived any standstill, confidentiality, non-disclosure, business purpose, use or similar agreement or restriction to which Bear Creek
or any of its subsidiaries is a Party in connection with any potential Bear Creek Acquisition Proposal. Subject to Section 7.1(e), Bear
Creek covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bear Creek shall take all commercially reasonable action to enforce each standstill,
confidentiality, non-disclosure, business purpose, use or similar agreement or restriction to which Bear Creek or any of its subsidiaries
is a party in connection with any Bear Creek Acquisition Proposal; 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) neither Bear Creek nor any of its subsidiaries nor any of their respective Representatives
will, without the prior written consent of Highlander, release any person from, or waive, amend, suspend or otherwise modify such person's
obligations respecting Bear Creek, or any of its subsidiaries, under any
standstill, confidentiality, non-disclosure, business purpose, use or similar agreement or restriction to which Bear Creek or any of its
subsidiary is a party (it being acknowledged by Highlander that the automatic termination or automatic release, in each case pursuant
to the terms thereof, of any standstill restrictions of any such agreements as a result of the entering into and announcement of the Original
Agreement shall not be a violation of this Section 7.1(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Bear Creek, or any of its subsidiaries or any of their respective Representatives
receives:

&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 inquiry, proposal or offer made after the Agreement Date that constitutes
or could reasonably be expected to constitute or lead to a Bear Creek Acquisition Proposal; 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) any request for copies of, access to, or disclosure of, confidential information
relating to Bear Creek or any of its subsidiaries in connection with any proposal that constitutes or could reasonably be expected to
constitute or lead to a Bear Creek Acquisition Proposal, including information, access or disclosure relating to the properties, facilities,
books or records of Bear Creek or any of its subsidiaries, in each case made after the Agreement Date;

then, Bear Creek shall promptly orally notify Highlander, and then in writing within 24 hours, of such Bear Creek Acquisition Proposal, inquiry, proposal, offer or request, including the identity of the person making such Bear Creek Acquisition Proposal, inquiry, proposal, offer or request and the material terms and conditions thereof and copies of all written documents, correspondence or other material received in respect of, from or on behalf of any such person. Bear Creek shall keep Highlander promptly and reasonably informed of the status of developments and (to the extent permitted by Section 7.1(f)) discussions and negotiations with respect to such Bear Creek Acquisition Proposal, inquiry, proposal, offer or request, including any material changes, modifications or other amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Section 7.1, if at any time following
the Agreement Date and prior to obtaining the Bear Creek Securityholder Approval, Bear Creek receives an unsolicited *bona fide* written
Bear Creek Acquisition Proposal, Bear Creek (A) may engage in or participate in discussions or negotiations with such person regarding
such Bear Creek Acquisition Proposal, and (B) may
provide copies of, access to or disclosure of information, properties, facilities, books or records of Bear Creek or its
subsidiaries, if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bear Creek Board determines, in good faith after consultation with its outside
financial and legal advisors, that such Bear Creek Acquisition Proposal constitutes or could reasonably be expected to constitute or lead
to a Bear Creek Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such person is not restricted from making a Bear Creek Acquisition Proposal pursuant
to an existing standstill, confidentiality, non-disclosure, business purpose,
use or similar restriction with Bear Creek or any of its subsidiaries;

&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) Bear Creek has been, and continues to be, in compliance with its obligations under
this Section 7.1 in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prior to providing any such copies, access or disclosures, Bear Creek enters into
a confidentiality and standstill agreement with such person, or confirms it has previously entered into such an agreement which remains
in effect, in either case on terms that are not less favourable in the aggregate to Bear Creek than the Bear Creek Confidentiality Agreement
and which does not contain a restriction on the ability of Bear Creek to disclose information to Highlander relating to the agreement
or the status of developments and negotiations with respect to such Bear Creek Acquisition Proposal with such person and any such copies,
access or disclosure provided to such person shall have already been (or simultaneously be) provided to Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing contained in this Agreement shall prohibit Bear Creek Board (acting in
good faith and upon advice of its outside legal and financial advisors) from making any disclosure to Bear Creek Shareholders as required
by applicable Law, including complying with section 2.17 of Multilateral Instrument 62-104 – Takeover Bids and Issuer Bids and similar
provisions under Securities Laws relating to the provision of a directors' circular in respect of a Bear Creek Acquisition Proposal;
provided, however, that neither Bear Creek nor the Bear Creek Board shall be permitted to recommend that the Bear Creek Shareholders tender
any securities in connection with any take-over bid that is a Bear Creek Acquisition Proposal or effect a Bear Creek Change in Recommendation
with respect thereto, except as permitted by this Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If Bear Creek receives a Bear Creek Acquisition Proposal that constitutes a Bear
Creek Superior Proposal prior to obtaining the Bear Creek Securityholder Approval, the Bear Creek Board may, (1) make a Bear Creek Change
in Recommendation in response to such Bear Creek Superior Proposal and/or (2) cause Bear Creek to terminate this Agreement pursuant to
Section 10.2(a)(iv)(B) and concurrently enter into a definitive agreement with respect to such Bear Creek Superior Proposal (other than
a confidentiality agreement permitted by Section 7.1(e), a "**Bear Creek Proposed Agreement** "), if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the person making such Bear Creek Superior Proposal is not restricted from making
a Bear Creek Acquisition Proposal pursuant to an existing standstill, confidentiality, non-disclosure, business purpose, use or similar
restriction (other than a confidentiality and standstill agreement permitted pursuant to Section 7.1(e));

&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) Bear Creek has been, and continues to be, in compliance with its obligations under
this Section 7.1 in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bear Creek or its Representatives have delivered to Highlander the information
required by Section 7.1(d) and a written notice of the determination of Bear Creek Board that such Bear Creek Acquisition Proposal constitutes
a Bear Creek Superior Proposal and of the intention of Bear Creek Board to make Bear Creek Change in Recommendation and/or terminate this
Agreement pursuant to Section 10.2(a)(iv)(B) to concurrently enter into Bear Creek Proposed Agreement with respect to such Bear Creek
Superior Proposal, as applicable, together with a written notice from the Bear Creek Board regarding the value that the Bear Creek Board,
in consultation with Bear Creek Financial Advisors, has determined should be ascribed to any non-cash consideration offered under such
Bear Creek Acquisition Proposal (collectively, the "**Bear Creek Superior Proposal Notice** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of Bear Creek Board exercising its rights under clause (2) of this
Section 7.1(g), Bear Creek or its Representatives have provided Highlander a copy of Bear Creek Proposed Agreement and all supporting
materials;

&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) five Business Days (the "**Highlander Response Period**") shall
have elapsed from the date on which Highlander has received the Bear Creek Superior Proposal Notice and all documentation referred to
in Section 7.1(g)(iii) and Section 7.1(g)(iv);

&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) during any Highlander Response Period, Highlander has had the opportunity (but
not the obligation) in accordance with Section 7.1(h), to offer to amend this Agreement and the Plan of Arrangement in order for such
Bear Creek Acquisition Proposal to cease to be a Bear Creek Superior Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) after the Highlander Response Period, the Bear Creek Board has determined in good
faith, after consultation with its outside legal counsel and financial advisors, that such Bear Creek Acquisition Proposal continues to
constitute a Bear Creek Superior Proposal (if applicable, compared to the terms of the Arrangement as proposed to be amended by Highlander
under Section 7.1(h); 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) in the case of Bear Creek Board exercising its rights under clause (2) of this
Section 7.1(g), prior to or concurrently with terminating this Agreement pursuant to Section 7.1(g), Bear Creek enters into such Bear
Creek Proposed Agreement and concurrently pays to Highlander the amounts required to be paid pursuant to Section 10.6(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) During Highlander Response Period, or such longer period as Bear Creek may approve
in writing for such purpose:

&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) Bear Creek Board shall review any offer made by Highlander under Section 7.1(g)(vi)
to amend the terms of this Agreement and the Plan of Arrangement in good faith in order to determine whether such proposal would, upon
acceptance, result in a Bear Creek Acquisition Proposal previously constituting
a Bear Creek Superior Proposal ceasing to be a Bear Creek Superior Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Bear Creek Board determines that a Bear Creek Acquisition
Proposal previously constituting a Bear Creek Superior Proposal would cease to be a Bear Creek Superior Proposal, Bear Creek shall negotiate
in good faith with Highlander to make such amendments to the terms of this Agreement and the Arrangement as would enable Highlander to
proceed with the transactions contemplated by this Agreement on such amended terms. If the Bear Creek Board determines that such Bear
Creek Acquisition Proposal would cease to be a Bear Creek Superior Proposal, Bear Creek shall immediately so advise Highlander, and Bear
Creek and Highlander shall amend this Agreement to reflect such offer made by Highlander, and shall take and cause to be taken all such
actions as are necessary to give effect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each successive amendment or modification to any Bear Creek Acquisition Proposal
or Bear Creek Proposed Agreement that results in an increase in, or modification of, the consideration (or value of such consideration)
to be received by Bear Creek Shareholders or other material terms or conditions thereof shall constitute a new Bear Creek Acquisition
Proposal for the purposes of this Section 7.1 **,** and Highlander shall be afforded a new five Business Day Highlander Response Period
from the date on which Highlander has received the notice and all documentation referred to in Section 7.1(g)(iii) and Section 7.1(g)(iv)
with respect to the new Bear Creek Superior Proposal from Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Bear Creek Board shall promptly reaffirm the Bear Creek Board Recommendation
by press release after the Bear Creek Board determines that any Bear Creek Acquisition Proposal that is publicly announced is not a Bear
Creek Superior Proposal or the Bear Creek Board determines that a proposed amendment to the terms of this Agreement as contemplated under
Section 7.1(h) would result in a Bear Creek Acquisition Proposal that has been previously announced no longer being a Bear Creek Superior
Proposal, and the Agreement has been so amended, Bear Creek shall provide Highlander and its outside legal counsel with a reasonable opportunity
to review the form and content of any such press release and shall make all reasonable amendments to such press release as requested by
Highlander and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In circumstances where Bear Creek provides Highlander with notice of a Bear Creek
Superior Proposal and all documentation contemplated by Section 7.1(g)(iii) and Section 7.1(g)(iv) on a date that is less than seven (7)
Business Days prior to the scheduled date of the Bear Creek Meeting, Bear Creek may either proceed with or postpone Bear Creek Meeting
to a date that is not more than ten (10) Business Days after the scheduled date of such Bear Creek Meeting, and shall postpone the Bear
Creek Meeting to a date that is not more than ten (10) Business Days after the scheduled date of such Bear Creek Meeting if so directed
by Highlander provided, however, that in the event the Bear Creek Meeting is so adjourned, the date for Bear Creek to convene and conduct
the Bear Creek Meeting in Section 2.4(a) and the Outside Date shall be extended
by the same number of days as the Bear Creek Meeting has been adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Without limiting the generality of the foregoing, Bear Creek shall advise its subsidiaries
and Representatives of the prohibitions set out in this Section 7.1 and any violation of the restrictions set forth in this Section 7.1
by Bear Creek, its subsidiaries or Representatives shall be deemed to be a breach of this Section 7.1 by Bear Creek.

**ARTICLE 8 <br> [INTENTIONALLY DELETED]**

**ARTICLE 9 <br> CONFIDENTIALITY; MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Access to Information; Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the Agreement Date until the earlier of the Effective Time and the termination
of this Agreement pursuant to its terms, subject to compliance with applicable Laws and the terms of any existing Contracts, such Party
shall, and shall cause its Representatives to, afford to the other Party and its Representatives, upon reasonable notice, such access
as the other Party may reasonably require for the purpose of facilitating integration business planning, to its officers, employees, agents,
properties, books, records, payroll, bank accounts and Contracts, and Bear Creek shall furnish Highlander on a timely basis with all data
and information relating to ongoing development programs at Mercedes Gold-Silver Mine Project and the Corani Project or as Highlander
may reasonably request from time to time, including, if so requested by Highlander and at the expense of Highlander, allowing a Representative
or Secondee of Highlander to be present at the Mercedes Gold-Silver Mine Project and the Corani Project. Neither Party nor any of its
Representatives will contact directors, officers, employees, customers, suppliers or other business partners of the other Party or any
of its subsidiaries except after receiving the prior written consent of the Chief Executive Officer or Chief Financial Officer of the
other Party; provided, however, that the foregoing shall not restrict either Party from ordinary course business communications or dealings
that are unrelated to the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander and Bear Creek acknowledge and agree that information furnished pursuant
to this Section 9.1 shall be subject to the terms and conditions of the applicable Confidentiality Agreement. Any such investigation by
a Party and its Representatives under this Section 9.1 or otherwise shall not mitigate, diminish or affect the representations and warranties
of the other Party contained in this Agreement or any document or certificate delivered pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Insurance and Indemnification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Effective Time, Bear Creek may purchase customary "tail"
policies of directors' and officers' liability, products and completed operations liability or employment practices liability
insurance from a reputable and financially sound insurance carrier
and containing terms and conditions no less favourable in the aggregate to the protection provided by the policies maintained by Bear
Creek and its subsidiaries which are in effect immediately prior to the Effective Date and providing protection in respect of claims arising
from facts or events which occurred on or prior to the Effective Time and Bear Creek will, and will cause its subsidiaries to, maintain
such tail policies in effect without any reduction in scope or coverage for six years from the Effective Time; provided, that Bear Creek
and its subsidiaries shall not be required to pay any amounts in respect of such coverage prior to the Effective Time and provided further
that the cost of such policies shall not exceed 350% of Bear Creek's current annual aggregate premium for policies currently maintained
by Bear Creek or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bear Creek will, and will cause its subsidiaries to, honour all rights to indemnification
or exculpation now existing in favour of present and former employees, officers and directors of Bear Creek and its subsidiaries under
Law and under the articles or other constating documents of Bear Creek and/or its subsidiaries or, to the extent that they are disclosed
in Bear Creek Disclosure Letter, under any agreement or contract of any indemnified person with Bear Creek or with any of its subsidiaries,
and acknowledges that such rights shall survive the completion of the Plan of Arrangement, and, to the extent within the control of Bear
Creek, Bear Creek shall ensure that the same shall not be amended, repealed or otherwise modified in any manner that would adversely affect
any right thereunder of any such indemnified person and shall continue in full force and effect in accordance with their terms for a period
of not less than six years from the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and following the Effective Time, Highlander will cause Bear Creek to comply
with its obligations under Section 9.2(a) and Section 9.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Bear Creek, its subsidiaries or Highlander or any of their successors or assigns
shall (i) amalgamate, consolidate with or merge or wind-up into any other person and shall not be the continuing or surviving corporation
or entity; or (ii) transfer all or substantially all of its properties and assets to any person, then, and in each such case, proper provisions
shall be made so that the successors and assigns and transferees of Bear Creek, its subsidiaries or Highlander, as the case may be, shall
assume all of the obligations of Bear Creek, its subsidiaries or Highlander, as applicable, set forth in this Section 9.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of this Section 9.2 are intended for the benefit of, and shall be enforceable by,
 each insured or indemnified person, his or her heirs and his or her legal representatives and, for such purpose, Bear Creek hereby
 confirms that it is acting as trustee on their behalf, and agrees to enforce the provisions of this Section 9.2 on their behalf.
Furthermore, this Section 9.2 shall survive the termination of this Agreement as a result of the occurrence of the Effective Date for
a period of six years.

**ARTICLE 10**

**TERM, TERMINATION, AMENDMENT AND WAIVER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Term

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be terminated prior to the Effective Time:

&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) by mutual written agreement of Bear Creek and Highlander; 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) by either Bear Creek or Highlander, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Effective Time shall not have occurred on or before the Outside Date, except
that the right to terminate this Agreement under this Section 10.2(a)(ii)(A) shall not be available to any Party whose failure to fulfill
any of its covenants or agreements or breach of any of its representations and warranties under this Agreement has been the cause of,
or resulted in, the failure of the Effective Time to occur by such Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after the Agreement Date, there shall be enacted or made any applicable Law or
Order that makes consummation of the Arrangement illegal or otherwise prohibits or enjoins Bear Creek or Highlander from consummating
the Arrangement and such applicable Law, Order or enjoinment shall have become final and non-appealable; provided that the Party seeking
to terminate this Agreement under this Section 10.2(a)(ii)(B) has complied with Section 5.5(c) in all material respects; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Bear Creek Securityholder Approval shall have not been obtained at the Bear
Creek Meeting (including any adjournment or postponement thereof) in accordance with the Interim Order, provided that a Party may not
terminate this Agreement pursuant to this Section 10.2(a)(ii)(C) if the failure to obtain the Bear Creek Securityholder Approval has been
caused by, or is a result of, a breach by such Party of any of its representations or warranties or the failure of such Party to perform
any of its covenants or agreements under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) **[Intentionally Deleted]** 

&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) by Highlander, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Bear Creek Board (A) fails to make the Bear Creek Board Recommendation, (B)
withdraws, withholds, amends, modifies or qualifies, or proposes publicly to withdraw, withhold, amend, modify or qualify
the Bear Creek Board Recommendation, (C) approves, accepts, endorses, or recommends or proposes publicly to approve, accept, endorse or
recommend, any Bear Creek Acquisition Proposal or takes no position or a neutral position with respect to a Bear Creek Acquisition Proposal
for more than five (5) Business Days after the public announcement of such Bear Creek Acquisition Proposal (or beyond the third Business
Day prior to the date of the Bear Creek Meeting), (D) accepts or enters into (other than a confidentiality agreement permitted by and
in accordance with Section 7.1(e)) or publicly proposes to accept or enter into any agreement, understanding or arrangement in respect
of a Bear Creek Acquisition Proposal, or (E) fails to reaffirm the Bear Creek Board Recommendation within five (5) Business Days (and
in any case prior to the Bear Creek Meeting) after having been requested in writing by Highlander to do so (it being understood that the
taking of a neutral position or no position with respect to a Bear Creek Acquisition Proposal beyond a period of three Business Days (or
beyond the time of the Bear Creek Meeting, if sooner) shall be considered a failure of the Bear Creek Board to reaffirm its recommendation
within the requisite time period), or (2) the Bear Creek Board resolves or proposes to take any of the foregoing actions (each of the
foregoing clauses (1) and (2) being referred to as a "**Bear Creek Change in Recommendation** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **[Intentionally Deleted]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any of the conditions set forth in Section 6.1 or Section 6.2 is not satisfied,
and such condition is incapable of being satisfied by the Outside 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;(D) a breach of any representation or warranty or failure to perform any covenant or
agreement on the part of Bear Creek set forth in this Agreement shall have occurred that would cause the conditions set forth in Section
6.1 or Section 6.2 not to be satisfied, and such conditions are incapable of being satisfied by the Outside Date; provided that Highlander
is not then in breach of this Agreement so as to cause any of the conditions set forth in Section 6.1 or Section 6.3 not to be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) without limiting the provisions of subparagraph (C) above, Bear Creek materially
breaches any of its obligations or covenants set forth in Section 7.1; 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;(F) there has occurred a Bear Creek Material Adverse Effect, which is incapable of
being cured by the Outside 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;(iv) by Bear Creek, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **[Intentionally Deleted]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) prior to obtaining the Bear Creek Securityholder Approval, the Bear Creek Board
authorizes Bear Creek, subject to complying with the terms of this Agreement, to enter into a binding written agreement relating to a
Bear Creek Superior Proposal; *provided that* concurrent with such termination, Bear Creek pays, or causes to be paid, the Bear Creek
Termination Fee payable pursuant to Section 10.6(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any of the conditions set forth in Section 6.1 or Section 6.3 is not satisfied,
and such condition is incapable of being satisfied by the Outside 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a breach of any representation or warranty or failure to perform any covenant or agreement on the
 part of Highlander set forth in this Agreement shall have occurred that would cause the conditions set forth in Section 6.1 or
 Section 6.3 not to be satisfied, and such conditions are incapable of being satisfied by the Outside Date; *provided* that Bear
 Creek is not then in breach of this Agreement so as to cause any of the conditions set forth in Section 6.1 or Section 6.3 not to be satisfied;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) **[Intentionally Deleted]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) there has occurred a Highlander Material Adverse Effect, which is incapable of
being cured by the Outside Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Party desiring to terminate this Agreement pursuant to this Section 10.2 (other
than pursuant to Section 10.2(a)(i)) shall give written notice of such termination to the other Party, specifying in reasonable detail
the basis for such Party's exercise of its termination right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement is terminated pursuant to this Section 10.2, this Agreement shall
become void and of no effect without liability of any Party (or any shareholder, director, officer, employee, agent, consultant or representative
of such Party) to any other Party hereto, except as otherwise expressly contemplated hereby, and provided that the provisions of this
Section 10.2(c) and Sections 7.1, 9.2, 11.2, 11.4, 11.6, 11.7, as well as the confidentiality provisions of Section 9.1 and the provisions
of the Confidentiality Agreements (other than any standstill provisions contained therein) and the indemnification obligations of Highlander
in Section 5.6(a), shall survive any termination hereof pursuant to Section 10.2(a); provided further that neither the termination of
this Agreement nor anything contained in this Section 10.2 shall relieve a Party from any liability arising prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Amendment

This Agreement and the Plan of Arrangement may, at any time and from time to time before or after the holding of the Bear Creek Meeting but not later than the Effective Time, be amended by mutual written agreement of the Parties and any such amendment may, subject to the Interim Order and the Final Order and applicable Law, without limitation:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waive any inaccuracies or modify any representation or warranty contained herein
or in any document delivered pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waive compliance with or modify any of the covenants herein contained and waive
or modify performance of any of the obligations of the Parties; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) waive compliance with or modify any mutual conditions precedent herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Waiver

Either Party may (a) extend the time for the performance of any of the obligations or acts of the other Party, (b) waive compliance, except as provided herein, with any of the other Party's agreements, covenants or obligations, or the fulfilment of any conditions to its own obligations contained herein, or (c) waive inaccuracies in any of the other Party's representations or warranties contained herein or in any document delivered by the other Party; *provided, however,* that any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party and, unless otherwise provided in the written waiver, will be limited to the specific breach or condition waived. A Party's failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a Party from any other or further exercise of that right or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Notice of Breach

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party shall give prompt notice to the other of the occurrence, or failure
to occur, at any time from Agreement Date, until the earlier to occur of the termination of this Agreement and the Effective Time of any
event or state of facts which occurrence or failure would, or would be likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cause any of the representations or warranties of such Party contained herein to
be untrue or inaccurate in any respect on the Agreement Date, or at the Effective Time;

&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) result in the failure to comply with or satisfy any covenant, condition or agreement
to be complied with or satisfied by any Party hereunder prior to the Effective Time; 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) result in the failure to satisfy any of the conditions precedent in favour of
the other Party contained in Section 6.1, Section 6.2 or Section 6.3, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notification provided under this Section 10.5 will not affect the representations,
warranties, covenants, agreements or obligations of the Parties (or remedies with respect thereto) or the conditions to the obligations
of the Parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Highlander may not exercise its right to terminate this Agreement pursuant to Section
10.2(a)(iii)(D) and Bear Creek may not exercise its right to terminate this Agreement pursuant to Section 10.2(a)(iv)(D) unless the Party
intending to rely thereon has delivered a written notice to the other Party specifying in reasonable detail all breaches of covenants,
representations and warranties or other matters which the Party delivering such notice is asserting as the basis for the nonfulfillment
or the applicable condition or termination right, as the case may be. If any such notice is delivered, provided that a Party is proceeding
diligently to cure such matter and such matter is capable of being cured, no Party may terminate this Agreement, except pursuant to Section
10.2(a)(ii)(A) [Effective Time has not occurred before Outside Date], until the expiration of a period of fifteen (15) Business Days from
such notice, and then only if such matter has not been cured by such date. If such written notice has been delivered prior to the making
of the application for the Final Order, such application shall be postponed until the expiry of such period. For greater certainty, in
the event that such matter is cured within the time period referred to herein without a Bear Creek Material Adverse Effect or a Highlander
Material Adverse Effect, as applicable, this Agreement may not be terminated as a result of the cured breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Expenses and Termination Fees

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Agreement, "**Bear Creek Termination Fee Event** "
means the termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by Highlander, pursuant to Section 10.2(a)(iii)(A) [Bear Creek Change in Recommendation]
or Section 10.2(a)(iii)(E) [Breach of Non-Solicitation];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by Bear Creek, pursuant to Section 10.2(a)(iv)(B) [Bear Creek Superior Proposal];
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by either Party, pursuant to Section 10.2(a)(ii)(A) [Effective Time has not occurred
before Outside Date] or Section 10.2(a)(ii)(C) [Bear Creek Resolution not approved at Bear Creek Meeting] or by Highlander pursuant to
Section 10.2(a)(iii)(D) (due to negligence, wilful breach or fraud) [Breach of Bear Creek Representations, Warranties or Covenants], but
only if, in the case of this paragraph 10.6(b)(iii), prior to the termination of this Agreement, a Bear Creek Acquisition Proposal, or
the intention to make a Bear Creek Acquisition Proposal, with respect to Bear Creek shall have been made or publicly announced by any
person (other than Highlander or any of its affiliates) and such Bear Creek Acquisition Proposal or intention to make a Bear Creek Acquisition
Proposal (as it may be modified or amended) has not expired or been withdrawn prior to the Bear Creek Meeting; 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;(A) within 12 months following the date of such termination Bear Creek enters into
a definitive agreement in respect of such Bear Creek Acquisition Proposal (as it may be modified or amended) and such Bear Creek Acquisition
Proposal is later consummated (whether or not within such 12 month period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) within 12 months following the date of such termination, such Bear Creek Acquisition
Proposal is consummated (as it may be modified or amended);

provided that, for purposes of this Section 10.6(b)(iii), the term "**Bear Creek Acquisition Proposal**" shall have the meaning ascribed to such term in Section 1.1 of this Agreement except that each reference to "20%" therein shall be deemed to be a reference to "50%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Bear Creek Termination Fee Event occurs, Bear Creek shall pay, or cause to
be paid, to Highlander or as Highlander shall direct (by wire transfer of immediately available funds), as consideration for Highlander's
disposition of rights under this Agreement resulting from the Bear Creek Termination Fee Event, the Bear Creek Termination Fee in accordance
with Section 10.6(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Bear Creek Termination Fee Event occurs pursuant to Section 10.6(b)(i), the
Bear Creek Termination Fee shall be payable by Bear Creek to Highlander within two (2) Business Days following such Bear Creek Termination
Fee Event. If a Bear Creek Termination Fee Event occurs pursuant to Section 10.6(b)(ii), the Bear Creek Termination Fee shall be paid
by Bear Creek to Highlander prior to or concurrently with such termination. If a Bear Creek Termination Fee Event occurs in the circumstances
set out in 10.6(b)(iii), the Termination Fee shall be payable by Bear Creek to Highlander within two (2) Business Days following the closing
of the Bear Creek Acquisition Proposal referred to therein. Any Bear Creek Termination Fee payable pursuant to this Section 10.6(d) shall
be paid by wire transfer of immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **[Intentionally Deleted]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **[Intentionally Deleted]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **[Intentionally Deleted]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Statement as to Damages and Remedies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Parties acknowledges that the agreements contained in Section 10.6(c)
are an integral part of the transactions contemplated in this Agreement and that, without those agreements, the Parties would not enter
into this Agreement. Each Party acknowledges that all of the payment amounts set out in Section 10.6(c) are payments of liquidated damages
which are a genuine pre-estimate of the damages which the Party entitled to such damages will suffer or incur as a result of the event
giving rise to such damages and the resultant termination of this Agreement and are not penalties. Each of the Parties irrevocably waives
any right it may have to raise as a defense that
any such liquidated damages are excessive or punitive. For greater certainty, each Party agrees that, upon any termination of this Agreement
under circumstances where a Party is entitled to a Bear Creek Termination Fee and such Bear Creek Termination Fee is paid in full, the
Party receiving the Bear Creek Termination Fee shall be precluded from any other remedy against the other Party at law or in equity or
otherwise (including an order for specific performance), and shall not seek to obtain any recovery, judgment, or damages of any kind,
including consequential, indirect, or punitive damages, against the other Party or any of its subsidiaries or any of their respective
directors, officers, employees, partners, managers, members, shareholders or affiliates in connection with this Agreement or the transactions
contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this Section 10.7 shall relieve or have the effect of relieving any
Party in any way from liability for damages incurred or suffered by a Party as a result of an intentional or wilful breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Section 10.7 shall preclude a Party from seeking injunctive relief
to restrain any breach or threatened breach of the covenants or agreements set forth in this Agreement or otherwise to obtain specific
performance of any such covenants or agreements, without the necessity of posting bond or security in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For greater certainty, except as provided in Section 10.7(b), a Party shall not
be obligated to pay to the other Party an amount in respect of the termination of this Agreement that is, in aggregate, in excess of the
Bear Creek Termination Fee and shall not be obligated to make more than one payment pursuant to Section 10.6(c).

**ARTICLE 11 <br> GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Notices

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, provided that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person or by courier), or if transmitted by email (with confirmation of transmission) to the Parties at the following addresses (or at such other addresses as shall be specified by any Party by notice to the other given in accordance with these provisions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Highlander:

Highlander Silver Corp. <br> 2500 – 100 King Street West<br> Toronto, Ontario, Canada M5K 2A1

Attention: Daniel Earle

E-mail: *[personal information redacted]*

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

Osler, Hoskin & Harcourt LLP

Bentall Four, 1055 Dunsmuir Street, Suite 3000

Vancouver, British Columbia, Canada V7X 1K8

Attention: Alan Hutchison

E-mail: *[personal information redacted]*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Bear Creek:

Bear Creek Mining Corporation

Suite 3200, 733 Seymour Street

Vancouver, British Columbia, Canada V6B 0S6

Attention: Eric Caba

E-mail: *[personal information redacted]*

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

Borden Ladner Gervais LLP

1200 Waterfront Centre, 200 Burrard Street.

P.O. Box 4600

Vancouver, British Columbia, Canada V7X 1T2

Attention: Fred R. Pletcher

E-mail: *[personal information redacted]*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Governing Law

This Agreement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of British Columbia and the laws of Canada applicable therein. Each of the Parties hereby irrevocably attorns to the exclusive jurisdiction of the Courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and the Arrangement and waives any defences to the maintenance of an action in the Courts of the Province of British Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Injunctive Relief

Subject to Section 10.7, the Parties agree that irreparable harm would occur for which money damages would not be an adequate remedy at Law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the Parties agree that, in the event of any breach or threatened breach of this Agreement by a Party, the non-breaching Party will be entitled, without the requirement of posting a bond or other security, to equitable relief, including injunctive relief and specific performance, and the Parties shall not object to the granting of injunctive or other equitable relief on the basis that there exists an adequate remedy at law. Subject to Section 10.7, such remedies will not be the exclusive remedies for any breach of this Agreement but will be in addition to all other remedies available at Law or equity to each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 Time of Essence

Time shall be of the essence in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Entire Agreement, Binding Effect and Assignment

Highlander may assign all or any part of its rights under this Agreement to, and its obligations under this Agreement may be assumed by, an affiliate of Highlander, provided that if such assignment and/or assumption takes place, Highlander shall continue to be liable jointly and severally with such affiliate for all of its obligations hereunder. Highlander shall provide Bear Creek with written notice of such assignment on or before 5:00 p.m. (Vancouver time) on the Business Day following such assignment. This Agreement shall be binding on and shall enure to the benefit of the Parties and their respective successors and permitted assigns.

This Agreement amends and restated the Original Agreement between the Parties in its entirety. This Agreement (including the exhibits and schedules hereto and the Bear Creek Disclosure Letter) and the Confidentiality Agreements constitute the entire agreement, and supersede all other prior agreements and understandings, both written and oral, between the Parties, or any of them, with respect to the subject matter hereof and thereof and, except as expressly provided herein, this Agreement is not intended to and shall not confer upon any person other than the Parties any rights or remedies hereunder. Except as expressly permitted by the terms hereof, neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by either of the Parties without the prior written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 Severability

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or public policy, that provision will be severed from this Agreement and all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 Further Assurances

Each Party shall use all commercially reasonable efforts do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Agreement, and each Party shall provide such further documents or instruments as reasonably required by any other Party as necessary or desirable to effect the purpose of this Agreement and carry out its provisions, whether before or after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 No Third Party Beneficiaries

Except as provided in Section 9.2(e) this Agreement is not intended to confer any rights or remedies upon any person other than the Parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 Mutual Interest

Notwithstanding the fact that any part of this Agreement has been drafted or prepared by or on behalf of one of the Parties, the Parties confirm that they and their respective counsel have reviewed and negotiated this Agreement and that the Parties have adopted this Agreement as the joint agreement and understanding of the Parties, and the language used in this Agreement will be deemed to be the language chosen by the Parties to express their mutual intent, and the Parties waive the application of any Laws or rule or construction providing that ambiguities in any agreement or other document will be construed against the Party drafting such agreement or other document and agree that no rule of construction providing that a provision is to be interpreted in favour of the person who contracted the obligation and against the person who stipulated it will be applied against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10** **Counterparts, Execution** 

This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed electronic copy of this Agreement, and such executed electronic copy shall be legally effective to create a valid and binding agreement between the Parties.

**IN WITNESS WHEREOF** the Parties have executed this Agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** | **HIGHLANDER SILVER CORP.** |
| By: | (signed) "*Daniel Earle*" | (signed) "*Daniel Earle*" |
|  | Name: | Daniel Earle |
|  | Title: | President, CEO & Director |

---

---

| | | |
|:---|:---|:---|
| **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** | **BEAR CREEK MINING CORPORATION** |
| By: | (signed) "*Eric Caba*" | (signed) "*Eric Caba*" |
|  | Name: | Eric Caba |
|  | Title: | President & Chief Executive Officer |

---

**SCHEDULE A**

**PLAN OF ARRANGEMENT**

**PLAN OF ARRANGEMENT UNDER SECTION 288 OF THE**

***BUSINESS CORPORATIONS ACT* (BRITISH COLUMBIA)**

**ARTICLE 1 <br> DEFINITIONS AND INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions** 

In this Plan of Arrangement, unless the context otherwise requires, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Agreement Date**" means December 18, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Arrangement**" means the arrangement pursuant to Division 5 of
Part 9 of the BCBCA with respect to, among others, Bear Creek, Bear Creek Securityholders and Highlander on the terms and subject to the
conditions set out in this Plan of Arrangement, subject to any amendments or variations thereto made in accordance with Section 10.3 of
the Arrangement Agreement or this Plan of Arrangement or made at the direction of the Court in the Interim Order or Final Order with the
consent of Highlander and Bear Creek, each acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Arrangement Agreement**" means the amended and restated arrangement
agreement dated January 9, 2026, between Highlander and Bear Creek, including (unless the context otherwise requires) the Schedules thereto,
together with the Bear Creek Disclosure Letter, as the same may be amended, supplemented or otherwise modified from time to time in accordance
with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**BCBCA**" means the *Business Corporations Act* (British Columbia).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Bear Creek**" means Bear Creek Mining Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Bear Creek Board**" means the board of directors of Bear Creek
as the same is constituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Bear Creek Circular**" means the notice of the Bear Creek Meeting
and accompanying management information circular, including all schedules, appendices and exhibits thereto, to be sent to Bear Creek Securityholders
in connection with the Bear Creek Meeting, as amended, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Bear Creek Disclosure Letter**" means the disclosure letter dated
December 18, 2025, executed by Bear Creek and delivered to Highlander concurrently with the execution of the Original Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Bear Creek DSU**" means a deferred share unit issued pursuant
to the Bear Creek LTIP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Bear Creek DSU Holder**" means a holder of one or more Bear Creek DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Bear Creek In-The-Money Option**" means a Bear Creek Option in
respect of which the Bear Creek Option In-The-Money Amount is greater than zero, as determined based on the Bear Creek Share Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Bear Creek LTIP**" means the long term incentive plan of Bear
Creek, as approved by the Bear Creek Board on March 22, 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Bear Creek Meeting**" means the special meeting of Bear Creek
Securityholders, including any adjournment or postponement thereof, to be called and held in accordance with the Interim Order to consider
the Bear Creek Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Bear Creek Option**" means a right and option to purchase one
or more Bear Creek Shares granted pursuant to the Bear Creek Stock Option Plans or otherwise enforceable against Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Bear Creek Optionholders**" means, collectively, the holders
of one or more Bear Creek Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Bear Creek Option In-The-Money Amount**" means, with respect to a Bear Creek
 Option, the amount (if any) by which (i) the product of the Bear Creek Share Value, and the total number of Bear Creek Shares that
 the holder is entitled to acquire upon exercising such Bear Creek Option as at December 18, 2025, exceeds (ii) the aggregate
exercise price payable to acquire such Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Bear Creek Out-of-the-Money Option**" means a Bear Creek Option
other than a Bear Creek In-The-Money Option, determined based on the Bear Creek Share Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Bear Creek Resolution**" means the special resolution of Bear
Creek Shareholders and the Bear Creek Securityholders approving the Arrangement, which is to be considered at the Bear Creek Meeting,
substantially in the form of Schedule B to the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Bear Creek RSU**" means a restricted share unit issued pursuant
to the Bear Creek LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Bear Creek RSU Holder**" means a holder of one or more Bear Creek RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Bear Creek Securities**" means the Bear Creek Shares, Bear Creek
Options, Bear Creek DSUs or Bear Creek RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Bear Creek Securityholder**" means a holder one or more of Bear
Creek Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Bear Creek Share**" means a common share in the authorized capital
of Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Bear Creek Shareholder**" means a holder of one or more Bear Creek Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Bear Creek Share Value**" $0.48 per Bear Creek Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Bear Creek Stock Option Plans**" means the rolling stock option
plans of Bear Creek: (i) known as the "2022 Stock Option Plan" as approved by the Bear Creek Board on April 26, 2022, and
as amended on April 17, 2023 and April 16, 2025 by approval of the Bear Creek Board; and (ii) known as the "Rolling Stock Option
Plan" as approved by the Bear Creek Board on March 19, 2008.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Bear Creek Warrant Indentu** re" means the
warrant indenture dated as of October 5, 2023, providing for the issue of the Bear Creek Warrants between Bear Creek and Computershare
Trust Company of Canada, as warrant agent thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Bear Creek Warrants**" means the 26,423,570
share purchase warrants conferring upon the holders thereof the right to purchase one (1) Bear Creek Share for each Bear Creek Warrant
held at an exercise price of $0.42 prior to October 5, 2028, issued pursuant to the Bear Creek Warrant Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Business Day**" means any day, other than
a Saturday, a Sunday or any other day on which the banks located in Vancouver, British Columbia, are closed or authorized to be closed.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Depositary**" means Endeavor Trust Corporation,
in its capacity as depositary for the Arrangement, or any other depositary or trust company, bank or financial institution as Highlander
may appoint to act as depositary with the approval of Bear Creek, acting reasonably, for the purposes of carrying out the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Dissent Rights**" has the meaning ascribed
thereto in Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Dissent Share**" means a Bear Creek Share
in respect of which a Dissenting Shareholder has duly and validly exercised Dissent Rights in strict compliance with Article 5 of this
Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Dissenting Shareholder**" means a registered
Bear Creek Shareholder as of the record date of the Bear Creek Meeting that duly and validly exercises Dissent Rights in respect of all
Bear Creek Shares held and has not withdrawn or been deemed to have withdrawn such exercise of Dissent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**DRS Advice**" means a direct registration
statement (DRS) advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**DSU Consideration**" has the meaning ascribed
thereto in Section 3.1(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Effective Date**" means the date upon which
the Arrangement becomes effective as set out in Section 2.10(a) of the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Effective Time**" means 12:01 a.m. (Vancouver
time) on the Effective Date, or such other time as Highlander and Bear Creek may agree upon in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Final Order**" means the final order of
the Court in a form acceptable to both Highlander and Bear Creek, each acting reasonably, pursuant to subsection 291(4) of the BCBCA,
after being informed of the intention of the Parties to rely upon the Section 3(a)(10) Exemption from the registration requirements of
the U.S Securities Act with respect to the Highlander Shares issued pursuant to the Arrangement, approving the Arrangement, as such order
may be amended, modified, supplemented or varied by the Court (with the consent of both Highlander and Bear Creek, each acting reasonably)
at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended on
appeal (provided that any such amendment is acceptable to both Highlander and Bear Creek, each acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Highlander**" means Highlander Silver Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Highlander Shares**" means the common share
in the authorized capital of Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Interim Order**" means the interim order
of the Court contemplated by Section 2.2 of the Arrangement Agreement and made pursuant to subsection 291(2) of the BCBCA, after being
informed of the intention of the Parties to rely upon the Section 3(a)(l0) Exemption from the registration requirements of the U.S. Securities
Act with respect to the Highlander Shares issued pursuant to the Arrangement, in form and substance acceptable to both Highlander and
Bear Creek, each acting reasonably, providing for, among other things, the calling and holding of the Bear Creek Meeting, as the same
may be amended, modified, supplemented or varied by the Court (with the consent of both Highlander and Bear Creek, each acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Letter of Transmittal**" means the Letter
of Transmittal enclosed with the Bear Creek Circular sent in connection with the Bear Creek Meeting pursuant to which, among other things,
registered Bear Creek Shareholders are required to deliver certificates representing Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Liens**" means any hypothec, mortgage,
pledge, assignment, lien, charge, security interest, adverse right or claim, other third person interest or encumbrance of any kind,
whether contingent or absolute, and any agreement, option, right or privilege (whether by law, contract or otherwise) capable of becoming
any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Option Consideration**" means, in respect
of each Bear Creek In-The-Money Option, such number of Bear Creek Shares obtained by dividing: (i) the Bear Creek Option In-The-Money
Amount in respect of such Bear Creek In-The-Money Option, by (ii) the Bear Creek Share Value, with the aggregate result for each Bear
Creek Optionholder rounded down to the nearest whole number of Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Original Agreement**" means the arrangement
agreement dated December 18, 2025, between Highlander and Bear Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Parties**" means Highlander and Bear Creek,
and "**Party**" means any one of them.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Plan of Arrangement**" means this Plan
of Arrangement as amended or supplemented from time to time in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**RSU Consideration**" has the meaning ascribed
thereto in Section 3.1(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Service Obligations**" means collectively,
the amounts listed in Schedule 2.12(b)(ii) of the Bear Creek Disclosure Letter, such amounts representing the financial obligations owed
to the Bear Creek Financial Advisors and to each Service Provider, as applicable, in connection with the Arrangement by Bear Creek or
its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Service Provider**" means each of the persons
listed in Schedule 2.12(b)(ii) of the Bear Creek Disclosure Letter and "**Service Providers**" means all such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Share Consideration**" means for each Bear
Creek Share, 0.1175 Highlander Shares, being the consideration payable under this Plan of Arrangement to a person who is a Bear Creek
Shareholder other than Highlander.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Termination Obligations**" means collectively,
the amounts listed in Schedule 2.12(b)(i) of the Bear Creek Disclosure Letter, such amounts representing the financial obligations owed
to Terminated Persons as a result of the change of control provisions of such Terminated Person's employment or independent contractor
agreements, as applicable, between such Terminated Persons and Bear Creek or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Terminated Person**" means each of the
persons listed in Schedule 2.12(b)(i) of the Bear Creek Disclosure Letter and "Terminated Persons" means all such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**U.S. Securities Act**" means the United
States Securities Act of 1933 as the same has been and hereinafter from time to time may be amended and the rules and regulations promulgated
thereunder.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Interpretation Not Affected by Headings** 

The division of this Plan of Arrangement into articles, sections, paragraphs and subparagraphs and the insertion of headings in this Plan of Arrangement are for convenience of reference only and shall not affect the construction or interpretation of this Plan of Arrangement. The terms "this Plan of Arrangement", "hereof", "herein", "hereto", "hereunder" and similar expressions refer to this Plan of Arrangement and not to any particular article, section or other portion hereof and include any instrument supplementary or ancillary hereto.

- A-5 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Number and Gender** 

In this Plan of Arrangement, unless the context otherwise requires, words importing the singular include the plural and vice versa, and words importing gender include all genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Date for any Action** 

If the date on which any action is required to be taken hereunder is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Statutory References** 

Any reference in this Plan of Arrangement to a statute includes all rules and regulations made thereunder, all amendments to such statute, rule or regulation in force from time to time and any statute, rule or regulation that supplements or supersedes such statute, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Currency** 

Unless otherwise stated, all references in this Plan of Arrangement to sums of money are expressed in lawful money of Canada and "$" refers to Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Governing Law** 

This Plan of Arrangement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of British Columbia and the laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Time** 

Time shall be of the essence in every matter or action contemplated hereunder.

**ARTICLE 2**

**ARRANGEMENT AGREEMENT AND EFFECT OF ARRANGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Arrangement Agreement** 

The Plan of Arrangement is made pursuant to, and is subject to the provisions of, the Arrangement Agreement. If there is any inconsistency or conflict between the provisions of this Plan of Arrangement and the provisions of the Arrangement Agreement, the provisions of this Plan of Arrangement shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Effect of the Arrangement** 

This Plan of Arrangement and the Arrangement shall be binding upon Bear Creek, Highlander, the Bear Creek Securityholders (including Dissenting Shareholders), the Depositary, the registrar and transfer agent of Bear Creek as and from the Effective Time, without any further act or formality required on the part of any person except as expressly provided herein.

- A-6 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Bear Creek Warrants** 

The Bear Creek Warrants shall be treated in accordance with their terms under the Bear Creek Warrant Indenture.

**ARTICLE 3 <br> ARRANGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Arrangement** 

Commencing at the Effective Time, the following shall occur and shall be deemed to occur sequentially in the following order without any further act or formality:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each independent contractor agreement or employment agreement between the Company
or any of its subsidiaries and each of the Terminated Persons, as applicable, shall terminate (and for greater certainty, without limiting
the generality of the foregoing, the positions of each employee or individual that provided the services of such Terminated Person under
an independent contractor agreements, as applicable, shall also terminate), and Highlander shall deliver or arrange to be delivered in
accordance with the terms of the Arrangement Agreement to each Terminated Person the portion of the Termination Obligations to which they
are entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Highlander shall deliver or arrange to be delivered in accordance with the terms
of the Arrangement Agreement to each Bear Creek Financial Advisor and to each Service Provider the portion of the Service Obligations
to which they are entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Bear Creek Out-of-the-Money Option outstanding immediately prior to the Effective
Time shall, without any further action by or on behalf of any Bear Creek Optionholder, be cancelled without any payment in respect thereof,
and thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each holder of a Bear Creek Out-of-the-Money Option shall cease to be a holder
of such Bear Creek Out-of-the-Money Option and to have any rights as a Bear Creek Optionholder,

&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) all agreements relating to the Bear Creek Out-of-the-Money Options shall be terminated
and shall be of no force and effect, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the name of each holder of a Bear Creek Out-of-the-Money Option shall be removed
from the register of Bear Creek Options maintained by or on behalf of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Bear Creek In-the-Money Option outstanding immediately prior to the Effective Time (whether
 vested or unvested) shall immediately and unconditionally vest, notwithstanding the terms of the Bear Creek Stock Option Plan or any
 agreement in respect thereof, and shall, without any further action by or on behalf of any Bear Creek Optionholder, be deemed to be
 assigned and transferred by such Bear Creek Optionholder (free and clear of all Liens) to Bear Creek for cancellation in exchange for the
Option Consideration (net of any withholding of Bear Creek Shares made under Section 4.4), and thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each holder of a Bear Creek In-the-Money Option shall cease to be a holder of such
Bear Creek In-the-Money Options and to have any rights as a Bear Creek Optionholder and such Bear Creek -In-the-Money Options shall be
immediately cancelled,

- A-7 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all agreements relating to the Bear Creek In-the-Money Options shall be terminated
and shall be of no force and effect,

&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 name of each holder of a Bear Creek In-the-Money Option shall be removed from
the register of Bear Creek Options maintained by or on behalf of Bear Creek, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each such former holder of the Bear Creek In-the-Money Options shall be deemed
to be the holder of the Bear Creek Shares comprising the Option Consideration, net of any withholding pursuant to Section 4.4 (notwithstanding
that no certificates or DRS Advice shall be issued with respect to such Bear Creek Shares) and the name of such former holder of such
Bear Creek In-the-Money Options shall be entered into the register of Bear Creek Shares maintained by or on behalf of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each Bear Creek DSU outstanding immediately prior to the Effective Time shall immediately
and unconditionally vest, notwithstanding the terms of the Bear Creek LTIP or any agreement in respect of such Bear Creek DSUs, and shall,
without any further action by or on behalf of the Bear Creek DSU Holder thereof, be deemed to be assigned and transferred by such Bear
Creek DSU Holder to Bear Creek (free and clear of all Liens) in exchange for the number of Bear Creek Shares equal to the number of Bear
Creek Shares such Bear Creek DSU Holder is entitled to under each Bear Creek DSU (the "**DSU Consideration**") (net of
any withholding of Bear Creek Shares made under Section 4.4), the Bear Creek Shares comprising the DSU Consideration will be issued to
such Bear Creek DSU Holder as fully paid and non-assessable shares in the capital of Bear Creek and thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Bear Creek DSU Holder shall cease to be a holder of any Bear Creek DSUs and
to have any rights as a Bear Creek DSU Holder and such Bear Creek DSUs shall be immediately cancelled,

&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) all agreements relating to such Bear Creek DSUs shall be terminated and shall be
of no further force and effect,

&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) each such Bear Creek DSU Holder's name shall be removed from the register
of Bear Creek DSUs maintained by or on behalf of Bear Creek, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each such former holder of such Bear Creek DSUs shall be deemed to be the holder
of the Bear Creek Shares comprising the DSU Consideration, net of any withholding pursuant to Section 4.4 (notwithstanding that no certificates
or direct registration system advices shall be issued with respect to such Bear
Creek Shares) and the name of such former holder of such Bear Creek DSUs shall be entered into the register of Bear Creek Shares maintained
by or on behalf of Bear Creek;

- A-8 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) each Bear Creek RSU outstanding immediately prior to the Effective Time, shall
immediately and unconditionally vest, notwithstanding the terms of the Bear Creek LTIP or any agreement in respect of such Bear Creek
RSUs, and shall, without any further action by or on behalf of the Bear Creek RSU Holder thereof, be deemed to be assigned and transferred
by such Bear Creek RSU Holder to Bear Creek (free and clear of all Liens) in exchange for the number of Bear Creek Shares equal to the
number of Bear Creek Shares a holder is entitled to under each Bear Creek RSU (the "**RSU Consideration**") (net of any
withholding of Bear Creek Shares made under Section 4.4) the Bear Creek Shares comprising the RSU Consideration will be issued to such
Bear Creek RSU Holder as fully paid and non-assessable shares in the capital of Bear Creek, and thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Bear Creek RSU Holder shall cease to be a holder of any Bear Creek RSUs and
to have any rights as a Bear Creek RSU Holder and such Bear Creek RSUs shall be immediately cancelled,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all agreements relating to the Bear Creek RSUs shall be terminated and shall be
of no further force and effect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each such Bear Creek RSU Holder's name shall be removed from the register
of Bear Creek RSUs maintained by or on behalf of Bear Creek, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each such former holder of such Bear Creek RSUs shall be deemed to be the holder
of the Bear Creek Shares comprising the RSU Consideration, net of any withholding pursuant to Section 4.4 (notwithstanding that no certificates
or direct registration system advices shall be issued with respect to such Bear Creek Shares) and the name of such former holder of such
Bear Creek RSUs shall be entered into the register of Bear Creek Shares maintained by or on behalf of Bear Creek;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each Dissent Share in respect of which Dissent Rights have been validly exercised
by Dissenting Shareholders shall be deemed to have been transferred to Highlander (free and clear of all Liens) without any further act
or formality on its part, in exchange for a debt claim against Highlander to be paid the aggregate fair value in respect of the Dissent
Shares as determined pursuant to Section 5.1, and in respect of the Dissent Shares so transferred:

&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 Dissenting Shareholders shall cease to be holders of the Dissent Shares and
to have any rights as holders of such Dissent Shares other than the right to be paid the fair value for such Dissent Shares pursuant to
Section 5.1,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the names of the Dissenting Shareholders shall be removed from the register maintained
by or on behalf of Bear Creek in respect of the Bear Creek Shares,

- A-9 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Dissenting Shareholders shall be deemed to have executed and delivered all
consents, releases, assignments and waivers, statutory or otherwise, required to effect the transfer thereof, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Highlander shall be and shall be deemed to be the holder of all of the outstanding
Dissent Shares (free and clear of all Liens), and Highlander shall be added to the register of Bear Creek Shares maintained by or on behalf
of Bear Creek in respect of the Bear Creek Shares as the holder of such Dissent Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each Bear Creek Shareholder shall transfer to Highlander (free and clear of all
Liens) each whole Bear Creek Share held (other than any Bear Creek Shares held by Highlander immediately before the Effective Time or
acquired by Highlander from a Dissenting Shareholder under Section 3.1(g)), including the Bear Creek Shares issued pursuant to Section
3.1(e) or Section 3.1(f) in exchange for the Share Consideration for each Bear Creek Share held, 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;(i) such Bear Creek Shareholders shall cease to be the holders of the Bear Creek Shares
and to have any rights as holders of such Bear Creek Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the names of such Bear Creek Shareholders shall be removed from the register maintained
by or on behalf of Bear Creek in respect of the Bear Creek Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Bear Creek Shareholders shall be deemed to have executed and delivered all
consents, releases, assignments and waivers, statutory or otherwise, required to effect the transfer thereof, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Highlander shall be and shall be deemed to be the holder of all of the outstanding
Bear Creek Shares and Highlander shall be added to the register of Bear Creek Shares maintained by or on behalf of Bear Creek in respect
of the Bear Creek Shares,

it being expressly provided that the events provided for in this Section 3.1 will be deemed to occur on the Effective Date, notwithstanding that certain procedures related thereto may not be completed until after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Deemed Fully Paid and Non-Assessable Shares** 

All Bear Creek Shares and Highlander Shares issued pursuant to this Plan of Arrangement shall be deemed to be validly issued and outstanding as fully paid and non-assessable shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **No Fractional Consideration** 

No fractional Highlander Shares shall be issued Bear Creek Shareholders pursuant to this Plan of Arrangement. The total number of Highlander Shares to be issued to any Bear Creek Shareholder shall, without additional compensation, be rounded down to the nearest whole Highlander Share, in the event that a Bear Creek Shareholder is entitled to a fractional share.

- A-10 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Calculations** 

All calculations and determinations made by Highlander, Bear Creek or the Depositary, as applicable, for the purposes of this Plan of Arrangement shall be conclusive, final, and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Adjustments to Consideration** 

The Share Consideration payable to a Bear Creek Shareholder pursuant to Section 3.1(h) will be adjusted to reflect fully the effect of any stock split, reverse split, dividend (including any dividend or distribution of securities convertible into Bear Creek Shares), consolidation, reorganization, recapitalization or other like change with respect to Bear Creek Shares effected in accordance with the terms of the Arrangement Agreement occurring after the Agreement Date and prior to the Effective Time.

**ARTICLE 4<br> CERTIFICATES AND PAYMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Payment of Consideration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Highlander shall, no later than one Business Day prior to the Effective Date, deliver
or cause to be delivered to the Depositary, the Highlander Shares necessary to satisfy the aggregate number of Highlander Shares payable
to Bear Creek Shareholders pursuant to the Plan of Arrangement, which Highlander Shares shall be held by the Depositary in escrow as agent
and nominee for such former Bear Creek Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon surrender to the Depositary for cancellation of a certificate or DRS Advice
of a Bear Creek Share which immediately prior to the Effective Time represented one or more Bear Creek Shares that were transferred pursuant
to the Plan of Arrangement, together with a duly completed and executed Letter of Transmittal and any such additional documents and instruments
as the Depositary or Highlander may reasonably require, the registered holder of the Bear Creek Shares represented by such surrendered
certificate or DRS Advice shall be entitled to receive in exchange therefor, and the Depositary shall deliver to such Bear Creek Shareholder,
as soon as practicable, the Share Consideration that such Bear Creek Share has the right to receive, less any amounts withheld pursuant
to Section 4.4, and any certificate or DRS Advice so surrendered shall forthwith be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Effective Time and until surrendered as contemplated by Section 4.1(b),
each certificate or DRS Advice that immediately prior to the Effective Time represented one or more Bear Creek Shares, other than the
Dissent Shares, shall be deemed at all times to represent only the right to receive, upon such surrender, the Share Consideration to which
the holder thereof is entitled in lieu of such certificate or DRS Advice as contemplated by Section 3.1, less any amounts withheld pursuant
to Section 4.4 (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any such certificate or DRS Advice formerly representing Bear Creek Shares not
duly surrendered on or before the sixth anniversary of the Effective Date shall:

- A-11 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cease to represent a claim by, or interest of, any former holder of Bear Creek
Shares of any kind or nature against or in Bear Creek or Highlander (or any successor to any of the foregoing); 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) be deemed to have been surrendered to Highlander and shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each former Bear Creek DSU Holder deemed to be the holder of Bear Creek Shares
comprising the DSU Consideration pursuant to Section 3.1(e) and each former Bear Creek RSU Holder deemed to be the holder of Bear Creek
Shares comprising the RSU Consideration pursuant to Section 3.1(f) shall be entitled to receive in exchange for such Bear Creek Shares
(notwithstanding that no certificates or direct registration system advices have been issued with respect to such Bear Creek Shares),
and the Depositary shall deliver to such Bear Creek Shareholder, as soon as practicable, the Share Consideration that such Bear Creek
Share has the right to receive, less any amounts withheld pursuant to Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Bear Creek Securityholder shall be entitled to receive any consideration with
respect to any Bear Creek Securities so held, other than the consideration to which such holder is entitled in accordance with Section
3.1 and, for greater certainty, no such Bear Creek Securityholder will be entitled to receive any interest, dividends, premium or other
payment in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither Bear Creek nor Highlander, or any of their respective successors, will
be liable to any person in respect of any of the Share Consideration or dividends, distributions and interests in respect thereof, and
including any consideration previously held by the Depositary in trust for any such former holder, which is forfeited to Bear Creek or
Highlander or delivered to any public official pursuant to any applicable abandoned property, escheat or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Lost Certificates** 

In the event any certificate which immediately prior to the Effective Time represented one or more outstanding Bear Creek Shares which were exchanged in accordance with Section 3.1(h) shall have been lost, stolen or destroyed, upon the making of an affidavit or statutory declaration of that fact by the person claiming such certificate to be lost, stolen or destroyed and who was listed immediately prior to the Effective Time as the registered holder thereof on the securities registers maintained by or on behalf of Bear Creek, the Depositary will deliver in exchange for such lost, stolen or destroyed certificate, a certificate representing the Share Consideration that such holder is entitled to receive in exchange for such lost, stolen or destroyed certificate, provided the holder to whom the Share Consideration is to be delivered shall, as a condition precedent to the delivery, give a bond satisfactory to Highlander and the Depositary, acting reasonably, in such sum as Highlander and the Depositary may direct (each acting reasonably), or otherwise indemnify Highlander and the Depositary in a manner satisfactory to Highlander and the Depositary (each acting reasonably) against any claim that may be made against Highlander or the Depositary and/or any of their respective representatives or agents with respect to the certificate alleged to have been lost, stolen or destroyed.

- A-12 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Distributions with Respect to Unsurrendered Certificates** 

No dividend or other distribution declared or paid after the Effective Time with respect to Highlander Shares shall be delivered to the holder of any certificate formerly representing Bear Creek Shares unless and until the holder of such certificate shall have complied with the provisions of Section 4.1. Subject to applicable law and to Section 4.1 at the time of such compliance, there shall, in addition to the delivery of the Share Consideration to which such holder is thereby entitled, be delivered to such holder, without interest, the amount of any dividend or other distribution declared or made after the Effective Time with respect to the Highlander Shares to which such holder is entitled in respect of such holder's Share Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Withholding Rights** 

Highlander, Bear Creek and the Depositary (in this section, the "payor"), shall each be entitled to deduct and withhold from any consideration or other amount payable (whether in cash or in kind, including Bear Creek Shares issued under Sections 3.1(d), 3.1(e) or 3.1(f)) or otherwise deliverable to any holder or former holder of Bear Creek Securities such amounts as the payor may be required to deduct and withhold therefrom under any applicable law in respect of taxes. To the extent that any amounts are so deducted, withheld and remitted to the appropriate governmental entity when required by law, such amounts shall be treated for all purposes under this Plan of Arrangement as having been paid to the person to whom such amounts would otherwise have been paid.

**ARTICLE 5 <br> DISSENT RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Dissent Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to the Interim Order, registered holders of Bear Creek Shares as of the
record date for the Bear Creek Meeting may exercise rights of dissent with respect to all Bear Creek Shares held by such holder as registered
holder thereof as of such date in connection with the Arrangement pursuant to and in strict compliance with the procedures set forth in
Section 237 to 247 of the BCBCA, as modified by this Section 5.1, the Interim Order and the Final Order ()"**Dissent Rights** ");
provided that, notwithstanding subsection 242(1) of the BCBCA, the written objection to the Bear Creek Resolution referred to in subsection
242(1) of the BCBCA must be received by Bear Creek not later than 5:00 p.m. (Vancouver time) on the Business Day that is two Business
Days before the date of the Bear Creek Meeting or any date to which the Bear Creek Meeting may be postponed or adjourned and provided
further that Dissenting Shareholders who:

&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) are
 ultimately entitled to be paid fair value for their Bear Creek Shares, which fair value shall
 be the fair value of such shares immediately before the approval of the Bear Creek Resolution,
 shall be paid only an amount equal to such fair value by Highlander, which fair value shall
 be determined in accordance with the procedures applicable to the payout value set out in
 sections 244 and 245 of the BCBCA except that Highlander may enter into the agreement with
 registered holders who exercise such Dissent Rights or apply to the Court, all as contemplated
 under sections 244 and 245 of the BCBCA in lieu of Bear Creek, and such Dissenting Shareholder
 will not be entitled to any other payment or consideration, including any payment that would
 be payable under the Arrangement had such Dissenting Shareholders not exercised their Dissent
 Rights in respect of their Bear Creek Shares; or

- A-13 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are ultimately not entitled, for any reason, to be paid fair value for their Bear
Creek Shares in respect of which they purported to exercise Dissent Rights shall be deemed to have participated in the Arrangement, as
of the Effective Time, on the same basis as a non-dissenting holder of Bear Creek Shares and shall be entitled to receive only the consideration
contemplated in Section 3.1(h) hereof that such holder would have received pursuant to the Arrangement if such holder had not exercised
Dissent Rights,

but in no case shall Highlander or Bear Creek or any other person be required to recognize any holder of Bear Creek Shares who exercises Dissent Rights as a holder of Bear Creek Shares after the time that is immediately prior to the Effective Time, and the names of all such holders of Bear Creek Shares who exercise Dissent Rights (and have not withdrawn such exercise of Dissent Rights prior to the Effective Time) shall be deleted from the register maintained by or on behalf of Bear Creek in respect of the Bear Creek Shares as holders of Bear Creek Shares at the Effective Time and Highlander shall be recorded as the registered holder of such Bear Creek Shares and shall be deemed to be the legal owner of such Bear Creek Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, (a) no beneficial holder of Bear Creek Shares shall be entitled
to Dissent Rights in respect of such Bear Creek Shares and no holder of Bear Creek Options, Bear Creek DSUs or Bear Creek RSUs shall be
entitled to Dissent Rights in respect of such holder's Bear Creek Options, Bear Creek DSUs or Bear Creek RSUs, as applicable, and
(b) in addition to any other restrictions in Section 238 of the BCBCA, no person who has voted Bear Creek Shares, or instructed a proxyholder
to vote such persons Bear Creek Shares, in favour of the Bear Creek Resolution shall be entitled to exercise Dissent Rights with respect
to the Arrangement.

**ARTICLE 6<br> AMENDMENTS AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Amendments to the Plan of Arrangement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bear Creek and Highlander may amend, modify and/or supplement this Plan of Arrangement
at any time and from time to time prior to the Effective Time, provided that each such amendment, modification and/or supplement must
(i) be set out in writing, (ii) be approved by the Bear Creek and Highlander, each acting reasonably, (iii) filed with the Court and,
if made following the Bear Creek Meeting, approved by the Court, and (iv) communicated to the Bear Creek Securityholders if and as required
by the Court.

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

- A-14 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment, modification or supplement to this Plan of Arrangement that is approved
or directed by the Court following the Bear Creek Meeting shall be effective only if (i) it is consented to in writing by each of the
Bear Creek and the Highlander (in each case, acting reasonably), and (ii) if required by the Court, it is consented to by some or all
of the Bear Creek Shareholders voting in the manner directed by the Court. Any amendment, modification or supplement to this Plan of Arrangement
may be made following the granting of the Final Order without filing such amendment, modification or supplement with the Court or seeking
Court approval, provided that it concerns a matter which, in the reasonable opinion of the Parties, is of an administrative nature required
to better give effect to the implementation of this Plan of Arrangement and is not materially adverse to the interest of any holders of
Bear Creek Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Withdrawal of Plan of Arrangement** 

This Plan of Arrangement may be withdrawn prior to the Effective Time in accordance with the terms of the Arrangement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Effect of Termination** 

Upon the termination of this Plan of Arrangement pursuant to Section 10.2 of the Arrangement Agreement, no Party shall have any liability or further obligation to any other Party hereunder other than as set out in the Arrangement Agreement.

**ARTICLE 7**

**FURTHER ASSURANCES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Further Assurances** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Paramountcy** 

From and after the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Plan of Arrangement shall take precedence and priority over any and all rights
related to Bear Creek Securities issued prior to the Effective Time;

- A-15 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights and obligations of the holders of Bear Creek Securities and any trustee
and transfer agent therefor, shall be solely as provided for in this Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all actions, causes of actions, claims or proceedings (actual or contingent, and
whether or not previously asserted) based on or in any way relating to Bear Creek Securities shall be deemed to have been settled, compromised,
released and determined without liability except as set forth herein.

**ARTICLE 8**

**U.S. SECURITIES LAW EXEMPTION**

**8.1 U.S. Securities Law Exemption.**

Notwithstanding any provision herein to the contrary, the Parties each agree that the Plan of Arrangement will be carried out with the intention that all Highlander Shares to be issued to Bear Creek Shareholders in exchange for their Bear Creek Shares pursuant to the Plan of Arrangement, as applicable, will be issued and exchanged in reliance on the exemption from the registration requirements of the U.S. Securities Act as provided by Section 3(a)(10) thereof and applicable securities laws of any state of the United States in reliance upon similar exemptions under any applicable securities laws of any state of the United States, and pursuant to the terms, conditions and procedures set forth in the Arrangement Agreement.

- A-16 -

**SCHEDULE B** 

**BEAR CREEK RESOLUTION**

**BE IT RESOLVED THAT**:

1. The arrangement (the "**Arrangement**") under Section 288 of the *Business Corporations Act* (British Columbia) involving Bear Creek Mining Corporation (the "**Company** "), pursuant to the arrangement agreement between the Company and Highlander Silver Corp. ()"**Highlander**") dated December 18, 2025, as it may be modified, supplemented or amended from time to time in accordance with its terms (the "**Arrangement Agreement** "), as more particularly described and set forth in the management information circular of the Company dated ●, 2026 (the "**Circular** "), and all transactions contemplated thereby, are hereby authorized, approved and adopted.

2. The plan of arrangement of the Company, as it has been or may be modified, supplemented or amended in accordance with the Arrangement Agreement and its terms (the "**Plan of Arrangement** "), the full text of which is set out as Appendix ● to the Circular, is hereby authorized, approved and adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The: (i) Arrangement Agreement and all the transactions contemplated therein;
(ii) actions of the directors of the Company in approving the Arrangement, and the Arrangement Agreement; and (iii) actions of the directors
and officers of the Company in executing and delivering the Arrangement Agreement and any modifications, supplements or amendments thereto,
and causing the performance by the Company of its obligations thereunder, are hereby ratified and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company is hereby authorized to apply for a final order from the Supreme Court
of British Columbia (the "**Court**") to approve the Arrangement on the terms set forth in the Arrangement Agreement and
the Plan of Arrangement (as they may be, or may have been, modified, supplemented or amended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Notwithstanding that this resolution has been passed (and the Arrangement adopted)
by the securityholders of the Company (the "**Company Securityholders**") entitled to vote thereon or that the Arrangement
has been approved by the Court, the directors of the Company are hereby authorized and empowered, without further notice to or approval
of the Company Securityholders: (i) to amend, modify or supplement the Arrangement Agreement or the Plan of Arrangement to the extent
permitted by their terms; and (ii) subject to the terms of the Arrangement Agreement, not to proceed with the Arrangement and any related
transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any officer or director of the Company is hereby authorized and directed, for and
on behalf of the Company, to execute or cause to be executed and to deliver or cause to be delivered, whether under the corporate seal
of the Company or otherwise, all such other documents and instruments and to perform or cause to be performed all such other acts and
things as, in such person's opinion, may be necessary or desirable to give full force and effect to the foregoing resolutions and
the matters authorized thereby, such determination to be conclusively evidenced by the execution and delivery of any such other document
or instrument or the doing of any such other act or thing.

**SCHEDULE C <br> [INTENTIONALLY DELETED]**

## Exhibit 99.81

**Exhibit 99.81**

**Highlander Silver Announces US$40 Million Strategic Investment by Eric Sprott to Accelerate Growth**

*NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES*

 

**Toronto, Ontario, January 27, 2026 –** Highlander Silver Corp. (TSX: HSLV) ("**Highlander Silver**" or the "**Company**") is pleased to announce that Mr. Eric Sprott, an arm's length strategic investor, has agreed to purchase an aggregate of 8,060,226 common shares in the capital of the Company (the "**Offered Shares**") at a price of C$6.80 per Offered Share for aggregate gross proceeds of US$40,000,000 (the "**Offering**") to the Company on a non-brokered private placement basis.

Daniel Earle, President and CEO of Highlander Silver, commented:

*"The additional capital will allow us to accelerate growth plans within our portfolio, which includes the bonanza grade San Luis gold-silver project, one of the highest M&I resource grade projects in either the gold or silver sectors<sup>1</sup>, and one of the largest permitted primary silver deposits in the world in the Corani silver project after the closing of the previously announced combination with Bear Creek Mining (see press release dated December 19, 2025). With this investment, we would expect to have US$100 million in cash at closing."*

 

The Company intends on using the net proceeds from the Offering to fund the advancement of the Company's mineral projects and for working capital and general corporate purposes. The Offering is expected to close on or around January 30, 2026, and is subject to certain customary closing conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance of the Toronto Stock Exchange (the "**Exchange**"). The Offered Shares to be issued pursuant to the Offering will be subject to a statutory four-month hold period under applicable securities laws in Canada.

In connection with the Offering, the Company may pay a finder's fee to eligible arm's length finders, as permitted by applicable securities laws and the rules of the Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), of the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> Highlander Silver's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

**Information contact**

*Highlander Silver*

 

Arun Lamba, Vice President Corporate Development

Email: alamba@highlandersilver.com

**Scientific and Technical Information**

Scientific and technical information in the news release relating to the San Luis Project are taken from the technical report entitled, "Technical Report on the San Luis Property" dated January 15, 2025, prepared by independent "qualified person" (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects), Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on Highlander Silver's SEDAR+ profile at www.sedarplus.ca.

**Forward-looking statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, the completion of the Offering, the issuance of the Offered Shares, the intended use of the net proceeds from the Offering, the expected closing date of the Offering, the receipt of all necessary regulatory and other approvals, including the acceptance of the Exchange, the payment of a finder's fee to eligible arm's length finders, the growth plans of the Company's portfolio, the closing of the previously announced combination with Bear Creek Mining Corporation and the expected cash at closing of the previously announced combination with Bear Creek Mining Corporation. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, delays in obtaining governmental or stock exchange approvals or financing, and uncertainties related to the review and approval of the listing application and satisfaction of all applicable listing and regulatory requirements to list on the NYSE American. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

 ****

## Exhibit 99.82

**Exhibit 99.82**

![](ex99-82_001.jpg)

**Highlander Silver Closes US$40 Million Strategic Investment by Eric Sprott**

 

*NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES*

 

**Toronto, Ontario, January 30, 2026 –** Highlander Silver Corp. (TSX: HSLV) ("**Highlander Silver**" or the "**Company**") is pleased to announce that it has closed its previously announced non-brokered private placement with Mr. Eric Sprott (the "**Private Placement**"). Pursuant to the Private Placement, the Company issued an aggregate of 8,060,226 common shares in the capital of the Company (the "**Offered Shares**") at a price of C$6.80 per Offered Share for aggregate gross proceeds of US$40,000,000 (the "**Offering**").

The Company intends on using the net proceeds from the Offering to fund the advancement of the Company's mineral projects and for working capital and general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), of the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>1</sup> Highlander Silver's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.7 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

 

**Information contact**

*Highlander Silver*

 

Arun Lamba, Vice President Corporate Development

Email: alamba@highlandersilver.com

**Scientific and Technical Information**

Scientific and technical information in the news release relating to the San Luis Project are taken from the technical report entitled, "Technical Report on the San Luis Property" dated January 15, 2025, prepared by independent "qualified person" (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects), Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on Highlander Silver's SEDAR+ profile at www.sedarplus.ca.

**Forward-looking statements**

*Certain information contained in this news release constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, the completion of the Offering, the issuance of the Offered Shares, the intended use of the net proceeds from the Offering. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, delays in obtaining governmental or stock exchange approvals or financing, and uncertainties related to the review and approval of the listing application and satisfaction of all applicable listing and regulatory requirements to list on the NYSE American. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this news release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

 ****

 ****

## Exhibit 99.83

**Exhibit 99.83**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Highlander Silver Corp. ("**Highlander**" or the "**Company**")

2500 – 100 King Street W,

Toronto, ON M5X 1A9

2. <u>DATE OF MATERIAL CHANGE</u> 

January 27, 2026, and January 30, 2026.

3. <u>NEWS RELEASE</u> 

The Company's news releases dated January 27, 2026, and January 30, 2026, were disseminated through the facilities of Access Newswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Highlander Silver Corp. announced that Mr. Eric Sprott, an arm's length strategic investor, agreed to purchase an aggregate of 8,060,226 common shares in the capital of the Company (the "Offered Shares") at a price of C$6.80 per Offered Share for aggregate gross proceeds of US$40,000,000 to the Company on a non-brokered private placement basis (the "Offering"). The Offering closed on January 30, 2026.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Highlander Silver Corp. announced that Mr. Eric Sprott, an arm's length strategic investor, agreed to purchase an aggregate of 8,060,226 Offered Shares at a price of C$6.80 per Offered Share for aggregate gross proceeds of US$40,000,000 to the Company pursuant to the Offering. The Offering closed on January 30, 2026.

The Company intends on using the net proceeds from the Offering to fund the advancement of the Company's mineral projects and for working capital and general corporate purposes.

**Forward-looking statements**

*Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. This includes, but is not limited to, the intended use of the net proceeds from the Offering. Such forward looking information or statements can be identified by the use of words such as "ramp up", "attempting", "intends", "believes", "plans", "suggests", "targets" or "prospects" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "will" be taken, occur, or be achieved. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties, the actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of precious and base metals, accident, labour disputes and other risks of the mining industry, delays in obtaining governmental or stock exchange approvals or financing, and uncertainties related to the review and approval of the listing application and satisfaction of all applicable listing and regulatory requirements to list on the NYSE American. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date hereof. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.*

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

9. <u>DATE OF REPORT</u> 

February 3, 2026

## Exhibit 99.84

**Exhibit 99.84**

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| | |
|:---|:---|
| ![](ex99-84_001.jpg) | ![](ex99-84_002.jpg) |

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**HIGHLANDER SILVER AND BEAR CREEK MINING COMPLETE BUSINESS COMBINATION**

 

*All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.*

 

**Toronto, Ontario, February 26, 2026 –** Highlander Silver Corp. (TSX: HSLV) ("**Highlander Silver")** and Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("**Bear Creek**") are pleased to announce the successful completion of the previously announced plan of arrangement under Division 5 of Part 9 of the *Business Corporations Act* (British Columbia) (the "**Arrangement**") and the concurrent closing of the debt settlement agreements (the "**Debt Settlement Agreements**") between Highlander Silver and each of Royal Gold, Inc., through its wholly-owned subsidiary, International Royalty Corporation, ("**Royal Gold**") and Equinox Gold Corp. ("**Equinox**").

Pursuant to the Arrangement, Highlander Silver acquired all of the issued and outstanding common shares of Bear Creek (the "**Bear Creek Shares")** in exchange for 0.1175 common shares in the capital of Highlander Silver (the "**Highlander Shares")** for each Bear Creek Share held immediately prior to the effective time of the Arrangement (the "**Consideration**").

In connection with the closing of the Debt Settlement Agreements, Highlander Silver paid cash consideration in the amounts of US$6.2 million to Royal Gold and US$1.6 million to Equinox. Concurrently with the closing of the Arrangement and the Debt Settlement Agreements, Highlander Silver repaid the advance and outstanding interest owed to Wheaton Precious Metals International Ltd. ("**Wheaton**") pursuant to the support agreement dated November 22, 2022, as amended, between Bear Creek and Wheaton.

As a result of the completion of the Arrangement, the Bear Creek Shares are expected to be delisted from the TSX Venture Exchange on or about March **2**, 2026 (the "**Delisting**"). Bear Creek has notified OTC Markets Group and the Bolsa Valores de Lima ("BVL") of its intent to voluntarily withdraw its securities from the OTCQX trading platform and the BVL exchange. In connection with the Delisting, Bear Creek will also submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations in Canada. Further details regarding the Arrangement are set out in Bear Creek's management information circular dated January 16, 2026, 2026, (the "**Circular**") a copy of which is available under Bear Creek's issuer profile on SEDAR+ at www.sedarplus.ca.

Bear Creek Shareholders are reminded to review the Circular in respect of the procedure for receiving the Consideration for their Bear Creek Shares. Registered shareholders (Bear Creek Shares held in physical form or a direct registration system ("DRS") advice) must complete, sign and return the letter of transmittal, along with their share certificate(s) or DRS advice(s), to Endeavor Trust Corporation, the depositary for the Arrangement. Non-registered shareholders (Bear Creek Shares held with a broker, bank or other intermediary) should contact their intermediaries for instructions and assistance in receiving the Consideration for such Bear Creek Shares. The letter of transmittal is available at https://bearcreekmining.com/investors/shareholder-meetings/ or under Bear Creek's profile on SEDAR+ (www.sedarplus.ca).

**Early Warning Disclosure – Highlander** 

Pursuant to the requirements of National Instrument 62-104 – *Take-Over Bids and Issuer Bids* and National Instrument 62-103 – *The Early Warning System and Related Take-Over Bid and Insider Reporting Issues*, Highlander Silver will file an early warning report (the "**Early Warning Report**") in accordance with applicable securities laws, a copy of which will be made available on Highlander Silver's issuer profile on SEDAR+ at www.sedarplus.ca. Further information and a copy of the Early Warning Report may also be obtained by contacting Highlander Silver at the contact information below. The head office of Highlander Silver is located at 100 King Street West, Suite 2500, Toronto, Ontario M5X 1A9.

Immediately prior to closing of the Arrangement, Highlander Silver held 50,000,000 Bear Creek Shares, representing approximately 13.95% of the outstanding Bear Creek Shares immediately prior to closing of the Arrangement. Pursuant to the Arrangement, Highlander Silver acquired an aggregate of 308,302,938 Bear Creek Shares, thereby increasing its holdings of Bear Creek Shares to 100%. Upon completion of the Arrangement, Bear Creek became a wholly-owned subsidiary of Highlander Silver. In exchange for the Bear Creek Shares, Highlander Silver issued 0.1175 Highlander Shares to holders of Bear Creek Shares for each Bear Creek Share held, for aggregate consideration of 36,225,457 Highlander Shares.

Highlander Silver acquired the Bear Creek Shares pursuant to the Arrangement and intends for Bear Creek to cease to be a reporting issuer in all jurisdictions of Canada and remain a wholly-owned subsidiary of Highlander Silver.

**Early Warning Disclosure – Royal Gold** 

Immediately prior to the completion of the Arrangement, Royal Gold beneficially owned, directly or indirectly, or exercised control or direction over 58,381,399 Bear Creek Shares, representing approximately 16.29% of the issued and outstanding Bear Creek Shares (on a non-diluted basis). As a result of completion of the Arrangement, Bear Creek became a wholly-owned subsidiary of Highlander, and pursuant thereto, Royal Gold exchanged its Bear Creek Shares for such number of Highlander Shares as is equal to approximately 3.37% of the issued and outstanding Highlander Shares (on a non-diluted basis).

Royal Gold will be filing an early warning report (the "**Royal Gold Early Warning Report**") in accordance with applicable securities laws, a copy of which will be made available on the issuer profiles of both Royal Gold and Bear Creek, respectively, on SEDAR+ at www.sedarplus.ca. Further information and a copy of the Royal Gold Early Warning Report may also be obtained by contacting Highlander Silver at the contact information below. The head office of Highlander Silver is located at 100 King Street West, Suite 2500, Toronto, Ontario M5X 1A9.

**About Highlander Silver**

Highlander Silver is primarily focused on advancing the bonanza grade San Luis gold-silver project that is located adjacent to the past-producing Pierina mine in Central Peru. San Luis hosts Indicated Mineral Resources of 356 koz Au at 24.4 g/t Au and 8.4 Moz Ag at 579 g/t Ag and ranks among the 10 highest grade projects globally in both gold and silver categories.<sup>[1]</sup> Highlander Silver's significant shareholders include the Augusta Group, which boasts an exceptional track record of value creation totaling over $4.5 billion in exit transactions, and strategic shareholders, the Lundin family and Eric Sprott.

**Information contact**

*Highlander Silver*

 

Arun Lamba, Vice President Corporate Development

Email: alamba@highlandersilver.com

**Scientific and Technical Information**

Scientific and technical information in the news release relating to the San Luis Project are taken from the technical report entitled, "Technical Report on the San Luis Property" dated January 15, 2025, prepared by independent "qualified person" (as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects), Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng, and available on Highlander Silver's SEDAR+ profile at www.sedarplus.ca.

**Forward-looking statements** 

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

<sup>1</sup> S&P Global rankings including the San Luis gold-silver project.

In this news release, forward-looking statements relate to, among other things, statements regarding: the completion of the Delisting and the timing thereof; the submission of the cease to be a reporting issuer application by Bear Creek; the filing of the Early Warning Report and the Royal Gold Early Warning Report; the intention for Bear Creek to remain a wholly-owned subsidiary of Highlander Silver; and the exploration potential of the Mercedes mine. These forward-looking statements are no guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements.

In respect of the forward-looking statements, Highlander Silver and Bear Creek have relied on certain assumptions that they believe are reasonable at this time, including, but not limited to, assumptions concerning Highlander Silver, Bear Creek and the Arrangement, including the anticipated benefits therefrom. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors.

Risks and uncertainties that may cause such differences include but are not limited to: the possibility that the Bear Creek Shares will not be delisted from the TSX Venture Exchange, the OTCQX or the BVL exchange within the timing currently contemplated or at all; that Bear Creek's application for an order to cease to be a reporting issuer (or equivalent) in each of the provinces and territories of Canada may not be accepted or may be delayed; and such other risk factors identified under the "Risk Factors" section in the Circular, a copy of which is available under Bear Creek's issuer profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect Highlander Silver and Bear Creek. However, such risk factors should be considered carefully. There can be no assurances that such estimates and assumptions will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Each of Highlander Silver and Bear Creek is under no obligation (and expressly disclaims any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All of the forward-looking information in this release is qualified by the cautionary statements herein.

*Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.*

## Exhibit 99.85

**Exhibit 99.85**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form 40-F of our report dated January 28, 2025, relating to the consolidated financial statements of Highlander Silver Corp. for the years ended September 30, 2024 and 2023 which are part of this Registration Statement.

We also consent to the reference to us under the caption "Experts" in the Registration Statement.

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| |
|:---|
| /s/ Davidson & Company LLP |
| Chartered Professional Accountants |
| Dated: February 27, 2026 |
| Vancouver, Canada |

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## Exhibit 99.86

**Exhibit 99.86**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Highlander Silver Corp. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Highlander Silver Corp.

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| |
|:---|
| Dated: February 27, 2026 |
| /s/ Martin Mount |
| Martin Mount, MSc MCSM FGS CGeol FIMMM CEng |

---